McBush’s Feeble Fannie Mae/Freddie Mac Attack

September 19, 2008

Never one to miss an opportunity to make political hay out of a catastrophe, John W. McBush tells us the following today (here, from the National Review Online)…

Two years ago, I called for reform of this corruption at Fannie Mae and Freddie Mac. Congress did nothing. The Administration did nothing. Senator Obama did nothing, and actually profited from this system of abuse and scandal. While Fannie and Freddie were working to keep Congress away from their house of cards, Senator Obama was taking their money. He got more, in fact, than any other member of Congress, except for the Democratic chairmen of the committee that oversees them. And while Fannie Mae was betraying the public trust, somehow its former CEO had managed to gain my opponent’s trust to the point that Senator Obama actually put him in charge of his vice presidential search.

This CEO, Mr. Johnson, walked off with tens of millions of dollars in salary and bonuses for services rendered to Fannie Mae, even after authorities discovered accounting improprieties that padded his compensation. Another CEO for Fannie Mae, Mr. Raines, has been advising Senator Obama on housing policy. This even after Fannie Mae was found to have committed quote “extensive financial fraud” under his leadership. Like Mr. Johnson, Mr. Raines walked away with tens of millions of dollars.

The former Fannie Mae CEO is Jim Johnson, who resigned as head of Obama’s vice presidential search team after it was revealed that he got a sweetheart deal on a mortgage from Countrywide Financial (as McBush acknowledges). And I believe McBush is also correct, amazingly enough, about Obama ranking #2 in donations, with Chris Dodd at #1 (and how is that an issue anyway? Is McBush serious about alleging corporate influence in the Obama campaign? Just how many lobbyists work for McBush at this point anyway, about a thousand??!!).

And by the way, former Fannie Mae chairman Frank Raines has issued the following statement in response: “I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters.”

All of this is corroborated by Time’s Swampland reporter Karen Tumulty here, in her story about McBush’s latest vile campaign ad, implying some nefarious activity between Obama and Raines while an elderly white woman appears distressed and vulnerable.

Of course, if McBush had been interested in accuracy, as Tumulty reports, it could have shown Obama and Johnson, but it didn’t because Johnson is white and Raines is black, and what McBush is going for is a racial smear as opposed to a legitimate shot over Johnson’s role in the Obama campaign.

And I’m not going to bother researching how much money Johnson and Raines got for “walking away” (though, as you can read here, being told by a company to go away and receiving way too much damn money to do so is a familiar scenario for at least one senior McBush adviser).

Instead, I want to take note of this “call for reform of the corruption” that McBush is talking about (and actually, it was over three and a half years ago, not two – also, has anyone noticed besides me how McBush flails away at everyone in sight when he has a hissy fit? Otherwise, why on earth would he blame “the administration”?).

This takes you to information on S. 190, the Federal Housing Enterprise Regulatory Reform Act of 2005 (and as you can see, the sponsor of the bill was Senator Chuck Hagel, though McBush was a co-sponsor). It was introduced on January 26, 2005.

Pop quiz: which Congress was in session at that time? The current 110th Democratic congress? The 108th?

Nope – it was the utterly-beyond-useless 109th, my friends (as it states on the linked page).

The fact that this bill was introduced but never scheduled for debate isn’t the fault of the Democrats. Hell, it isn’t even Dubya’s fault, for a change.

It’s the fault of the ReThuglican Congress that never bothered to move it along! And they could have done so easily since they, being the majority party, ran all the committees! Blame then-Majority Leader Bill “Cat Killer” Frist for never scheduling a debate over it!

Using allegations of malfeasance against your opponent to launch sickening racial attacks is no more going to solve this mess than it will win the election for you (and by the way, Hunter at The Daily Kos has some similar concerns here also – and if you think this latest stunt is going to improve these numbers, McBush, you’re crazier than I thought).

Update: “As we have done” indeed.


Upbraiding “Governor Hottie” on UNCLOS

September 19, 2008


This Think Progress post tells us that Our Gal Sarah Palin, despite being a self-professed “energy expert,” misstated the energy production of her home state, claiming that Alaska “produces 20 percent of the U.S. domestic supply of energy,” when it fact she would have been more on the mark to say that her state produces that much in oil; I mean, she still would have been wrong (the number is about 14 percent), but at least she would have been closer to the truth (this was noted in the excellent report on her by NBC News, the video of which I embedded last night here).

So I’ll tell you what, Governor “I-Didn’t-Blink-Well-Then-Again-Maybe-I-Did,” I’ll give you a chance to reclaim your footing a bit on this issue, you might say.

What do you think of UNCLOS?

I mean, I can pretty much guarantee that you would oppose it, since it enables the U.N. to be arbiter of jurisdictional matters regarding a country’s marine assets (it should be noted that the Wikipedia article states that Bushco favors ratification, which to me is a shocking acknowledgement that we belong to a community of nations from our ruling cabal of outlaws).

Here is a prior post on the matter so you can read more about it, as they say (it should be noted that Jim Inhofe leads the opposition to UNCLOS in the Senate, which tells you a lot right there, along with the fact that Lou Dobbs opposes it also, as noted here).

And just to make it easier for you, I should note that your opposite party VP nominee Joe Biden favors it. So for a self-professed “energy expert” such as yourself, you shouldn’t have too difficult of a time formulating a stand, particularly since it has such a nearby impact, you might say (and also, Medvedev and Russia have ratified UNCLOS and are ready to seize “black gold” right in your backyard, as noted here).

Oh, and one more thing: I really can’t see how you lose on this issue, when you think about it. Even if you support UNCLOS and it is eventually ratified by Congress but you still end up losing out on the oil to Medvedev, you and your AIP pals can always secede and join Russia, accomplishing your professed goal and getting a piece of the petroleum action in the bargain.

Update: And by the way, in other “Governor Hottie” news, would you call this the “nuclear option” for trying to bring the “Troopergate” investigation to a screeching halt?


Obama On Failed Repug Economics

September 19, 2008

Yep, I would say that it’s “back to the drawing board” also.


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