Originally posted by: Carmen813
Looking at Realclearpolitics it appears that McCain's convention/Palin bounce is ending. Obama has caught back up in National polls, and appears to be regaining the lead.
http://www.realclearpolitics.c...resident/national.html
About what I expected, the economic news this week is bad news for McCain.
It depends... from what I'm reading it looks like the Dems have a lot of linkage to the current mortage crisis.
1) Obama is the second highest recipient of Fraudie Mae and Fraudie Mac money
2) Obama has two former CEOs of Fraudie Mae as advisors and its these same advisors who basically cooked the books, Enron style to defraud investors and pad their own pockets to get larger bonuses
3) We have Barney Franks, ranking Democrat on the Financial Services Committee saying in 2005 at a hearing to regulate Fannie Mae and Freddie Mac that: "These two entities ? Fannie Mae and Freddie Mac ? are not facing any kind of financial crisis.? Even though it is clear from a whisleblower that Fannie Mae was cooking the books and to any economist, we could see that the mortage business was going to meltdown.
4) Contrast to Franks, we have McCain saying in 2006 in support of the Federal Housing Enterprise Regulatory Reform Act (an act eventually blocked by Democrats) stating:
"Mr. President, this week Fannie Mae?s regulator reported that the company?s quarterly reports of profit growth over the past few years were ?illusions deliberately and systematically created? by the company?s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight?s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae?s former chief executive officer, OFHEO?s report shows that over half of Mr. Raines? compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator?s examination of the company?s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac?known as Government-sponsored entities or GSEs?and the sheer magnitude of these companies and the role they play in the housing market. OFHEO?s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO?s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation."
5) We also got numerous publications attributing the current housing and mortgage collapse on Carter and Clinton era regulations that forced lenders to loan money to low-income high risk borrowers, all in the grand scheme to allow affordable housing to the poor. Of course, that's not the whole story but once people get it into their heads that it was these liberal policies that caused this mess, traditional blame to blame Wallstreet on the republicans is going to shift towards the Democrats.
As shown in this
NRO article, all McCain and the Republican packs need to do from now till the election is say:
James Johnson, former CEO of Fannie Mae and current Obama advisor, has cost us many tens of billions of dollars we can?t afford.
Franklin Raines, former CEO of Fannie Mae and current Obama advisor, has cost us many tens of billions of dollars we can?t afford.
Barack Obama: if we can?t afford his advisors, we certainly can?t afford him.
Contrast to Obama's message about McCain using lobbyist in his compain versus Obama using these pirates, it's going to be Bill Ayers/Jeremiah Wright x10.
If all Obama can do is blame this on Bush and 8 years of this, when the primary culprits of Fannie Mae's collapse are on his payroll, this bounce is not going to last much longer.
Add to the fact that Biden was the 1 of 3 Democrats who voted for that 2005 Bankruptcy Reform Act and voted to allow legalize usury and allow credit card companies to charge 33% interest... these facts are going to hit home to a lot of voters.
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