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Politics

Palin Blames Lobbyists Like Her Campaign Manager For The Failure Of Fannie Mae and Freddie Mac

During his interview with Gov. Sarah Palin (R-AK), Fox’s Sean Hannity asked Palin if she believed an investigation was needed into the “relationships between political donations from Fannie and Freddie Mac and the bankruptcy.” Hannity’s question was presumably inspired by Sen. John McCain’s (R-AZ) recent emphasis on the significant number of campaign contributions that the two firms have made in recent years.

Tonight, however, Palin played down the role that campaign contributions might have played in the Fannie-Freddie collapse. Instead, she emphasized “the role that lobbyists play in an issue like this”:

HANNITY: Should there be an investigation in terms of the relationship between the political donations and then of course the bankruptcy that ensued and the impact on the economy?

PALIN: I think that’s significant, but even more significant is the role that the lobbyists play in an issue like this also. And in that cronyism — it’s symptomatic of the greater problem that we see right now in Washington and that is just that acceptance of the status quo.

Watch it:

While Palin blames the need for the Fannie-Freddie bailout on the two firms’ lobbyists, she seems more than willing to take those same lobbyists’ money. In fact, at least 20 McCain-Palin fundraisers “have lobbied on behalf of Fannie Mae and Freddie Mac” in recent years.

More significantly, the McCain-Palin campaign manager, Rick Davis, “served as president of an advocacy group led by Fannie Mae and Freddie Mac” that worked to cripple regulatory initiatives in Congress and protect the two institution’s “healthy profits.” As the Politico reported in July:

Davis headed the Homeownership Alliance, a lobbying association that included Fannie, Freddie, nonprofit groups, real estate agents, homebuilders and consumer advocates. … [The group] worked to oppose congressional efforts to tighten controls on Fannie and Freddie.

Digg It!

Transcript: Read more

Politics

Despite Campaign Denials, McCain Supports ‘The Elimination Of Mountaintop Removal Mining’

Yesterday, the Wonk Room broke the story that Sen. John McCain (R-AZ) called for an end to mountaintop removal coal mining, a process in which “coal operators blast off hilltops to uncover valuable low-sulfur coal. Leftover rock and dirt is shoved into nearby valleys, burying streams.” In response to a question at a town hall meeting in Orlando, Florida whether he supported ending mountaintop removal, McCain said, “I do.” Watch it:

When the Charleston Gazette pursued the story with the McCain campaign, they “initially denied that the candidate favored an end to mountaintop removal, but backed off that when confronted with video of his remarks”:

Initially, McCain spokeswoman Gail Gitcho repeatedly said the candidate did not support a ban on mountaintop removal. But when video of his remarks in Orlando was posted on YouTube, Gitcho confirmed McCain’s support for ending the practice and issued a short statement.

More at the Wonk Room on McCain’s lobbyist ties and incoherent defense of coal companies.

Politics

Former top DOJ officials emerge in Abramoff corruption scandal.

Two former top Justice Department officials, former Solicitor General Paul Clement and former Ashcroft chief-of-staff David Ayres, “emerged Wednesday as figures in the Jack Abramoff lobbying scandal,” the AP reports. Both Clement and Ayres were in e-mail correspondence with former Abramoff associate Kevin Ring, who is “facing trial on 10 counts of conspiracy, obstruction of justice, bribery and fraud.” Though there is “no public indication that either Clement or Ayres is implicated in wrongdoing,” one of the charges against Ring include an episode in which he tried to lobby Justice Department officials.

Yglesias

Today in Troopergate

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I remember watching MSNBC on what I think was the morning before Sarah Palin was announced. Someone or other floated the idea of Sarah Palin as McCain’s VP choice. Then Andrea Mitchell dismissed that idea out of hand on the grounds that there was an open investigation into some alleged misconduct and nobody would pick a VP choice who was already the target of something like that. Well, that made sense to me, and I thought no more of Palin until . . . John McCain picked her.

But it’s still a crazy idea. Now she’s into some major league stonewalling. And she doesn’t even really have the fig leaf of holding that the whole investigation is somehow root-and-branch illegitimate, either, because she initially welcomed the investigation and swore she would cooperate with it. But now AP’s reporting that “Palin won’t comply with subpoenas issued by state lawmakers investigating the firing of Alaska’s former public safety commissioner because Palin ‘has declined to participate’ in the probe, her attorney general says.”

As far as these things go, “I’m not complying because I’m declining to participate” has a remarkably tautological air about it. Meanwhile, the political merits of the “it wasn’t a personal vendetta, I just don’t like vigorous enforcement of rape laws” defense continue to escape me. I think undertaking a personal vendetta on behalf of a sibling is something most people could relate to on some level.

Climate Progress

Biden: ‘No Coal Plants Here In America’

At a campaign stop today in Maumee, OH, Sen. Joe Biden (D-DE) talked to Carolyn Auwaerter, a young 1Sky campaigner, about energy policy. Questioned about his campaign’s support for “clean coal,” Biden vigorously defended his record in favor of renewable energy, and outlined what he sees as the key challenge: developing carbon capture and sequestration technology (which he calls “clean coal”) to limit the pollution from China’s rapidly increasing fleet of coal plants. In his words, captured on video by the Energy Action Coalition:

No coal plants here in America. Build them, if they’re going to build them over there make ‘em clean because they’re killing you.

Watch it:

Both 1Sky and the Energy Action Coalition are opposed to the development of new coal-fired power plants. Energy Action Coalition is running Power Vote, a national youth based campaign to get 1,000,000 youth voters voting for clean energy this election season. They are also working with Green For All and the Center for American Progress on the Green Jobs Now Day of Action, this September 27.

Transcript: Read more

Politics

Would McCain veto Graham and Lieberman’s request for over $50 million in earmarks?

The budget watchdog Taxpayers for Common Sense has released an analysis of earmark requests in the 2009 Defense Authorization bill, finding 435 earmarks worth $5.2 billion. Neither Barack Obama nor John McCain asked for any earmarks. Joe Biden had an $11.6 million earmark. The Washington Times reports that McCain supporters Sens. Lindsey Graham (R-SC) and Joe Lieberman (I-CT) requested milllions:

Lieberman requested $35 million for “Technology development for F135 engine” for beneficiary Pratt and Whitney. Graham has $20 million in solo requests, including a $9.9 million earmark for a “Physical Fitness Center” at Shaw Air Force Base in South Carolina.

Would McCain veto those if he were president?” the Times asks. Reporter Christina Bellantoni called the McCain campaign to see if he would veto the earmarks. “Update, 5:45 p.m.: Silence from Team McCain,” she writes.

Media

21st Century Witchdoctors

Gawker has an amusing roundup of bad stock picks by prominent financial magazines.

Which reminds us of one of the enduring mysteries of the modern world — why is anyone taking investment advice from these financial pundits who go on TV and write in magazines about which stocks you should buy and so forth. There are very strong theoretical reasons to believe that these people couldn’t possibly know how to beat the market, and common sense suggests that if you did have some secret stock insight the smart thing to do would be to make money by investing rather than going on TV and telling you what to do.

I suppose this all becomes a bit less mysterious when you consider that in traditional societies you have high-status people with jobs in the field of witchdoctoring or entrail-reading and the like. One interesting question is whether or not the proportion of the population engaged in the “pretending to be able to see the future” profession has gone up or down over the past 500 years.

Economy

Pfotenhauer: McCain Will Balance The Budget Without ‘Real Cuts’

Today, during an interview with Neil Cavuto, Sen. John McCain’s (R-AZ) economic adviser Nancy Pfotenhauer claimed that McCain will balance the budget “by the end of the first term,” and that she’s “not even sure real cuts would ever be required.” Watch it:

A Center for American Progress Action Fund analysis calculated that McCain’s plan, complete with its doubling of Bush’s tax cuts for corporations and the wealthy, will create a budget deficit of $505 billion in 2009. McCain has claimed that he will balance the budget by eliminating earmarks and cutting $160 billion in discretionary spending.

However, “eliminating every congressional earmark in the federal budget would save an estimated $18 billion a year,” or about 4% of the federal deficit, and McCain can’t explain where the rest of his cuts would come from. George Stephanopolous pointed out that in order to cut the $160 billion he cites, McCain “would have to cut 30% from every single program, including education and veterans benefits.”

As the Wonk Room has noted, McCain could cut ten cabinet agencies and still not balance the budget, and his own estimates require a 30% cut in every federal program. Thus, its hard to imagine how he could balance the budget with no “real cuts” at all.

Security

Matthews Pushes Cantor On Bush’s Handling Of The Economy: ‘He’s Pulling One Of These Katrinas Again’

In a contentious segment on “Hardball” tonight, host Chris Matthews accused Rep. Eric Cantor (R-VA) and his conservative allies of “taking off your uniforms,” pretending they’re not Republicans, and running against President Bush. “I’m not going to let anyone get away with that kind of foolery,” Matthews said. He asked Cantor at least five times whether he supported the job Bush is doing — and all five times Cantor refused to answer.

Noting that a “normal president” would be more visible during such a crisis, Matthews compared Bush’s response to the current financial turmoil to his handling of Hurricane Katrina:

MATTHEWS: I’m just asking you where’s the President of the United States tonight? You got Paulson out there. Where’s the President? He’s pulling one of these Katrinas again. Where is he? The country’s worried like hell when you lose this amount of value in the wealth of this country in a matter of days. You’d think the President would come on television and explain the situation to the American people. I’m just asking where he is. That’s all I’m asking.

CANTOR: Chris, you’ll have to ask — I don’t know where he is. I assume he’s in the White House.

Watch it:

Matthews was visibly frustrated, telling Cantor, “You have to take responsibility, sir, for the policies of this Administration that have gotten us into this mess. You can’t walk away and say, Oh we had nothing to do with this, can you? Say it if you want to. It’s your right.”

Matthews noted Cantor’s refusal to even mention the President: “You haven’t used the word Republican tonight, your party didn’t use it in the acceptance speech,” he said. “John McCain never said the word Republican, he never said the word Bush. You’re trying to take off your uniforms and run from the field of political battle and claim you’re not Republicans.” The GOP steered clear from both Bush and Cheney at their convention last month, mentioning Bush only once and never mentioning Cheney.

Economy

Actually, Yes, McCain Will Leave Michigan Workers ‘Out To Dry’ While Giving ‘Billions To Wall Street’

Today in Michigan, Sen. John McCain (R-AZ) said:

It’s great to be here today with the assembly workers of this GM plant. I’m here to send a message to Washington and Wall Street: We are not going to leave the workers here in Michigan hung out to dry while we give billions in taxpayer dollars to Wall Street.

Wrong.

John McCain’s Bush-style corporate tax cuts would give $6.3 billion every year to America’s largest banks and financial institutions, $45 billion to the Fortune 200, and almost nothing to over 100 million American families.

As for workers in Michigan, John McCain’s health care plan would raise taxes by $1,100 by 2013 for an average Michigan couple making $60,000.

In other words, McCain’s message to Washington and Wall Street is…more of the same.

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