Sunday, September 21, 2008

Fannie Mae is "Patient Zero" in this Financial Crisis

the mainstream media is trying to make it sound like the Fannie Mae collapse is a bipartisan affair, but like what mickey kaus said, there's a difference:
Obama so deserves to, finally, take this hit for choosing Fannie Mae macher Jim Johnson to vet his VP prospects. (See earlier.)... Did Obama tap Johnson because after two years in the Senate Obama had become part of the "Washington culture of lobbying and influence peddling" as McCain charges--or because as a newcomer he was naive about that Washington culture and quickly got co-opted? Either way, it was an obvious, conventional, atrocious choice. ... P.S.: The Obama campaign has countered by releasing a list of McCain aides who lobbied for Fannie Mae and Freddie Mac. What the release demonstrates is that while Fannie Mae was a peculiarly Democratic scam--habitually justified as a way to bring home-ownership to the less advantaged--its leaders successfully tried to buy both parties. Still, lobbying for Fannie Mae's disastrous operation (McCain campaign manager Rick Davis) isn't the same thing as running Fannie Mae's disastrous operation (Johnson).
And Mccain seems to be now making hay out of this Democratic Enron. Here's more from McCain calling for tough reforms on Fannie Mae back in 2005.

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