It simply amazes me that Nancy Pelosi, Barney Frank, and their fellow Democrats in Congress can sit back and say that Republicans are to blame for the financial crisis.
Yeah, those same Republicans that were trying to fix the problem FOUR YEARS AGO, while the Democrats said that there was no problem.
And the voting public rewarded the Democrats for their hand in all of this. Hooray.
Edited to add: In response to the question WHY, read for more information at http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html
Top Recipients of Fannie Mae and Freddie MacCampaign Contributions, 1989-2008
Name Office Party/State Total
1. Dodd, Christopher J S D-CT $133,900
2. Kerry, John S D-MA $111,000
3. Obama, Barack S D-IL $105,849
4. Clinton, Hillary S D-NY $75,550
5. Kanjorski, Paul E H D-PA $65,500
6. Bennett, Robert F S R-UT $61,499
7. Johnson, Tim S D-SD $61,000
8. Conrad, Kent S D-ND $58,991
9. Davis, Tom H R-VA $55,499
10. Bond, Christopher S 'Kit' S R-MO $55,400
11. Bachus, Spencer H R-AL $55,300
12. Shelby, Richard C S R-AL $55,000
13. Emanuel, Rahm H D-IL $51,750
14. Reed, Jack S D-RI $50,750
15. Carper, Tom S D-DE $44,389
16. Frank, Barney H D-MA $40,100
17. Maloney, Carolyn B H D-NY $38,750
18. Bean, Melissa H D-IL $37,249
19. Blunt, Roy H R-MO $36,500
20. Pryce, Deborah H R-OH $34,750
21. Miller, Gary H R-CA $33,000
22. Pelosi, Nancy H D-CA $32,750
23. Reynolds, Tom H R-NY $32,700
24. Hoyer, Steny H H D-MD $30,500
25. Hooley, Darlene H D-OR $28,750
Includes contributions from PACs and individuals. 2008 cycle totals based on data downloaded from theFederal Election Commission on June 30, 2008.
You may recognize some of those names from the video. Hmm...
Posts
All of those Senators look like intelligent, educated people, so why couldn't they see that all of these "sub-prime" mortgages were going to eventually come crashing down and a GREAT number of those who would suffer would be their own people? I know relatively little about the "world of finance", but even I could see, four years ago, the stupidity of giving mortgages to people who could not qualify in a "normal" fashion for loans that would only get even MORE difficult to pay down the road!!!
ReplyDeleteFollow the money. That's where you'll find the answer to that question.
ReplyDeleteFrank has also reaped campaign contribution benefits from Fannie Mae and its counterpart Freddie Mac. According a front page story in the Sept. 19, 2008, Investor’s Business Daily by Terry Jones, Frank has received $40,100 in campaign cash over the past two decades from the GSEs.
Frank is ranked 16th on a list that includes both houses of Congress and fifth among his colleagues in the House. According to data from the Center for Responsive Politics’ OpenSecrets.org, political action committees financed by both Freddie and Fannie have contributed $3,017,797 to members of Congress since 1989. And according to the July 16 issue of Politico, the two entities have spent a whopping $200 million to buy influence – including not only campaign donations to members of Congress, but also presidential campaigns and lobbying efforts.
http://www.businessandmedia.org/printer/2008/20080924145932.aspx
John... I'm going to LOVE your blog! When Obama was running for pres. I noticed that the vast majority of people didn't do their own research to see what he really stood for. I started a blog called mommagainstobama... my first blog. I got a few things off my chest, and posted news links there, but once he was elected I closed the blog. Mainly because I have respect for the office of President. I am thinking however of starting a new blog something like, polictial housewife, where maybe people who don't have the time to do their own research could mootch off of what I dig up.
ReplyDeleteAnyway... I'm loving your blog!
By the way. I saw this during the election and shuttered to think that Obama's financial advisor was one of these idiots who called this practice "riskless"! I thought to myself "humm... who else is he going to pull into his cabinet"... It's really poetic actually... now you have a tax evador as head of the treasury, and a self proclaimed socialist lady... crap... what's her name?? Anyway... it's going to be an interesting 4 years... I hope our country, and constitution can survive it.
ReplyDelete