Monday, September 22, 2008

The Cone Project: Diverting attention away from who bears the blame for the Freddie and Fannie fiasco

News for our Blogger Boy Extraordinaire and his Nutroot buddies: It's not Rick Davis.

Try the Obama advisor Franklin Raines, and assorted Dem Klowns in Congress.


"That such a reckless political stand could have been taken by the Democrats was obscene even then. Wallison wrote at the time: ``It is a classic case of socializing the risk while privatizing the profit. The Democrats and the few Republicans who oppose portfolio limitations could not possibly do so if their constituents understood what they were doing.''

Now that the collapse has occurred, the roadblock built by Senate Democrats in 2005 is unforgivable. Many who opposed the bill doubtlessly did so for honorable reasons. Fannie and Freddie provided mounds of materials defending their practices. Perhaps some found their propaganda convincing.

But we now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years.

Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.

Clinton, the 12th-ranked recipient of Fannie and Freddie PAC and employee contributions, has received more than $75,000 from the two enterprises and their employees. The private profit found its way back to the senators who killed the fix.

There has been a lot of talk about who is to blame for this crisis. A look back at the story of 2005 makes the answer pretty clear.

Oh, and there is one little footnote to the story that's worth keeping in mind while Democrats point fingers between now and Nov. 4: Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess."


  1. Keep shouting it from the roof tops Bubba -- please! I believe that Cone knows, without any doubt, that he's spreading dumocratic fairy tales, but some of his disciples suck it in as empirical data. Sad, contemptible, reckless behavior, but never surprising.


  2. Goods posts Bubba. These Dems "misunderestimating" the American public's ability to see through their crap make me want to hurl.

  3. Unfortunately the Dems will continue to sell their BS to the uninformed and uneducated masses and the elities will praise them for being "compassionate" and the cycle will not end. The only way to end this mess is to stop the dang "free for nuthin" mindset and go back to the adage that a person is worth their hire . In other words if you ain't willing to be hired you ain't getting nuthin.