OOPS!

About: cnsnews.com - obama advisor pledged $1 trillion in sub-prime loans as fannie mae ceo

 ...
source: ...James A. Johnson--the man chosen by Sen. Barack Obama to lead his vice presidential search committee---served as head of the Federal National Mortgage Association, or “Fannie Mae,” from 1991 to 1998, receiving a reported $21 million in compensation upon his departure.
 
...
source: ... Johnson’s unprecedented offer--that “every American who wants to get a mortgatge will have their loan approved”--became the central theme of Johnson’s tenure at Fannie Mae, with the lending giant opening up 25 new “partnership offices” by 1997. These offices were created to spread the word to local banks and community organizations about Fannie’s new low-income mortgage initiatives.

...
   ... anyone connecting the dots yet?  why no investigation before the senate or the house yet? M$M salivating for a depression?

The Bottom Line: If the Treasury simply took the $700 Billion and started paying off taxpayer mortgages, they could pay off every mortgage in the country worth less than $75,000... Or put another way, $700 Billion could pay off well over half of all outstanding first mortgages in the entire country.

.
See also Do Facts Matter?

Tags

  1. obama
  2. johnson
  3. fannie mae
  4. connections
  5. anti obama
  6. bailout
  7. oops

Comments


Mark de LA says
seth 2008-09-30 12:51:43 10570
M 2008-09-30 12:28:45 10570
seth 2008-09-30 10:22:57 10570
This is old news.  Note that he is no longer working for the campaign.
This is how closely he was tied to the Fannie Mae collapse that he considered somebody connected intimately with it's downfall as a person to choose his vice president!  Y'all like to sweep such stuff underneath the rug, but it won't work.

That Obama appointed Johnson to a committe, and Johnson was the head of the Fannie does not imply that "Obama was closely tied to the Fannie Mae collapse".   That closeness is only in the eyes of you spin.   The topic article gives no facts in support your spin. 
It goes to his bad choices of staff. Why would he appoint someone to choose his VP if he didn't know him?  We have more on the Democrats conspiracy to defend Raines back in 2004 - when the regulator wanted to reign it all in - a preview on Youtube is here.

Mark de LA says
http://www.youtube.com/watch?v=usvG-s_Ssb0 - more video on Freddy & Fanny & the contributions to Obama, for what?

Mark de LA says
Lots of videos here from Naked Emperor News! Want to know why nobody, including McCain for some strange reason (he's wants to be a non-partisan) want to point fingers now or point to the blame before Congress squeezes 700 billion dollars out of, where else?, the taxpayers.  If some of the mortages are not so distressed why not market them back to the private sector at 60% discount?


Mark de LA says
This stuff on Barney Frank is probably pertinent. 

Mark de LA says
The devil's in the details.... (***) & this article.


Mark de LA says
OOPS!(oops!)!
Bailout Lacks Oversight Despite Billions Pledged

Watchdog Panel Is Empty; Report Is Unfinished
See the Washington Post Article.
I have a theory that that much money ($700 billion), nearly trillion$$ if you count the earmarks outside the bill needed to get it passed, is corrupting in and of itself. Remember Saddam Hussein's Oil for Food program monitored by the UN, etc. A cap & trade bank will become such a boondoggle as well - a slush fund the World, UN etc., under the guise of saving the plant and climate change. It doesn't take much rationalizing to find an excuse to spend the money in a fund or allocation (or tax resource) if you know that the size makes it virtually infinite & replenishable.
What's amusing is that Tina came up with an analogy, perhaps a vivid picture for your internal artist, viz:  It's like when a normal responsible person who working hard & feeding her children & family needs something from the government  all she is likely to get is a big red NO! OTOH, when the government want something from you (like tax money for the bailout & welfare for constituent corporations) you get fucked in the ass!  What's one to do? I asked.  Bend over and spread your cheeks she responded & if you pay your carbon footprint credits & the tax on the petroleum product (Vaseline ) it might not seem so bad!

Seth says

Well its hard not be nauseated with what is going on with this "bail out".  It feels like the government is colluding with the worst of the banking industry to loot the US Treasury.  I say let the dead weight banks fail.  Some institutions will go down but the healthy ones will survive.  As for credit default swaps ... let them all fail.  These companies, primarily AIG, were raking in money for no service rendered, now they should be have to suffer the consequences of not being able to pay off.  I certainly don't get how relieving them of pain is going to help the enonomy.  Look what's actually happening ... the banks who have gotten hand outs are using the money to buy up other banks and pay dividends so they look strong to their stock holders ... how is that helping the enonomy?  Don't answer that question ... it's not. 

Her's a big barf to Paulson and the US Treasury from me

Mark de LA says
I don't know which is funnier (or sicker!):
however the metaphors both work!


Mark de LA says
seth 2008-11-13 11:01:14 10570
M 2008-11-13 10:47:43 10570
Henry Paulson, Ben Bernake, & the U.S. Congress are largely responsible for this shit & Bush for signing the paperwork as a response in crisis mode.
Fuck them all!
Yeah and fuck congress and even Obama and McCain for going along with it. 
Yep!, it might be a good time to park [url: http://flushgov.com/] & pull the handle.

Mark de LA says
& now, on to some more tasks!


Mark de LA says
& now Barney Frank after all this is asking for more relaxed loan arrangements for condos ; some people just don't learn from their own mistakes.


Seth says
bozo assigns what can be represented as “political lies” to prime 10567.  and that prime falls between two doozies from the previous 2008 election cycly … 10570, and 10560.

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