Friday, November 07, 2008

Obama's Chief of Staff former Freddie Mac board member

Some "Hope" and "Change." Besides being part of the Chicago Daley Machine and one of the most partisan characters in congress (Which is why I'm glad he made this pick), we got this.

From the Atlantic

Former President Clinton Appointed Emanuel To The Board Of Freddie Mac Where He Earned $231,655 In Director's Fees In 2001 And $31,060 In 2000. "Clinton's going-away gift to Emanuel was a seat on the quasi-governmental Freddie Mac board, which paid him $231,655 in director's fees in 2001 and $31,060 in 2000." (Lynn Sweet, "Too Much Money A Bad Thing?" Chicago Sun-Times, 1/3/02)

The Clinton Administration Ruled Fannie And Freddie Could Satisfy Affordable Housing Obligations By Purchasing Subprime Mortgages. "If Sen. Obama were truly looking for a kind of deregulation that might be responsible for the current financial crisis, he need only look back to 1998, when the Clinton administration ruled that Fannie Mae and Freddie Mac could satisfy their affordable housing obligations by purchasing subprime mortgages. This ultimately made it possible for Fannie and Freddie to add a trillion dollars in junk loans to their balance sheets. This led to their own collapse, and to the development of a market in these mortgages that is the source of the financial crisis we are wrestling with today." (Peter J. Wallison, Op-Ed, "Obama Voted 'Present' On Mortgage Reform," The Wall Street Journal, 10/15/08)

I saw this coming a long time ago. That's because I didn't drink the flavor-aid.

"There's nothing in the street
Looks any different to me
And the slogans are replaced, by-the-bye
And the parting on the left
Is now the parting on the right
And the beards have all grown longer overnight""

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