Monday, September 15, 2008

Obama , Fannie Mae, Freddie Mac and the Economy

Two of Obama's main economics advisors, Franklin Raines and Jim Johnson (who resigned back in June due to some of this scandal being brought to light), were former CEOs of Fannie Mae. Raines was even fired from his position at Fannie Mae. And no wonder, since he overstated earnings by 50% during his tenure. Considering the situation they put their company in (and, yes, it was them as well as those in charge during the collapse who are responsible for the collapse), should anybody be taking advice from them about anything regarding the economy? I mean, they did such a bang-up job with Fannie Mae.

"Property Records Show Mr. Johnson Has Received More Than $7 Million In Loans From Countrywide Since 1998, The First Coming In The Waning Days Of His Fannie Mae Tenure" (Glenn R. Simpson and James R. Hagerty, "Countrywide Friends Got Good Loans," The Wall Street Journal, 6/7/08). Ironically, those loans seem to have been "subprime." Certainly they were loans made directly by the CEO of Countrywide. Now, does this necessarily mean something sketchy was going on? Of course not. But it seems there's a pretty tangled web involving the mortgage market, its collapse, and Obama (who also received a pretty good deal on a house, as I recall). Countrywide, by the way, has been one of the companies at the center of the mortgage market breakdown. So two of Obama's advisors were involved in creating the very mortgage crisis Obama is trying to use to his political advantage. More, they made millions off of running Fannie Mae into the ground, and have used that money to try to get Obama elected.

Did I mention that Fannie Mae and Freddie Mac were major donors to ACORN, who is currently engaged in voter fraud in Michigan and Ohio (odd how voter fraud is constantly associated with them), and that Obama worked for ACORN? I did? Seems like an interesting -- important? -- connection. But don't worry, that's just one more thing for the MSM to ignore.

It also seems that Secretary of Treasurer Paulson briefs Obama on what was going to happen with Freddie Mac and Fannie Mae long before they did so with McCain -- though McCain had actually requested a meeting with Paulson earlier. Paulson is a Nixonian, which in my book makes him a Democrat, so we shouldn't be too surprised. But this connection does seem to clarify the connection I made earlier with the scandal and the White House in regards to Obama. I was only joking then, about this being evidence that Bush was supporting Obama -- but it seems that there is in fact an element in the White House who is connected to Obama and who does want him to win the election. Seems like my jokes are a bit too close to reality.
Post a Comment