More Bush and McConnell Style Leadership
Shawn Dixon September 23rd, 2008
I found this cartoon on a conservative blog. I thought it was the perfect picture to accompany the article I wrote about Bush and McConnell’s failed leadership during the financial crisis.
- Mitch McConnell
- Comments(6)
This past Sunday the Fed granted a request that Goldman Sachs and Morgan Stanley could become Commercial Banks. Why do you that that is? It is so that the filthy executives of these investment banks can get their hands on the money held by the Federal Deposit Insurance Corporation. Isn’t it funny that Henry Paulson the Secretary of the United States Treasury used to be employed by Goldman Sachs? Henry Paulson needs to go to jail. We must remember that Mitch McConnell wants to hand Henry Paulson and Ben Bernanke 700 billion dollars with no oversight. This is not a Republican / Democrat issue. Jim Bunning does not like handing the Treasury and Fed 700 Billion dollars with no oversight. Whether you are Democrat, Republican, or Independent think long and hard before you pull the lever to re-elect the corrupt Mitch McConnell.
Obama now leads McCain by 52 percent to 43 percent.
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From WAPO:
Turmoil in the financial industry and growing pessimism about the economy have altered the shape of the presidential race, giving Democratic nominee Barack Obama the first clear lead of the general-election campaign over Republican John McCain, according to the latest Washington Post-ABC News national poll.
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Just 9 percent of those surveyed rated the economy as good or excellent, the first time that number has been in single digits since the days just before the 1992 election. Just 14 percent said the country is heading in the right direction, equaling the record low on that question in polls dating back to 1973.
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More voters trust Obama to deal with the economy, and he currently has a big edge as the candidate who is more in tune with the economic problems Americans now face. He also has a double-digit advantage on handling the current problems on Wall Street, and as a result, there has been a rise in his overall support. The poll found that, among likely voters, Obama now leads McCain by 52 percent to 43 percent. Two weeks ago, in the days immediately following the Republican National Convention, the race was essentially even, with McCain at 49 percent and Obama at 47 percent.
As a point of comparison, neither of the last two Democratic nominees — John F. Kerry in 2004 or Al Gore in 2000 — recorded support above 50 percent in a pre-election poll by the Post and ABC News.
While Obama appointed Freddie Mac’s former leader Jim Johnson to lead the search for his VP (this explains how in the world Biden was selected), and taking a hundred thousand dollars from them… he then hires Astroturfing Legend Axelrod to run his campaign… but McCain saw the economic crisis coming and tried to stop it…
Statement by Senator John McCain, May 25, 2006:
Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
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.
I urge my colleagues to support swift action on this GSE reform legislation.
Herodotus!!! i guess you haven’t read this McCain’s campaign manager Rick Davis NOW how long will he stay LOL
Since 2006, the federally sponsored mortgage giant Freddie Mac has paid at least $345,000 to the lobbying and consulting firm of John McCain’s campaign manager Rick Davis, according to two sources familiar with the arrangement.
Freddie Mac had previously paid an advocacy group run by Davis, called the Homeownership Alliance, $30,000 a month until the end of 2005, when that group was dissolved. That relationship was the subject of a New York Times story Monday
http://www.newsweek.com/id/160561
But neither the Times story—nor the McCain campaign—revealed that Davis’s lobbying firm, Davis Manafort, based in Washington, D.C., continued to receive $15,000 a month from Freddie Mac until last month—long after the Homeownership Alliance had been terminated. The two sources, who requested anonymity discussing sensitive information, told NEWSWEEK that Davis himself approached Freddie Mac in 2006 and asked for a new consulting arrangement that would allow his firm to continue to be paid. The arrangement was approved by Hollis McLoughlin, Freddie Mac’s senior vice president for external relations, because “he [Davis] was John McCain’s campaign manager and it was felt you couldn’t say no,” said one of the sources. [McLoughlin did not return phone calls].
Hey Hero…..DUH…still agree with this?
In an interview with the Washington Times, the McCain economic adviser, Phil Gramm,downplayed the economy — despite it having been the top issue of concern to voters in public polling for months. Gramm goes so far as to call the economy a “mental recession,” says that “We have sort of become a nation of whiners” and blames much of the hand-wringing on the perpetual scapegoat — the media.