McCain Throws Aside Free Market Rhetoric, Embraces Government Bailout Of Fannie Mae And Freddie Mac
McCain Throws Aside Free Market Rhetoric, Embraces Government Bailout Of Fannie Mae And Freddie Mac
In March, Sen. John McCain (R-AZ) took a hard line against government economic intervention, saying that it is “not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers.” Watch it:
In what may be the “largest financial bailout” in U.S. history, the federal government is now set to take over Fannie Mae and Freddie Mac, two government-sponsored enterprises that “own or guarantee almost half of the country’s $12 trillion in outstanding home mortgage debt.”
Despite McCain’s supposed opposition to bailing out “those who act irresponsibly,” Senior Policy Adviser Douglas Holtz-Eakin has issued a statement supporting the bailout:
John McCain supports the steps needed to keep the financial troubles at Fannie Mae and Freddie Mac from further squeezing American families and endorses the idea that management and shareholders should not benefit from government backing. While details are not yet available, the actions taken today are consistent with those objectives. Fannie and Freddie have been the poster children for a lack of transparency and accountability, and remind us of the needed reforms to financial markets in general.
Organizations such as Fannie Mae and Freddie Mac are too important to allow to fail. McCain and the Bush administration are willing to throw away their hard-line ideologies when it comes to powerful corporations, but not when it comes to struggling homeowners who also need government intervention. As Center for American Progress Senior Fellow David Abromowitz noted:
There are many good reasons, of course, to act to avert a [financial corporation's] bankruptcy. … But the reasons are no less compelling when the devastation hits individual Americans directly—home by home, block by block, neighborhood by neighborhood—instead of mainly in the boardroom circles in which F. Scott Fitzgerald traveled, and which have changed so little since the Roaring Twenties.
This is now the second major government bailout McCain has backed this year. In March, he supported the Federal Reserve’s $30 billion credit line to finance the takeover of Bear Stearns by JP Morgan.
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Smells like good old fashioned Republican hypocrisy to me.
September 6th, 2008 at 8:40 pmJust one more fish on deck moment. Free market my ass.
September 6th, 2008 at 8:42 pmUnregulated Capitalism leads to only one possible outcome.
How does bailing out Freddie and Fannie, although necessary at this point, fit into John McBush’s “smaller government” meme?
September 6th, 2008 at 8:45 pmSome one ask the old coot how his son Andrew’s free market fun and games are working out?
September 6th, 2008 at 8:47 pmWhy don’t John and Cindy pick up part of the tab? After all, McCain and his butt-buddy Gramm helped cause this, Cindy has boatloads of money, and their son Andrew is now involved in a bank collapse.
WTF is wrong with these people, and the people who believe that these Republiskunks can do no wrong?
September 6th, 2008 at 8:51 pmI think that if Fannie and Freddie were to go under, we’d be looking at an economic Catastrophe of 1929 proportions.
Most average American’s WEALTH is in their Homes. Sen. McCain would have 7 times the problems.
So NO ONE will favor letting these Institutions go under.
The Republicans have been claiming since Reagan that the Government IS the Problem, and that REGULATION is the Enemy of the Free Market.
This just proves how bogus the claim is.
Sen. McCain needs to Define what role he thinks the Govt. has, in the Economy, Energy Policy, Healthcare, Education, etc.
Claiming the mantle of change without this Definition is just rhetoric.
September 6th, 2008 at 8:53 pmCorporate welfare – good. Public welfare – bad. Our tax dollars funneled into that free market. Healthcare? Free market for us…all our money to private corporations while they refuse treatment. Small companies go out all the time…so sorry. Monied elite in trouble? Throw all our tax dollars at them.
And I can’t wait to see how worthless the USD will be after thus. Debt? You ain’t seen nuttin’ yet!
September 6th, 2008 at 8:58 pmThe people intended to profit off the deregulation of the banking industry have theirs. The likelihood of them getting anymore vanished months ago, and so did they. Of course NOW its cool to bail them out.
September 6th, 2008 at 9:18 pmChina is an example of government out of corporations and no oversight. The Republicans want corporate welfare, but actually want a Corporate Feudal State.
But, Jon Corzine is pushing a 50% toll increase every 4 years on some New Jersey Roads, as well as adding more toll roads. So, don’t Democrats have the answers. Both parties have corporate sponsors, but the Democrats give a few more social crumbs, whereas the Republicans basically take all for the corporate elite. Democrats tax and spend. Republicans borrow and spend.
September 6th, 2008 at 9:36 pmIt just makes sense at this point to shore up these agencies. It makes sense for the Greater Good, which Fannie Mae and Freddie Mac were intended to benefit in the first place.
The only reason it’s hypocritical for McSame to embrace the bail-out is because he has no concept of “the Greater Good”.
September 6th, 2008 at 9:44 pmSomeone needs to remind the “senator” that these and other recent bank failures are the direct result of deregulation rammed through by his economic adviser phil gramm and his wife wendy “yes i sat on enron’s board and made sure they got everything they wanted from government” gramm.
These failures need to be laid directly at the doorstep of this republican administration and their enablers.
September 6th, 2008 at 9:49 pmSeptember 6th, 2008 at 9:54 pm
If there’s a policy differential between the Pukes and the Dims, it is that the Dims bribe their constituencies, while the Pukes coerce theirs…
Otherwise, on policy, and except for the carefully manufactured, staged and maintained “wedge” issues, they’re nearly indistinguishable…
September 6th, 2008 at 9:57 pmRUCerious Says: Some one ask the old coot how his son Andrew’s free market fun and games are working out?
September 6th, 2008 at 8:47 pm
Hey! Candidates’ families are off limits, innit? Why do you hate America. John McCain was a POW, I’ll have you know…
September 6th, 2008 at 10:00 pmSo McCain was involved up to his neck in the savings and loan debacle as one of the Keating 5 but did he learn his lesson. No. Now he’s involved in the mortgage crisis. Oh did I mention he was a POW so we better let all these infractions slide.
September 6th, 2008 at 10:08 pmAs they are bailing out Fannie and Freddie who made irresponsible moves:
Can I safely assume that they are also going to bail out the people who acted responsibly but lost massive sums with Fannie, Freddie, Enron, etc ?
And that McCain will take personal responsibility for the McCain Graham little financial boo boo ?
September 6th, 2008 at 10:10 pmDo you know the game siblings play with each other just to be annoying? One is repeating everything your brother or sister says, just to annoy, even mocking a cough or a sneeze.
This is the game repugs are playing with our lives. they don’t have to believe it they just have to say it. they just have to paint their tired old party as alive. It’s a sorry attempt at mockery at your system. And the msm are playing right along with the repugs’ gag is pathetic and repulsive.
family values hahahahaha
September 6th, 2008 at 10:13 pmwelfare hahahahaha
white people’s mom (so says she) hahaha
pta member hahahaha
lemmings
What would happen if Fannie Mae aand Freddie Mac went under–and everybody’s mortgages vanished?
September 6th, 2008 at 10:17 pmMassive bank failures–but suddenly people would own their houses?
A massive transfer of wealth?
Hmmmm…
tokin librul Says:
John McCain was a POW, I’ll have you…
_________
Yeah, and… and… uh… Clinton did her too!
September 6th, 2008 at 10:25 pmMakes the Savings and Loan Debacle of the the early 90’s look like a cakewalk.
September 6th, 2008 at 10:26 pmMcCain has very poor judgment. Especially regarding his running mate.
Andrew Sullivan says it best:
This [VP] decision is not worthy of a great power. Whatever skills Palin may turn out to have, however fabulous a person she may turn out to be, even if she becomes the Eva Peron of Christianism, McCain had no idea when he picked her.
He winged this. That’s the critical, unavoidable, devastating point.
John McCain has demonstrated with this insane decision that he is unfit to be president of the United States. This was an act of near-criminal negligence. If he can behave this recklessly and impulsively with this decision, the idea of allowing him to become president of the United States is only a smidgen less terrifying than thinking of Palin in that position.
Whatever few doubts I may once have still had about this election, they are resolved now.
Obama has to win. The alternative is unthinkable.
September 6th, 2008 at 10:34 pmRalph, I can understand this more than Bear Stearns.
I still say had someone actually done any oversight, this wouldn’t have happened. This is where governmental regulations are not just needed but mandatory.
And we get stuck footing the bill…yet again.
September 6th, 2008 at 10:36 pmLibertyLover Says:
Makes the Savings and Loan Debacle of the the early 90’s look like a cakewalk.
That was the practice round. This is the bonus round!
PEACE
September 6th, 2008 at 10:42 pmSo Mr. & Mrs. American taxpayer, how do you like being the insurance company for Wallstreet and the Financial institutions?
September 6th, 2008 at 10:44 pmIt’s funny when I talked to my republican sister after Bear Stearns, I recall she was all for it. Saying if we allowed it to go under it could cause a domino effect and our economy could collapse. I told her that I thought it was a bunch of bullsh*t, that this was just another case of corporate socialism.
Fast forward to when it was annouced that the government would bail out Fannie Mae & Freddie Mac. I was talking to my sister again and I asked her about it. She replied that she was against the bail out and that people need to stop depending on the government for everything.
I asked her if she knew that Fannie Mae & Freddie Mac helped out Americans earning lower wages the ability to purchase a home and be a part of the American dream and is that why you oppose these programs? She got angry so than I brought up how she was all for the government bailing out Bear Stearns earlier and of course when she realized where I was going with this she denied that she ever supported the bail out of Bear Stearns. My late father a life long democrat must be rolling over in his grave at what has become of one of his daughters.
September 6th, 2008 at 11:08 pmThats not to say that I’ve probably made him roll over on his grave with some of the things that I have done over the years. :)
September 6th, 2008 at 11:10 pmon = in
tired…. :(
September 6th, 2008 at 11:11 pmLet’s not forget whose watch this debacle happened under.
September 6th, 2008 at 11:14 pmLMAO!
Is McCain Palin’s B***h?
http://www.youtube.com/watch?v=d-QevraCQUc
September 6th, 2008 at 11:16 pmThese institutions will be bailed out, as it’s in the public interest.
But the next round of regulation should require those responsible for writing these shitty loans be permenantly banned from the mortgage industry.
September 7th, 2008 at 12:00 amExcept, of course as janitors or window washers.
What’s that thudding sound on the other side of the world? You can hear it all the way across…
It’s the sound of dollars being dumped, kiddies. Our currency just took a shot in the gut. 12 trillion dollars?
TWELVE TRILLION DOLLARS? IS THAT HOW MUCH THIS BUSH THIEVERY HAS COST OUR NATION, ITS GOVERNMENT, ITS MINT, ITS FUTURE?
Wow, man. F***ing wow. There truly is nothing left to say. Our country has been ruined. If we find our way out of this with a shred of economic equality left, it will be a miracle.
And jumping McCain on this is hardly the point. It’s Bush that’s to blame, and his era of Good Feeling down all of our pants pockets. Our currency is at record levels I’ve never seen in my lifetime. And it’s about to take another tumble. Get ready for $500 a barrel oil, or maybe they’ll take less if we pay in euros.
September 7th, 2008 at 12:34 amOr pesos, even, at some point.
September 7th, 2008 at 12:35 amThe whole repug theatrical (yuck) bs (yuck, yuck) thing (barf) is faked as hell.
mcchimpy is fake, chimpy, the speeches they are made were fake as hell, rudi (OMG), the ex-coach (GMAFB) bristol (OOOO; the tight dress there missy) her hillbilly Alaskan daddy, even the little girl-willow seems awkward when she’s on film, (I blame the acting coach, the mother and repugs for ham mess.) all of it is so fake it makes me sick. It’s all bs. All the theater and no substance.
As for willow, she’s just as obnoxious as her mother and the rest of the repugs.
What a horrible, coordinated (as in using their old scripts; their old ass playbooks), uncoordinated (look at their old ways crumble), dangerous, embarrassing, fake, slimy inhabitants.
Obama\Biden 08
September 7th, 2008 at 12:52 amThe Real Choice.
As long as they’re making money on the backside they don’t smell the stink. They just don’t care. They don’t care about real problems involving real people. They just don’t fu(king care!
September 7th, 2008 at 1:02 am…and then there’s Obama also saying today that “government intervention is necessary.”
http://blogs.abcnews.com/politicalradar/2008/09/obama-to-stepha.html
September 7th, 2008 at 1:18 amYep, and the cleanup after the republicans begins in earnest. Just like the last time.
September 7th, 2008 at 1:23 amWhy, I am shocked! Turns out McBush is just a dirty socialist. humph!
September 7th, 2008 at 1:26 amThis is the problem with Republican dogma. It constantly collides with reality. It is better to be a liar than to do something you know is wrong just to stay loyal to the dogma.
September 7th, 2008 at 1:27 amNothing like a little exercise in republican economics to show us how little they actually know about it, you know de-regulation and free market…..
US Government To Take Over 2 Top Mortgage Giants, Shareholders To Be Wiped Out
September 7th, 2008 at 1:37 am
The gloves need to come off and let the ads begin.
All this flop flopping, lying and especially the support the troops lies all need exposure.
So much BS and now we have miss cutsy, another joke… come on Obama… Bring it on…. this should be very easy to do and entertaining.
September 7th, 2008 at 1:43 am“Nothing like a little exercise in republican economics to show us how little they actually know about it, you know de-regulation and free market…..”
Yes, and the Rs add that magic ingredient, greed, and presto! America’s economy is down the toilet.
September 7th, 2008 at 1:48 amThe republicans had “Hope” envy and she fits the bill for the extremists. She actually more of what the republicans were screaming two weeks ago: Celebrity, you know like Brittney Spears only she is more like Xena.
It’s all too similar to American Idol when mccain looks for a vp.
September 7th, 2008 at 1:58 amEvery time Jane. Why is this not understood by all?
September 7th, 2008 at 2:00 amA post of mine from some months back and a pretty good response to my question….
Response(can’t give credit, I don’t remember):
September 7th, 2008 at 2:02 am
This blog has tons of crazy stuff on Palin… http://liz-seattlespeak.blogspot.com
September 7th, 2008 at 2:06 amLike 50 thousand dollars spent on CARPET during renovations on the governor’s mansion
http://www.gov.state.ak.us/omb/09_omb/budget/Admin/Veto/2008proj45391.pdf
Fred, that response to your question is excellent. Really sums up the whole scheme, maybe not eloquently, but clearly.
September 7th, 2008 at 2:08 amBut somehow the victims of this manipulation end up being named as the bad guys. Sheesh!
What is Obama’s position on this?
September 7th, 2008 at 2:12 amJL, here’s another Alaskan blog that you might want to visit. There’s tons of stuff there, too, with excellent links: http://mudflats.wordpress.com/
September 7th, 2008 at 2:12 amThat`s the problem with Flipper Mcwars,he keeps flip flopping and now he feels it`s prudent to bail out Freddie and Fannie because it needs reforming, such a hypocrite.The MSM needs to address Sarah Palins lies about as to what really happened with her pork for Wasilla,the fact that the feds were already investigating those crooked Alaska congressman whom she says she actually took down ,she also cut spending for unwed teenage mothers in Alaska and last but not least is why are her Family values different just because she running for office, does she not see the hypocrisy in toting her baby and pregnant teenage daughter and the rest of her family on the road and the shotgun wedding to boot.The hypocracy of it all by the rest of the Reich I think DISGUSTS this country as a hole.MONEY is all these people really care about.
September 7th, 2008 at 2:16 amGoodnight, Fred, I was up too late last night.
September 7th, 2008 at 2:17 amSleep well Jane…
September 7th, 2008 at 2:18 amAlejandro Says:
What is Obama’s position on this?
Obama being the thoughtful intelligent person he is has not express his opinion…. he is not one to blurp out nonsense for political reasons as we are seeing with McInsane.
September 7th, 2008 at 2:24 amAlejandro Says:
What is Obama’s position on this?
Obama Blasts McCain On The Economy
September 7th, 2008 at 4:14 amOh look, the wind is changing direction. Must be time for McCain flip-flop.
September 7th, 2008 at 4:33 amRepublicans are really false capitalists. In the Republican version of capitalism, folks at the top get to keep all the profit, but go with hand out to the taxpayer to cover their losses.
In the same manner, Republicans say they are for a smaller government and limited spending. Yet, the size of the government has grown dangerously under the Rs and the spending seems to be o.k. if taxpayer dollars go the friends and cronies who put them in office.
Similarly, a lot of Rs state they are Christian, but do not follow the basic tenets of Jesus; that being feeding the poor, housing the homeless and clothing the naked. Instead, these false christians believe that God has blessed them with their prosperity (which they do not share) and look down their noses at the rest of us.
September 7th, 2008 at 6:30 amFrom Frank Rich today, an Excellent summary of the current political situation:
http://www.nytimes.com/2008/09/07/opinion/07rich.html?_r=1&hp&oref=slogin
With Regards to Gov. Palin….
She didn’t say “no thanks” to the “Bridge to Nowhere” until after Congress had already abandoned it but given Alaska a blank check for $223 million in taxpayers’ money anyway. Far from rejecting federal pork, she hired lobbyists to secure her town a disproportionate share of earmarks ($1,000 per resident in 2002, 20 times the per capita average in other states). Though McCain claimed “she has had national security as one of her primary responsibilities,” she has never issued a single command as head of the Alaska National Guard. As for her “executive experience” as mayor, she told her hometown paper in Wasilla, Alaska, in 1996, the year of her election: “It’s not rocket science. It’s $6 million and 53 employees.” Her much-advertised crusade against officials abusing their office is now compromised by a bipartisan ethics investigation into charges that she did the same.
How long before we learn she never shot a moose?
with regards to Sen. McCain…
Often my haste is a mistake,” McCain conceded in his 2002 memoir, “but I live with the consequences without complaint.” Well, maybe it’s fine if he wants to live with the consequences, but what about his country?
We’ve already seen where such visceral decision-making by McCain can lead. In October 2001, he speculated that Saddam Hussein might have been behind the anthrax attacks in America. That same month he out-Cheneyed Cheney in his repeated public insistence that Iraq had a role in 9/11 — even after both American and foreign intelligence services found that unlikely. He was similarly rash in his reading of the supposed evidence of Saddam’s W.M.D. and in his estimate of the number of troops needed to occupy Iraq. (McCain told MSNBC in late 2001 that we could do with fewer than 100,000.) It wasn’t until months after “Mission Accomplished” that he called for more American forces to be tossed into the bloodbath. The whole fiasco might have been prevented had he listened to those like Gen. Eric Shinseki who faulted the Rumsfeld war plan from the start.
In other words, McCain’s hasty vetting of Palin was all too reminiscent of his grave dereliction of due diligence on the war.
September 7th, 2008 at 6:46 amI wonder if John McCain and Sarah Palin even know what Fannie May and Freddie Mac are? So for me to adjust my “Lucky Number GOP Scorecard” I need to add “unwed, pregnant teenage girls” and “socializing the mortgage industry?”
September 7th, 2008 at 7:04 amcarollt Says:
Republicans are really false capitalists. In the Republican version of capitalism, folks at the top get to keep all the profit, but go with hand out to the taxpayer to cover their losses.
September 7th, 2008 at 6:30 am
_______
Exactly. The true definition of “free market,” in the economics textbook sense, means that there is open and unlimited access and information to all who want to participate. In a true “free market,” Dave’s Homemade Computer Machine Operating System could compete with Windows Vista and have a chance of success. That’s not the type of market we have in this country.
September 7th, 2008 at 8:05 amReinforcing how common of whore he really is. He has no principles beyond maintaining his facade. It dawned on me what bond beyond expediency McPOW has with Palin: they are both blindly ambitious beauty queens.
September 7th, 2008 at 9:01 amSince families are supposed to be off limits in this campaign I guess we can’t ask about Alan McCain’s involvement in this debacle. These people have been scratching each others backs from the get-go. The Bush team is writing Palin’s speeches, running McCain’s campaign, and tutoring both candidates in how to bamboozle the electorate,and gullible Americans will accept it all as change they can believe in. Sheep led to the slaughter.
September 7th, 2008 at 9:27 amPrivatize the profit and socialize the debt.
September 7th, 2008 at 9:33 amAll of these large financials are nationalized to a certain extent..they are mostly subsudized and their assets and debts are guarenteed by the Federal government. If there is anyone that depends on the Republican political machine or works for a Republican they are considered a ‘wage slave’. If anyone has the guts to break their bonds of slavery then an ‘economic boycott’ would accomplish that. Wage slaves don’t have the guts that African American slaves had.
September 7th, 2008 at 9:37 amSo when countries in South America nationalize their resources is “communism”, “a provocation to the USA”, “bad economic policy”, and the leaders that do it must be overthrown and/or killed, but if Republicans see it fit, is the right, capitalist thing to do?
September 7th, 2008 at 9:39 amChina owns alot of those triple A rated bonds floated by Fannie Mae and Freddie Mac. They are very unhappy about the write downs to date.
This move might be to satisfy China, America’s banker.
September 7th, 2008 at 9:42 amYes Evil @ 64..
Hypocracy is one of the Republican mainstays.
September 7th, 2008 at 9:50 amHypocrisy…not hypocracy. sbt
September 7th, 2008 at 9:54 amXisithrus Says:
Privatize the profit and socialize the debt.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Exactly!
It seems Wallstreet and corporations want the government to stay out of their business while they are swimming in money and making record profits for a few, but the minute they start struggling and lose money they come begging and pleading for good old Uncle Sam to have the American taxpayer bail them out.
September 7th, 2008 at 9:56 amThis is no doubt a stupid question but how and why did Freddie and Fannie get their names?
September 7th, 2008 at 9:59 amWTF is wrong with these people, and the people who believe that these Republiskunks can do no wrong?
How can you even ask – they are getting away with looting the federal treasury for BILLIONS AND BILLIONS of dollars and laughing all the way to the bank.
I understand the outrage and the need to blog about it, but none of that really matters without meaningful action – in this case, an organized economic boycott of the corpocracy that underwrites it all.
Unfortunately, the only folks that have the reach to do this, the superblogs, have proclaimed that this is not their role.
Fair enough – but the “opposition” is becoming nothing more than another version of atrio’s 101st KEYBOARDING BRIGADE.
Not trying to be snarky – but thinking criminals will change because we express disapproval is insanity.
September 7th, 2008 at 10:00 amI wonder if John McCain and Sarah Palin even know what Fannie May and Freddie Mac are? So for me to adjust my “Lucky Number GOP Scorecard” I need to add “unwed, pregnant teenage girls” and “socializing the mortgage industry?”
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
St. Johnny Of Hanoi probably thinks Freddie Mac is the comedian who recently passed away.
McCain:Why do we need to bail out some uppity black man who told jokes for a living and is dead?
September 7th, 2008 at 10:05 ammmcain needs to be asked three questions.
1. do you agree that you were wrong then and right now vis a vis these bailouts?
2. does this mean that other stands you have taken demanding that the free market reign could also be subject to change?
3. could you describe those potential changes?
you must put him in a situation where he defines when government has to help, then hold that in relief to his ideological philosophy. either he is a hypocrite or panders to the circumstance.
September 7th, 2008 at 10:34 amdbadass Says:
This is no doubt a stupid question but how and why did Freddie and Fannie get their names?
___________
They’re shortened, easier-to-remember, “sound-bity” nicknames…
From Wiki:
The Federal Home Loan Mortgage Corporation (FHLMC) (NYSE: FRE), commonly known as Freddie Mac…
The Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae…
September 7th, 2008 at 10:54 amI know their proper names I was more interested in who came up with their sound-bitely names and why. Thanks just the same for the effort though.
September 7th, 2008 at 11:02 ameither he is a hypocrite or panders to the circumstance.
no? Really? REALLY? A pander or a hypocrite? Wow! Where do they find such people? Oh, yeah…they’re politicians…
September 7th, 2008 at 11:02 amSo they’re going to steal from the Magic Piggy Bank again. I wonder if they realize it doesn’t hold an unlimited amount of coin inside. Someone has to put coins into it in the form of taxes. Otherwise, when we need it most, there won’t be anything to fall back on.
September 7th, 2008 at 11:08 amWhy is anyone surprised? BILLIONS AND BILLIONS are being stolen in Iraq and no one says “BOO”.
Over the years, it has been reported that TRILLIONS are missing from the defense budget – in fact, this was announced 9/10/01.
Anyone think the folks responsible for this give a damn about mortgages?
September 7th, 2008 at 11:14 amLike father-Like son
merged and failed…..sounds like a plan.
September 7th, 2008 at 11:25 amI think two points need to be made. First is the relevance of the repeal of Glass Steagal to the morgtage crisis. Glass Steagal made investment and commercial banks had to be seperate. That is a seperation between banking and financial institutions. When it was repealed Banks began to make bad loans and they didnt care for two reasons first they were always going to bundle those morgtage loans and sell them to the financial institutions which Glass Steagal would never have allowed. Why would those financial institutions buy them? That brings up my second point that this country has ALWAYS had socialism for the rich. The rightwing always TALKS about how big bussiness takes the risk so they deserve the profit but THERE IS NO RISK and these bussinesses know it. The financial institutions will always make these risky bussiness decisions if there is good short term profit because they KNOW the American taxpayer has their back if things go sideways. In that sense this is a replay of the Savaings and Loan debacle. How often are we going to buy the Brooklyn Bridge here. Americans get SOLD on deregulation Big Bussiness then goes on an orgy of speculation and when the bills come due the American taxpayer ponies up. We really need to get off of THIS carosel
September 7th, 2008 at 11:25 amFannie Mae
COMPANY
The Federal National Mortgage Corporation, founded in 1938 by the US Government.
Privately held since 1968.
Official Website:
http://www.fanniemae.com/
Industry:
Finance
Ticker:
NYSE:FNM
Corporate headquarters:
Washington, DC
Sales:
$44.8B (2007)
Employees:
6000
EXECUTIVES
Name Occupation Birth Death Known for
Kenneth J. Bacon Business c. 1954 EVP at Fannie Mae
Mary K. Bush Business c. 1949 Bush International
Frank V. Cahouet Business 25-May-1932 CEO of Mellon Financial, 1987-98
Thomas E. Donilon Attorney c. 1955 O’Melvany and Myers
Sally Hernandez Attorney c. 1952 Deputy Mayor of NYC, 1990-92
James A. Johnson Business 24-Dec-1943 CEO of Fannie Mae, 1991-98
Anastasia D. Kelly Attorney c. 1949 EVP at American International Group
Daniel H. Mudd Business c. 1959 CEO of Fannie Mae
Franklin Raines Government 14-Jan-1949 CEO of Fannie Mae, 1999-2004
Lawrence M. Small Government 14-Sep-1941 Secretary, Smithsonian Institution, 2000-07
Robert Zoellick Government 25-Jul-1953 World Bank president
CURRENT BOARD MEMBERS OR DIRECTORS
Name Occupation Birth Death Known for
Stephen B. Ashley Business c. 1940 CEO of The Ashley Group
Dennis R. Beresford Business 23-Nov-1938 FASB Chairman, 1987-97
Brenda J. Gaines Business c. 1949 CEO of Diners Club NA, 2002-04
Karen N. Horn Business c. 1944 CEO of Bank One, 1987-96
Bridget A. Macaskill Business c. 1948 CEO of Oppenheimer Funds, 1995-2001
Daniel H. Mudd Business c. 1959 CEO of Fannie Mae
Joe K. Pickett Business c. 1945 HomeSide International, Inc.
Leslie Rahl Business c. 1950 Capital Market Risk Advisors, Inc.
Greg C. Smith Business c. 1952 Vice Chairman of Ford, 2005-06
H. Patrick Swygert Educator 17-Mar-1943 President of Howard University, 1995-2008
John K. Wulff Business c. 1949 CFO of Union Carbide, 1996-2001
PAST BOARD MEMBERS OR DIRECTORS
Name Occupation Birth Death Known for
Victor Ashe Diplomat 1-Jan-1945 US Ambassador to Poland
Samuel W. Bartholomew, Jr. Attorney 6-Jul-1944 Partner, Adams and Reese
Molly Hering Bordonaro Diplomat ? US Ambassador to Malta
Ken Duberstein Government 21-Apr-1944 Reagan’s Chief of Staff, 1988-89
Stephen Friedman Business 21-Dec-1937 Former Partner, Goldman Sachs
Thomas P. Gerrity Business 13-Jul-1941 Former Dean, Wharton School
Jamie S. Gorelick Attorney 6-May-1950 9-11 Commission member
James A. Johnson Business 24-Dec-1943 CEO of Fannie Mae, 1991-98
Donald Marron Business 21-Jul-1934 PaineWebber CEO
Ann Dore McLaughlin Government 16-Nov-1941 US Secretary of Labor, 1987-89
Vance C. Miller Business c. 1932 CEO of Henry S. Miller Companies
Jack Quinn Attorney 16-Aug-1949 White House Counsel, 1995-96
Karen Hastie Williams Business c. 1944 Retired Partner, Crowell & Moring
EXTRANEOUS
Name Occupation Birth Death Known for
Steve Bartlett Politician 19-Sep-1947 Mayor of Dallas, 1991-95
Richard C. Breeden Government 6-Dec-1949 SEC Chairman, 1989-93
Elizabeth A. Duke Government c. 1952 Federal Reserve Governor
Geoff Garin Business ? Pollster
Philip D. Winn Criminal 1-Feb-1925 HUD scandal figure pardoned by Clinton
Via NNDB
September 7th, 2008 at 11:35 amhttp://www.nndb.com/company/122/000057948/
Freddie Mac
COMPANY
Federal Home Loan Mortgage Corporation, nicknamed “Freddie Mac”. Residential mortgage loan financing, chartered by US Government in 1970. Taken public in 1989.
Official Website:
http://www.freddiemac.com/
Industry:
Finance
Ticker:
NYSE:FRE
Corporate headquarters:
McLean, VA
Sales:
$36.5B (2005)
Employees:
3200
EXECUTIVES
Name Occupation Birth Death Known for
Ralph F. Boyd, Jr. Attorney c. 1957 EVP at Freddie Mac
Leland C. Brendsel Business c. 1942 CEO of Freddie Mac, 1987-2003
Gregory J. Parseghian Business c. 1961 Briefly CEO of Freddie Mac, 2003
Richard F. Syron Business 25-Oct-1943 CEO of Freddie Mac
CURRENT BOARD MEMBERS OR DIRECTORS
Name Occupation Birth Death Known for
Barbara T. Alexander Business c. 1948 Former UBS manager
Geoffrey T. Boisi Business c. 1948 Vice Chairman of JP Morgan Chase, 2000-02
Michelle Engler Attorney c. 1960 Trustee, JNL Series Trust
Robert R. Glauber Business ? National Association of Securities Dealers
Richard Karl Goeltz Business c. 1942 CFO of American Express, 1996-2000
Thomas S. Johnson Business c. 1940 President of Chemical Bank, 1983-89
William M. Lewis, Jr. Business 30-Apr-1956 Co-Chair Investment Banking at Lazard
Shaun F. O’Malley Business c. 1937 Chairman of Price Waterhouse, 1987-95
Nicolas P. Retsinas Government ? Joint Center for Housing Studies, Harvard
Stephen A. Ross Economist c. 1943 Professor of Financial Economics, MIT
Richard F. Syron Business 25-Oct-1943 CEO of Freddie Mac
PAST BOARD MEMBERS OR DIRECTORS
Name Occupation Birth Death Known for
Leland C. Brendsel Business c. 1942 CEO of Freddie Mac, 1987-2003
Thomas W. Jones Business 1949 President of TIAA-CREF, 1993-97
Henry Kaufman Business c. 1927 Ex Managing Director, Salomon Brothers
John B. McCoy Business c. 1944 CEO of Bank One, 1987-99
Jeffrey M. Peek Business c. 1947 CEO of CIT Group
EXTRANEOUS
Name Occupation Birth Death Known for
Charles M. Elson Business c. 1960 Economist, University of Delaware
James C. Miller III Economist 25-Jun-1942 Conservative economist
Via NNDB
September 7th, 2008 at 11:37 amhttp://www.nndb.com/company/062/000125684/
James A. Johnson, Obama’s VP selector
June 10, 2008
What do you think the odds are that James A. Johnson will pick a VP for Obama who is unacceptable to “big business”?
James A. Johnson is (or has been in the past, according to his NNDB profile) associated with- count them 8 Fortune 1000 companies- 5 current Fortune 500 relationships and 2 former Fortune 500 relationships and 1 former Fortune 1000 relationship as follows:
1.) Member of the Board of #53 Fannie Mae (as Chairman, 1991-98 )2.) Member of the Board of #332 Gannett (2001-06)
3.) Member of the Board of #20 Goldman Sachs (1999-)
4.) Member of the Board of #340 KB Home (1992-)
5.) Member of the Board of #31 Target (2000-)
6.) Member of the Board of #557 Temple-Inland (2000-07)
7.) Member of the Board of #25 UnitedHealth Group (1993-)
8.) #37 Lehman Brothers Managing Director, corporate finance
Additionally, Mr. Johnson is or has been affiliated with the following “conspiracy theorist” elite groups according to NNDB:
Bilderberg Group
Council on Foreign Relations
Trilateral Commisssion (and he is also on the Brookings Institution)a fairly rare trifecta there, as you can see from this map which has only 22 people’s names on it. I guess we might call those names the Major Arcana, huh? Katherine Graham died in 2001, leaving us with 21 living names- as far as I can tell. Expanded map showing all their non person connections is here.
So, anyway, what are the odds on a non “business friendly” VP candidate? Greater or less than the odds against two Skull and Bones candidates running against each other for President? Consider James A. Johnson as just one more reason I sense an Obama Presidency would be business as usual… trust me
http://wecanchangetheworld.wordpress.com/category/nndb/
September 7th, 2008 at 11:38 amWell before the corrupt group who won de-regulation from the republicans and began a crime spree against Americans.
Your post is the equivilant of saying “Clinton did it”
September 7th, 2008 at 11:44 am@81, Guido the Loving OBGYN Says:
Republicans do not believe in free markets. They give lip service to it, just like abortion. They want to outlaw abortion here, yet they wholly support China who forces women to have abortions.
How can God not hate Republicans?
September 7th, 2008 at 11:16 am
First things first: THERE IS NO SUCH THING AS A “FREE MARKET.”
“Free Markets” are Kapitalist/Korporate talking points, but they do not exist anywhere in any economic system. ALL markets are regulated, have rules, admit or prohibit certain vendors and not others.
So when you complain about “free markets,” or extol them, for that matter, all you’re doing is catapulting the propaganda…
September 7th, 2008 at 12:06 pmFannie Mae and Freddie Mac’s bond holders are happy about the takeover. Your tax dollars are going to support oil rich sovereign wealth funds and their $30 billion in holdings.
Already fat from our gas money, Middle Eastern SWF’s will be made whole. Meanwhile Americans struggle to pay the mortgage.
September 7th, 2008 at 12:17 pmWhat I would like to know is where is the bill to help out the homeowners who were conned by the companies getting government bailouts.
When will Congress be back in session? I hope it is soon and I hope they rush help to homeowners through the system. McCain can hardly object to this kind of help after supporting a bail out for the cooks who caused this mess in the first place.
September 7th, 2008 at 12:26 pmPrivatize the profits. Socialize the costs. IOW — Socialism for the Big Money. But not for the Widow and the Orphan who must scrounge and crawl.
Another case of Socialism saving the day for Crapitalism’s mistakes.
And it is A-OK with John “I Almost Burned Down the USS Forrestal” McCain aka Cappy McPoopy-head…
====
September 7th, 2008 at 12:37 pmThe Republicans are the neighbor who steals your car, runs it into the ditch and then expects you to pay to have it fixed.
September 7th, 2008 at 1:46 pmTahut Says:
So they’re going to steal from the Magic Piggy Bank again.
Yes, it does look that way, doesn’t it?
Look who was given control of Freddie Mac:
‘David Moffett, who served as vice chairman and chief financial officer of U.S. Bancorp until early 2007 and then joined the Carlyle Group private-equity firm as a senior advisor, will take over Freddie Mac.’
September 7th, 2008 at 3:09 pmJohn McCain is a socialist…pass it on.
September 7th, 2008 at 3:55 pmsuperid Says:
The Republicans are the neighbor who steals your car, runs it into the ditch and then expects you to pay to have it fixed.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
And fast so because he needs to borrow it to go see his bookie
September 7th, 2008 at 4:46 pmShades of the Keating 5.
Government oversight’s greatest gift would be to see that idiotic past mistakes are NEVER repeated (S&L scandal resulted from the same circumstances: using appraised property value to collateralize loans).
September 7th, 2008 at 11:03 pmThis is another example that the “old world jounalism of Murrow, Cronkite and Rather is dead and buried. In the case of the Time Magazine reporter Ms Tumulty, she seems to think the finding out the who, what, where, when and how have been replaced with a steno pad, which she records what ABC said in rebuttle to the complaint of Congressman Kucinich. There is a great disconnect with what happened and the points made by ABC. She asks little of no questions to ABC. She takes what is handed to her and repeats it vebatim and then calls that reporting. I call is stenography. Lida Sohbet sohbet sesli chat Gelinlik Modelleri
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In March, he supported the Federal Reserve’s $30 billion credit line to finance the takeover of Bear Stearns by JP Morgan.
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The very next day the government stepped in to bail out Fannie and Freddie Mac, the mortgage giants. And on that same Friday Nevada regulators shut down Silver State Bank, crushed by bad loans in the South Nevada real estate market. McCain’s son Andrew had sat on the boards of Silver State Bank and of its parent, Silver State Bancorp, starting in February. He resigned in July citing “personal reasons.” Andrew was also a member of the bank’s audit committee -Counterpunch.org
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March 12th, 2009 at 9:12 amWhy don’t John and Cindy pick up part of the tab? After all, McCain and his butt-buddy Gramm helped cause this, Cindy has boatloads of money, and their son Andrew is now involved in a bank collapse.
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