Tuesday, September 23, 2008

    Of Barack Obama + The Disenfranchised

    Obama has more experience in the government-caused financial problems because he is part of the problem. As an attorney Barack Obama knows how to juggle and manipulate to achieve - NOT the country's objectives - but his own.

    In 2005, then interim-director of Fannie Mae Daniel Mudd gave a speech before the Congressional Black Causcus, of which Barack Obama was a member of and present at the speech.

    Mudd referred to the CBC as "family." Turns out, ONE of the "family" was on the payroll - namely Democrat< Barack Obama. Democrat< Barack Obama was SECOND in receiving political donations from Fannie Mae. Number 1 was Democrat Chris Dodd and number 3 was Democrat John Kerry.

    No wonder the Democrats BLOCKED oversight legislation targeting both Fannie Mae AND Freddie Mac.

    (2003) "These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis... The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

    Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee, Representative Melvin L. Watt, Democrat of North Carolina, agreed.

    "I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing" - Democrat Melvin Watt.

    Obama has long relations with Freddie Mac and Fannie Mae executives, and he has financially benefited from both of these companies.

    One of his friends, CEO of Fannie Mae, got a pay raise of 7% in 2007 - to $13.4 MILLION - while the company lost money and the country started to suffer the "housing crisis".

    Both of these companies were giving loans of the type Obama supports - home loans for megabuck to the "disenfranchised" that had bad credit, no jobs or weak jobs, and were just plain credit risks.

    Obama's insurance policy (and these two companies)? All of the bad risk loans were guaranteed by the taxpayers.

    So while a nation hurts Obama and his CEO buddies are sitt'n rather calm and happy (and richer).

    Note: Some of the above was copy/pasted from another site but I lost the URL so if it sounds familiar give me the URL and I'll add it in.

    No comments: