Obama: A story of big donors and hypocrisy

Well, Streisand is singing for Obama tonight at a $28,500 per plate dinner for Obama.  Per Drudge:

Tue Sep 16 2008 06:25:55 ET

The nation’s financials may be in a spiral, but cash is flowing into the Obama campaign faster than Marvin Hamlisch can play “Niagara”!

Yesterday, Obama declared how we are in “the most serious financial crisis since the Great Depression.

Today he will host a dinner in Beverly Hills — costing attendees $28,500 dollars each.

Hundreds of high rollers, including some of the biggest executives in film, television and music, will munch gourmet chow and hang out with the candidate.


Pic: DrudgeReport.com

Streisand will then sing at the five-star Beverly Wilshire, no doubt reviving the Depression-era standard “Happy Days Are Here Again” with new urgency. Obama is set to break a single-day fundraising record of $9 million. Tuesday’s events in Tinseltown come after Obama racked up a record-breaking $66 million dollars in fundraising last month, beating his previous high mark of $55 million last winter.

“The fundamentals of our economy are strong, but these are still very, very difficult times,” rival McCain said, sunny-side up.  

“Sen. McCain, what economy are you talking about?” smiled Obama.

Obama arrogantly continues to say that McCain is out of touch ….does he see the irony in all of that?….what an idiot.  I wonder if Obama knows that despite the housing crisis (caused by greedy lenders and stupid consumers who couldn’t afford the mortgages), much of the rest of the economy IS amazingly sound and thriving.


(pic: Hotair.com

Obama whines in his non-Presidential way on Monday about how bad the economy is, how bad the policies are, how bad Bush is, and how bad McCain will be because citizens of this country are just one step away from the soup lines at any minute. 

While that assessment may be true for those in Obama’s district in Chicago,  it is not true for most people…

Not to mention the AUDACITY of Obama to knock all things Bush and McCain for the Wall Street events of Monday….

In actuality, five years ago Bush tried to establish oversight for Fannie Mae and Freddie Mac.  From the New York Times via HotAir.com:

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

Well guess who blocked this reform?  Congressional Democrats and the National Association of Home Builders:

Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.

And another Democrat central to a lot of the Wall Street financial crisis we are seeing today?  Bill Clinton….from IBD:

But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions.

Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.

The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but “predatory.”

Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the ’90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck.

And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America.

Aside from the Democrats being partially responsible for this financial mess, did you know that one of Obama’s biggest donors was Lehman (around $400K) and other Wall Street big shots?  He also received $126K from Fannie Mae and Freddie Mac, second only to Sen. Dodd (D).

How Obama can say one day that he is for the “little guy” and against “special interests” and how the Wall Street debaucle is Bush’s fault….then the next day, he hob nobs and takes money from a huge “special interest” group who all just happen to be “big guys” with LOTS Of cash for Obama’s floundering campaign.  AND he knows what his party has done to contribute to the financial failings all the while taking campaign cash in LARGE amounts from those companies!

McCain/Palin 2008!


2 Responses

  1. […] Pelosi the last two days has me steaming…..I’ve already address hypocrite Obama in my last post. (AP […]

  2. I guess these would be the RICH people that ‘tidewaterjackson’ is talking about!

    I might pay the 28K for a REALLY nice dinner and a guarantee that Barb would NOT sing.

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