September 20, 2008
As the crisis in the U.S. financial sector unfolds and starts to affect the rest of the economy, there will inevitably be a lot of finger-pointing, since we are in the middle of a presidential campaign. There is no question that part of the blame belongs with the Bush administration; as I wrote on June 18, the "Mortgage scandal is bi-partisan." But more and more facts are coming out that show just how close Barack Obama and his party are tied to the shady institutions behind the crisis. It turns out that, among all members of Congress who received campaign donations from Fannie Mae and Freddy Mac (including individuals and PACs), Barack Obama ranks second, with $126,349. He was just behind Sen. Chris Dodd, Chairman of the Senate Banking Committee, who received $165,400. Guess who #3 was? Sen. John Kerry, who received $111,000! In fact, as reported by OpenSecrets.org, of those who received more than $50,000 (22 in all), 13 were Democrats and nine were Republicans. Hat tip to Stacey Morris.
Fannie Mae has a long history of soliciting Federal support by targeting legislators who represent a proportionally larger number of their clients. For example, former Fannie Mae chief Daniel Mudd spoke to the Congressional Black Caucus, extolling their "family" relationship. Yes, Barack Obama was there. Watch it on youtube.com; hat tip to Joe at novatownhall.com. It is precisely this corrupt distortion of the housing market -- subsidizing mortgage loans to people who were really not prepared to take on that kind of long-term financial obligation -- that gave rise to the mess we are in. This is most assuredly not just another case of "guilt by association." Do you think Obama will even hint at acknowledging that the kind of politics he practices is at the root of the financial crisis? No %#$&@# way!
In this regard, it is worthwhile to read what John Lott (author of Freedomnomics) wrote about Obama's vaunted (but questionable) "judgment." If Obama really has such a good judgment, why has he changed his position on so many key issues? In terms of people, was Obama a good judge of the Rev. Jeremiah Wright's character? Or how about his pal from Illinois Tony Rezko, who was convicted of bribery? That article cites many other cases. Bottom line: charm and smoothness do not equal good judgment. Hat tip to Patrick Carne.
Another Democrat waist-deep in filth is Rep. Barney Frank (Mass.); according to the Wall Street Journal, he is the "patron saint" of Fannie Mae. Hat tip to Shawn Kenney. Barney ranks #26 on that list of Fannie Mae/Freddie Mac campaign recipients. Maybe, just maybe, enough voters will pay attention to the Democrats' role in the financial crisis that it will tip a few congressional races toward the Republicans.
For the most part, Barack Obama's long-standing ties to the subversive terrorist sympathizer Bill Ayers has been kept under wraps by the mainstream media. In February, a fact-checking blog at washingtonpost.com confirmed that Ayers once belonged to the Weather Underground, that he and Obama were once on a community board together, that they belonged to the same "liberal-progressive" social circle in Chicago, and that Ayers made a $200 campaign contribution to Obama. Nevertheless, they concluded that "the Obama-Ayers link is a tenuous one." (???) You can see a TV ad about Obama's ties to Ayers at youtube.com; hat tip to Michael Oliver. (He meant "censor," not "censure.") A Post article this week compared it to the "Swift Boat" ads against Sen. John Kerry.
Unless you speak Spanish, this ad probably won't bother you too much. It makes me mad as hell. It begins, "Yo soy Barack Obama, y yo apruebo este mensaje." (Translation not needed.) It invokes Rush Limbaugh and portrays the Republicans as hostile to Spanish-speaking immigrants, which is grossly unfair. See washingtonpost.com. Unfortunately, Obama will probably get away with it. ¡Sí, se puede!