Obama/Biden vs. McCain/Palin

[Hudler]

If what I've read is correct,Obama is #2 in the amount of campaign contributions from Fannie Mae. They gave more to Senator Chris Dodd,another name that keeps popping up in articles about this financial mess. I've also read that Franklin Raines has been advising Obama on housing,the same Raines that ran Fannie Mae into the ground and then ran away with a $90 million golden parachute.

[lukethedrifter]

At work yesterday I heard the following, "you know things are bad when I'm considering voting for a black guy."

[Popeye_Card]

If what I've read is correct,Obama is #2 in the amount of campaign contributions from Fannie Mae. They gave more to Senator Chris Dodd,another name that keeps popping up in articles about this financial mess. I've also read that Franklin Raines has been advising Obama on housing,the same Raines that ran Fannie Mae into the ground and then ran away with a $90 million golden parachute.

http://www.snopes.com/politics/obama/fanniemae.asp

[JL21]

At work yesterday I heard the following, "you know things are bad when I'm considering voting for a black guy."

I don't know whether to laugh at that, or shake my head in disgust.

[sighyoung]

Too loose controls, yes, but the problems aren't simply with the subprime housing market--near prime and prime loans were also loosely controlled, and there are defaults on those loans, too. And, frankly, mortgage brokers and insurance companies kept lending money and insuring these mortgages because--well--they thought they were minting money during a housing bubble.

And, gee, funny how she mentioned MINORITY borrowers. Don't know why she would mention that MINORITY borrowers caused the global mess, or that MINORITY borrowers are the only people who supposedly got subprime loans (as opposed to thousands), or were unworthy credit risks. Can't think of anyone else who bought too expensive a home.

[Hudler]

If what I've read is correct,Obama is #2 in the amount of campaign contributions from Fannie Mae. They gave more to Senator Chris Dodd,another name that keeps popping up in articles about this financial mess. I've also read that Franklin Raines has been advising Obama on housing,the same Raines that ran Fannie Mae into the ground and then ran away with a $90 million golden parachute.

http://www.snopes.com/politics/obama/fanniemae.asp

Thanks Popeye. That's whay I figured was the case,it wasn't entirely true or false,just more politics.

[Popeye_Card]

Too loose controls, yes, but the problems aren't simply with the subprime housing market--near prime and prime loans were also loosely controlled, and there are defaults on those loans, too. And, frankly, mortgage brokers and insurance companies kept lending money and insuring these mortgages because--well--they thought they were minting money during a housing bubble.

And, gee, funny how she mentioned MINORITY borrowers. Don't know why she would mention that MINORITY borrowers caused the global mess, or that MINORITY borrowers are the only people who supposedly got subprime loans (as opposed to thousands), or were unworthy credit risks. Can't think of anyone else who bought too expensive a home.

No dizzle. I've never thought of this mess as being caused by the lower class anyway (minorty or otherwise). I've been under the assumption the entire time that it's been created by the lower middle class who, IMO, are the worst offenders of living beyond their means.

[Freed Roger]

Are some people really this gullible/paranoid? I wanted to make a new thread for this, but figured it would better fit into this thread.

So, I watched the debate last night with my roomate's uber-conservative gf. And, this is her explanation of the crisis right now:

"Barnie Frank w/ acorn strongarmed banks into giving out bad loans mostly to minorities as well as campaign contributions to democrats. If they didn't, hell would be raised about the banks being racist/horrible companies and hurt their business. So, these banks obliged and gave out as many "bad loans" as they could. Then, when they simply couldn't do anymore, he went to Fannie Mae and Freddie Mac (because they're democratically owned, of course) and got them to loosen lending practices so they could give out more bad loans. When they did this, it opened the door for all people to get bad loans and hence the problem. The Republicans simply didn't push hard enough to tighten lending practices b/c it went against their "de-regulation" policy, so it was okay. They should have done more, but weren't expecting this to become such a problem and didn't want the firestorm of racism to come up in their faces if they didn't block Fannie and Freddie from doing what they did.

Further, Fannie and Freddie knew they were in trouble long ago. But, because they were liberals, they waited until the election period to come along knowing this would all be blamed on George W. and give the republican an uphill battle which it has. And, that is why we're in this problem. Political gain for democrats and democrat screw ups."

I gave this about two seconds thought and dismissed it as hogwash political spin because it really didn't jive. We all know Republicans were pushing for de-regulation even while this was going on...or so it seemed. I had all but forgotten it when McCain brought up that Obama is the largest or 2nd largest recipient of campaign funds from Fannie and Freddie. Is this true? If so, how much money was it (ie, was it the 2300/person allowed or was it more than that). I really don't know much about it and was wondering if you all had heard anything of it. I don't buy it, but donating money to a campaign/person by businesses usually implies there's something in it for the business is the only reason I ask.

Apparantly neither party/candidate have clean hands when it comes to FNMA and FredMac. One of Obama's advisors (Raines?) worked there, as well as some of McCain's. McCain's guy (R Davis) was getting substantial income from one them up until a short while ago.

I've heard your roommate's girlfriend's take on the situation - its straight from Fox basically. To blame this mess on ACORN takes some mental gymnastics that even a uber-conservative would struggle with.

As many of these foreclosures are on white folk in McMansions they couldn't afford as they are on minorities.

Granted ACORN is a questionable organization with a history of sloppy and/or fraudulent voter registration, but its a rag-tag group. Because of this, they don't have real clout in America, nor many friends in Washington. They all know ACORN's history http://en.wikipedia.org/wiki/Associatio ... Reform_Now ...

Its not like ACORN has the lobbying power of the banking industry or oil companies. Their clout is comparable to shoelace industry. Their protests are like a small gathering of street people. To imagine that this group (with B Frank) could manage to bully the banks around and freddie mac to the extent that it brings down the entire US economy!....well that is something only the folks at FOX could shamelessly do - When in doubt, blame the minorities and a gay man.

[Richie Allen]

At work yesterday I heard the following, "you know things are bad when I'm considering voting for a black guy."

I've heard for months now that the polls might suggest one thing but when it actually comes time to vote, there will be a certain percentage that will bail on Obama because of their inability to pull the lever for a black man.

I'd like to think this is complete crap. In fact, I'd like to think that the opposite might be more prevalent. The good ole boys at the office who wouldn't dare openly admit that they're anything but conservative, might end up going with Obama in the secrecy of the voting booth.

[lukethedrifter]

At work yesterday I heard the following, "you know things are bad when I'm considering voting for a black guy."

I don't know whether to laugh at that, or shake my head in disgust.

Another guy who is disgusted with Bush will absolutely not vote Obama b/c it is pandering to the rest of the world, sez he. We are trying to make them like us again so no vote for Obama from him.