September 19, 2008

So is Franklin Raines an Obama economic advisor or not?

The Obama campaign does not like this ad:



And it's denying that Raines is an advisor. But then the Washington Post would have to be wrong. You can't bash McCain for basing the ad on the info in the Post and specifically identifying the Post as the source.

Here's what the Post has today:
The McCain campaign cited a July Washington Post profile of Raines as the source for his connection to Obama. In that profile, it was reported that he had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters." In a statement issued by the Obama campaign late Thursday, Raines strongly denied having provided counsel to Obama, saying: "I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters."
That's all, which I take to mean the WaPo stands behind its original reporting. If the original reporting is true, then Raines is an Obama advisor and a liar.

AND: WaPo's Howard Kurtz says:
The commercial's main charge is based on an April story in The Washington Post that said Raines has "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters." Reporter Anita Huslin says Raines told her that during an in-person interview....

Whether viewers will somehow hold Obama responsible for the Fannie Mae collapse because of what is at best a slight association with its former head is open to question. The commercial seems intended as a response to an earlier Obama spot charging that McCain can't clean up Washington because seven of his top campaign officials are former lobbyists.
MORE: Time's Karen Tumulty says "McCain Plays the Race Card"!
This is hardly subtle: Sinister images of two black men, followed by one of a vulnerable-looking elderly white woman.
2 black men: Obama and Raines!

AND: Tumulty makes much of the fact that the ad doesn't mention Jim Johnson: "Why? One reason might be that Johnson is white; Raines is black." But the campaign does have an ad based on Johnson:



UPDATE: WaPo says it's a stretch to make much of anything out of the Obama-Raines relationship:
I asked [the author of the Raines profile Anita] Huslin to provide the exact circumstances of that passage. She said that she was chatting with Raines during the photo shoot, and asked "if he was engaged at all with the Democrats' quest for the White House. He said that he had gotten a couple of calls from the Obama campaign. I asked him about what, and he said, 'Oh, general housing, economy issues.' ('Not mortgage/foreclosure meltdown or Fannie-specific?' I asked, and he said 'no.')"

101 comments:

Doyle said...

If the original reporting is true, then Raines is an Obama advisor and a liar.

Oooooooh!

Hoosier Daddy said...

Easy there Doyle. Do you need a Kleenex or a moist toilette?

Ken said...

Well it would also make Obama a liar wouldn't it? Doesn't cruel neutrality demand recognition that if Raines is lying, and Obama is saying what Raines is saying, and Obama knows what Raines knows about it, then Obama is lying?

former law student said...

If the original reporting is true, then Raines is an Obama advisor and a liar.

AYA,ALP. If the original reporting is true, someone attached to the Obama campaign called the head of Fannie Mae, asking for his perspective on mortgage and housing affairs. Anybody could have done the same. In a well-regulated world, Raines's understanding of mortgages and housing affairs would be valuable to anyone interested in them.

Calling the former head of Fannie Mae Obama's advisor implies exclusivity. If the head of Fannie Mae were truly on Obama's campaign team, McCain could and should have complained at the time. The idea that the head of a massive government-sponsored enterprise was working to get Obama elected President is intolerable.

Even if Obama himself took Raines to lunch to get his take on the mortgage crisis, Raines would still not be a campaign advisor as we comprehend the term because McCain could have done the same.

Roger J. said...

This is a great attack ad and hits Obama during the financial crisis for which he has a secret plan to solve. What a gutless f**cker. We want this cheap chicago pol who cant take a stand on a major issue to be president?

Who was the other dude from FANFRED that was on Obama's VP selection team?

And why is Obama so high on the list of recipients of campaign contributions from FANFRED?

I have a feeling we will see more of these


.

former law student said...

Who was the other dude from FANFRED that was on Obama's VP selection team?


No idea. But the NYT says that Mr. McCain’s vetter, Arthur B. Culvahouse Jr.-- the one who did that super job with Mrs. Palin -- was a past Fannie lobbyist.

former law student said...

Oh, and when "FANFRED" lobbyists are included, McCain made out like a bandit:

http://graphics8.nytimes.com/images/2008/09/10/us/politics/10fannie.graphic.jpg

William said...

Jim Johnson was in charge of VP selection process until his appointment became controversial. It will be argued that the choice of Raines instead of Johnson in this ad is playing the race card. I would argue that the press's thorough investigation of Palin's contretemps with the town librarian of Wasilla while ignoring Obama's questionable connections makes rational argument difficult.

The Drill SGT said...

former law student said...
No idea.

FlS, you soon forget Jim Johnson, another crook, ormer Fanie CEO and Obama advisor/fund raiser

The Next McCain ad on Obama and the crooks

http://www.youtube.com/watch?v=Aq7DGTggpx0&eurl=http://hotair.com/archives/2008/09/19/mccain-ad-jim-johnson/

The Drill SGT said...

William said...It will be argued that the choice of Raines instead of Johnson in this ad is playing the race card.

now they have leveled the racial playing fied with a Obama white crook ad

and Johnson is much harder for Obama to run from, Johnson is lready under the bus, secretly raising cash though

Bart Hall (Kansas, USA) said...

James Johnson, former CEO of Fannie Mae and Obama advisor, has cost us hundreds of billions of dollars we can't afford.

Franklin Raines, former CEO of Fannie Mae and Obama advisor, has cost us hundreds of billions of dollars we can't afford.

Barack Obama: if we can't afford his advisors, we certainly can't afford him.

The Drill SGT said...

Roger said...And why is Obama so high on the list of recipients of campaign contributions from FANFRED?

I have a feeling we will see more of these


prepping the battlefield. now they can do the ad on Obama getting more cash from the GSE's than anybody else on a yearly basis, and ask he question,

What did the GSE's expect to get from Obama?, with some quotes from Bambi

Stinger Assassin said...

Good. Good. Good. McCain Good. Good, McCain.

McCain Good Freedom. Best Most Great Our People World Like Friend McCain.

Ungh.

Bad. Bad. Bad. Bad, Barack. Barack. Bad.

Barack Hell. Bad. Stink. Pain. Smell. Bad No, No, No. Barack Hurt.

Ungh. Ungh.

Coke Is It. I'm Lovin' It. Think.

The art of ad slogans...

The Drill SGT said...
This comment has been removed by the author.
The Drill SGT said...

yeah Bart,

That ad :)

Roger J. said...

FLS--I don't know how this will play out, but I have a feeling it will be easier to pin this on Obama than it will on McCain--

And I think you will the McCain campaign start in Obama about his secret plan. I listened to one of his economic adivisors do an interview on NPR Thursday AM--He would not offer a single specific even though Michelle Norris kept asking him for details.

Clearly the Obama campaign is running away from this issue--what does that say about Obama's leadership?

Stinger Assassin said...

Joe Bad. Bad Joe. Amtrak. Delay. Stale. Late. Late. Cancel. Bad. Hair. Talk. Talk. Talk. Bad.

Sarah, Ungh, Ungh. Manolo. Bow Wow! Clean House. Spank Senate. Hot Cookie. Milk. Eat. Nap. Ungh.

Vote Good. Vote McCain.

Roger J. said...

Drill: and the striking thing about the GSE contributions to Bambi is what a short time he has been in the senate. I'm thinking the money trail goes back to Raines and Johnson, give the fact both those losers are tied to the Obama camp.

Roger J. said...

I was concerned that the dems could make the economy their issue. These ads are brilliant for several reasons, but they go a long way into neutralizing the economy as an issue for the dems by tieing Obama to GSEs.

Elliott A said...

What is the question is why Obama allows these people near him. He clearly lapsed in one of two areas.
1. He had no clue what was going on in the financial markets despite the headlines of the past year
2. He has no clue that people are wary of others who continually choose the wrong friends.

Before all is said and done, Johnson and Raines will go the way of the Enron people...jail. They lied to both congress and the President many times and clearly did not care. Just give me my 90,000,000 please!

Peter V. Bella said...

…then Raines is an Obama advisor and a liar.
He is the 90 million dollar man too. That is what his salary was reported as. If he was a patriot and a Christian, he would give three fourths back.

We want this cheap chicago pol who cant take a stand on a major issue to be president?

Roger, I take great exception to that. Our Chicago pols are not cheap. The days of the wink, nod, and sawbuck under the table are long gone. Our corrupt pols are expensive.

Peter V. Bella said...

Elliott A said...
1. He had no clue what was going on in the financial markets despite the headlines of the past year
2. He has no clue that people are wary of others who continually choose the wrong friends.


He has no clue, period.

The Drill SGT said...

The WaPo had a good balanced editorial today critizing Obama on Obama's statements about McCain wanting deregulation. pointing to McCain's drive to increase GSE regulation 2 years ago

'Always for Less Regulation'?

John McCain's record on Wall Street oversight gets some misleading spin from Barack Obama.


http://www.washingtonpost.com/wp-dyn/content/article/2008/09/18/AR2008091803159_pf.html

Zachary Paul Sire said...

The two black men are going to kill the poor old white lady by taxing her to death with their big black tax dome!

Anyone who's read any of the non-partisan studies on Obama's tax plan will see that Obama plans to lower taxes on almost every American. He only starts raising taxes, a small amount, on people making between 250-650k. Over 650k he'll tax you more. That decrepit old white lady looks like she's retired (if she ever worked a day in her life--she probably was a housewife), so how will this affect her? Who cares! Two two scary black men will rape her.

downtownlad said...

That's right. Obama is the most inexperienced person to run for President EVAH. He's more inexperienced than Sarah Palin. He's never run anything. He's just a community activist. He's done nothing. Absolutely nothing!

But as a community activist, he did manage to engineer the greatest financial crisis since the Great Depression. Um - yeah . . .

And the wingnuts on this thread actually manage to believe this stuff. Astounding.

Stinger Assassin said...

Wingnuts of the left and right will enjoy what Hitler had to say about Sen. Obama's speech in Berlin.

Hysterical.

Also, Hitler's views on Goldman Sachs. (via Big Picture)

From the 2004 German film Der Untergang ("The Downfall"), the best WWII movie I've ever seen. Petrifying.

AlphaLiberal said...

From Swampland:

'Statement from Frank Raines on the ad: "I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters."

"This is another flat-out lie from a dishonorable campaign that is increasingly incapable of telling the truth. Frank Raines has never advised Senator Obama about anything -- ever. And by the way, someone whose campaign manager and top advisor worked and lobbied for Fannie Mae and Freddie Mac shouldn't be throwing stones from his seven glass houses," said Obama-Biden campaign spokesman Bill Burton.'


This is McCain playing the race card. Two sinister black men and one elderly women (the swing voters this cycle) who looks very intimidated.

And more from Swampland (far more neutral than Althouse):
Obama's campaign says Raines is not an Obama adviser and that McCain's campaign knows it because Raines said so in an e-mail earlier this week to Carly Fiorina, a top McCain adviser. Obama's campaign provided The Associated Press with a copy of the e-mail.


"Carly: Is this true?" Raines asks above a forwarded note informing him that Fiorina was on television saying he was an Obama housing adviser. "I am not an adviser to the Obama campaign. Frank."

Obama's campaign says Fiorina did not respond.


McCain-Palin are lying through their teeth when they say this guy is an adviser.

AlphaLiberal said...

Besides, what policies are McCain and his minions saying Obama has championed on behalf of these companies? Where's the smoking gun?

Obama actually warned against lending abused 18 months ago in a letter to Paulson and called for action. How is that possibly helping FM execs?

John McCain, Hypocrite extraordinaire:
http://www.mccainslobbyists.com/

erniecu73 said...

Zachary Paul Sire said...
The two black men are going to kill the poor old white lady by taxing her to death with their big black tax dome!

Anyone who's read any of the non-partisan studies on Obama's tax plan will see that Obama plans to lower taxes on almost every American. He only starts raising taxes, a small amount, on people making between 250-650k. Over 650k he'll tax you more. That decrepit old white lady looks like she's retired (if she ever worked a day in her life--she probably was a housewife), so how will this affect her? Who cares! Two two scary black men will rape her.

10:12 AM


I see you have read the NYT's blog. Well, that saves a lot of people a lot of linking and posting. Thanks.

AlphaLiberal said...

Pot, kettle.

Except John McCain has been pushing deregulation of the finance industry for years.

Senior advisers Steve Schmidt and Mark McKinnon work for firms that have lobbied for Land O' Lakes, UST Public Affairs, Dell and Fannie Mae.

The Anti-Lobbyist, Advised by Lobbyists

Roger J. said...

Stinger: whoever is doing these is absolutely brilliant. This is some of the best I have seen. And since they are subtitled I can get away with watching them at work. And thanks for letting me know where the original movie came from.

Roger J. said...

Alpha--I will be the first to admit that no one is clean on this whole sordid mess. The difference is that McCain got the ad out there to the public first and thats what counts.

The Drill SGT said...

Roger said...The difference is that McCain got the ad out there to the public first and thats what counts.


and Alpha, note that the McCain campaign sourced the "Raines Advisor" connection to two WaPo stories, one quoting Raines directly about his advising Obama. The WaPo, that hot bed of the VRWC hasn't retracted those stories and nither Obama or Raines had an issue with them till now.

on the general topic, again, the WaPo editorial thinks McCain is more right on this than Obama IMHO

Stinger Assassin said...

Roger--

I love the line when the secretary says "Don't worry. Hillary will run again in 2012."

Hahaha....omg

Todd said...

Does anyone know why videos no longer play? I'm on a Mac running Tiger, not Leopard. They've always worked before. Thanks.

Donn said...

I agree with Alpha, who is the most articulate and fair person here on Althouse.

This ad is racist, and as a lifelong Republican, it sickens me.

I have no choice but to follow AL's advice and vote for Obama/Biden.

Peter V. Bella said...

downtownlad said...
That's right. Obama is the most inexperienced person to run for President EVAH. He's more inexperienced than Sarah Palin. He's never run anything. He's just a community activist. He's done nothing. Absolutely nothing!

That is one hundred percent true, whether you agree or not; it is the truth.

As to the rest of your drivel, there is enough blame on both sides to go around regarding the meltdown.

Roger J. said...
This comment has been removed by the author.
Roger J. said...

The Raines had really hit its target--Time Magazine has condemned it as "racist." Then the Johnson ad comes out right afterward. McCain can cite his advocacy in 2005 of the need for more regulation of them. Obama is now tied to the FREDFAN debacle--not because he caused it, but his bad choices of friends and advisors.

downtownlad said...

If this ad convinces anyone to vote for McCain, then that person is a moron. There's no debate about it.

McCain is out there today blaming the whole crisis on Fannie Mae and Freddie Mac. That displays a complete misunderstanding of the current crisis, and in my opinion, makes him unfit to be President.

This is a credit and a liquidity crisis we are facing right now. Fannie Mae and Freddie Mac are victims of that, they didn't cause it. McCain simply does not get it.

Michael_H said...

I have hacked into Barack Obama's Yahoo email account and now possess a draft copy of his Secret Plan for the economy. I'll share it with you.

(Clicks keyboard, moves mouse, opens a beer. Okay, a light beer, but only because it isn't noon yet).

Hmmmm. It appears to be a PowerPoint presentation.

SLIDE ONE
I will raise taxes on all people who aren't you.

SLIDE TWO
I will give you some of the money collected from people who are not you.

SLIDE THREE
The money I will give you will enrich your life and help pay for things you want.

SLIDE FOUR
Your newly-enriched life will place you in an upwardly-mobile type tax bracket.

SLIDE FIVE
Good for you! My economic plan has made you wealthy.

SLIDE SIX
I will raise taxes on you and give some of the money collected to people who aren't you.

SLIDE SEVEN
(Inspirational music with a color-enhanced version of Michelangelo's The Creation of Adam in the background. There is a wad of money passing from one hand to the other)

Zachary Paul Sire said...

I see you have read the NYT's blog.

No, I have not, and rarely do.

downtownlad said...

How stupid is Peter Bella for believing that some black guy we never heard of before today caused the current financial crisis?

Answer - Very stupid.

Zachary Paul Sire said...

Read this and then STFU.

Roger J. said...

Looks like the McCain campaign was ready and waiting for Obama. The ads work on a variety of levels, but the main text gets to bad judgment in the raines ad, bad associations in the Johnson and, and the latest ad gets to lack of leadership. all in all the McCain camp looks to me like it has taken lemons (the resurgence of a bad economy which favors the Ds) and make lemonade out of it.

downtownlad said...

That's right Roger. But why has McCain dropped by 6 points in the polls this week?

You know what this economy needs? It needs Sarah Palin. She's the only one who knows how to fix this economic crisis.

"Of course, it's a fungible commodity and they don't flag, you know, the molecules, where it's going and where it's not. But in the sense of the Congress today, they know that there are very, very hungry domestic markets that need that oil first. So, I believe that what Congress is going to do also, is not to allow the export bans to such a degree that it's Americans who get stuck holding the bag without the energy source that is produced here, pumped here. It's got to flow into our domestic markets first." - Sarah Palin

dave in boca said...

Media morons like Tumulty at Time are sprouting like mushrooms after a summer rain. To me it appears that the major networks are actually trying to outdo each other in proclaiming sotto voce [& for NBC, shouting from the rooftops] their obeisance to Obama.

The Democratic Party has all the appearances of a RIDO crime spree at the top echelons and Obama wants to spread that wealth more broadly to Biden's and Dodd's kids and other well-born Donkey-brats.

m_guidry said...

Interesting. A shady character (Raines) admits he has a connection to Obama back in July, and no one from the campaign bothers to deny it. Only when the bad press comes of it, do the vehement denials come out.

Shades of Jeremiah Wright, anyone? "I don't mind if I have connections to these people, as long as no one cares."

Maguro said...

"Of course, it's a fungible commodity and they don't flag, you know, the molecules, where it's going and where it's not. But in the sense of the Congress today...

Yeah, this is kind of a dumb, self-contradictory statement. But that doesn't change the fact that easing restrictions on domestic oil production is good policy. It will certainly help the economy more than Obama's "Green Jobs" boondoggle.

Doyle said...

Shades of Jeremiah Wright, anyone?

Way to prove the point, you stupid douchebag.

jdeeripper said...

Time's Karen Tumulty says "McCain Plays the Race Card"!

"Time's Karen Tumulty Plays the Race Card"!"

Fixed it.

Obama and Axelrod are Chicago con artists. That's all you need to know.

Donn said...

Obama's email hacked here.

VariableSpin said...

The cries of racism will go over just about as well as all the cries of sexism did for Hillary and Sarah. Keep it up and watch the backlash.

Honest people are tired of having their intentions impugned.

Roger J. said...

I'm sure Tumulty was applying the Alpha Liberal hypothesis for racism: any picture of a black man with a white woman is automatically racist.

former law student said...

Let's apply the McCain rule is "One who gives advice to the Obama campaign is an Obama advisor."

Because I have given richly of my insight and wisdom in the comments here, I will start referring to myself as "Advisor to the Ann Althouse law blog."

People who have been here since the beginning can style themselves as "Senior Advisor to the Ann Althouse law blog."

Joe said...

The American Heritage® Dictionary of the English Language: Fourth Edition. 2000.

adviser

SYLLABICATION: ad·vis·er
PRONUNCIATION: d-vzr
VARIANT FORMS: or ad·vi·sor
NOUN: 1. One that advises, such as a person or firm that offers official or professional advice to clients. 2. An educator who advises students in academic and personal matters.

Joe said...

(I'm just trying to figure out that if we don't apply the "McCain rule", what the definition of adviser is. Perhaps, "one who has never given advice.")

Joe said...

This is a credit and a liquidity crisis we are facing right now. Fannie Mae and Freddie Mac are victims of that, they didn't cause it.

Are you a fucking moron, or do you just play one on TV?

LarsPorsena said...

Yeah!! Finally!!!!
There's a wealth of material to mine
on Fannie Mae/BHO connection. After only two years in the Senate he's second on their contribution list.
After tieing Raines and Jonhson to BHO, there needs to be an expose of FM/GSE contributions to 'community organizations' like ACORN. Follow the money trail.
Fannie Mae and other GSE's acting like a big slush fund for BHO et al

Peter V. Bella said...

downtownlad said...
How stupid is Peter Bella for believing that some black guy we never heard of before today caused the current financial crisis?

Answer - Very stupid.


Evidently you cannot read. I never said that. But, don't let your illiteracy stand in the way of your stupidity.

Peter V. Bella said...

This is a credit and a liquidity crisis we are facing right now. Fannie Mae and Freddie Mac are victims of that, they didn't cause it. McCain simply does not get it.


Victims? Ha ha ha ha ha ha ha ha!

You should do stand up comedy. You would be funnier than Rosie O'Donnell.

Roger J. said...

given the squeal of outrage coming from Team O and fellating MSM, this ad hit home.

former law student said...

There's a wealth of material to mine on Fannie Mae/BHO connection. After only two years in the Senate he's second on their contribution list.

According to the NYT graphic I posted, McCain got ten times the contributions that Obama got this year, from Fannie/Freddie affiliates.

If we follow all the money, McCain is much, much deeper in the Fannie/Freddie pocket.

Cedarford said...

I can't wait for that affirmative action cretin over at the NYTimes, Bob Hebert, to opine.

How many white phallus symbols will he find in the ad? Or will be imagine only threatening black phallus imagery.

Peter V. Bella said...

Doyle said...
Shades of Jeremiah Wright, anyone?

Way to prove the point, you stupid douchebag.


Actually it is an excellent way to prove the point. Obama is doing the same thing here he did with Wright. Waffling.

former law student said...

Joe's definition made me think. The test of whether Raines was an Obama advisor or not should be similar to the one used to determine if a professional lawyer-client relationship has been formed: Did Raines give the campaign advice tailored to help its specific situation, or did he give the campaign general economic information?

Peter V. Bella said...

If we follow all the money, McCain is much, much deeper in the Fannie/Freddie pocket.

Seriously, if we follwoed the money, how much of the government- both parties included- would have egg on their collective faces right now. How many Senators, Congressmen, appointees, and cabinet members would be in deep shit?

If there were resignations today over this, there would be no one left standing except, maybe, SCOTUS.

Bissage said...

THIS sounds like a job for . . .
Nonsense Rhyme Cheerleader Man!!!
(a copyrighted feature of this broadcast):

Looking glass, forward pass, hair that’s in your ear,
Fountain pen, once again, tasty Belgian beer.

Gooooooooooooo TEAM!

jdeeripper said...

Roger J. said... I'm sure Tumulty was applying the Alpha Liberal hypothesis for racism: any picture of a black man with a white woman is automatically racist.

So Alpha Liberal is Mortimer Brezny or Bob Herbert?

former law student said...Did Raines give the campaign advice tailored to help its specific situation, or did he give the campaign general economic information?

Look, Obama is clearly offended that McCain is trying to imply that Obama has any kind of connection to black people.

It just....well it just looks bad.

AlphaLiberal said...

John McCain, Lying Sack of Shit:

Obama's campaign says Raines is not an Obama adviser and that McCain's campaign knows it because Raines said so in an e-mail earlier this week to Carly Fiorina, a top McCain adviser. Obama's campaign provided The Associated Press with a copy of the e-mail.

"Carly: Is this true?" Raines asks above a forwarded note informing him that Fiorina was on television saying he was an Obama housing adviser. "I am not an adviser to the Obama campaign. Frank."


http://ap.google.com/article/ALeqM5hC9O6sRspcMU1TS3H0CLrE2IWu-gD939NBFO0

John McCain has been clearly in support of financial industry dereg for years, as even Mike Huckabee recently admitted.

I will repeat my question:

Besides, what policies are McCain and his minions saying Obama has championed on behalf of these companies? Where's the smoking gun?

You guys can't answer this. Ya got nuthin!

The Drill SGT said...

Joe said...
This is a credit and a liquidity crisis we are facing right now. Fannie Mae and Freddie Mac are victims of that, they didn't cause it.

Are you a fucking moron, or do you just play one on TV?

I agree with yyour post on several levels, but to be fair, it's a collection of overlapping causes and crooks:

1. CRA forced the banking industry to lend to riskier "underserved" people"
2. Congress, and particular the Dems and Clinton used the GSE's as golden parachutes after WH service
3. the financial industry argued for less regulation to enter new markets. while this is the philosophy of the GOP, I bet because of the alignment of blue states and financial HQ's that the dems made out better on contributions. there were crooks all around here. I supect that because of his Keating memories John McCain won't have fingerprints on any of this tainted money.
4. The GSE's padded their books and used lobbyists to convince Congress to look the other way
5. the mortgage markets shifted from banks holding thei own paper and ultimating risking their depositors funds to middle men like counrywide that bundled and made these loans into securities
6. The bond rating firms WERE USELESS and in the tank
7. The financial industry got greedy
8 the SEC was USELESS and TOOTHLESS
9 both the retail home market and the wholesale market for these useless bonds ballooned, then burst.
10. lots of banks, mutual funds, and investers have lots of real estate bonds whose value is VERy certain. In uncertain times, you dont take on more risk by lending.

11 NOW we have a credit and liquidity crisis.

but WTF, the GSE's aren't victims here except of their own greed. their directors should go to jail if we can prove anything, their investors should lose equity and we should reinvent them smaller with more oversight and not as job markets for political cronies

Bushman of the Kohlrabi said...

THIS sounds like a job for . . .
Nonsense Rhyme Cheerleader Man!!!


Sure could have used your talents on the Margaret Cho thread...

The Drill SGT said...

FLS
a site that is better balanced IMHO than a NYT source is:

http://www.opensecrets.org/industries/mems.php

Bushman of the Kohlrabi said...

Since we're on alert for racists, I guess white women shouldn't be allowed to interview or even speak to the annointed one. My heavens, the sight of a black man talking to a white woman! What would the nation think? I guess Karen will have to stay in her office or settle for sorry ole' Joe.

former law student said...

Saying nice things about Kwame Kilpatrick for introducing you is no worse than putting on a Pat Buchanan button when he comes to town.

But Pat says Palin was more than courteous to him:

http://www.youtube.com/watch?v=U9rZkJfKoEU

Michael_H said...

When will the WaPo throw the WaPo under the bus?

Start the clock. I bet within 24 hours.

AlphaLiberal said...

Let me explain this more clearly to you guys. If you want to argue a pol has been compromised by special interest you need to show what he has done to serve the special interests.

The McSame Bots cannot and have not done that.

YOU FAIL!

erniecu73 said...

Michael_H said...
When will the WaPo throw the WaPo under the bus?

Start the clock. I bet within 24 hours.

1:56 PM


I guess they already did it

jdeeripper said...

former law student said... But Pat says Palin was more than courteous to him:

http://www.youtube.com/watch?v=U9rZkJfKoEU


"She's a rebel reformer".

So she was in favor of The War Between the State and Reconstruction.

Cool.

jdeeripper said...

erniecu73 said... Michael_H said... When will the WaPo throw the WaPo under the bus?

Start the clock. I bet within 24 hours.

1:56 PM

I guess they already did it


Good to see the Washington Post pointing out how unreliable the Washington Post can be.

Come on New York Times keep up!

memomachine said...

Hmmmm.

@ AlphaLiberal

"Pot, kettle."

RACIST!

Face it. What you *meant* was black!

I am so ashamed to be on the same blog as you.

lol.

memomachine said...

Hmmmm.

@ AlphaLiberal

"Let me explain this more clearly to you guys. If you want to argue a pol has been compromised by special interest you need to show what he has done to serve the special interests."

You mean like Joe MBNA Biden and his efforts to change bankruptcy law so that credit card companies, like MBNA, have it easier to take your *house*?

You mean like Obama's recent speech where he is advocating changing the bankruptcy laws so to make it harder for people to lose their homes?

(which I include to show the utter ridiculousness inherent in the Obama/Biden ticket)

How about the votes Obama did in killing off all attempts to reform Freddie Mac and Fannie Mae?

memomachine said...

Hmmmm.

@ AlphaLiberal

"Let me explain this more clearly to you guys. If you want to argue a pol has been compromised by special interest you need to show what he has done to serve the special interests."

BTW I guess I have to point out something rather obvious, but that might not have presented itself to you.

You just completely undercut your attacks on McCain/Palin for employing former lobbyists in their campaign because you now must show that these former lobbyists, and/or their clients, have profited from this work.

And I've yet to see any liberal actually provide any evidence at all that McCain has done these kinds of favors.

vnjagvet said...

There is plenty of blame to go around for this situation.

When you unwind it, legislation requiring lenders to make loans to people that could not afford them is at the heart of the problem.

Everything after that was designed to spread the risk.

Fanny and Freddie were the primary guarantors of that risk, and rather than highlighting that risk, those institutions, under Raines, Johnson and Gorelik, hid it.

The financial institutions (e.g. Countrywide) who originated the loans ignored the risks as well and as a result the loans were overvalued.

Those who purchased, carved up, repackaged, securitized and sold the repackaged loans to investors (e.g. Bear Stearns and Lehman Bros.,with the assistance of Wall Street lawyers and major accounting firms) continued the problem by inflating the purported value of the loans even more.

Then the ultimate purchasers (e.g. AIG, pension plans, etc.) of the repackaged loans had overvalued assets on their books (knowingly or unknowingly?) which would eventually cost them.

The caricatures necessitated by the exigencies of political advertising will oversimplify the problems to place blame on the "other guy".

Which caricatures, are on balance, more accurate may well determine the election.

AJ Lynch said...

From the WSJ on 6/11/2008:

Beltway Bonanza paid by Fannie Mae from 1998-2003

Franklin Raines $90,128,761
Timothy Howard $30,155,029
Jamie Gorelick $ 26,466,834
Jim Johnson $21,000,000

Raines, Gorelick and Johnson are staunch Dems - I don't know who Howard is.

Gorelick was Fannie Mae Vice Chairman and once was Clinton's Asst. AG? Johnson of course was selected to pick Obama's VP until Obama de-selected him.

These figures don't show their entire Fannie Mae "earnings" if they also "worked" before 1998 or after 2003.

Damn guvmint jobs pay good!

AJ Lynch said...

From the WSJ on 6/11/2008:

Beltway Bonanza paid by Fannie Mae from 1998-2003

Franklin Raines $90,128,761
Timothy Howard $30,155,029
Jamie Gorelick $ 26,466,834
Jim Johnson $21,000,000

Raines, Gorelick and Johnson are staunch Dems - I don't know who Howard is.

Gorelick was Fannie Mae Vice Chairman and once was Clinton's Asst. AG? Johnson of course was selected to pick Obama's VP until Obama de-selected him.

These figures don't show their entire Fannie Mae "earnings" if they also "worked" before 1998 or after 2003.

Damn guvmint jobs pay good!

Martin Gale said...

That's not the Franlin Raines I knew!

-Barack Obama

daredevil-66 said...

I find it less than comforting our minority hire candidate is awol on the whole issue. Just a yelp about "Bush-Mcain did it" and then scurrying away. What a man. Strike two.

The Drill SGT said...

Howard was the Fannie CFO. was there 22 years, previously with Wells Fargo. Came up through the economist ranks not the accountant ranks. MA UCLA in Econ

Gorelick was Fannie Mae Vice Chairman and once was Clinton's Asst. AG?

and her quals to earn 5 million a year in the banking business?

Deputy AG for Clinton

vnjagvet said...

Drill, do you mean you don't appreciate the value of a politically well connected lawyer who really knows her way around the Washington labyrinth?

Without that, FNMA might not have known where to spread out all the money.

AJ Lynch said...

Thanks Sgt.

Some say they cooked the books a bit to "earn" their big bucks.

Bottom line is who the heck knew bigwig political hacks were being paid enormous salaries and bonuses by a de facto govt agency!?

No wonder Bill Clinton could not wait to give some speeches and write a book or two!

former law student said...

How about the votes Obama did in killing off all attempts to reform Freddie Mac and Fannie Mae?

How about those votes? Do you have a reference on thomas.loc.gov?

PatCA said...

"Tumulty makes much of the fact that the ad doesn't mention Jim Johnson: "Why? One reason might be that Johnson is white; Raines is black." But the campaign does have an ad based on Johnson."

Aren't NYT reporters allowed to google?

Sheila said...

This does not suprise me at all that Obama has another close "friend" that is SO STINKING CORRUPT and BAD! Now Raines, it was Jim Johnson, Bill Ayers, and the America hating Rev. Wright.

Americans need to wake up and see the Kool-aid the Barry Obama camp is pooring for them. Pure garbage.

Nobama....Keep the Change.

bearbee said...

IBD editorial The Real Culprits In This Meltdown

Hargrove said...

This isn't the first time John McCain's played the race card. This time it's visual, last time it was the artful use of words:

http://www.digitaljournal.com/article/260059

keepitreal said...

So it appears that Raines obviously is not an economic advisor to OBama. Jim Johnson you can connect to Obama.

John McCain is no maverick and has not got much Changed in 26 years. Honestly, why would anyone think that he would be able to get anything done in the next 4 years. The definition of insanity is to continue to do the same thing and expect a different result.

He has prided himself on his character. He was honourable in his prior two bids for president, but this time it appears that he has compromised everything he believes in. He has gone completely negative in the absence of any real policies. Palin could not even articulate one of his policies in the debate. McCain appears to want to be president at any cost, even his own character.

For the conservative christians, McCain's exact words were that he would defeat evil. Anyone that is a true Christian knows that the Lord is the only entity that can defeat evil. OBama said he would confront evil, that is all we as humans can do, per the bible. What does McCain know about the Lord or the Bible based on his misguided response. "Country First" I do not think so, "God" First!

Last but not least, OBama must be squeaky clean since they cannot seem to pin anything directly on him. They have to go for his associations. Imagine if you were running for president, do you think they could find something YOU (not your associate) have done in your past that could bring you down! Very feel people, if anyone can pass this Litmus test.

My two cents.

Bulldog News Services/Karri E. Christiansen said...

"And it's denying that Raines is an advisor. But then the Washington Post would have to be wrong. You can't bash McCain for basing the ad on the info in the Post and specifically identifying the Post as the source."

You absolutely can condemn the McCain campaign for inaccurate information in it's ads. Just as The Washington Post has the responsibility to check it's facts, so does the McCain campaign. As a professional journalist, it is unconscionable to me that McCain, and Obama both are exaggerating facts, distorting the truth, and telling outright lies. The fact of the matter is this: both campaigns need to do their homework and double check it, even if that means questioning the Post.

gotumon said...

Seems to me that with all the corruption and voter fraud that the left has shown, it is a darn good idea to name names and call them as you see them. I wish that McCain would get some guts and tell everyone the facts about the mortgage mess and the money that Obama took. Obama's whole campaign is based on lies and smoke and mirrors.

Denise said...

Obama is the most inexperienced person to run for President EVAH ???

I think he's had as much experience as one of our greatest Presidents EVAH ... Abraham Lincoln.

I too am a lifelong REPUBLICAN, but am so disgusted with its present politicians, from Geo W to Dick Cheney (the two biggest crooks EVAH), to JMcCain and last but certainly not least, Sarah 'Winky-Winky' 'Air Head' Palin (the Alaskans should be ashamed of themselves!), and its OBAMA / BIDEN for me and most of my friends and acquaintances - all the way to the White House!

Mberenis said...

Obama has already made lending for middle and lower class citizens before he's in the white house! Amazing, read more below..

New Types of Low Interest Loans & Grants from Obama