Regulation, or deregulation fueled this mess? You decide... - Page 2 - Mercedes-Benz Forum

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post #11 of 12 (permalink) Old 09-24-2008, 01:24 PM
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Originally Posted by pcunningham42 View Post
Scheme? I said nothing about a scheme.

This is about self enrichment by House democrats

“I want [Freddie Mac and Fannie Mae] to help with affordable housing, to help low-income families get loans and to help clean up this subprime mess. Otherwise, why should they exist?”

- Rep. Barney Frank, earlier this month.
In what way? Can you even explain the points you are making?

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #12 of 12 (permalink) Old 09-24-2008, 04:52 PM Thread Starter
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In what way? Can you even explain the points you are making?
You're not paying attention, or bogged down in your own glop. Lets start here

OpenSecrets | Fannie Mae and Freddie Mac Invest in Democrats - Capital Eye

Fannie Mae and Freddie Mac Invest in Democrats
Published by Lindsay Renick Mayer on July 16, 2008 5:27 PM
The federal government recently announced that it will come to the rescue of Freddie Mac and Fannie Mae, two embattled mortgage buyers that for years have pursued a lobbying strategy to get lawmakers on their side. Both companies have poured money into lobbying and campaign contributions to federal candidates, parties and committees as a general tactic, but they've also directed those contributions strategically. In the 2006 election cycle, Fannie Mae was giving 53 percent of its total $1.3 million in contributions to Republicans, who controlled Congress at that time. This cycle, with Democrats in control, they've reversed course, giving the party 56 percent of their total $1.1 million in contributions. Similarly, Freddie Mac has given 53 percent of its $555,700 in contributions to Democrats this cycle, compared to the 44 percent it gave during 2006.

Fannie Mae and Freddie Mac have also strategically given more contributions to lawmakers currently sitting on committees that primarily regulate their industry. Fifteen of the 25 lawmakers who have received the most from the two companies combined since the 1990 election sit on either the House Financial Services Committee; the Senate Banking, Housing & Urban Affairs Committee; or the Senate Finance Committee. The others have seats on the powerful Appropriations or Ways & Means committees, are members of the congressional leadership or have run for president. Sen.Chris Dodd (D-Conn.) chairman of the Senate banking committee, has received the most from Fannie and Freddie's PACs and employees ($133,900 since 1989). Rep. Paul Kanjorski (D-Pa.) has received $65,500. Kanjorski chairs the House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, and Freddie Mac and Fannie Mae are government-sponsored enterprises, or GSEs.

Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008



Name Office Party/State Total
1. Dodd, Christopher J S D-CT $133,900 (dont forget the Countrywide Loan)

2. Kerry, John S D-MA $111,000

3. Obama, Barack S D-IL $105,849

4. Clinton, Hillary S D-NY $75,550

5. Kanjorski, Paul E H D-PA $65,500

6. Bennett, Robert F S R-UT $61,499

7. Johnson, Tim S D-SD $61,000

8. Conrad, Kent S D-ND $58,991

9. Davis, Tom H R-VA $55,499

10. Bond, Christopher S 'Kit' S R-MO $55,400

11. Bachus, Spencer H R-AL $55,300

12. Shelby, Richard C S R-AL $55,000

13. Emanuel, Rahm H D-IL $51,750

14. Reed, Jack S D-RI $50,750

15. Carper, Tom S D-DE $44,389

16. Frank, Barney H D-MA $40,100

17. Maloney, Carolyn B H D-NY $38,750

18. Bean, Melissa H D-IL $37,249

19. Blunt, Roy H R-MO $36,500

20. Pryce, Deborah H R-OH $34,750

21. Miller, Gary H R-CA $33,000

22. Pelosi, Nancy H D-CA $32,750

23. Reynolds, Tom H R-NY $32,700

24. Hoyer, Steny H H D-MD $30,500

25. Hooley, Darlene H D-OR $28,750



Includes contributions from PACs and individuals.
2008 cycle totals based on data downloaded from the
Federal Election Commission on June 30, 2008.

Be responsible
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