Both those government sponsored failures are the root cause of this housing-based economic crisis, which John McCain warned us about years ago and tried to toughly regulate. But his opponent and other top Democulprits were receiving unprecedented campaign donations from these tax-funded boondoggles and had to fight Senator McCain's efforts if they wanted to stay on that take.
ven after the crisis hit us in August, junior one-term Democorrupt Senator Bigbuck Obamae was still not convinced that there was any clear need for the tough, new regulations Senator McCain had been proposing during Sen. Oshirka's watch in Congress.
Sen. Oblahblah was holding on to the hope of raking in more of the same record-breaking Fannie Mae/Freddie Mac donations that had been flowing into his campaign coffers since the day he entered the Senate.
The Washingtøn Pøstank, although so in the tank for B. Hussein Øfrauda that it's desperately trying to play down its own report that the Hussein-Ø campaign called FranklinFannie Raines "seeking his advice on mortgage and housing policy matters," still had to conclude in its own fact check that
By Raines's own account, he took a couple of calls from someone on the Obama campaign, and they had some general discussions about economic issues.
While you're waiting for the Pøstank to provide "more details on these calls" (and for Oliver and Wilbur Pig to make their first take-off and landing tests during the next Kitty Hell record blizzard), you could pass just the tiniest part of that time reading the following details already provided by this same alleged "news"paper:
Obama also has ties to the firms. James A. Johnson, the former head of his vice presidential vetting panel, was a chief executive of Fannie Mae, as was Franklin D. Raines, who said this week that he has been consulting with the campaign on housing issues. Maria Echaveste, a top Clinton White House official whose husband, Christopher Edley Jr., is a close Obama friend and adviser, has lobbied for Freddie Mac, and former commerce secretary William M. Daley, a top Obama backer, was an in-house lobbyist.
Former Fannie Mae C.E.O. James Johnson, who was advising the candidate on selecting a vice president, had resigned from the campaign after the Wall Street Journal reported on his own V.I.P. loans [from Countrywide Banking & Home Loans].
FOR ALL THE talk about energy, taxes and health care, the first economic policy challenge to face the next president could be coping with a crisis at Fannie Mae and Freddie Mac — and the related job of reforming them to make sure they never put the global financial system at risk again. Republican John McCain, longaskepticofthetwogovernment-sponsoredenterprises, has said that, if the government must bail them out, it should fire their current boards and managers en route to full privatization. Untilnow, Democrat Barack Obama has been more circumspect, agreeing with Mr. McCain that taxpayers should come before shareholders and managers but offering few concrete ideas about the ultimate dispensation of the companies. But this week he's given an encouraging hint of fresh thinking about the problem.
This is not an easy one for the Illinois senator because of thecompanies'closetiestohisparty. To be sure, both Republican and Democratic politicos have held well-paid positions in the two firms or have partaken of the tens of millions that they spend on lobbying. But a few Republicans, such as Mr. McCain and Sen. Richard C. Shelby (Ala.), who has been chairman and ranking Republican on the Senate Banking Committee, have taken them on over the years, warning about their use of an implicit government guarantee to pursue private profits. Meanwhile, Democrats were not only politically but intellectually committed to the companies, seeing them as innovative public-private institutions that have been a boon to homeownership. In the current crisis, their biggest backers have been Democrats such as Senate Banking Committee Chairman Christopher J. Dodd (Conn.) and House Financial Services Committee Chairman Barney Frank (Mass.). Two members of Mr. Obama's political circle, James A. Johnson and FranklinD.Raines, are former chief executives of Fannie Mae.
Now, however, Mr. Obama may be inching away from the conventional wisdom. On Monday [August 25, 2008], he hinted for the first time that he thinks [sic] the GSEs' current model is unsustainable.
Now Sen. Øbraindeada sees a problem. John McCain saw the current crisis coming all along and amply warned Jr. 1-termer Sen. Oblivious and his Demograft Party's "leaders" in Congress about the unsustainable Fannie model. John McCain also offered them real solutions for avoiding this very Democulprit-induced calamity, which their corruptly blind selves vehemently rejected, of course.
As a voting co-owner of this great nation, I want my next employee in the White House to be someone who, like John McCain, has already shown he has the experience and knowledge to foresee and propose practicable, concrete steps to avert economic crises long before they even have the chance to blow up in all our faces. Not someone who, like B. Hussein-Ø the Fannie Raines consultee, has to wait until one actually does blow up in our faces before he can even begin to be seen "inching away" enough from his stubbornly self-imposed, self-serving "wisdom" blind spot to finally resort "for the first time" to any kind of fresh "thinking."
“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.”