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How a Young Chicago Litigator Helped Create the Subprime Housing Crisis
Posted by: Iconoclast on November 2, 2008 at 6:30AM CST

How a Young Chicago Litigator Helped Create the Subprime Housing Crisis

Barack H. Obama is running around telling everyone that the housing mortgage market collapsed primarily because of some vaguely described "deregulation" that took place sometime under George Bush--or maybe under Clinton; I'm not clear on that. I'm not sure he is.

Whatever his claim is, it's a lie.

The reality is that the housing market collapsed in large part because a coalition of race-baiting bullies brought very heavy pressure to bear on the banks to make more subprime loans on properties in low-income communities. Those who didn't approve the risky subprime loans were accused of "redlining"--i.e., refusing to make loans on properties in those neighborhoods.

Who were these bullies?

Some of the bullies were out in Washington pounding the tables and screaming at bank executives about "redlining".

At the same time, other bullies were stalking big city courthouses, filing frivolous and extortinate lawsuits against banks based on novel "disparate impact" theories of what might be held to constitute "redlining." In other words, even banks which were making lots of loans in low-income communities were being sued if they weren't approving just as many loans in low-income communities as they were in high-income communities.

Who were these mortgage extortionists?

These guys, to name a few:

Obama-counsel.gif

Yes, that "Barack H. Obama."

(READ MORE BELOW)

Here's what they were suing about:

Obama-allegations.gif

OK, fair enough. Poor folks shouldn't be automatically denied loans, right?

Obama-allegations2.gif

But here's the thing: according to Obama's legal team, FIFTY-EIGHT PERCENT of a certain class of loan applicants living in 80%+ minority neighborhoods were approved for a loan. Far from being automatically denied, most of these applicants were approved. Also according to Obama's team, EIGHTY-ONE PERCENT of similar loan applicants living in 90%+ "white" (defined as European and Asian) neighborhoods were approved--and this is the source of the theory of harm put forth by the legal team.

Obama-allegations3.gif

Under the theory put forward, it wasn't enough, apparently, that most of the identified mortgage applicants in the minority neighborhoods were approved. The theory demanded parity in the statistics, despite the fact that properties in very different neighborhoods necessarily present very different risk situations. In other words, the lawyers sued Citibank because Citibank was, on balance, somewhat more likely to approve a loan for a property in a predominantly white neighborhood than on one in a predominantly black neighborhood. Given that predominantly black neighborhoods tend to be low-income neighborhoods characterized by low property values, was this phenomenon evidence of evil racism or just reasonable risk avoidance? I'll leave that to your judgment.

Ultimately, Citibank settled with Obama's firm rather than incur the expense of a protracted litigation. I haven't been able to locate a copy of the settlement agreement (it's likely sealed), but we can surmise as to what hoops it required Citibank to jump through going forward. The net result of this sort of litigation was, of course, that banks like Citibank started approving more subprime loans in the 1990s in order to avoid frivolous litigation brought by activists like Barack H. Obama.

The ultimate result of Obama's litigation and the banks' "litigation-avoidance" behavior is now reflected in your declining stock portfolio.

And no, you probably won't hear much about this in the mainstream media.

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(48) Comments
Posted by: OTS on October 10, 2008 12:08AM CST
You are such a hater and a LUNATIC!! You should seek professional long term help for your mental illness and lack of emotional stability.

Posted by: Iconoclast on October 10, 2008 12:15AM CST
I'm quite stable, thank you. I'm also analytical and reasoned - which is why I present facts.

You, on the other hand, present mindless insults, as if that somehow will invalidate the truth.

Did I post something that is indicative of hatred, or lunacy? No, I posted something which certainly ought to be considered as we determine whether someone is qualified to be President.

Lunacy would be to try and exempt someone from such scrutiny, OTS. Perhaps you should seek help.

Posted by: Iconoclast on October 10, 2008 12:21AM CST
It was the Community Reinvestment Act which drove banks to make risky mortgage loans. In fact, it resulted in something called a NINJa loan. NINJa stands for No Income No Job. Think about that for a second. The government, under the prodding of groups like ACORN, caused banks to be required to provide loans with no demonstrable way of paying them back.

Five million of those mortgages went to illegal aliens. They all went to people who could not, in a rational system, qualify for a mortgage.

Posted by: Poor Richard on October 10, 2008 1:19AM CST
Icono:

A decent compellation of research, and it’s nice for a change to see you actually write something and not do the cut and paste thing.

But the one question I have, is how are you proving that Obama had something to do with the housing mortgage collapse?

Stateing that Obama helped black people get loans for homeownership doesn’t do it, unless of course you are saying that lending to African Americans was the cause of all of this, which I don’t think you are.

The problem wasn’t with the government sponsoring down payments or lower interest rates for the purchase of homes located in the hood. The problem was we let these mortgage brokers lend some families with an annual household income of $50K 300,000 dollars based on a temp low interest rate which was set to quadruple in 1-5 years. Then the bank sends in ‘their appraiser’ so that the family can pull out 30 grand worth of home equity which doesn’t exist and buy themselves a 50” flatscreen, bose surround sound system, and make their next few mortgage payments. Then years later these idiots find out their interest rate has gone up and their credit is shot to hell so they can’t refinance. They try to sell their home but can’t get anything close to what they owe because the bank had a bull**** appraisal. So they declare bankruptcy and the bank finds out it can’t sell the home for what was owed either.

Good rule of thumb, if the collateral is still good then the risk is minimal. If the value of the collateral is far less than what is owed, then you’re in line for a loss.

The government’s role is all of this is that we knew about the future problems with ARM loans 3 years ago and did nothing. Unfortunately there are a lot of Americans who are too stupid to understand a mortgage contract. Regulations were needed to prevent predatory lenders from selling these stupid people $300K homes when they couldn’t afford the payments.

And I am sorry for calling them stupid and idiots, but this whole thing really ticks me off to no end. I was listening to this woman talk about her pending foreclosure the other day. I felt really bad for her until I heard her mention that she was most upset that the bank had advised her to sell ‘one of her’ large plasma screen tv’s in order to pay what was owed. This is so like us. Now we have to bailout these idiot banks because they lent too much money to idiots who won’t even sell a tv to keep their home.

Posted by: Blogger_man on October 10, 2008 1:23AM CST
On December 16, 2003 President Bush signed the American Dream Downpayment Initiative into law. That was an interesting bill. Why don't you focus on the bills that passed in the last 8 years instead of dithering about failed initiatives?

Posted by: Blogger_man on October 10, 2008 1:35AM CST
The bill following up on Bush’s recommendation, was S.190, the Federal Housing Enterprise Reform Act of 2005. It was sponsored by Republican Senator Chuck Hagel and co-sponsored by three other Republicans, one of whom was Senator John McCain. It was introduced in January of 2005 into the Republican-controlled Senate and referred to the Committee on Banking, Housing, and Urban Affairs, chaired, of course, by a Republican.

By most accounts, the bill died in the Republican-dominated committee. govtrak.us indicates that the last action taken on the bill–on July 28, 2005, while Republicans still had control of the Senate–was to order it “reported with an amendment in the nature of a substitute favorably,” whatever that means. One consequence, though, was that the bill was never even scheduled for debate. It was certainly never voted on.

That darn Obama made them do it........one question how much did the Republicans get from fannie and freddie before 2006?

If you don't know how can you point fingers?

Both parties had there hands out.....just like Enron.


Posted by: Blogger_man on October 10, 2008 1:54AM CST
All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html

You will see that McCain is on the list and Obama is second not number 1 a McCain claimed during the debate.

Like his other claim that he never purchased a car that wasn't made in he USA........then it turns out he owns a VW a Lexus and a Honda.

Like his homes he may not have known.....or maybe they were built here. To the UAW it does not matter....good move leaving Michigan.

http://www.businessweek.com/autos/autobeat/archives/2008/09/mccains_car_pro.html

Posted by: Iconoclast on October 10, 2008 6:42AM CST
Wrong Blogger man:

Was McCain "on the list?" Yes. He received a total of $21,500 dollars from individuals who worked for Fannie and Freddie between 1989 and 2008, or an average of $1100 a year.

Barack Obama, who McCain said was second on the list, received $120,349 from individuals and from the Freddie Political Action Committee - however, Obama has been in office for a total of three years, thus he has received $40,000 a year.

The difference is that McCain received some negligible campaign contributions from a few individuals who happened to work at Fannie and Freddie. Obama was the recipient of organized, bundled fundraising, as well as PAC money, which were intended to influence policy.

Posted by: Deo on October 10, 2008 8:26AM CST
PR - BRAVO well put!

Posted by: TBV on October 10, 2008 8:42AM CST
Oh, good point, BM, Obama was SECOND, not first. Do you realize that those records are for the TOTAL time the person has been in Congress? BO has been in congress the LEAST amount of time, yet has 'only' the second highest amount of FM/FM contributions. Please.

Posted by: Nagaitcho on October 10, 2008 10:42AM CST
Iconoclast, you're presenting only partial information, which taken out of context is a half truth, or a lie.

Deregulation was the war cry of the most damaging president this country ever had, the infamous raygun himself. Now it leads to the current financial failure, and the conservatives that created it aren't capable of dealing with it.

If you're going to pass your raving off as fact, at least take the bother to look it up and make sure it's all fact, not fantasy.

It was deregulation, removing any controls of what would be bad debt that led to the downfall we're having today. Trying to pass the blame to anyone else, well, republicans are fond of mud anyhow, it's all they really have.

Posted by: TBV on October 10, 2008 1:51PM CST
This de-regulation thing is nothing more than a canard. This crisis didn't happen because of deregulation. It happened because the regulator for FM/FM, OHFEO, couldn't get democrats on Capitol Hill to understand their efforts to regulate these two agencies were being thwarted. Not even after a huge scandal in 2003 did democrats get onboard with requests to reform FM?FM. That was the genesis of the sub-prime mortgage scandal.

Posted by: Iconoclast on October 10, 2008 2:20PM CST
It wasn't deregulation that was the problem, it was government interference. As a Government Sponsored Enterprise, the libs figured out they could provide profits to their cronies (Raines, etc) as well as continue to buy off their constituencies (ACORN, etc). It was a perfect deal: they got the upside, and left the taxpayer on the hook for it all when it collapsed around them.

Posted by: Blogometric Pressure on October 10, 2008 2:25PM CST
There were 3 "minor" attornies on this case. He was one of the minor attornies.

Seems to me you are trying to whip up some hate and hysteria but what you are really doing with these blogs is turning so many people towards Obama. Keep up the good work, your hate blogs are not working for McCain and Palin.

Posted by: Blogger_man on October 10, 2008 7:14PM CST
"This de-regulation thing is nothing more than a canard"

From the McCain / Palin website........

At The Time, John McCain Warned That "If Congress Does Not Act, American Taxpayers Will Continue To Be Exposed To The Enormous Risk That Fannie Mae And Freddie Mac Pose To The Housing Market..." "I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole." (Office Of U.S. Senator John McCain, "McCain Statement On Co-Sponsorship Of The Federal Housing Enterprise Regulatory Reform Act Of 2005," Press Release, 5/26/06)

"the bill died in the Republican-dominated committee"

That means NO one voted for it or against it.

But wait... a canard?

McCain thinks you are wrong according to his 2002 quote.......also from HIS Pro-McCain website.

In 2002, John McCain Said While "Long Opposed Unnecessary Regulation Of Business Activity" That "In The Current Climate Only A Restoration Of The System Of Checks And Balances That Once Protected The American Investor ... Can Restore The Confidence That Makes Financial Markets Work." "In a string of corporate failures and scandals from Enron to WorldCom, we have seen the first principles of free markets - transparency and trust - fall victim to corporate opportunists exploiting a climate of lax regulation.

This was 2002 with four more years of total Republican control they had plenty of time to do someting or anything, they did nothing.......WTF?

http://www.johnmccain.com/mccainreport/Read.aspx?guid=890fdf21-fd6a-4275-817b-646f1616ea32

Effective leadership? Get real.



Posted by: Blogger_man on October 10, 2008 8:38PM CST
By Kathleen Day
Washington Post Staff Writer
Wednesday, May 24, 2006; Page A01

http://www.washingtonpost.com/wp-dyn/content/article/2006/05/23/AR2006052300184.html

Fannie Mae engaged in "extensive financial fraud" over six years by doctoring earnings so executives could collect hundreds of millions of dollars in bonuses, federal officials said yesterday in a report that portrayed a company determined to play by its own rules.

Regulators at the Securities and Exchange Commission and the Office of Federal Housing Enterprise Oversight, in announcing a settlement with Fannie Mae that includes $400 million in penalties, provided the most detailed picture yet of what went wrong at the congressionally chartered firm.

Floor Speeches link on this bill shows McCain added his name as a fourth sponsor on 5/25/06 in the wake of the Office of Federal Housing Enterprise Oversight's report laying out blame for Fannie Mae's multi-billion dollar accounting scandal. Unfortunately for all of us, his concluding remarks in that floor speech have proved omniscient.

But it doesn't matter when because the bill didn't change the 1992 Housing Bill in substance. The director, James B. Lockhart, appointed by Bush in 2006, had regulatory authority over Freddie and Fannie already but apparently wasn't doing his job. Look at the text of the 1992 bill and compare it to the 2005 bill and you'll see that the Director was already vested with authority to evaluate and regulate Freddie and Fannie but just didn't do a good job.

So now what do you all have to say?

The investigation was concluded and determined the fraud dated back to 2000.....geez what else happened that terrible year? As history will record.

Obama.......
1st term Democrat from Illinois. First elected in 2004.

Also as history will record!!

So McCain co-sponsors a 3 year old bill that was if truth be old "dead".

A bill that was written not with one word from McCain, a year before Obama was elected.

Right this is all Obama's fault.... WTFU!

Wow how Maverickyishtic!!!!!!!!

What else happened that year (2006) NOTHING
except letting credit card companies/banks re-write the bankruptcy laws.....remember that is why they were called "the do nothing congress" that is why we tossed them out after the worked a whole 90 days that whole year.

http://www.washingtonmonthly.com/archives/individual/2005_03/005781.php

John McCain and the Bankruptcy Bill of 2005*
– McCain voted against discouraging predatory lending practices. In 2005, McCain voted against an amendment prohibiting law-breaking high-cost predatory mortgage lenders from collecting funds from homeowners who are forced into bankruptcy court. [S. 256, 3/03/05]

– McCain failed to vote on bill to overhaul mortgage lending practices of FHA. In 2007, McCain failed to vote on passage of a bill that would overhaul the mortgage lending practices of the Federal Housing Administration (FHA). The bill would reduce the required minimum down payment for an FHA-insured loan and simplify its calculation, requiring a flat 1.5 percent of the appraised value of the home. [S. 2338, 12/14/07]

–- McCain failed to sign on to the Predatory Lending Consumer Protection Act. In 2003, McCain failed to add his name to this legislation, which was intended to “protect consumers against predatory practices.” The bill, which was endorsed by a host of civil rights and housing advocates, including the U.S. Conference of Mayors, ACORN, and the Consumer Federation of America. [S. 1928, 11/21/03]

– McCain failed to sign on to Truth in Lending Act. Less than four months ago, McCain failed to sign on to this bipartisan initiative providing protection to consumers taking out home mortgage loans. Among other measures, it was designed to “establish new lending standards to ensure that loans are affordable and fair.” McCain also refused to co-sponsor this legislation in the 107th Congress as well. [S. 2452, 12/12/2007]


http://www.cnn.com/2006/US/08/01/dobbs.August2/index.html

Wednesday, August 2, 2006; Posted: 9:37 p.m. EDT (01:37 GMT)






Posted by: Blogger_man on October 10, 2008 8:45PM CST
John McCain has always voted against average Americans, keep pretending he has not always been in the pocket of big business, big banking, big oil, he has provided us with 100's of votes that proves he is GWB part II.

Go ahead and erase this post like all the others that have shown you to be blind to the truth....I will keep them filed so I can paste them back to every propagand thread here as well as all over the internet.

Posted by: TBV on October 10, 2008 8:50PM CST
Please cite examples of John McCain voting against average Americans. We're all interested in hearing the details.

Posted by: Blogger_man on October 10, 2008 9:15PM CST
http://www.dailykos.com/story/2005/3/6/63144/06015

Here is a little more detail on how compassionate McCain has been to the sick, disabled, eldery, victims of identity theft, retired people who fall victim to corporate corruption.

You know what? This article shows Biden has been just as big of a creep, I dare you to post anything that casts a negative light on Palin or McCain in other words the whole truth.

Posted by: Blogger_man on October 10, 2008 9:40PM CST
McCain-Kennedy bill

http://www.frontpagemag.com/Articles/Read.aspx?GUID=69C2C965-08BF-4CF5-A9C9-8CF5D667925E

This little jewel showed McCain's true ability to lead....you TBV were dead on when you called him too liberal before he became your only Republican choice.

Funny how Republicans now call this the Kennedy-Reid bill. Maybe they forgot. McCain truly was a maverick on this one voting against his party.... don't kid yourself this is still who he is, even though he says he no longer supports his own bill....and this one he actually did write.

Hoover Institution historian Victor Davis Hanson has observed the “illiberal aspects” of encouraging millions to break the law to immigrate to the U.S.:

The subtext always has been that those who support open borders are somehow more caring or ethical than their purportedly insensitive opponents who wish a return to measured and legal immigration. In fact, the opposite is true. More frequently it is an uncaring elite - made up of both Democrats and Republicans – that advocates not enforcing immigration laws. And it is past time for them to explain why it is moral or liberal, rather than merely convenient, to import millions outside the law to do the jobs we supposedly cannot.

As Hanson notes, illegal immigration results in billions of dollars sent to Mexico from illegals, draining capital from struggling immigrant communities inside the country. “Workers without high school diplomas who send back much of their wages often cannot pay for their own proper heath care, education, or housing here,” Hanson noted. The taxpayer is forced to foot this bill.

Moreover, employers who hire millions of young laborers from Mexico depress wages for poorer American workers, and immorally discriminate against millions of equally poor immigrants from Asia, Latin America, and Africa who properly wait years to come to the U.S.

"Depress the wages of poor Americans"

Posted by: Blogger_man on October 10, 2008 10:19PM CST
OMG I decided to check the source of this cut and paste opinion..........Iconocalst you have got to be kidding. VERY FUNNY.....GREAT SOURCE.
http://technorati.com/videos/youtube.com%2Fwatch%3Fv%3D76Piz991rdk

Posted by: TBV on October 11, 2008 8:52AM CST
You post dailykos as a source and berate someone else's source. that is priceless.

Posted by: Nagaitcho on October 11, 2008 9:42AM CST
I've come to the inevitable conclusion Icky is very good at cut and paste, without ever having a single original thought of his own. Kinda reminds one of a parrot, only knows what his keepers have taught him.

Guess I can safely ignore his blogs and read someone else.

Posted by: shamuplease on October 11, 2008 11:02AM CST
All of you still don't understand, what's happening is that life is getting just to expensive. 3.50 for a gallon of milk, 2.00 for eggs. Do you really think people wanted to stop paying their mortages get real. Everything Nancy & Company have put into play since 2006 has come home to roost. This is exactly what democrats wanted in order to win the White House.
They should all go to prison, democrats and the republicans who let things get by to stay in office should be held accountable and locked up for good.

Posted by: Rickcine on October 11, 2008 2:52PM CST
Why are all of the McCain/Palin rallies starting to look like angry white people ready for a lynching?

President Bush won 40 percent of the Hispanic vote in 2004. In contrast Barack Obama currently has a more than 2-to-1 edge with Hispanic voters over John McCain. That may have something to do with conservative "satirist" Rush Limbaugh encouraging Hispanic voters to either "shut your mouth, or get out." The Latino vote could shift the election in Colorado, Florida, New Mexico, Nevada and North Carolina. All states that in recent years the Republicans could nearly bank on. North Carolina especially is turning into a dicey proposition for Republicans. In addition to Hispanic voters, there's expected to be an increased turnout among black voters who should top the 85 percent support they gave to John Kerry in 2006. That combo has given Team McCain enough worry that they've had to feverishly dispatch running mate Sarah Palin to North Carolina in an effort to shore up the state.

While the historic candidacy of Barack Obama has an obvious emotional pull for people of color, Republicans had been making inroads among black voters. In 2004, President Bush took 11 percent of the black vote nationally, an increase from about 7 percent in 2000. But in the swing states of Pennsylvania and Ohio, Bush was able to claim as much as 16 percent of the black vote to help solidify his victories. John McCain is not expected to poll above the single digits with black voters in either state.

The Republicans are losing Asian voters as well. Forty-one percent of Asian-Americans support Obama and 24 percent McCain (though with a large 34 percent undecided, Asians could tip for McCain). And file this under Kinda Ironic: broken down by country of origin, the only group of Asians in which McCain out polls Obama are Vietnamese, 51 percent to 24.

From the beginning of the GOP primary season, as compared to the Democrats, the Republican candidates looked less like a representation of modern America than a Founding Father's reenactment. By the time their national convention rolled around, the Republicans had managed to put together the whitest political jamboree in recent history. Just 13 percent of their delegates were minorities.


Posted by: Bigfoot on October 11, 2008 4:10PM CST
More stale bread from the "iconoblast" bakery! The only one eating it is TBV! See you on the other side of the election, losers!

Posted by: MC on October 11, 2008 5:09PM CST
The only good that will come from an Obama win will be TBV and myself and some others posting a blog next Summer asking all you whorshippers how you are enjoying the really disasterous situation our Country and you personally are in under "The Masiah" (Farakan description).

Posted by: Blogger_man on October 11, 2008 7:27PM CST
We have all heard over and over that anything good during the Clinton years was the result of republican policies that were in place when he took office.
So using that exact same logic anything bad during the Obama years will be the result of republican policies already in place when he takes office.
However I can predict with 100 percent accuracy that if Obama can pull some magical emergency parachute out of his A$$ that saves this country from a total meltdown, republicans will pull muscles patting themselves on their backs claiming it was their policies that really saved our collective future.
This BS is really getting old.
Shame on you for wishing for a "really disasterous situation" and seeing it as "The only good that will come from an Obama win".
It is an absolute 100% certainty that either McCain or Obama will take on the greatest challenge this country has ever faced, I am going to go the other way on this. I saw something last night that gave me a little bit of hope.... I saw McCain take the mic back from one of his deranged supporters when she said "I don't trust Obama.... He's an Arab."
He told her in his own words......"No, ma'am," he said. "He's a decent, family man, a citizen that I just happen to have disagreements with."
To another crazy person he said.
"I have to tell you, he is a decent person and a person that you do not have to be scared of as president of the United States," McCain said to boos and groans from his supporters.
That is what I call a real "hero" bravo to John McCain. He risked a lot in order to do the right thing.
This morning he went back to the same crap but there is no denying he has a conscience.
"This is a tough presidential campaign we're in," McCain said. "I have a very honorable opponent. There are stark differences between us."
http://www.boston.com/news/politics/2008/articles/2008/08/26/mccain_calls_obama_honorable_rival/

John McCain down deep is a good man, a better man than Biden for sure.

Your comment makes me wonder if you think the disaster that the Republicans, Bush and crooked Democrats have brought against this country makes us "feel good" that we predicted this nightmare in November of 2000. I for one am not happy I was right, I don't think any real American would be.
I was shocked Bush won in 2000, in 2004 it actually made me think of moving to a different country like millions of others who saw the painting on the wall.
McCain or Obama I hope can pull us out of this nose dive....."I hope"........I don't think they can, I will however continue to hope they can right to the end.




Posted by: Nagaitcho on October 11, 2008 10:14PM CST
The deregulation and policies responsible for the current problems were begun, and championed, by none other than ronald raygun. His "Get government off the back of business, and you'll see what we can do." Yup, it took a while, but now we see.

Another "holy grail" of the terminally incapable of learning, "Free trade". Also something raygun would be proud of. Even though it has cost this country far more than even ronald the senile could have imagined. But they're still considered "sacred" by the conservatives. Driving the average standard of living down while raising it for the executives is good in their eyes.

The hard fact is that the wars, failure of the financial system, mortgage problems will have to be paid somehow. My thoughts are that the ones to profit from it should be the ones to bear the most of the cost.

bush mccain, one and the same.

Posted by: drizzit on October 11, 2008 11:50PM CST
The proof is in their own words;

http://www.youtube.com/watch?v=3p1Wc2NFa3w

This is a real congressional hearing from 2004. Not the Congresswoman that says the Republicans brought 12 hearings forward on Freddie and Fannie. The world economic crisis was brought on be DemocRats with bleeding hearts, and the economic wit of a goldfish. You guys can throw names around, and blame all you want, but this video is fact. Democrats voted against regulation, so they could get loans to minorities, and all heal broke loose, and Obama and the CEOs made millions.

Posted by: drizzit on October 12, 2008 12:01AM CST
Bloggerman,

You did not listen during the debate. McCain said Obama was first in pay for play next to the chairman, who is Dodd.

Name Office State Party Grand Total Total from
PACs Total from
Individuals
Dodd, Christopher J S CT D $165,400 $48,500 $116,900
Obama, Barack S IL D $126,349 $6,000 $120,349
Kerry, John S MA D $111,000 $2,000 $109,000


Posted by: MC on October 12, 2008 2:05PM CST
BM (Blogger Man) - You might consider taking a class in READING COMPREHENSION. Until then, I'll explain my comment slowly so you get it. I did NOT say it would be a good thing if the Country was in a disasterous situation as YOU implied and I certainly don't "wish that" either, again as YOU implied. What I really said (now read carefully here) was the only good will be ( the enjoyment of rubbing your face in BHO's failures) our blog to all you "whorshippers" after you find out how wrong you were to support him. Hope you got it this time. Actually, I think you got it the first time, but felt you had to twist it all around just to make me look bad. I'm not surprised.

Posted by: Bigfoot on October 12, 2008 4:20PM CST
MC--under READING COMPREHENSION please note the subject of "connotation" which you happily ignored in defense of your pathetic attempt at humor. Bush said God wanted him to be president and look where it got us, so trying to dig up Obama as the Messiah comments only highlights the irony. For years from now, when we are re-electing Obama, I'm sure you'll feel differently because our country will have been heading in the right direction for four good years! Hoover took the blame for the first Great Depression and Roosevelt took the credit for getting us out with his New Deal; Bush will take the fall for this Depression and Obama will get the dredit for his New New Deal!

Posted by: Blogger_man on October 12, 2008 4:47PM CST
This does not say the "only good" that will come from an "Obama win" will be "will be TBV and myself and some others" will be "asking all you whorshippers how you are enjoying the really disasterous situation our Country and you personally are in under" and then you close by trying to link him to a muslim again?

I should have just cut and pasted the whole thing......because in my opinion it dos make you look REAL bad no matter how you try to spin it.

Here it is again.....

The only good that will come from an Obama win will be TBV and myself and some others posting a blog next Summer asking all you whorshippers how you are enjoying the really disasterous situation our Country and you personally are in under "The Masiah" (Farakan description).

That will be good? Again Shame on you!!!!

Who financed Arbusto with GW Bush? Osama bin Ladens brother.... Who did Palin's husband follow since GW was in office self-claimed Anti-American and hater of the "damn American flag" Joe Vogler.
She was certainly "paling aroung with" the AIP at there convention even this year as well as several other years. If Obama's wife was a card carrying member of an organization that claims to "hate America" and "thinks John Birchers are too liberal" do you think we would not be hearing it from you every five minutes? Or maybe more often then that?

Before you even say it Bush did not know he was in business with a terrorist family.....I would never agree he was linked to a terrorist. His father and Reagan had Osama himself on payroll, again I would never say they were linked to a terrorist.
Bush DID know he was clearing airspace for the Bin Laden family to leave the US after 9-11 even though you and I did not have that right. That still does not link him to a terrorist.
Now Ayers "citizen of the year" in Chicago and his wife a Law proffesor are a link strong link to terrorists? You people should all be ashamed of your propaganda.....is McCain lying when he says Obama is an honorable man? Is he a liar?
All of the wingnut posts here would support that McCain is lying.


Posted by: Blogger_man on October 12, 2008 5:06PM CST
Drizzit you are correct on McClains claim Obama was second on the list......however.
Fact check: McCain is right, according to Opensecrets.org, which reports Obama was the second-highest recipient between 1989 and 2008. He received $120,349, second only to Senator Chris Dodd of Connecticut. McCain received $21,550. However, McCain's campaign manager, Rick Davis, and Davis's lobbying firm, have been paid more than $2 million since 2000 by Fannie Mae and Freddie Mac, according to the Associated Press.

He must really hate Rick Davis.

Posted by: Iconoclast on October 12, 2008 7:00PM CST
blogger man:

"Paid" for services provided. Same thing for campaign contributions, I guess.

The only thing is, lobbyists have every right to represent whatever entity they choose. It is a private contract between individuals.

A Senator, on the other hand, is supposed to represent the people that elected him. McCain has done that, for a long time. He's fought the special interests. Obama takes the money of the special interests, like Freddie and Fannie and ACORN, and does their bidding.

Posted by: TBV on October 12, 2008 7:33PM CST
BM,

Wow, for being a lobbyist for FM/FM all that time, Rick Davis sure didn't funnel money to McCain, he funneled it to DEMOCRATS.

Posted by: TBV on October 12, 2008 7:36PM CST
It looks to me like FM/FM got what they paid for: Democrats looking the other way and ACTIVELY running interference in Congress for them. ALl efforts, by the WH and Congressional Republicans were thwarted. Now if you think that was good PUBLIC POLICY, then you need your head examined.

Posted by: Blogger_man on October 12, 2008 9:22PM CST
How stupid do you all have to be to buy into McCain co-sponsoring a dead bill (Republicans let it die in a Republican controlled comittee it was never brought to a vote) a day after the investigation was reported in the Washington Post that fined fannie and freddie 400 million for corruption dating back to 2000 four years before Obama was elected?
Yet they could force a the bankruptcy bill thru written by banks and credit card companies that punishes the disabled / the elderly / victims of identity fraud / people who are wiped out by medical debt......and allows the rich to move assets into protected trusts to protect them from their crditors.......what is that about fooling some dumb-a$$es all of the time?
The do nothing congress is after all what we are talking about.

Posted by: MC on October 12, 2008 9:29PM CST
BM and little footsy - You are two of a kind. Maybe you can get a cut rate on that comprehensive reading class if you sign up together, for it is apparent neither of you can understand my simple comment or just don't want to or more likely, just aren't smart enough. A common liberal deficiency.

Posted by: Blogger_man on October 12, 2008 11:23PM CST
LOL Maybe you could get a basic civics class on what it is to be a real American. Have you every seen the school house rock thing on "I am a bill on captitol hill" I may be too advanced for you but it is cute.

Posted by: Blogger_man on October 12, 2008 11:48PM CST
TB you said........
Wow, for being a lobbyist for FM/FM all that time, Rick Davis sure didn't funnel money to McCain, he funneled it to DEMOCRATS.
Ipod said....
"McCain has done that, for a long time. He's fought the special interests."

SO maybe you two can get together and explain why anti-special interest McNut job would hire a pro-special interest pro-democrat Lobbyist as his campaign manager.....Ok go ahead and ask MT-head, he has all the spin.

I guess if Obama was as smart as Johhny Boy he would have hired Duke Cunningham, Larry Craig, Karl Rove, Scooter Libby or Tom Foley as his campaign manager. To run an ethical, moral, respectable campaign. I am not sure which would have been the best choice.


Posted by: TBV on October 13, 2008 6:08AM CST
Maybe he thought Rick Davis had the skills needed to manage his campaign, BM. Has Rick Davis ever been accused of doing anything illegal?

Posted by: Bigfoot on October 13, 2008 12:14PM CST
"Rick Davis sure didn't funnel money to McCain, he funneled it to DEMOCRATS"????

MC--when you're old enough to make dumb remarks, you're also old enough to own up to what they mean! And when you're old enough to vote you can make disparaging remarks about your elders!

Posted by: MC on October 13, 2008 12:42PM CST
Well little footsy - wrong again on all counts. I can tell you are trying hard to be meaningful, but keep trying. BTW, I listened to Pres. Roosevelt declare war on Japan LIVE on the radio. Where were you elder? Is that a WWII uniform you are in and/or is that even you? Thanks for your service if it is you.

Posted by: MC on October 13, 2008 12:52PM CST
Interesting how the dems don't feel BHO's friends and associates effect his thinking as a Presidential candidate, but McCain's DO! So predictable.

Posted by: Poor child on October 13, 2008 3:52PM CST
Iconoclast, serious question here. When you create these sort of political blogs, do you honestly believe they will change anyone's mind about who they should vote for? Why waste your time? From the looks of it, the same bloggers you argue your point with have not yet changed their minds.

Posted by: MC on October 14, 2008 6:02PM CST
Why do papers and TV News programs "waste their time" presenting their stories P.C.? The people need to know what is going on whether you agree with it or not.

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