Barack Obama – The “Conscience” of Fannie Mae and Now WE PAY

The CEO of Fannie Mae in 2005 explaining the “FAMILY” connection with Democrats – specifically Barack Obama and the Congressional Black Caucus

Barack Obama has more than a Jim Johnson problem with the collapse of America’s financial institutions. Watch the video above and get ready to hold onto your wallet.

And, this corrupt pol has the answer?

Please…….

Update:

And, look who is meeting in Florida with Obama today to discuss his economic recovery plan for America – “to stabilize the financial system and turn the economy around.”

The Politico Reports Former Commerce Secretary William Daley Will Attend Obama’s Economic Meeting To Advise Him On The Financial Crisis. (“Obama’s Banking Brain Trust,” The Politico, 9/19/08)

Daley Serves As An Obama Advisor For Economic Policy. “At his stop in New Mexico, Obama sought to keep the focus almost exclusively on the economy, appearing with a panel of experts that included William Daley, brother of Chicago Mayor Richard Daley and a former U.S. commerce secretary.” (John McCormick and Jill Zuckman, “Rivals Spend Day As Frequent Fliers,” Chicago Tribune, 2/2/08)

Daley Served On The Fannie Mae Board And Received Hundreds Of Thousands In Stock Options And Director Fees. “After Clinton passed over Daley for a Cabinet post in his first term, he appointed him to the Fannie Mae board. Daley reported collecting $ 24,814 in director’s fees in 1996 from the firm. He also listed deferred compensation and stock options from Fannie Mae worth between $ 215,000 and $ 500,000.” (Charles R. Babcock and Barbara J. Saffir, “In Wealth, Clinton Team Doesn’t Look Like America,” The Washington Post, 6/24/97)

Former Fannie Mae CEO Jim Johnson Recruited Daley For Fannie Mae. “Fannie’s government relations operations dramatically expanded in the mid-1990s, when then-CEO Johnson recruited Washington A-listers Robert Zoellick, who served in the Reagan and Bush administrations; Lawrence M. Small, former secretary of the Smithsonian Institution; and William M. Daley, commerce secretary in the Clinton administration.” (Lisa Lerer, “Fannie, Freddie Spent $200M To Buy Influence,” The Politico, 7/16/08)

NOTE: From 2002 Through 2005, Daley’s Son Was A Registered Lobbyist For Fannie Mae. (U.S. Senate Office Of Public Records Website, soprweb.senate.gov, Accessed 7/27/08)

Technorati Tags: Barack Obama, Jim Johnson, Fannie Mae

10 Comments

sassinfras

September 19, 2008 at 7:25 pm

so nows your trying to pin the ‘fannie mae’ problem on democrats. tell me what the bush administration was doing in the last eight years about this economic problem[because the buck stop with him]besides reregulating the economy.
if anyone is to blame you should be looking at ronald reagan. it was he who set the path of deregulations which have created this mess in the US economy.
basicly what now is happening in the ‘free market’ economy of the US is profits have become individualised and losses socialised. what a degrace the ‘free market’ has become. and i bet the CEOs of corporate america will continue to manage poorly if they know the government will pick up the bill [losses].
i wonder how much money fannie mae gave the republicans, for they have been in power for the last eight years. and i bet its alot more than the democrats

Ling

September 19, 2008 at 10:25 pm

Yup. Talk about Countrywide and Fannie Mae and the Dems in Congress start shivering. They’ve been cozying upto Angelo Mozilo and the Fannie Mae gang for years now. Start pulling at that, and you can bring down a lotta people, including Chris Dodd.

Flap

September 20, 2008 at 12:37 pm

Go to this post and look at the links of one of my commenters: http://flapsblog.com/2008/09/18/john-mccain-obama-didnt-lift-a-hand-to-avert-financial-crisis/#comment-133890

And, Reagan?

Please……

sassinfras

September 20, 2008 at 1:24 pm

yeh reagan or should i say milton friedman.
the mega question is -what is the role of the US government in the nations economy.
in many ways ,the election of reagan in the 1980s and his rousing advocacy of ‘free markets’ ushered in a period in which americans’ confidence in the government as a vechicle for addressing problems sank, while their confidence in the markets rose. will the events now taking place begin to reverse that trend and regulations be re-applied.
looks like its the trickle up effect in play now.where the poor bail-out the rich. utterly disgusting.
it was george w bush who was in charge of government not obama. what is to blame is deregulation.not obama or the democrats but deregulations which strip away the protection for things like this not to happen. and who started stripping these regulations away-r. reagan

Flap

September 20, 2008 at 1:35 pm

Do some reading.

Start here: http://strategicthought-charles77.blogspot.com/2008/09/democrats-blocked-bushs-fannie-mae-and.html

The cause of the latest crisis was unsound and too lenient loans for homes (subprime home loan market) which were pushed by the Democrats, including Obama. President Bush attempted to reform and re-regulate Fannie Mae in 2003 and was rebuffed by Democrats.

sassinfras

September 20, 2008 at 2:32 pm

come on man, its deregulation. if you had the regulations there which,reagan,bush,bush the son strip away, no way these sub prime,ninja loans would have existed .its the whole milton friedman [chicago boys] approach to economics which is at fault which the republicans love to advocate as policy now know as reaganomics

Flap

September 20, 2008 at 2:35 pm

Have some evidence? Some links?

Sas, you make grand pronouncements about American politics and you are not even an American.

Why, do you care?

Aneriz

September 20, 2008 at 9:27 pm

I think Obama should run for PM in a European country…make an offer!

sassinfras

September 21, 2008 at 1:34 am

i care cause the spill over effects us here in australia. if you think its the democrats why has the same thing happen to other companies eg AIG, bear stearns,etc. it all has everything to do with deregulation. sarah palin is right about corruption on wall street. some people in corporate america made a killing cause the checks and oversights just were not there cause of government deregulation .and it all started in the reagan years.free market theory sound good on paper but in practice fails to account for corruption and personal manipulation. enron is a good example. bagdad free fraud zone commonly referred to as the green zone was another.
america needs to make laws which will put these corrupt CEOs in jail for life and the poor house at the same time. cause the enron distaster stole more than the whole history of violent theft. yet white collar criminals usually gets off with a lenient sentence.

Fast 411

April 1, 2009 at 9:28 pm

Wow, sassinfras is way off. The economic troubles started along time ago. I would pin it to 1913 when the Federal Reserve was created. The value of the dollar has dropped 95% since it’s creation and then Nixon taking us of the gold standard in 1972 which now allows the government to print money out of thin air which devalues the dollar even more. It’s not about regulation, it’s about big government out of control.

sassinfras

September 19, 2008 at 7:25 pm

so nows your trying to pin the ‘fannie mae’ problem on democrats. tell me what the bush administration was doing in the last eight years about this economic problem[because the buck stop with him]besides reregulating the economy.
if anyone is to blame you should be looking at ronald reagan. it was he who set the path of deregulations which have created this mess in the US economy.
basicly what now is happening in the ‘free market’ economy of the US is profits have become individualised and losses socialised. what a degrace the ‘free market’ has become. and i bet the CEOs of corporate america will continue to manage poorly if they know the government will pick up the bill [losses].
i wonder how much money fannie mae gave the republicans, for they have been in power for the last eight years. and i bet its alot more than the democrats
Ling

September 19, 2008 at 10:25 pm

Yup. Talk about Countrywide and Fannie Mae and the Dems in Congress start shivering. They’ve been cozying upto Angelo Mozilo and the Fannie Mae gang for years now. Start pulling at that, and you can bring down a lotta people, including Chris Dodd.
Flap

September 20, 2008 at 12:37 pm

@1

Go to this post and look at the links of one of my commenters: http://flapsblog.com/2008/09/18/john-mccain-obama-didnt-lift-a-hand-to-avert-financial-crisis/#comment-133890

And, Reagan?

Please……
sassinfras

September 20, 2008 at 1:24 pm

yeh reagan or should i say milton friedman.
the mega question is -what is the role of the US government in the nations economy.
in many ways ,the election of reagan in the 1980s and his rousing advocacy of ‘free markets’ ushered in a period in which americans’ confidence in the government as a vechicle for addressing problems sank, while their confidence in the markets rose. will the events now taking place begin to reverse that trend and regulations be re-applied.
looks like its the trickle up effect in play now.where the poor bail-out the rich. utterly disgusting.
it was george w bush who was in charge of government not obama. what is to blame is deregulation.not obama or the democrats but deregulations which strip away the protection for things like this not to happen. and who started stripping these regulations away-r. reagan
Flap

September 20, 2008 at 1:35 pm

Do some reading.

Start here: http://strategicthought-charles77.blogspot.com/2008/09/democrats-blocked-bushs-fannie-mae-and.html

The cause of the latest crisis was unsound and too lenient loans for homes (subprime home loan market) which were pushed by the Democrats, including Obama. President Bush attempted to reform and re-regulate Fannie Mae in 2003 and was rebuffed by Democrats.
sassinfras

September 20, 2008 at 2:32 pm

come on man, its deregulation. if you had the regulations there which,reagan,bush,bush the son strip away, no way these sub prime,ninja loans would have existed .its the whole milton friedman [chicago boys] approach to economics which is at fault which the republicans love to advocate as policy now know as reaganomics
Flap

September 20, 2008 at 2:35 pm

Have some evidence? Some links?

Sas, you make grand pronouncements about American politics and you are not even an American.

Why, do you care?
Aneriz

September 20, 2008 at 9:27 pm

I think Obama should run for PM in a European country…make an offer!
sassinfras

September 21, 2008 at 1:34 am

i care cause the spill over effects us here in australia. if you think its the democrats why has the same thing happen to other companies eg AIG, bear stearns,etc. it all has everything to do with deregulation. sarah palin is right about corruption on wall street. some people in corporate america made a killing cause the checks and oversights just were not there cause of government deregulation .and it all started in the reagan years.free market theory sound good on paper but in practice fails to account for corruption and personal manipulation. enron is a good example. bagdad free fraud zone commonly referred to as the green zone was another.
america needs to make laws which will put these corrupt CEOs in jail for life and the poor house at the same time. cause the enron distaster stole more than the whole history of violent theft. yet white collar criminals usually gets off with a lenient sentence.
Fast 411

April 1, 2009 at 9:28 pm

Wow, sassinfras is way off. The economic troubles started along time ago. I would pin it to 1913 when the Federal Reserve was created. The value of the dollar has dropped 95% since it’s creation and then Nixon taking us of the gold standard in 1972 which now allows the government to print money out of thin air which devalues the dollar even more. It’s not about regulation, it’s about big government out of control.