I know I said I was staying out of the political stuff, well, I am making an exception. To lay this at just the Republicans feet or just the Democrats feet is wrong. I also don't agree with the bailout. The execs defintiely better not get the old golden 'shute (as opposed to the red 'chute the taxpayers are about to get). Both sides of the aisle are trying to now cover their colectives asses in this mess. At least McCain went back to DC to get his beak in there somewhere. Where's Obama? It's their job to be there 1st and on the campaign trail 2nd.
Go back to 1992 w/ Clinton in charge and the Democrats controlled congress. They wanted Freddie & Fannie to up the mortgages to lower income people. the figure that has been thrown around is up to 42% of the mortgages were to the folks that shouldn't be getting them in the first place. Guess what, they couldn't pay it back. Who knew? Low income & "questionable" credit and they can't pay back a mortgage? Wow. Freddie and Frannie lobbied Congress. Who got the most $? Chris Dodd, Obama, & John Kerry. HMMM. Who headed Obama's VP search? Jim Johnson. Don't know who he is? Look him up. He is the former head of Fannie Mae, and has ties to Countrywide, the company that really was one of the ones at the epicenter of the mortgage meltdown. Here is a snippet from June:" From ABC's Political Punch:
What's the big deal about Obama campaign fundraiser/Vice President selection committee member Jim Johnson getting $7 million in loans from Countrywide Financial Corp.? (As the Wall Street Journal reported Saturday and the New York Sun's Josh Gerstein followed up on.).
Mortgages with rates below market averages, including "a $5 million home equity line of credit against a house in Ketchum, Idaho, a 5.25% loan of $1.3 million for a home in Palm Desert, Calif., and a 3.875% loan of $971,650 for a home in Washington, D.C." Mortgages set up through an informal program for friends of the company's CEO, Angelo Mozilo.
The problem is, Obama critics say, perception and hypocrisy. Obama had railed against Countrywide and Mozilo, and his campaign had impugned Sen. Hillary Clinton, D-NY, for taking money from Countrywide lobbyists and for allowing a senior campaign adviser to simultaneously do work for Countrywide."
What about Franklin Raines? Who's he, you ask? He's another former Fannie Mae CEO and Clinton budget director. He walked away with estimates of $50-90 Million after mortgage frauds were uncovered there and he padded his & other top execs pockets. Guess what, he's also a quasi-adviser to Obama (depending on who you listen to).
So again to start laying all the blame on the current administration is wrong. Look, I think Bush has done a lousy job with this country, and he deserves alot of blame for alot of things, but this isn't just his baby. It's all the gubment aholes down there in DC.
