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


Advice


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.