Barrack Obama and the Freddie Mac/Fannie Mae Scandal

"Words, just words.... The most important thing we can do right now is to reengage the American people in the process of governance... 'We hold these truths to be self evident that all men are created equal.' Just words. 'We have nothing to fear but fear itself.' Just words. Just speeches," ...that is why I am running for president of the United States of America,... because the American people want to believe in change again. Don't tell me words don't matter." -Barrack Obama

I would agree with the Senator from Illinois, words do matter. But I think actions speak louder than words. "We need a little less talk and a lot more action" from our politicians in Washington today. Now Barrack Obama claims that he is going to change the way we do business in Washington. The central theme of his campaign has been "Change We Can Believe In." While this is an appealing idea, what is the reality of Obama's political career so far?

Here's some information the Obama biased media won't be reporting to you.

Since 2004, in his three years in the US Senate, Obama received $126,349 in campaign donations (bribes?) from Freddie/Fannie, second only to the Sen Dodd who had received $165,400 since 1990. It only took Obama three years to get to the number two spot on that list. My question for Obama and the American people is, just what kind of change is that? Cha-ching - thats what kind of change that is. CHANGE IN HIS POCKET! Now everybody in Congress received money from them and Senator McCain for his part received $21,500 since 1989 and came in 62nd on the list.

It seems to me that Obama is just part of the same old crony, corrupt business as usual lobby. The same good 'ol boy network that is running and ruining America today.

Meanwhile it was no secret that both GSE's (government sponsored entities), were in trouble and rife with corruption. John McCain sponsored a bill to try and reform them in 2005. It was blocked in the US Senate by Obama, Dodd and the rest of the corrupt politicians in Washington - and yes that includes many Republicans.

In the aftermath of the U.S. government takeover, attention has focused on three Democrats with close ties to Obama who served as Fannie Mae executives: Franklin Raines, former Clinton administration budget director; James Johnson, former aide to Democratic Vice President Walter Mondale; and Jamie Gorelick, former Clinton administration deputy attorney general.

All three Obama-related executives earned millions in compensation from Fannie Mae.

Johnson earned $21 million in just his last year serving as Fannie Mae CEO from 1991 to 1998; Raines earned $90 million in his five years as Fannie Mae CEO, from 1999 to 2004; and Gorelick earned an estimated $26 million serving as vice chair of Fannie Mae from 1998 to 2003, according to author David Frum, a fellow at the American Enterprise Institute.

All three have been involved in mortgage-related financial scandals.

Is this more words, just words or some more really bad judgement by Obama? The pattern here is the same. You don't even need to connect the dots or cherry pick the intelligence.

Raines was also forced in the settlement to give up Fannie Mae stock options valued at $15.6 million.

Last year, the Securities and Exchange Commission alleged Freddie Mac had engaged in accounting fraud from 2000 to 2002, imposing a $50 million fine on the company and on four executives fines for amounts ranging from $65,000 to $250,000.

Raines currently advises Obama on housing policy.

Is this more words, just words or just some more political corruption associated with Obama? Remember, Obama comes out the most corrupt political organization in America and that is the Chicago Democratic political machine. Obama's current campaign manager, David Axelrod, is also the campaign manager for the current Mayor of Chicago, Mayor Richard M. Daley. Just a coincidence, just words? What reform has Obama brought about in Illinois or Washington? DON'T FORGET THAT OBAMA HAS ALREADY LIED ABOUT THE NATURE OF HIS RELATIONSHIP WITH HIS CONVICTED SLUMLORD BUDDY, TONY REZKO. "Gee... that's not the same Tony Rezko I knew for all these years." Now the Obama loving media has not held him accountable for his lies but they are lies nevertheless. Rezko also helped Obama get the 1.6 million dollar loan so Obama could move into his new mansion in Chicago. Representing the blue collar working class and the underprivileged really pays well in Chicago.

In contrast, McCain warned of the coming mortgage crisis as he pressed in 2005 for regulatory reform of Fannie Mae and Freddie Mac. "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," McCain said on the floor of the Senate in 2005, speaking in favor of the Federal Housing Enterprise Regulatory Reform Act of 2005.

McCain pointed out Fannie Mae's regulator had stated 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 bill passed the House but was never brought up for a vote in the Senate, largely because of Democratic opposition to change in the Fannie Mae and Freddie Mac regulatory structure that remained in place until the Treasury takeover two weeks ago.

So John McCain at least tried to change the status quo and prevent this current economic disaster. It looks like all Obama tried to do is hold out his hand for more change. This boondoggle alone puts the American taxpayer at risk for the nearly 5 trillion dollars in liabilities for both companies. The American taxpayer is being abused and used as a co-signer for the debt of the corrupt institutions in Washington and Wall St. They never offered to share the wealth and profit when they were making money. But now that they are hurting, they come running to the American taxpayer to bail them out. If they survive and become viable financially entities again, are they going to share their dividends and profit with the American people in the form of refunds like they do currently under Governor Sarah Palin in Alaska?

Another thing you might not have read about is that in order to pass the Feddie/Fannie rescue bill, the national debt ceiling had to be raised from the already ridiculous 9.8 trillion to 10.6 trillion dollars to assume the risk of the current liabilities of Freddie and Fannie. Thank you Obama and friends, we just mortgaged our great, great, great, grand children's future. You have to realize that this raises the potential liability of the American taxpayer to nearly 15 TRILLION dollars! I have to ask how the most incompetently managed institution in the world - the US Government, is going to manage a financial institution with any degree of financial responsibility? It seems to me like another recipe for economic disaster.

The American people ought to ask themselves - who has the most potential to be the real reformer here? John McCain or Barrack Obama? Sarah Palin also has a real history of reforming political corruption that includes not only her two years as the Governor of Alaska but going back to her early days as Mayor. This was in her own party as well. She went after the people in her own party first! She didn't play political games by just going after Democrats. She went after the Republicans first.

It seems pretty clear to me that John McCain and Sarah Palin are the better choice for America. John McCain and Sarah Palin have to the potential to bring the real reform that we need in Washington to believe in our government again. With Obama, if you judge him by his actions and not just his words, undoubtedly it will just be the same old Washington crap sandwich served up with a little different condiment.

ORIGINAL ARTICLE HERE:
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=75586