Obama Sleeps with the Rich then Accuses McCain of Being Sold out to the Rich
"We don't need four more years of the old tired economic policies that favor billionaires." [approximate quote].It is noteworthy that Obama somehow confuses McCain with Bush, although McCain and other senators had warned about problems with subprime mortgages two years ago. Obama was not one of them. Bush, to be sure, seems to have done little or nothing to correct the problem. But Obama did the same.
It's also funny that precisely Obama said this since he has very rich supporters, like the billionaire George Soros [also a confessed Nazi collaborator in WW2 Hungary], like Theresa Heinz Kerry, and like two of the fellows who helped bring down the economy by making large mortgage loans to people who did not have a good credit history or enough income to support a large mortgage if their interest rates went up. Which is what happened and many of these people lost their homes and the equity --the investment-- that they had put into them. This was because when they could no longer pay off their mortgages, their homes were foreclosed. And they lost what they had already paid in. This also brought down real estate prices in the US since so many homes were foreclosed that the real estate market was flooded and the banks could not sell them for anywhere near the price they had been bought at. I am now talking about Franklin Raines and James Johnson, two bankers/financiers, well-connected in Washington, executives at Fannie Mae, who were consulted by Obama on economic and other matters. Since it is admitted by the Washington Post that Raines was consulted by the Obama campaign more than once, it does not matter whether he was a formal advisor to the campaign.
Obama rants on TV about how McCain is for the rich. Yet we know that Obama himself gets big bucks from rich folks. In his short career in Washington, Obama has gotten a lot of money from Fannie Mae and Freddie Mac, more than most other senators in 2007. James Johnson, just by the way, was an executive at Lehman Brothers from 1985 to 1991. Yet Obama has the deceitful hhutspah to accuse McCain. And some of these friends of his had something to do with the economic crash, namely Johnson and Raines. Here are some links on James Johnson and Franklin Raines and Johnson. Johnson and Raines took good care of themselves while at Fannie Mae, giving themselves multimillion dollar bonuses, while they helped prepare the origins of financial crisis.
Another prominent Democrat Jamie Gorelick was at Fannie Mae. She's the same one who, while in the Justice Dept in the Clinton Administration, erected a legal wall against CIA and FBI sharing info about terrorists. She too got nice fat bonuses.
Things get even cozier when we get back to Jim Johnson and learn that he was on the team, with Caroline Kennedy [JFK's daughter] and Eric Holder, to select a vice presidential candidate for Obama. Moroever, the New York Times [12 June 2008] described Johnson as:
the consummate Washington insider whom Senator Barack Obama tapped to head his vice-presidential search effortThis fact about Johnson flagrantly contradicts Obama's pretense during the election campaign, especially the primaries, that he was really an outsider to Washington and untainted by its corruption. How does Obama's earlier claim square with Johnson being an insider, "the consummate Washington insider"?? Obama's chronic hypocrisy, his cynical opportunism, his dishonest demagoguery, his ruthless lies turn one's stomach. Or should.
Then there are Joe Biden's friends among the trial lawyers, like one Mr Scruggs. An earlier post dealt with this corruption [see links at that post].
Of course, we shouldn't forget how "community organizers" like ACORN were pressuring banks throughout the 1990s to lend big money to people who were poor credit risks and would have difficulty paying their mortgage instalments, especially if their interest rates went up. Which is what happened. The thinking of the "community organizers" helped bring on the subprime crisis.
It would be tragically ironic if those resentful of the economic crisis were to elect someone whose associates bear much of the blame for the crisis, and this out of spite against Bush, who is not McCain. Things could get worse. Not all change is for the better. Think about it.