Sunday, September 21, 2008

Obama, McCain, and Banks Oh My!

By Tony Vega

I wasn't going to write about this crisis, because I found it too serious to politicize and quite frankly I was too angry to put anything together other than a rant. After listening to the spiel of the candidates along the trail, I knew it was too serious not to.

As I listen to Barack Obama stump it out, I picture Millions of Obamabots across this great nation squeaking in delight, Obama’s words serving as oil for the bots. I envision this with a heavy heart, because I had much more faith in my fellow Americans.

I will acknowledge that both Parties let us down and both parties including the candidates received big bucks from fat cats. A focus on the presidential candidates will reveal that Barack Obama has a record of failed policies, whereas John McCain has a record of reform and leadership. Facts are stubborn things.

I will map those out for you, but first we need to go back a bit, not too far, we'll forgive the Clinton administration and start in 2003. Take a walk with me folks, don't worry I'll have you back before dinnertime.

On September 11, 2003, the New York Times reported that President Bush introduced the most significant regulatory overhaul in the housing finance industry. Specifically, Bush introduced to Congress a plan for a new agency to supervise Fannie Mae & Freddie Mac (FM & FM).

It was clear that FM & FM manipulated its accounting to mislead investors. It was also acknowledged, by the Bush administration, that these irregularities have been going on for years.

The response of Congressional Democrats:

"These two entities, FM & FM, are NOT facing any kind of financial crisis."- Barney Frank (D-MA), the ranking Democrat on the Financial Services Committee. [emphasis my own]

''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing.''- Melvin L. Watt (D-NC).

Full story: New Agency Proposed to Oversee Freddie Mac and Fannie Mae - New York Times

In 2005, CEO of Fannie Mae addressed Barack Obama and the Congressional Black Caucus (CBC) as "family & friends." The CEO appealed to the CBC for help, help for the company and help for him personally.

Compelling video:

In May 2006, John McCain had this to say on the Senate floor:

"[Fannie Mae's] quarterly reports of profit growth over the past few years were illusions deliberately and systematically created by the company's senior management, which resulted in a $10.6 billion accounting scandal."

"If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole." McCain went on to urge his colleagues to support swift action on reform legislation.

Proof not empty rhetoric: John McCain's Senate Record

Barack Obama knew of the pending turmoil and did nothing. Well, that is not entirely accurate. Barack Obama did plenty. He averted his eyes and lined his pockets.

Barack Obama with 143 working days to his credit has the dubious distinction of holding the number two spot, beating out politicians that spent decades in Washington, in receiving big bucks from FM & FM. The list: Obama is the second top recipient for FM & FM money.

Barack Obama’s judgment has also been criticized for including disgraced Fannie Mae executives Jim Johnson and Frank Raines in his campaign. Those connections have been the subject of two John McCain campaign ads. View videos:

Jim Johnson


More on the Raines connection can be found on Hot Air.

Obama also helped dole out millions in order for his cronies, now in jail, to establish low-income housing in Chicago. That endeavor was corrupt and abandoned. The government stepped in, many units were demolished, and many residents lost their homes. Sound familiar? Barack Obama has a clear record of failed policies.

Text and video: The many housing units that Barack Obama secured subsidies for

The choice is clear.


DebbieKinIL said...

I love the statement "facts are stubborn things". The truth will always come out-hopefully sooner than later. Let's hope that voter uses facts and not their emotions when voting for the POTUS.

AmericanAngle said...

That is exactly what I am counting on Debbie.

The astounding thing about this election is how many folks are letting ideology trump their common sense...

It is reminiscent of the People Temple...

DebbieKinIL said...

On McCain suspending his campaign to help deal with the mess- I really admire this.

Obama made a mistake with his glib remark that McCain can't handle 2 things at one time. In politics for a prime time debate- the candidates leave the campaign trail and study up for the debate- Obama quit the trail on Wednesday- McCain was going to do it today. I would love to see this fact of campaigning everywhere. Obama leaves his campaign to study for the debate and dares to call McCain not able to concentrate on one thing at a time. IMHO these candidates have to decide whether they want to continue as Senators or run for POTUS. The voters in ILL and AZ are being cheated when the people they elected are not doing their job.

Obama and McCain meeting with the President today, as they should- they are the leaders of both parties now.

AmericanAngle said...

Well said Debbie.

McCain consistently and naturally displays his leadership and Patriotism.

This is part of the reason why obama refused to meet McCain at any townhall meetings, he (Obama) has no substance and can't deliver off script.

Bill Clinton was right Obama's campaign, it is a fairy tail.

Obama's idea of multi-tasking is to politick and give speeches about the economy during a crisis.

McCain has proven before the election (as this article describes) and during what leadership is about.

typical clinger said...

It looks like they finally passed the bailout. Is ACORN getting any money and if so will Obamas connection to them be exposed