Obama's Love Affair with Fannie Mae
by George Dienhart
Oh, that wacky Obama. The mainstream media keeps propagating the story that he is the candidate that can best handle the economy. As it turns out, Obama is plugged directly into the Freddie Mac/ Fannie Mae fiasco. He had to be- the 2 organizations made him a top target for political donations. All week analysts have been pointing fingers at who is to blame for the current economic situation. I would like to raise a different question in this article. At what cost?
For $105,849.00 the Freddie/Fannie combo bought themselves a United States Senator. His Name was Barrack Obama. Sure, he had friends that were also involved. They had names like Clinton, Dodd, Kanjorski and Kerry. These five Democrats took in over a half million dollars, but what was the real cost? So far, we are at about 500 billion dollars:
- The Stimulus Package: $150 Billion
- Bear Stearns: 29 Billion
- Fannie Mae & Freddie Mac: $200 Billion
- Miscellaneous Banks: 20 Billion
- AIG: $85 Billion
The old adage is a billion here, a billion there and pretty soon we are talking about real money. 500 billion dollars is real money. Conventional wisdom says it's everyone’s fault. Is it? The Dem’s say this is what happens when evil Republicans deregulate everything. The same evil Republicans ignored the problems with Fannie Mae and Freddie Mac until they became catastrophic. This statement is plain wrong- it is a deliberate lie meant to prop up their sagging presidential candidate. Way back in 2003 the New York Times reported that the Bush administration proposed a new federal agency to oversee both companies. The piece, by Frank Luntz, stated, "The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business." Did you catch that? The responsibility for setting the capital reserve requirements belonged to Congress. The Republicans foresaw this mess 5 years ago and tried to take action to correct the problems.
The next question would be "What happened?" The short answer is Obama, Clinton, Dodd, Kanjorski and Kerry. These powerful Washington insiders acted to protect their own interests- and the interests of a major campaign contributor. The Bush plan never came to be. There was no reform. How does this tie in with Sen. Obama? Michael van der Galien in the Netherlands broke the story. From the PoliGazette: "For days now Barack Obama told voters he was the one who predicted the collapse of Fannie Mae and Freddie Mac and who was working in the Senate to try to get lawmakers to agree to a plan that would let the federal government regulate the activities of both investment giants. Obama, the narrative sold by the Obama campaign goes, stood at the forefront; he was one of the leaders, on bills that would force the companies and others like it to behave responsible. There is just one problem with Obama’s story; it’s fiction. Never did the Democratic nominee lead on this issue, or something related to it. Never did he attempt to hold these companies responsible and to regulate them. For days now Barack Obama told voters he was the one who predicted the collapse of Fannie Mae and Freddie Mac and who was working in the Senate to try to get lawmakers to agree to a plan that would let the federal government regulate the activities of both investment giants. Obama, the narrative sold by the Obama campaign goes, stood at the forefront, he was one of the leaders, on bills that would force the companies and others like it to behave responsible. There’s just one problem with Obama’s story; it’s fiction. Never did the Democratic nominee lead on this issue, or something related to it. Never did he attempt to hold these companies responsible and to regulate them."
Obama is trying to jump out in front of this issue, utilizing lies about his past. Instead of letting the press obsess over Gov. Palin’s innocuous emails- lets get the story of Sen. Obama's affair with Fannie Mae out front and center. Call local radio and newspapers today. Demand to learn the truth.try to get lawmakers to agree to a plan that would let the federal government regulate the activities of both investment giants. Obama, the narrative sold by the Obama campaign goes, stood at the forefront, he was one of the leaders, on bills that would force the companies and others like it to behave responsible. There’s just one problem with Obama’s story; it’s fiction. Never did the Democratic nominee lead on this issue, or something related to it. Never did he attempt to hold these companies responsible and to regulate them."
Obama is trying to jump out in front of this issue, utilizing lies about his past. Instead of letting the press obsess over Gov. Palin’s innocuous emails- lets get the story of Sen. Obama's affair with Fannie Mae out front and center. Call local radio and newspapers today. Demand to learn the truth.
