Think he does not know what is going on? Think again.. look at the numbers..
Senator Obama’s pulling down almost $300,000 a year from Goldman Sachs, Lehman Brothers, Bear Stearns, Fannie Mae, Freddie Mac, AIG, Countrywide Financial, and Washington Mutual? He has not even completed his fourth year in the Senate and received a total of $1,093,329.00 from these eight companies and their employees. (all data from OpenSecrets.org). John McCain’s numbers, according to OpenSecrets.org for the period 1990-2008 (i.e., 18 years worth of data) only collected $549,584.00. In other words, Barack is receiving $273,582.25 (and 2008 is not over) per year while McCain raised a paltry $30,532.44.
Ever wonder just why, they are all giving Obama cash? It seems as though everyone wants to blame the Wall Street mess on Republicans. But the real truth is that the real estate market and the big players on Wall Street have been a Democratic game. McCain’s hands are clean when it comes to this mess. That is not spin, that is a fact. He proposed legislation back in 2006 to start addressing the abuses of Fannie Mae and Freddie Mac but the Democrats would have none of it.
The mortgage industry holds the highest debt margin in the U.S. economy.
Here is a qoute from Susan at No Quarter:
One of the major players in the market, at least until this month, is Fannie Mae. Fannie Mae was initially established in 1938 in order to provide a secondary mortgage market. What does this mean? It would buy mortgages from one lender and sell mortgages to another. It played the role of a broker who helped make the market work.
Fannie Mae because a private company in 1968 and continued to fund mortgages by issuing mortgage backed securities (i.e., MBS). When Fannie Mae issues the MBS she is guaranteeing the investors a return on their investment and, at the same time, providing a source of funds to supply additional mortgages.
You see, Fannie May needed some help on wall street, and to whom did they turn? Goldman Sachs, Lehman Brothers, and AIG, just to name some of the prominent ones.
It appears that James Johnson was in charge of Fannie Mae for 16 of the last 18 years. Barack initially had him head up the Vice Presidential search team. He was Walter Mondale’s campaign manager in the 1984 mess and chaired the search committee for John Kerry. But he started as Vice Chairman of Fannie Mae in 1990, quickly moved up to be the CEO, and left Fannie in 1999 as Chairman of the Executive Committee.
He also was one of the directors of the board of Goldman Sachs in 1999 and also served as the Managing Director of Corporate Finance for Lehman Brothers. Then in 2005 Franklin Raines resigned from Fannie Mae, accused of being in charge when the books were crooked. In other words, top execitives made tons of money, when securites were sold. Then it was discovered by the (SEC) Securities & Exchange Commission’s top accountant Fannie misstated earnings for 3 1/2 years, leading to an estimated $9 billion restatement that will wipe out 40% of profits from 2001 to mid-2004. In other words, they lied….
One thing about Franklin Raines. The Obama campaign can insist he is not an “official” advisor, but before the market blew up Raines was described in the Washington Post on 16 July 2008 as “taking calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.” So, as you can see, Obama may claim not to know anything, but clearly he is in this mess deep.
Fannie Mae was not just “selling” mortgage securities. It was also using its financial power to advance the agenda of the Democratic Party. I thought the democrats were sopposed to be for the working man. Not the party to lie to line the pockets of the rich. It appears, we were mislead again……….
How often do I have to say, this is not the party I knew…..