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The recent financial crisis was precipitated by the collapse of mortgage lending giants Freddie Mac and Fannie Mae. The Gramm-Leach-Bliley Act (S 900) would have reformed Freddie and Fannie’s lending practices by reforming the worst abuses of the 1977 CRA (Community Reinvestment Act) which required banks to make uneconomic investments in disadvantaged neighborhoods.
Democrats, led by Senate Banking Chairman Chris Dodd, have repeatedly fought these reforms. No wonder Chris Dodd is the No. 1 recipient of Freddie and Fannie’s PAC money, a cool $165,400. Number two on list of pigs at the public trough ($126,349) is none other than Sen. Barack Obama. Obama had joined Dodd, Hillary Clinton and John Kerry in fighting legislative reforms which might have saved the two mortgage giants. Wow, and Obama is accusing John McCain of being tied to Washington lobbyists.
Now, we have a Page One story, a political ad masquerading as news in The Daily Sentinel, with the headline: “Obama attacks McCain’s economics as out of touch.” This is simply too much. Obama and his fellow Democrats took actions as legislators which contributed directly to the collapse of Fannie Mae and Freddie Mac. Then he comes to Grand Junction, accusing McCain and President Bush of being out of touch with economic reality. He causes the collapse, then tries to gain a political advantage from the disaster he has created by blaming someone else. Is this a great country or what?
BILL WEIDNER
Grand Junction
9 Responses to “Obama helped fuel Freddie Mac and Fannie Mae fisasco”
Posted September 18th, 2008 at 12:05 pm Login to Send PM Report this comment
The author of the letter states: “He causes the collapse, then tries to gain a political advantage from the disaster he has created by blaming someone else.”
Really? Perhaps the individual, Mr. Weidner, is a little too long on emotion, and somewhat short on facts. Senator Obama also introduced legislation dealing with the same problem, and it ‘died’. Perhaps the gentleman would care to examine what so-called ‘economic philosophy’ Senator McCain has, and still espouses, and lay at the foundation of the ‘collapse’. While many may not be capable or recognizing, or admitting to the importance of that factor, not having taken the time to study it, they might yet afford themselves of the opportunity to do so. Ideas and concepts are after all what lay at the bottom of action and inaction.
While Mr. Weidner’s letter may serve his personal need for an emotional purge, as is his right, that is not what is important in the present or in considering the future of the economy and the country’s future. And, if the gentleman were to leave behind the emotional finger pointing he might consider the possibility that in public, as well as in private lives, and no matter how much it is denied, the real ‘god’ of many is money and greed, based upon the philosophy of “ME.” All one has to do is look at some of the posts in this very forum.
Posted September 18th, 2008 at 1:12 pm Login to Send PM Report this comment
The collapse is due to the privatization of capitol and the socialization of risk. Milton Friedman is lying in his grave, howling with laughter.
The U.S. is being sold, right under our noses. Watch the Treasury Department.
Posted September 18th, 2008 at 1:19 pm Login to Send PM Report this comment
Umm, Gramm-Leach-Bliley passed in 1999. Maybe it hadn’t passed, the mortgage industry might not have collapsed, since the legislation greatly reduced the amount of oversight of the mortgage industry. The senior sponsor, Phil Gramm, was recently John McCain’s campaign chair until he was “disappeared” for calling the American people “a nation of whiners.”
That’s neither here nor there. Barack Obama was elected to the U.S. Senate in 2004, five years after Gramm-Leach-Bliley. I’m having a hard time understanding Mr. Weidner’s contention that Barack Obama had something to do with the mortgage meltdown.
Posted September 18th, 2008 at 1:31 pm Login to Send PM Report this comment
Maybe Obama has the power to time-travel. That would explain why so many white folks are afraid of him.
Posted September 18th, 2008 at 1:35 pm Login to Send PM Report this comment
Mr.Weidner appears to be reading a script of talking points provided by a Republican organization. I’m being bombarded by e-mails from conservative friends that all have the same phrases included and some are identical. If you brought the house down you can always blame it on your neighbor. These people are seeking to govern? Give me a break!
Posted September 18th, 2008 at 1:36 pm Login to Send PM Report this comment
Careful, Daddy, you are getting awfully close to the truth, there.
Posted September 18th, 2008 at 3:57 pm Login to Send PM Report this comment
Not only factually wrong, but unoriginal and plagiarized to boot. What do you want to bet the Sentinel runs it as the lead letter tomorrow?
Posted September 18th, 2008 at 4:09 pm Login to Send PM Report this comment
Who’d he copy it from?
Posted September 18th, 2008 at 9:37 pm Login to Send PM Report this comment
Freddie and Fannie, like all financial institutions ALWAYS give huge monies to BOTH political parties, but more to the one that is expected to win. This is called CYA.
ALSO the donations to a huge degree given (and designated) by EMPLOYEES of these firms. So the employees favor Obama as demonstrated by their donations … just like the rest of the country has favored Obama with their donations in this election to date. SO WHAT?
Yet again what should be a big “yawn, so what?!” is being ballyhooed as something of significance in hopes that the ignorant masses will fall for it.
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