Wednesday, September 10, 2008

Fannie Mae/Freddie Mac Campaign Money Trail

(Carmel, IN)- Scanning the readers while in a waiting room, I found a blog post that helps me understand half of why John McCain (Maverick-AZ) and Barack Obama (Change-IL) are devoid of outrage and otherwise silent about the absurd bailout of the irresponsible lenders.

As always, follow the money. From
Both companies have poured money into lobbying and campaign contributions to federal candidates, parties and committees as a general tactic, but they've also directed those contributions strategically. In the 2006 election cycle, Fannie Mae was giving 53 percent of its total $1.3 million in contributions to Republicans, who controlled Congress at that time. This cycle, with Democrats in control, they've reversed course, giving the party 56 percent of their total $1.1 million in contributions. Similarly, Freddie Mac has given 53 percent of its $555,700 in contributions to Democrats this cycle, compared to the 44 percent it gave during 2006.

Well, Democrats took over the Congress after the 2006 elections. This all makes sense to the a) cynic, and/or b) astute observer. Here's the surprise:

1. Dodd, Christopher J S D-CT $133,900
2. Kerry, John S D-MA $111,000
3. Obama, Barack S D-IL $105,849
4. Clinton, Hillary S D-NY $75,550
5. Kanjorski, Paul E H D-PA $65,500
6. Bennett, Robert F S R-UT $61,499

I truly expected John McCain to be here with Obama.

Now, before anyone gets excited and wishes to point to this as some example of me finding fault with Obama and not McCain, let me offer a sharp skewer for the alleged maverick.

If it isn't the lobbying money that keeps you silent on the absurdity of this, what possible explanation can there be? Come on! You don't really have to be all that wise in the ways of economics to know this is stupid and damaging to the economy besides!

I get why Obama, the guy currently running ads about how McCain is tied to lobbyists, is silent on this. So, why is Bob Barr the only candidate issuing statements and condemnations? Anyone?

Link to Barr's recent statement.

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