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John McCain Hits Obama Where it Hurts: His Connections to Fannie Mae and Freddie Mac

John McCain and Sarah Palin just concluded their rally in Cedar Rapids, Iowa, where they correctly laid the blame for the current financial crisis at the doorsteps of Fannie Mae and Freddie Mac. And who has taken huge amounts of money from these two corrupt financial institutions? None other than Barack Obama himself. McCain outlined the details in his speech:

We need reform in Washington and on Wall Street. The financial markets are in crisis. Times are tough. Enormous strain is being put on working families and individuals in America. I know that the events unfolding can be difficult to understand for many Americans. The dominos that we have seen fall this week began with the corruption and manipulation of our home loan system. The reason this crisis started was the abuses that took place within our home loan agencies, Fannie Mae and Freddie Mac and within our home loan system.

Two years ago I warned this Administration and Congress that regulations for our home loan agencies, Fannie Mae and Freddie Mac, needed to be fixed.

But nothing was done.

Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae's CEO who helped create this disaster in charge of finding his Vice President. Fannie's former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn't lift a hand to avert this crisis. While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That's not change, that's what's broken in Washington. (emphasis mine)

Absolutely right.

As soon as I find the video of McCain's comments in Iowa, I'll post it.

And while the financial crisis worsens, the people who helped create it, the Democrats, are running scared. I'm not exaggerating. They're going to adjourn, leaving the Fed and Treasury to handle it. Harry Reid himself said no one knows what to do:

The Democratic-controlled Congress, acknowledging that it isn't equipped to lead the way to a solution for the financial crisis and can't agree on a path to follow, is likely to just get out of the way.

Lawmakers say they are unlikely to take action before, or to delay, their planned adjournments -- Sept. 26 for the House of Representatives, a week later for the Senate. While they haven't ruled out returning after the Nov. 4 elections, they would rather wait until next year unless Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke, who are leading efforts to contain the crisis, call for help.

One reason, Senate Majority Leader Harry Reid said yesterday, is that ``no one knows what to do'' at the moment.

They're cowards. They helped create this problem and now they're taking off when their actions, or should I say lack thereof, have come home to roost.

John McCain addressed this as well today:

Those same Congressional leaders who give Senator Obama his marching orders are now saying that this mess isn't their fault and they aren't going to take any action on this crisis until after the election. Senator Obama's own advisers are saying that crisis will benefit him politically. My friends, that is the kind of me-first, country-second politics that are broken in Washington. My opponent sees an economic crisis as a political opportunity instead of a time to lead. Senator Obama isn't change, he's part of the problem with Washington.

Barack Obama took over $100,000 from Fannie Mae and Freddie Mac in less than 4 years, the second highest recipient of funds from these two institutions. Obama isn't about reform. He's a fraud. He's a wolf masquerading in sheep's clothing.

You can read McCain's entire speech below the fold.

I'm happy to be introduced by Governor Palin, but I can't wait until I introduce her to Washington. Let me offer an advance warning to the big spending, greedy, do nothing, me first, country second crowd in Washington and on Wall Street: change is coming.

We need reform in Washington and on Wall Street. The financial markets are in crisis. Times are tough. Enormous strain is being put on working families and individuals in America. I know that the events unfolding can be difficult to understand for many Americans. The dominos that we have seen fall this week began with the corruption and manipulation of our home loan system. The reason this crisis started was the abuses that took place within our home loan agencies, Fannie Mae and Freddie Mac and within our home loan system.

Two years ago I warned this Administration and Congress that regulations for our home loan agencies, Fannie Mae and Freddie Mac, needed to be fixed.

But nothing was done.

Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae's CEO who helped create this disaster in charge of finding his Vice President. Fannie's former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn't lift a hand to avert this crisis. While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That's not change, that's what's broken in Washington.

There was no transparency into the books of Wall Street banks. Banks and brokers took on huge amounts of debt and they hid the riskiest investments. Mismanagement and greed became the operating standard while regulators were asleep at the switch.

The primary regulator of Wall Street, the Securities and Exchange Commission (SEC) kept in place trading rules that let speculators and hedge funds turn our markets into a casino. They allowed naked short selling -- which simply means that you can sell stock without ever owning it. They eliminated last year the uptick rule that has protected investors for 70 years. Speculators pounded the shares of even good companies into the ground.

The Chairman of the SEC serves at the appointment of the President and has betrayed the public's trust. If I were President today, I would fire him.

We cannot wait any longer for more failures in our financial system. Structures like the resolution trust corporation that dealt with the failed savings and loan industry were designed to clean up the system and worked. Today we need a plan that doesn't wait until the system fails. I am calling for the creation of the mortgage and financial institutions trust -- the MFI. The priorities of this trust will be to work with the private sector and regulators to identify institutions that are weak and take remedies to strengthen them before they become insolvent. For troubled institutions this will provide an orderly process through which to identify bad loans and eventually sell them.

This will get the treasury and other financial regulatory authorities in a proactive position instead of reacting in a crisis mode to one situation after the other. The MFI will enhance investor and market confidence, benefit sound financial institutions, assist troubled institutions and protect our financial system, while minimizing taxpayer exposure. Tomorrow I will be talking in greater detail about the crisis facing our markets and what I will do as President to fix this crisis and get our economy moving again.

Senator Obama has never made the kind tough reform we need today. His idea of reform is what his party leaders in Congress order him to do. We tried for bipartisan ethics reform and he walked away from it because his bosses didn't want real change. I know how to make the change that Senator Obama and this Congress is afraid of. I've fought both parties to shake up up Washington and I'm going to do it as President.

Those same Congressional leaders who give Senator Obama his marching orders are now saying that this mess isn't their fault and they aren't going to take any action on this crisis until after the election. Senator Obama's own advisers are saying that crisis will benefit him politically. My friends, that is the kind of me-first, country-second politics that are broken in Washington. My opponent sees an economic crisis as a political opportunity instead of a time to lead. Senator Obama isn't change, he's part of the problem with Washington.

When AIG was bailed out, I didn't like it, but I understood it needed to be done to protect hard working Americans with insurance policies and annuities. Senator Obama didn't take a position. On the biggest issue of the day, he didn't know what to think. He may not realize it, but you don't get to vote present as President of the United States.

While Senator Obama and Congressional leaders don't know what to think about the current crisis, we know what their plans are for the economy. Today Senator Obama's running mate said that raising taxes is patriotic. Raising taxes in a tough economy isn't patriotic. It's not a badge of honor. It's just dumb policy. The billions in tax increases that Senator Obama is proposing would kill even more jobs during tough economic times. I'm not going to let that happen.

I have seen tough times before. I know how to shake-up Wall Street and Washington. I will get this economy moving. I will lead us through this crisis by fighting for you, and when I am President we will be stronger than ever before.


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Comments (52)

MSM: "Oh, McCain made a spe... (Below threshold)
Roy:

MSM: "Oh, McCain made a speech about something? Yawn..."

Damnit THIS is Odin's Hamme... (Below threshold)
Eric:

Damnit THIS is Odin's Hammer for McCain. He needs to cut a commercial today with him narrating it and make it his biggest ad buy. Don't exaggerate don't stretch anything make it factual and to the point and hammer it home.

Repubs should do what they ... (Below threshold)
Keifer:

Repubs should do what they did with the no-vote/no-drill recess --- stay in session

Repubs should d... (Below threshold)
Eric:

Repubs should do what they did with the no-vote/no-drill recess --- stay in session

Exactly. They need to stay in session, wave their arms, scream, shout, whatever it takes to make the media pay attention to them, so they can show the country that they are willing to fix this problem and Reid, Pelosi and Obama are running away.

Adjourning Congress and saying "no one knows what to do" is NOT leadership. Now is the time for John McCain to show what leadership really means. Now is the time to kick Congress in the pants.

This proves what chickens t... (Below threshold)
Stan25:

This proves what chickens the Dems really are. They postulate about how the Bush Administration should do this and that, but when it comes to be accountable for their actions, they skedaddle out of town. Just like cockroaches when the light is shown on them. Just as the drilling crisis, they adjourn without doing a damn thing. Then they wonder why the Congress has such low approval rating since the Dems took the majority.

"This proves what chick... (Below threshold)
marc:

"This proves what chickens the Dems really are."

Not to mention wild-eyed finger pointers. Who ME! Who US, says [F]elosi.

What exactly are the Republ... (Below threshold)
Brian:

What exactly are the Republicans (and McCain specifically) proposing that Congress do right now?

Other points in the Bloomberg article are a former Republican congressman saying "When you rush to judgment, you usually make mistakes... Congress in a short span of time is best served by going home", Dodd saying "The Fed has the authority to move in this area", and the writer's conclusion that "the Fed should use its own authority to act".

What are the Republicans calling for instead?

Follow up to #7.Wh... (Below threshold)
Rance:

Follow up to #7.

What do the posters to this blog want congress to do (between now and Jan 20)?

FRE & FNM are only a part o... (Below threshold)
Truth:

FRE & FNM are only a part of this credit crunch. CDOs, CDLs, Credit Default Swaps, Monolines, Credit Agencies, and the shortsightedness of CEOs all contributed to the current situation. Not FRE & FNM. You might as well include Bear Sterns, AIG, Lehman Bros., State Street Bank, Merrill Lynch, Morgan Stanley, Citigroup, Ambac, MBIA, FGIC, S&P, Fitch, all in there too !!!

I would suggest that Republ... (Below threshold)
Clint:

I would suggest that Republicans should stay in session and begin holding hearings -- not inquisitions, but rather inviting various experts to come and offer their opinions and advice to the Congress.

I agree that trying to rush out a regulatory reform would be insane -- but if the first step is to understand the problem, get started on that. Do that, while the Democrats go home and campaign...

It's funny just on the surf... (Below threshold)
jp2:

It's funny just on the surface to hear McCain talk about reforming. I hope he talks more and more about this issue as it's one of the reason he's tanking in the polls.

But it needs to be said he took more donations than Obama from these companies and their employees.

It should also be said that his primary economic adviser has been pushing deregulation of this industry for years - we're seeing the effects now. Whiners.

<a href="http://bornalivetr... (Below threshold)
Chris:

http://bornalivetruth.org/
It's not about abortion anymore, it's infanticide. What kind of person leaves defenseless born ALIVE children to die? This exact bill was approved by congress and did not overturn roe vs wade. Do the research, prove me wrong.

Some executives of both hom... (Below threshold)

Some executives of both home loan giants have made some political donations to both candidates. However it was John McCain who was one of the worst political figures in the Lincoln Savings and Loan collapse scandal in his role of one of the dirty "KEATING FIVE" that cost the public $160.1 billions of dollars back in 1989, of which the American taxpayer had to pay $124.6 billion.

There is a huge difference between Mr. Obama receiving some political donations made from some employees own income and Mr. McCain's corruption investigation by the Senate Ethics Committte fopr his role to weaken banking regulations in exchange for political donations by convicted felon Charles Keating that allowed the $160.1 Lincoln Savings and Loan collapse.

By all means, Mr. McCain's conduct during the Lincoln Savings and Loan Scandal should be an issue during this current campaign.

Wait, Paul are you telling ... (Below threshold)
Chip:

Wait, Paul are you telling me that John McCain was found guilty of wrongdoing in 1989 with the "Keating 5"?

Eric: He should cut the co... (Below threshold)
Paul Duffau:

Eric: He should cut the commercial qouting the speech and finish with "I'm John McCain and I approved this message.... in 2006!"

Paul Hooson: do you think ... (Below threshold)
Paul Duffau:

Paul Hooson: do you think it is possible that:
1) 20 year old offenses won't interest the voting public?;
2) Bringing up Keating five is a bd idea given that 4 of the 5 were democrats?;
3) McCain can point to CFR as his epiphany moment and say that Obama can point to his bank account as his reinforcing the "maverick" label and showing Obama to be a run-of-the-mill pol?

Keating 5 also doesn't explain the perfidy of the Democrats abandoning the field because they haven't a clue hwo to handle the "crisis" which is actually on topic for this post.

If Obama were smart, he'd call them out. That would show some leadership and a willingness to break with his party. Not gonna hold my breath.

Wait, Paul are you telli... (Below threshold)
Brian:

Wait, Paul are you telling me that John McCain was found guilty of wrongdoing in 1989 with the "Keating 5"?

"Found guilty" implies criminal conviction, which obviously he did not receive. However, when assessing his "wrongdoing", one only needs listen to the man himself after being censured by Congress: "It was the wrong thing to do."

Paul Hooson: You seem to b... (Below threshold)
Paul Duffau:

Paul Hooson: You seem to be quick to judge...

The Senate Ethics Committee probe of the Keating Five began in November 1990, and committee Special Counsel Robert Bennett recommended that McCain and Glenn be dropped from the investigation. They were not. McCain believes Democrats on the committee blocked Bennett's recommendation because he was the lone Keating Five Republican.

In February 1991, the Senate Ethics Committee found McCain and Glenn to be the least blameworthy of the five senators. (McCain and Glenn attended the meetings but did nothing else to influence the regulators.) McCain was guilty of nothing more than "poor judgment," the committee said, and declared his actions were not "improper nor attended with gross negligence."

It looks like the Senate Ethics Committee didn't think much of it at the time.

On a personal note, it pleases me that Glenn was also recommended dropped. He's kind one of my heroes. I knew he was invovled but I never took the time to see how deeply.

ok so John McCain, although... (Below threshold)
Chip:

ok so John McCain, although he wasn't "found guilty" said himself that, "it was the wrong thing to do?"

JP2 said: But i... (Below threshold)
Eric:

JP2 said:

But it needs to be said he took more donations than Obama from these companies and their employees.

JP2 you are entitled to your own opinion, but you are not entitled to your own facts.

Here is the report from opensecrets.org that shows how much Fannie Mae and Freddie Mac have contributed to each politician since 1989.

1. Chris Dodd - $165,400
2. Barack Obama - $126,439 (Since 2005)
.
.
.
62. John McCain - $21,550 (Since 1989)

"It needs to be said" is a ... (Below threshold)
LaMedusa:

"It needs to be said" is a disclaimer, meaning he just wants to say it.

Please can we at least get ... (Below threshold)
Nancy:

Please can we at least get some facts straight. 5 senators were involved in the Keating scandal, yes including McCain. Out of the five only 3 of the senators, Cranston, Riegle and DeConcini, were found guilty of improperly and substantially interfering in the investigation by FHLBB into the Licoln Savings to aid Charles keating, however McCain and Glenn were cleared of acting improperly but they got a slap on the wrist for poor judgement. I am all for discussion but please do not try to interpret the facts to try to make it fit your case. You can check at Wikipedia under Keating Five to get the full details.

Paul Hooson: It does not a... (Below threshold)
Paul Duffau:

Paul Hooson: It does not appear that McCain was censured. If you have different information, please present it.

It appears that Cranston (D) was severely reprimanded, Riegle (D)and DeConcini (D)were criticized for acting improperly and Glenn (D)and McCain (R) were cleared of impropriety but both were found to have for poor judgment in the matter.

Hooson, people who tell lie... (Below threshold)
Zelsdorf Ragshaft III:

Hooson, people who tell lies are known as liars. I know you do not fit that catagory so what is up with the BS. There is absolutely no evidence of any wrong doing by McCain in relation to Keating. Whereas there might be some suspicious activity with B. Hussein Obama receiving cash from Freddie and Fannie. He reached the 2nd most amount in only 4 years. Imagine if he had the time Dodd or Kerry had in the Senate. He surelyl would have attained the number one spot. I wonder what they got for the thousands of dollars given?

Thanks to Wikipedia (and to... (Below threshold)
Chip:

Thanks to Wikipedia (and to Nancy) it looks like Hooson and Brian got their ummm, "facts" a little screwed up. Although Hooson simply made it seem that just being investigated is a sign of guilt. The facts are that McCain was "cleared of all charges against him."

it looks like Hooson and... (Below threshold)
Brian:

it looks like Hooson and Brian got their ummm, "facts" a little screwed up.

My facts were accurate.

McCain: "It was the wrong thing to do."

Brian, so I guess I misread... (Below threshold)
Chip:

Brian, so I guess I misread you saying he was censured by congress? I'm assuming you meant he was censured for his involvement in the Keating 5 scandal.

"no one knows what to do"</... (Below threshold)
Liberalnitemare:

"no one knows what to do"

I guess its above their collective pay-grade.

Brian, so I guess I misr... (Below threshold)
Brian:

Brian, so I guess I misread you saying he was censured by congress?

Bad choice of words on my part. I didn't mean the "official" censure, but the generic definition.

"I wonder what they got ... (Below threshold)

"I wonder what they got for the thousands of dollars given?"

I've wondered that myself.

Excuse me, but if...<... (Below threshold)
Tina Mostrangeli:

Excuse me, but if...

"The Chairman of the SEC serves at the appointment of the President"...

then who is it exactly that is responsible for the lack of adequate oversight of what's been happening on Wall Street for the last several months or years? It wasn't the Democrats in Congress who appointed the Chairman.

If McCain was so stongly aware of the deep problems associated with Fannie Mae and Freddie Mac more than two years ago, why did he, a mere TWO DAYS AGO, declare that the fundamentals of our economy remained strong, only to reverse himself while giving another speech a few hours later.

I don't place the blame for the current state of our economy solely on John McCain; he's one congressman among many. It is, likewise, ridiculous to attribute the current state of US economic affairs to the actions and supposed failings of Barak Obama.

Also, a meaningful analysis of campaign funding for the candidates requires examination of the whole list of major contributors. So, Freddie and Fannie gave more to Obama. One wonders what the contribution figures from multi-billion dollar oil corporations stack up.

How come when you also lo... (Below threshold)
cmb:

How come when you also look at contributions from individual directors and lobbyists of these institutions this election cycle, McCain got $169,000 and Obama got $16,000?

This story is crap, spun by the republicans to hide the fact that these people gave McCain's campaign 10 times the money they gave Obama's.

Let's not forget that this ... (Below threshold)
Daniel:

Let's not forget that this whole problem was caused by deregulation caused by Phil Gramm, McCain's close friend, advisor, and potential head of the Treasury. The Houston Chronicle sais, "Phil Gramm's fingerprints are all over market mess"

So McCain can accuse anyone he wants--but he need to look to his dear friend, Mr. Gramm who STARTED this problem (and Enron!) through degregulation--and now they're calling for more regulation.

Also remember that the Republicans have now NATIONALIZED major financial instutitions, which is a total COMMUNIST action.

How come when you ... (Below threshold)
Eric:
How come when you also look at contributions from individual directors and lobbyists of these institutions this election cycle, McCain got $169,000 and Obama got $16,000?

CMB you are either lying or a fool.
Here are SOME of the top contributors to Obama coming from the financial sector:
Goldman-Sachs: $691,930
JP Morgan Chase: $442,919
UBS AG: $404,750
Lehman Bros: $370,524
Morgan Stanley: $318,070
Total from just those 5 orgs PACs and individuals = $2,228,193

I don't know about you but that looks like a lot more than $16,000

Here are John McCain's top contributors. Those numbers sure look lower than Obama's.

Also remember that... (Below threshold)
Eric:
Also remember that the Republicans have now NATIONALIZED major financial instutitions, which is a total COMMUNIST action.

Daniel that action was taken by the Congress and the last time I looked Congress was controlled by the Democrats.

Also Daniel, that word <a h... (Below threshold)
Eric:

Also Daniel, that word Nationalize doesn't mean what you think it means.

If you look at the speach, ... (Below threshold)
Kim:

If you look at the speach, all educated minds have to admit that it is riddled with half-truths, exaggerated facts and some blatant lies. Despite what party you consider yourself, you *know* that speeches during this time, of the election, are not spoken to inform. They are written and shouted out to WIN. McCain, who is a big supporter of deregulation, ( a documented fact) is now yelling "Reform Reform Reform" until some of the masses believe him. Others are going to hear him, but they are going to ask the intellectual question of "how" They will see that he talks about "change" but doesn't really give any plan on how he plans to accomplish it. He's going to "Shake up Wall Street"

What does that MEAN, exactly?

Other, smarter intellectuals will go and search out his plans and they will find that even though they "sound"good they are not all that good for the US. Just like his pushes for deregulation were not all that good for the US's financial stability. Just like his VP choice is not all that good for the US.

Palin is like one of his catch phrases

New and flashy but with no plan behind it.

A VP is someone who should be able to lead the country, if something happens to the President.

Despite his age, McCain has a reoccurring non-curable disease

A REOCCURING NON_CURABLE DISEASE (I assure you that I am not yelling, just restating it for those you might have missed it the first time)

One that has a pattern of returning and if that pattern holds true his cancer will come back while he is president, effectively incapacitating him from performing his duties as President.

Palin is not ready for the job.


I am not saying she never will be. But... right now she believe that international experience is actually derived from visual osmois.

She claims that she is experienced because she can "see Russia from parts of Alaska"

I am not a curser but that is a WTF

Look at it this way. If we were going to compare her knowledge of the way the WORLD works, not even the fact that she doesn't know major doctrines of her OWN country. A present doctrine about the engagement of war. Despite this...

If I put her into another career...lets say a surgeon. She would still be a PREmed student. And that is not even a true med-student, just to clairify. Sure, premeds can rattle off some impressive verbiage, even get some of facts right but really.....

Really...

Would you want a STUDENT operating on you?

Practicing on you?

Or would you want someone qualified for the job?

Kim, I don't know if you re... (Below threshold)
Eric:

Kim, I don't know if you realize it, but ABC edited out much os what Sarah Palin said in the interview. Several paragraphs of Sarah Palin's response about Russia was edited out, and what they left behind was her opening sentence which looks vapid without the rest of the answer. I wonder if that was intentional on ABC's part.

Here is part of the transcript. The bolded sections are the parts that ABC edited OUT of the video.
-------------------------------------

GIBSON: Let's start, because we are near Russia, let's start with Russia and Georgia.

The administration has said we've got to maintain the territorial integrity of Georgia. Do you believe the United States should try to restore Georgian sovereignty over South Ossetia and Abkhazia?

PALIN: First off, we're going to continue good relations with Saakashvili there. I was able to speak with him the other day and giving him my commitment, as John McCain's running mate, that we will be committed to Georgia. And we've got to keep an eye on Russia. For Russia to have exerted such pressure in terms of invading a smaller democratic country, unprovoked, is unacceptable and we have to keep...

GIBSON: You believe unprovoked.

PALIN: I do believe unprovoked and we have got to keep our eyes on Russia, under the leadership there. I think it was unfortunate. That manifestation that we saw with that invasion of Georgia shows us some steps backwards that Russia has recently taken away from the race toward a more democratic nation with democratic ideals. That's why we have to keep an eye on Russia.

And, Charlie, you're in Alaska. We have that very narrow maritime border between the United States, and the 49th state, Alaska, and Russia. They are our next door neighbors.We need to have a good relationship with them. They're very, very important to us and they are our next door neighbor.

GIBSON: What insight into Russian actions, particularly in the last couple of weeks, does the proximity of the state give you?

PALIN: They're our next door neighbors and you can actually see Russia from land here in Alaska, from an island in Alaska.

GIBSON: What insight does that give you into what they're doing in Georgia?

PALIN: Well, I'm giving you that perspective of how small our world is and how important it is that we work with our allies to keep good relation with all of these countries, especially Russia. We will not repeat a Cold War. We must have good relationship with our allies, pressuring, also, helping us to remind Russia that it's in their benefit, also, a mutually beneficial relationship for us all to be getting along.

We cannot repeat the Cold War. We are thankful that, under Reagan, we won the Cold War, without a shot fired, also. We've learned lessons from that in our relationship with Russia, previously the Soviet Union.

We will not repeat a Cold War. We must have good relationship with our allies, pressuring, also, helping us to remind Russia that it's in their benefit, also, a mutually beneficial relationship for us all to be getting along.

Charlie Black, McCain's to... (Below threshold)
Richard:

Charlie Black, McCain's top aides, made at least $820,000 working for Freddie Mac from 1999 to 2004 Aquiles Suarez, McCain campaign adviser, was the director of government and industry relations for Fannie Mae and its 47,510,000 lobbying campaign from 2003 to 2006. McCain campaign manager Rick Davis was head of a lobbying association that included Fannie Mae, Freddie Mac. McCain was too busy Deregulating during his 26 Years in the Senate and politically postured in 2006 TO "Warn of" Fannie.

Tina,First: McCain... (Below threshold)

Tina,

First: McCain is not a Congressman. He's a Senator.

Second: you mention that the Chairman of the SEC is a presidential appointee. The fact that McCain has said that he'd fire Cox is one of those many little inconvenient things that Democrats won't consider when they claim McCain will just be McBush.

Third: McCain has gotten $1.4m from oil companies during this season and Obama likes to use that to rub in the faces of Republicans because oil gave Obama less. (Obama even made an ad about it) But one look at contributions from lawyers to Obama, $23.1m, makes McCain's oil contributions look like kid's play. As a matter of fact, the oil industry was #10 in the list of the top ten for McCain.

I'll tell you what I think "requires examination". Obama is a Junior Senator in office for less than four years and the majority of that time has been spent campaigning. In light of recent developments, what has Obama done for Fannie that justified donations large enough to make him #2 on their list?

The root cause of this enti... (Below threshold)
Stan25:

The root cause of this entire financial crises is the Federal Reserve. Pure and simple. They are the ones that insisted the banks and other financial institutions start giving out loans to people that could not afford them. The person that suggested this was none other than Alan Greenspan, the so called financial guru at the time. Of course, back then when Greenspan spoke, all of the financial people listened.

This same thing happened in 1929 and it caused the Great Depression that lasted until the outbreak of World War 2. The Democrats back then are doing the same thing then as they are doing today. Blame the Republicans. How do you think that Franklin Roosevelt got elected? Sure wasn't his charm.

While I don't think that a major depression is coming, there is now a panic that could lead to one that would be worse than the last one.

My solution to this crises? Get rid of the Federal Reserve and make the Treasury Department manage the monetary policies like it was set up to do

Eric, thanks for the transc... (Below threshold)
Kim:

Eric, thanks for the transcript. It's pretty much what I saw on ABC. Still the fact of the matter is that Palin said and believes the proximity of Russia to Alaska is what gives her international diplomatic credentials.It also says that she has strong opinions but no certifiable international diplomatic credentials. She can double-talk all she wants and put lipstick on a pig. But a pig is still a pig no matter how you dress it up. And no I am not calling her a pig. What I am saying is what she said through foolish rhetoric and omission.

She's not qualified.


Unfortunately, this is not the only time she said this. Even more unfortunate McCain himself stated it. If it was just her, I would give her the benefit of the doubt and believe that she just misspoke (maybe) but it seems to be a running...gag on the world within the McCain party.


The first time that I actually heard that phrase "You can see Russia from Alaska" or "Russia is right next to Alaska" in reference to Palin's ability in international diplomacy ( I quote this because this is actually how they *always* say it) was from Cindy McCain. And I was like.."All righty then" But I didn't and still don't expect much from Cindy, so I really didn't care. It wasn't until I heard McCain say it, then Palin say it herself on the ABC interview then McCain say it *again* when he answered a seemingly impromptu question by a reporter that I started getting truly frustrated.

Angry actually.

His choice is a joke and he knows it.

Republicans know this too! I know many hardcore Republicans, most are my closest friends. They think she is a joke. They are betting on McCain surviving his term. They really don't want to think about her as more than a trophy the "symbol" of "change" yet still believes in the good ol boy's ideas. They honestly have No FAITH in her or her ability. They KNOW she is not ready and most definitely not ready to be the next president if or when McCain dies.

People really need to think about that. Think about what would happen if McCain died and Palin was our next president. Think about. If she wasn't hanging on McCain's coattails, if she was running as president during the primaries...would you have really considered her?

I don't thinks so.

I myself, am not and never have been a straight ticket voter. I vote for what I believe in. I seek out different views and try to understand others opinions. I search out facts, not just facts which benefit what I think I already know because I don't mind being proved wrong as long as I know the truth.

But the truth of the matter is, Palin is not ready to be either VP or the eventual President if/when McCain dies of either natural old age or his reoccuring malignant cancer.

McCain made a "popular" choice not a wise one.

He put our country in jeopardy to service his own ego and ambition.

Here is a quote from McCain and it speaks the truth about the man and his campaign.

"I didn't decide to run for president to start a national crusade for the political reforms I believed in, or to run a campaign as if it were some grand act of patriotism. In truth, I wanted to be president because it had become my ambition to be president.... In truth, I'd had the ambition for a long time."--John McCain 1998

Ambition in itself is not a bad thing, but when it supersedes wisdom and commonsense it is extremely dangerous.

He wants to win at all cost, even if that price is our country.

It's pretty much w... (Below threshold)
Eric:
It's pretty much what I saw on ABC.

Kim obviously it wasn't pretty much what you saw on TV. Because they only included the opening sentence about being able to see Russia from Alaska and then cut out the next several PARAGRAPHS of her answer.

On its own that single sentence looks stupid. That was the point of the edit. To make her look stupid. Read the rest of what she says. She doesn't claim that Alaska's proximity to Russia gives her any special qualification.

If you are concerned about Sarah Palin as VP, how concerned are you about Barack Obama's qualifications to be President? He has been in the Senate less than four years and has spent the last 19 months on the campaign trail. That's 19 out of the 40 months that he has been a U.S. Senator he has been running for President.

How does that give him special qualification to be Chief Executive of the country?

Sarah Palin is Governor of a State, an Executive position. If you subtract the time Obama has been running for President and not doing his primary job of being a Senator he has spent the same amount of time being a Senator as she has as being a Governor. The difference is that a Governor is a full time executive position and a Senator is a part time legislative position.

Who really has more experience?

Joe Biden. That's ... (Below threshold)
Kim:

Joe Biden.

That's who has more experience.

You see, what experience you feel Obama actually lacks, he used wisdom when choosing the person to help him lead this country. He chose someone who can help him. Who has the strength, wisdom, experience and insight. Who has 35 years experience.

That is more than McCain, Obama and Palin put together. WOW!!

And he is honest!! And respected by both Republicans and Democrats!

Unlike McCain, Obama didn't make a popular vote. If he wanted to he could have chosen Clinton. Unlike McCain, Obama didn't choose a yes man (or woman in this case). Obama chose someone the people can trust to run the country if something unfortunate should happen to him. I can't say the same about Palin.

I respect that you like her, I do. But you kept going back to that statement which wasn't unique in that interview.

It's been quoted by the McCain campaign more than, what I've seen four different times.

Still, the issue with Palin is that even with her own limited, and I do stress limited, experience as a Governor( 2 years) and the mayor of a town no bigger or populated than my own neighborhood. (And no, I don't live in a metropolis. I actually live in a ville which is bigger than a town and but not quite a city, though most like to pose that it is one) She is not ready to take the helm as VP or eventual President.

I can't say I trust her simply because she sold a plane and fired a chef. Yes, those were extravagances but now , probably about a a half dozen people are out of work. and I am pretty sure those people needed the job.

But unemployment....that's not really her problem, is it?

Moreover, as a mayor she left the town in dept. Yes, the people voted for a stadium and she should have steered them away from that decision.

A STADIUM for a town of 5,000+ people.

Even I know that is not wise.

Though I do work in management. So maybe that gives me wisdom that most others do not have.

Still, it was not a wise investment and not surprisingly, it is operating at a loss.

You are really nice about answering me, Eric. I never blog. I am not even sure how I found this blog. But you've been really nice. Still, despite her belief in visual osmosis, (which we will agree to disagree) The more I research her...the less I understand why McCain chose her. I don't understand why *she* and the McCain party bring things up in stump speeches and in interviews that the world can easily fact-check. Things that are blatant lies at worst and exaggerated truths at best.

Why? It doesn't make sense.

Perhaps they have yet to realize that the world has *changed* since four years ago. Swift boat tactics were the fool me once, shame on me that gave us all a wake up call. This is the information age. We search out facts and share our facts and opinions.

We have blogs!

Intelligent people question the status quo.

You know, the world would have never really known about that "bridge to nowhere" if she hadn't brought it up. Sure, she can now claim that she only supported infrastructure, but...I like to think the most people no matter race, creed, education and economic status are not so naive to not understand such obtuse answers. It admits doing the deeds without actually saying it.

Yet, is still admits.

They lie so much. And no, I am not saying that the Obama campaign is completely faultless. But when Karl Rove himself goes on FOX news and says that McCain's campaign's lies and negative attacks have gone "too far" their *is* a problem. Personally, I was shocked that even came out of his mouth. I was also surprised that Fox aired it. And yes, he did also mention the Obama, campaign. You see I like to be fair in my assessments.

I am not sure how you are going to vote, Eric. I am not sure if you truly believe that Palin is good for our country or if you are just playing devils advocate. But personally, as I do more research on the both of them, McCain and Palin, I can't in good conscience give them my vote. It goes beyond qualification. It goes beyond guns, abortion, and oil. Earmarks are really a non-issue since they are only 1% of the budget. Moreover, McCain is starting to get heat from his own party about it. Because not all earmarks are about bridges to know where and the mating habits of crabs. A lot are extremely beneficial. So I wonder how soon he is going to drop that platform. Domestically, I've found his voting record actually hurts the middle class. It hurts women. It hurst children of low income families. Now don't get me wrong. I am not saying everything he has voted for in the last 20years has been terrible. I am just staying the things that matter to *me* are the things he votes against. That he repeatedly votes against.

I am in management, like I said before but it hurst me because I have employees who have to have a second and third job to make ends meet. They are good hard working people but they only make two gallons of gas per hour. And actually, they don't even make that. I have had an employee who had passed out because she decided to let her kids eat and she did without. The cost of living keeps on increasing, and McCain keeps fight against raising the minimum wage

Most americans are 1 paycheck away from loosing everything.

Despite what McCain says.

They are not fundamentally sound.

He doesn't get it.

I am woman. I graduated top in the top 10% of my university. I deserve to get equal pay for equal work

He doesn't get it.

My father is a war veteran too. More than one war. He retired 100% disabled but McCain repeatedly votes against funding for Veteran health care. Votes against their right to increase the funding for their education.

These soldiers fought for our freedom!! But he denies them what they were promised.

He brags about his POW status but what about the rest?!?! What about my father? Or my friend's husband who suffered an explosion to the face!!

WHAT ABOUT THEM!!!

Sorry. That time I did yell.

He doesn't get it

And I don't believe Palin does either.


Now, be honest, Rove was ta... (Below threshold)
Hong:

Now, be honest, Rove was talking about BOTH Mccain and Obama. As for calling Biden more qualified, that was comedy gold. Thanks. lol

Hong, I was honest. Please ... (Below threshold)
Kim:

Hong, I was honest. Please reread my statement. And as for your comment on Biden... are you seriously telling me that you believe Palin is more experienced than he is. I think she might have been in junior high when he started in the Senate

Kim some of your allegation... (Below threshold)
Eric:

Kim some of your allegations and comments are mistaken and wrong.

My father is a war veteran too. More than one war. He retired 100% disabled but McCain repeatedly votes against funding for Veteran health care. Votes against their right to increase the funding for their education.

From Factcheck.org:
The AFL-CIO is attacking McCain with a TV spot saying he voted "against increasing health care benefits for veterans." Actually, he voted for increases in those benefits.

I am in management, like I said before but it hurst me because I have employees who have to have a second and third job to make ends meet. They are good hard working people but they only make two gallons of gas per hour. And actually, they don't even make that. I have had an employee who had passed out because she decided to let her kids eat and she did without. The cost of living keeps on increasing, and McCain keeps fight against raising the minimum wage.

The rationale for resisting raising the minimum wage is that in the long run it hurts workers more than it helps them. When the government artificially raises the minimum wage it raises the business costs for employers. Employers now have to make a choice,
1) keep everything the same
2) Increase prices
3) reduce costs.

The effects of those choices are
1) By keeping everything the same, then the increased personnel costs reduce profit eventually causing the company to lose money. No company can lose money forever without going out of business.

Therefore they have to resort to steps 2 and 3:
2) Increasing price means that they pass the increased personnel costs to the consumer of their products. Because raising the minimum wage is government mandated it affects companies across the board. Now everyone is paying higher costs, that's called inflation.

3) The final option a company has, is to reduce costs. One of which is to reduce personnel costs. So one of the effects of raising the minimum wage is to increase unemployment. What is the unemployment rate now, versus when before the minimum wage was increased? Hint, it's gone up.

The more I research her...the less I understand why McCain chose her.

I'll tell you why he picked her. He saw in her a kindred spirit of being a politician who fights for what is right instead of what is popular. She has a history that is not in question of fighting for what's right. She stood up to the corrupt politicians in Alaska. She resigned from a 6 figure job in protest to the corruption. As a result those same politicians tried to destroy her and are to this day working with the Obama campaign to continue doing so.

One of the major issues facing the country is energy and the costs of energy. She has more experience with the energy issue than all of the other candidates combined. She is NOT in the pocket of the oil companies. She fought them and knuckled them down.

Is she as experienced as I would like? No. But as I keep saying she is at the bottom of the ticket. Obama is at the TOP of his ticket. Where has he ever actually stood up against corruption? Where has he ever truly stood up for the little guy? What is it about him that makes you say he has the experience to be President?

If Joe Biden is such a great choice to take over as President why did the Democrats reject him every time he ran for President?

My bad on your Rove remark.... (Below threshold)
Hong:

My bad on your Rove remark.

As for Biden, are you seriously telling me a man who thought partitioning Iraq was a good idea is the "experience" you really want? LOL, the wrong experience is worse than none. I wasn't born when he was in the Senate and I know better about Iraq than him. nice try

Hong, I can tell that you ... (Below threshold)
Kim:

Hong, I can tell that you actually believe what you are saying, and I respect that. I even respect your opinion on why prices are so ridiculously expensive, but let me tell you that with or without the raise in minimum wage the cost of living is going to go up.

It *is* going up.

The items you bought last year and the same items you bought this year are not the same price. They are more expensive.

The fact that milk is over $3 dollars and one gallon of gas is reaching $4. Is not because of an increase in minimum wage.

I worked in retail for years. I worked and paid for my education working and managing in a retail store, and I KNOW the types of mark ups they do for profit. What they charge the consumer can range from 20x to 60x to over 100x higher than the price they actually paid for it.

They do this of course, for a profit.

But they also do this because they can because they know the consumer will pay.

Most of our goods are made in countries where the employees make little to nothing. Yet the prices on these items keep rising.

So its not because of an increase in minimum wage.


Still, you are telling me that it is okay for people to get paid barely above $6 dollars an hour. I know in some states it is more, but where I live the minimum wage is a little over 6 dollars an hour.

So if gas is almost $4 dollar *per gallon* and they are making $6.55 per hour......hmmm.. Now we are only talking gas here, not even the other necessities that factor into the cost of living. Like food and shelter or the actual cost of owning a gas guzzling automobile.

Heck depending on the type of business(profit wise) the maximum minimum wage for that company could be as low as $5.25

FIVE DOLLARS AND TWENTY-FIVE CENTS!!!

I am sorry but that is not enough to live on. Even if they work full time with the occasional time-and-a-half these people are barely breaking the twenty thousand mark and that is not counting the taxes on their income.

That is barely enough for a single person. Can you truly imagine trying to raise a family making only that much?

If they raise minimum wage, it doesn't benefit me. I know this. I am fine with that because I know that it is helping someone else to *survive*. To make ends meet. To *feed* their child.

Of course, we live in a capitalistic society. so of course, there are those, like yourself, who are only going to focus on the business aspect of it...

Nevertheless, do not forget the people.

The employees are the legs and feet that the business stands on, and uses to progress forward. Without them, the business is going to fall as well as fail.

So if the business, won't voluntarily do "right" by their employees, then the government has to step in and create a standard.

As for McCains voting record, I know what it is as it relates to Veterans. He *repeatedly* votes *against* increasing their funding.

To me, with the rising cost in health care, and the finicky insurance rules, its the same as voting against them.

We may differ, but how he votes on this issue affects me personally. It affects my family and my friends.

I am extremely disappointed in him.

My best friend, who is a hardcore republican, she doesn't like McCain, mostly because of his infidelity, nonetheless, she is going to party vote, anyway. Funnily enough, Hong, this conversation reminds me of this discussion she and I had about the differences between Democrats and Republicans. It was a pretty long discussion, but what we agreed on was that Democrats care too much and Republicans don't care enough.

I don't usually blog. But I have found these last few days, that...this self made theory of ours to be very true. It doesn't make me angry. It makes my heart weep.

As for your comment on Biden, I say at least he had a plan. And in theory, since the factions in Iraq HATE each other with the passion of the burning sun, it is only logical to separate them. Its like putting recalcitrant children into separate corners.

It may have not worked, but like I said before at least he had a plan. More than I can say about Bush, or McCain.

Moreover, as a potential president McCain's little diddy about Iran. "Bomb bomb Iran" I am not amused. To that particular country, that could be a declaration of war. How many people have to die before he figures out that there are other ways to resolve conflict without war?

And you sound pretty young. You better watch out. If we stay in Iraq 100 years, or engage war with Iran, or get into one with Russia you're going to get drafted.

Me, I'm too old.

Unlike Obama, he refuses to talk with Iran. Not surprisingly, 5 of the former Secretary's of State agree that we *need* to talk with Iran.

See...there Obama goes again... displaying that wisdom and forethought. While McCain makes jokes about starting another war.

Now, you asked me what I see in Obama? I agree with the changes he wants to implement. The things he wants to do, are things I have been speaking about and praying for, for years.

He is a visionary. And to most, that is scary. Terrifying even.

He's like Christopher Columbus. Who said he was going to head west to end up on the east.

He may not have reached his goal, but because he made such awesome first steps toward change.

He changed the world

One man, one HUMAN man can't do it alone. But one man can ignite the fire that has been kindling in our hearts for the past eight years.

Too many people are willing to stay with the status quo, even if it is horrible, because they, themselves, are afraid. Afraid of change. Afraid of Hope.

Afraid *to* hope.

So they will rationalize and make excuses.

I am tired of the no we can't mentality.

I am saying

YES WE CAN!!!

And please don't try to debate me on the war. Let's just say, right now and forever, we will agree to disagree. You might even agree with my own beliefs but...I am not going comment. Its too close for me.

Oh Hong, you were born when Biden was in the Senate. You're alive aren't you? Or am I talking to your heavenly, preborn spirit? LOL

Hong,Hmm.. despite... (Below threshold)
kim:

Hong,

Hmm.. despite what I thought I knew, you have taught me something today. Thank you for the link.

I feel that knowledge is a powerful thing, but sharing that knowledge is even more powerful


Okay, I am not exactly sure... (Below threshold)
Kim:

Okay, I am not exactly sure what is blog etiquette but I don't want anyone to think, especially Eric, and Hong who were so nice to chat with me and speak about issues that I am ignoring them. It's just the weekend is over and I really won't have the time to engage in this.

Though I have to admit, this is a very enjoyable form of procrastination.

Or maybe I enjoyed it because the people I spoke with knew knew to debate without getting vulgar

Either way, my free time is spent.

Thanks Eric and Hong. We got horribly off topic but it was fun just the same.

we drastically got off topic, I really enjoyed

You're getting flustered an... (Below threshold)
Hong:

You're getting flustered and mixing my replies with Eric's Kim.

I was born sometime after Biden was elected to the Senate but if pro death abortionists like him had his way.... Also,I'm grateful to live in America. Had the current generation of Democrats ruled Congress during the Korean war, it's very likely Truman would've abandoned that country as Kennedy did with Vietnam and Biden/Obama tried with Iraq.

Your gushing and effusive adoration of The One is masking his complete failure of qualifications. It approaches Jim Jones worship. I'd be wary of a man who compares himself to Jesus. After all, FDR was a governor while Al Capone was a community organizer. lol




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