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MCCAIN:Outsider or corrupt insider, you decide.

 
 
Reply Sat 20 Sep, 2008 10:13 am
Quote:
Obama Camp Memo on Alleged McCain Ties to Fannie, FreddieJOHN MCCAIN’S GLASS HOUSES

John McCain Has Deep Ties to Fannie, Freddie

McCain Has Deepest Ties To Fannie, Freddie. According to the New York Times, “More than Mr. Obama, Mr. McCain’s circle of advisers and contributors includes current and former lobbyists or directors for the companies, although since July he has called for a ban on any lobbying by the two firms. Among the companies’ past advocates are Mr. McCain’s campaign manager, Rick Davis, a longtime lobbyist; Mr. McCain’s confidant and adviser Charlie Black, whose firm worked for Freddie Mac for several years ending in 2005, and the deputy campaign finance chairman, Wayne L. Berman, a vice president for Ogilvy Worldwide and a former Fannie Mae lobbyist.” [New York Times, 9/10/08]

McCain Campaign Manager Rick Davis Led Efforts To Fight Off Regulations For Fannie And Freddie. “Davis previously was head of the Homeownership Alliance, a coalition of banks and housing industry interests led by Fannie and Freddie to stave off regulations. The group was formed to counter another organization, FM Watch, an alliance of financial institutions and lobbying associations that wanted to even the playing field against Fannie Mae and Freddie Mac, by challenging the implicit government guarantee that allowed the two firms to borrow funds at lower interest rates.” [New York Times, 9/10/08]

* Davis and Homeownership Alliance Fought Against Effort to Impose “Burdensome Regulatory Process” on Fannie & Freddie. “It shouldn’t have come as a surprise to anyone when the Homeownership Alliance announced its opposition last week to legislation by Rep. Richard Baker, R-Baton Rouge, to strengthen regulatory oversight for Fannie Mae and Freddie Mac, the two giant agencies that buy home mortgages to expand homeownership opportunities. Rick Davis, president of the Homeownership Alliance, said that ‘we are concerned that Rep. Baker’s bill would break the first rule of any legislation related to housing " that is, to do no harm to the greatest housing system in the world.’ He said the bill ‘presents the potential for a burdensome regulatory process that could lead to less consumer choice, reduced availability of financing and higher prices for home purchases and multi-family construction.’ What Davis didn’t say is that Fannie Mae and Freddie Mae are both members of his alliance, which also includes the National Association of Home Builders and National Association of Real Estate Brokers. Baker, chairman of the House Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee, has said that Fannie Mae and Freddie Mac have gotten so big, and have piled up so much debt, that more oversight is needed. If either of them failed, it could do major damage to the U.S. economy, he said.” [Times Picayune, 4/15/01]

19 McCain Fundraisers & Advisers Lobbied For Fannie Mae Or Freddie Mac. Nineteen McCain advisers and fundraisers lobbied for Fannie Mae and Freddie Mac.

Six of his advisers and fundraisers lobbied for Freddie Mac including:

· McCain’s Current Chief of Staff Mark Buse,

· top McCain adviser Charles Black,

· Carlos Bonilla,

· Al D’Amato,

· Juleanna Glover Weiss

· Susan Molinari.

Thirteen of them lobbied for Fannie Mae including:

· McCain’s Congressional Liaison John Green,

· Head of VP Search Team AB Culvahouse,

· Wayne Berman,

· Kirk Blalock,

· Alberto Cardenas,

· Kirsten Chadwick,

· Richard Holht,

· Kate Hull,

· Aleix Jarvis,

· Tom Loeffler,

· Peter Madigan,

· Allison McSlarrow

· Aquiles Suarez. [John McCain.com, Senate Lobbying Disclosures]

McCain Senior Adviser Wayne Berman Continues to Lobby for Fannie Mae. Wayne Berman has lobbied for Fannie Mae and Freddie Mac from 2004 through the 2nd quarter of 2008. Their firm earned over $100,000 from Freddie Mac in 2004 and over $1 million from Fannie Mae. [Senate Lobbying Disclosures]

Head of McCain’s VP Search Team Lobbied for Fannie Mae. McCain tapped Arthur B. Culvahouse Jr., the former Reagan administration official, to head his search for a running mate. Currently a partner at O’Melveny & Myers, Culvahouse lobbied on behalf of Fannie Mae in 1999, 2003 and 2004, according to Senate records. [Politico.com, 7/16/08; Senate Lobbying Disclosures]

Top Adviser Charlie Black Lobbied for 10 Years for Freddie Mac. Black is “one of McCain’s top advisors,” and “at the helm of McCain’s campaign.” Black joined McCain’s campaign of March 2007, but did not stop lobbying until March of 2008. He is described as, “schooled at the knee of Jesse Helms and so entrenched in the ways of Washington that he has enjoyed access to Republican presidents since Ronald Reagan.” Black lobbied for Freddie Mac from 1999-2004, earning the firm he co-owns $820,000. [The News & Observer (Raleigh, North Carolina), 8/31/08; Senate Lobbying Disclosures]

Former McCain Co-Chair and Current Bundler, Loeffler Lobbied for Fannie Mae. Loeffler lobbied for Fannie Mae in 1999. His firm earned $40,000 from Fannie Mae that year. [Senate Lobbying Disclosures, 1999; New York Times, 7/16/08; Newsweek, 5/26/08]

Super-Lobbyists Wayne Berman & John Green Serve in High-Level McCain Campaign Positions. In March 2008, the McCain campaign announced that John Green “a founding partner of what is now Ogilvy Government Relations” would take a leave from lobbying to join the campaign full-time as its Capitol Hill liaison. John Green’s colleague Wayne Berman, a Bush “Super Ranger” serves co-chairman of McCain’s national finance committee, as well as the campaign’s vice chairman and as a senior adviser. Additionally, Berman also handles congressional outreach and “talks to lawmakers on McCain’s behalf.” Berman and Green both lobbied for Fannie Mae from 2004-2007, earning over $1 million from Fannie Mae. They also lobbied for Freddie Mac earning over $100,000 for their firm in 2004. [New York Times, 2/7/08; Financial Times, 11/27/07; Washington Post, 11/20/07; The Hill, 7/19/07; The Politico, 3/4/08; John McCain Supporters, http://www.johnmccain.com/Supporters/ <http://www.johnmccain.com/Supporters/> ; Senate Lobbying Disclosures ]

McCain’s Current Chief of Staff Lobbied for Freddie Mac. McCain’s current Senate Chief of Staff Mark Buse lobbied for Freddie Mac from 2003-2004, earning $460,000. [Senate Lobbying Disclosures]

McCain Getting Economic Advice from Former Fannie & Freddie Directors. McCain’s economic adviser Aquiles Suarez worked as Fannie’s director of government and industry relations. His finance co-chairman Frederic V. Malek is a former Freddie Mac board member. [Politico.com, 7/16/08]

MCCAIN HAS EXTENSIVE TIES TO AIG AS WELL:

McCain Fundraisers, Advisors Include Eight AIG Lobbyists & Executives

* Edmund Lee, AIG Executive is a bundler
* Susan Nelson, finance director, was an AIG lobbyist from 2004-2005
* Wayne Berman, vice-chair, was an AIG lobbyist from 2004-2007
* John Green, Capitol Hill liaison, was an AIG lobbyist from 2004-2007
* Bundler James Pitts was an AIG lobbyist from 2006-2007
* Bundler Tim Powers was an AIG lobbyist in 2001
* Fundraiser Kate Hull was an AIG lobbyist from 2002-2007
* Bundler Phil Anderson was an AIG lobbyist from 2006-2007

MCCAIN HAS TAKEN MORE MONEY FROM CORPORATE EXECUTIVES

Wall Street Journal: Corporate Executives “Have Been Key” To McCain’s Rebound On The Fund-Raising Circuit. “Corporate executives, who once discounted John McCain’s campaign, have been key to the Republican presidential nominee’s rebound on the fund-raising circuit, a new analysis of campaign donations shows. Since the 2008 presidential campaign began, Democratic candidate Barack Obama has raised more than double Sen. McCain’s haul and beaten the Arizona Republican in just about every fund-raising category. But in the months after the two started to square off as their parties’ likely nominees, Sen. Obama maintained only a slight financial edge overall, while Sen. McCain claimed the advantage among top industry donors. Sen. McCain’s fund-raising advantage among corporate America is a stark reversal from earlier this year, when he struggled to secure donations from executives. In the Republican primary, many executives backed Massachusetts Gov. Mitt Romney, partly because he is a former businessman and partly because Sen. McCain has long battled with industry as a member of the Senate.” [Wall Street Journal, 9/8/08 <http://online.wsj.com/public/article_print/SB122083596543108777.html> ]

The Top Executives Of American’s Biggest Companies Have Given McCain 10 Times More Than Obama. “The top executives of America’s biggest companies are more willing to open their wallets for John McCain than his Democratic rival, donating 10 times as much to the Arizona senator’s campaign as to Barack Obama’s. Obama’s campaign seized on the findings of The Hill’s review of campaign finance records to suggest that the gap was due to “special favors” McCain has given corporations. The presumptive GOP nominee has received $208,200 from the chief executive officers of the 100 biggest Fortune 500 corporations, according to a review of campaign finance reports. Obama has taken in $20,400 from the same group of people.” [The Hill, 8/15/08 <http://thehill.com/campaign-2008/top-ceos-give-10-times-more-to-mccain-than-to-obama-2008-08-15.html> ]

MCCAIN’S TOP ECONOMIC ADVISER HELPED CREATE THE ECONOMIC SITUATION, LOBBIED AGAINST EFFORTS TO HELP HOMEOWNERS

Gramm Was “Principal Author” Of The 1999 Gramm-Leach-BlileyAct, Breaking Down Walls Between Banking, Insurance, And Securities Firms Erected By Depression-Era Glass-Steagall Act. “Mr. Gramm, a principal author of the 1999 Gramm-Leach-Bliley Act, which broke down the walls between banking, insurance, and securities, left Congress in late 2002 to become vice chairman of UBS Warburg.” [American Banker, 3/11/08]

Critics of Gramm-Leach-Bliley Act Say The Bill Made It Easier For Banks To Push Risky Subprime Mortgages On Lower-Income Customers. “The bank deregulation law, known as the Gramm-Leach-Bliley Act, was the most important update in banking laws since the New Deal. Its most important feature: breaking down walls between commercial banks, investment banks and insurance companies. Gramm’s critics say the deregulation of commercial banks contained in the law made it easier for banks to push risky subprime mortgages on lower-income customers.” [Houston Chronicle (Houston, TX), 6/22/08]

Politico: Gramm Played Large Role in 1990s Housing Deregulation, Influence Seen In McCain’s Housing Policy. According to Politico, McCain advisor Phil Gramm “led the charge in 1999 to repeal a Depression-era banking regulation law” and played a role in the “swift and dramatic recent restructuring of the nation’s investment houses and practices didn’t stop there.” Now, Politico reports, “some housing experts and economists see Gramm’s thinking in the recent housing proposal from McCain, the Republican Party’s presumed presidential nominee” [Politico.com, 3/28/08]

While Shaping McCain’s Economic Policy, Phil Gramm Simultaneously Lobbying Congress on Mortgage Crisis for Swiss Bank UBS. Phil Gramm, vice chairman of Swiss-based UBS and McCain campaign general co-chair and advisor “was being paid by a Swiss bank to lobby Congress about the U.S. mortgage crisis at the same time he was advising McCain about his economic policy, federal records show.” Gramm, who was reported to have been advising McCain on economic policy back in October 2006, “had input on McCain’s March 26 policy speech about the mortgage crisis” which “recommended further deregulation of the banking industry as his response” to the ensuing mortgage meltdown. [MSNBC, 5/27/08]

In 2007, Gramm Lobbied Against (Failed) Measure That Would Have Helped Homeowners Avoid Foreclosure. Federal lobbying disclosure forms “filed by the giant Swiss bank UBS, list McCain’s campaign co-chair, former Texas Sen. Phil Gramm, as a lobbyist dealing specifically with legislation regarding the mortgage crisis as recently as Dec. 31, 2007.” According to UBS’s 2007 year-end report, Gramm “was lobbying the Senate in the second half of 2007 regarding the Helping Families Save Their Homes in Bankruptcy Act.” The legislation which would have allowed “bankruptcy judges rewrite mortgage terms for Americans facing foreclosure so they could repay their loans and keep their homes” was vehemently opposed by the banking industry and eventually failed. [MSNBC, 5/27/08]


http://thepage.time.com/obama-camp-memo-on-alleged-mccain-ties-to-fannie-freddie/
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cicerone imposter
 
  2  
Reply Sat 20 Sep, 2008 10:22 am
@hawkeye10,
hawkeye, Good find! I wonder what all those conservatives are now going to say about Obama's connection to Mae and Mac? LOL They're just like Palin, shooting their mouths off without doing their homework first to find out McCain is more connected than Obama ever was.

Typical conservative ignorance.
hawkeye10
 
  1  
Reply Sat 20 Sep, 2008 10:34 am
@cicerone imposter,
That is not what interests me. For me it is how the McCain brand is at odds with McCAin the man, and the very weird fact that so few people notice this. It points to very deep and troubling aspects of our political system. We can't fix our problems without a functioning and transparent political system where the citizens play their role in democratic society. This subject is an illustration of how badly the political process is broken, and thus why we will not fix our moral and economic problems anytime soon. If I had any money it would be in gold coins in a coffee can in my back yard right now, because this economy is going down the shitter, sooner rather than later.....and you can take THAT to the bank.
dyslexia
 
  1  
Reply Sat 20 Sep, 2008 10:57 am
@hawkeye10,
hawkeye10 wrote:

If I had any money it would be in gold coins in a coffee can in my back yard right now, because this economy is going down the shitter, sooner rather than later.....and you can take THAT to the bank.
an excellent example of knee-jerk reactionarism.
0 Replies
 
cicerone imposter
 
  2  
Reply Sat 20 Sep, 2008 11:01 am
@hawkeye10,
I agree; our political system is "broken." I'm not sure there will be any cures in our foreseeable future, because this country's politics has divided the people too far apart. Obama is not the panacea that can correct this problem; I'm afraid this country is not ready for a black president; it's still a divisive issue. I believe my above post supports your opinion.

The subprime mortgage problem is still alive and well; many more families will be losing not only their jobs and homes, but consumer spending will be on a downward trend until the job market is fixed. That means that our economy will not recover any time soon. When will it recover is the 64-thousand dollar question.

I knew that the stock market would be hit hard with a long bear, and my prediction was it'll hit about 9,000 before we see the bottom. The reason I made this estimate is because a) that will take away about the amount of the damage done by the subprime mortgage debacle, b) loss of jobs, c) cuts in consumer spending, and d) the result of businesses cutting expenses to remain profitable. Those old companies such as Johnson and Johnson, McDonalds, Coke, Boeing, Proctor and Gamble, and many others who have survived past downturns will remain to be the backbone of our economy.

I have faith in our economy, because it's the only savior for survival. I never believed in the investment in gold, because the stock market has always outperformed gold. Also, today's economic mix is very diversified compared to the great depression, and will survive this period of recession.
hawkeye10
 
  0  
Reply Sat 20 Sep, 2008 11:16 am
@cicerone imposter,
The job market has only a small impact on consumer spending, a much bigger problem for the economy is that the real estate bubble has popped thus people can no longer use their homes as a piggy bank, and that the era of living on debt is over. Home values are not anywhere near the bottom yet, and some have lost already 25%, Americans have a revolving personal debt of about $950 billion, a public debt unknown but well in excess of $10 trillion, unfunded liabilities in the form of deferred income for government workers and citizens entitlements unknown but for sure in the tens of trillions of dollars, a number of morgage loans on the books that will never be paid (and for which due to the value slide of home is not collateralized) is unknown but is surely in the trillions......The economy that you have faith in is rapidly becoming swamped with debt, and our effort to grow our way out the impending doom by excessive risk taking just crashed and burned. There is no plan B. Your faith is unfounded
cicerone imposter
 
  2  
Reply Sat 20 Sep, 2008 11:25 am
@hawkeye10,
hawkeye, I will disagree; the job market has much to do with our economy. According to the latest news, our country lost over 600,000 jobs since January when our country needs to create over 100,000 jobs every month to meet demand. All those not finding jobs can't spend. As for the loss of value of homes, many areas are losing more than 50% of their value. The impact is also created from the negative savings we have experienced during the past decade or so; most families are in debt rather than having any savings. All these negatives impacts our economy. Many are on the brink of losing their jobs and their homes, and unfortunately the future doesn't look bright for those living from paycheck to paycheck.

Many have also dipped into the retirement savings to survive; many more families are struggling today than in the past several decades - even during the tech bust.
hawkeye10
 
  -1  
Reply Sat 20 Sep, 2008 11:34 am
@cicerone imposter,
I agree with your statement that a lot of people are hurting, but according to the pros the economy has been in good shape till this week. We have yet to see if the Chinese and all will allow us to finance our lifestyle on debt for a little longer, but most of the economy that you like has been funded by America's debt, which according to one site is over $50 trillion
http://mwhodges.home.att.net/nat-debt/debt-nat-a.htm

the real pain starts when the line of credit runs out and we need to start paying down this debt. Then you will find that what you took as a strong economy was no more strong than then lifestyle of the jones family next door to you who you thought had it good for years until the repo man came and took all of their stuff, and the bank took the fancy house back,
0 Replies
 
cicerone imposter
 
  2  
Reply Sat 20 Sep, 2008 11:40 am
@cicerone imposter,
hawkeye, I'm sure I've already digressed about why we must have faith in our economy, so I won't repeat myself here.

What I've opined about is the majority impression of today's economic condition; many are in real trouble. However, there are also the bucket half full scenario that is evident in our economy. 1. Home buying continues in demand areas of the country such as in our zip code - as prices and interest rates drop, 2. in San Jose, there is a shopping street with fancy restaurants and shops that continues to enjoy high traffic and business, 3. many people still continue to travel domestically and internationally although at lower rates, 4. the national unemployment rate is still manageable if we can stabilize it, and 5. people must still spend for the necessities of living; food, fuel, and clothing.

Some restaurants in our area are still doing good business, although I must admit that many department stores are not as busy as in the past. Travel by air has slowed, but people are still traveling for business and pleasure. Hotel occupancy is down, but many five star hotels continue to charges outrageous prices and still have guests.

There is a base of people in our country that has money; they will sustain this economic downturn. We are not rich, but I can still travel to my heart's content. Since we had major renovation done to our home, I will cut down on my travels, because I want to help our son in Austin purchase a home next year. There are still many like us in this country.

hawkeye10
 
  0  
Reply Sat 20 Sep, 2008 11:54 am
@cicerone imposter,
so what? The 1$ trillion + in public debt added last week and the seizing of the credit markets, the collapse of much of the commodities market, and the fact that this week has shown that we are one bad event away from a depression has not had time to work its way to the job market and main street yet.

A great deal of the losses that took place this week are as of yet unknown to the people who think that they have wealth stashed someplace. Over the next weeks and months they will find out that the money is gone, and they will adjust their spending accordingly. We have yet to go through the cycle of retail and commercial bank bankruptcies, but they are on the way. In the sort term it helps that the feds will make the money market investors whole, but there are huge losses there that are still losses, they just get transferred to the public debt. Shifting the debt to a different account does not make it any less a drag on the society, in this case it kicks the can down the road a few years but accomplishes nothing else.

You gotta get a little distance from this week before you can understand how much damage was done. And how close we are to this getting much worse.
cicerone imposter
 
  2  
Reply Sat 20 Sep, 2008 12:14 pm
@hawkeye10,
What you say is true, but now with this wake-up call, even our dumb government is going to have to take the necessary actions to survive. They've ignored all the signals as workers continued to lose buying power, got deeper into debt, spent their savings, and lost their jobs and homes.

If they continue on this same path, we deserve what comes up the pike, because we are the ones who put them into office.

There's no one else to blame.
hawkeye10
 
  0  
Reply Sat 20 Sep, 2008 12:34 pm
@cicerone imposter,
Waking up would be good, but what are we going to wake up to??? Nobody, and I mean nobody, has any solution to the underlying economic problems other than to grow our way out of it. Problem it our effort to artificially stimulate growth just busted, and a lot of people are going to get hurt as a result.

So even if we do wake up, and do fix out political system, what then?? The only way out is to drastically cut down out our consumption, we absolutely must get off of out addiction to foreign energy, we must do some currently politically impossible things such as means testing social security and reneging on some of the promised deferred income to government employees. We must also accept that we are not a superpower nation anymore and drastically pull back on what we spend on the military.

The longer we wait to apply the medicine the worse the healing process is going to go, but we are no where near willing to live with-in our means. The current generations in power in psychologically incapable of doing what needs to be done. It will have to be the youths of today who fix it, not only will they have to start making payments on our irresponsibility but they will also be the ones who end it.
cicerone imposter
 
  2  
Reply Sat 20 Sep, 2008 07:24 pm
@hawkeye10,
Even the 700 billion bail out has no end game; it's money the government is throwing at the banks and financial institutions without knowing how they're going to "spend" that monopoly money to save the investors from losing their "gambling." There is no guarantees that any investment in stocks will not be lost. Why start now?
hawkeye10
 
  1  
Reply Sat 20 Sep, 2008 09:19 pm
@cicerone imposter,
no, the $1 trillion + that we know that we spent is not the end by a long shot...we have no clue how mch we are on the hook for with the money market promise, the FDIC is about ready to make the first request ($40 billion) of what might many many for the treasury to bail them out, and we have no clue what saving Freddie and Fannie will cost (the $300 billion promised might be a small down payment on the eventual total)
cicerone imposter
 
  2  
Reply Sun 21 Sep, 2008 05:27 pm
@hawkeye10,
Did you see that report about how the Lehman Bros officers and employees are going to be rewarded with bonuses? Not only will the taxpayers be paying them the bonus, but our whole financial system has a cancer with no cure in sight.
hawkeye10
 
  0  
Reply Sun 21 Sep, 2008 05:33 pm
@cicerone imposter,
ya, but Fuld took home around $500 million for running Lehman into the ground and lost another $650 million because of his actions, so underlings taking a few million home has to be put into perspective.
hawkeye10
 
  0  
Reply Sun 21 Sep, 2008 06:10 pm
@hawkeye10,
just to be clear that was $650 in potential comp he lost....the board was willing to pay him over a $ 1 billion for a decade of work. My calc has the potential as $190 a minute 24/7. Is anyone worth that? was he worth the $85 a minute that our society paided him?? Min wage works out to what.... 3 cents a minute?
0 Replies
 
BumbleBeeBoogie
 
  -1  
Reply Mon 22 Sep, 2008 09:42 am
@hawkeye10,
http://able2know.org/topic/122904-1
0 Replies
 
 

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