Fannie Mae, Freddie Mac Spent $200M To Buy Influence

The Politico has an article today detailing the influence Freddie Mac and Fannie Mae have bought in Washington over the past decade. The government-chartered companies had to get bailed out by the Treasury Department and the Federal Reserve earlier this week. To read more about the bailout go here. To read about the millions spent on Washington lobbying see an excerpt below or go here.

If you want to know how Fannie Mae and Freddie Mac have survived scandal and crisis, consider this: Over the past decade, they have spent nearly $200 million on lobbying and campaign contributions.

But the political tentacles of the mortgage giants extend far beyond their checkbooks.

Fed Chairmen Ben Bernanke just told Congress that because of the bailout the companies are "in no danger of failing."

Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing."

The Fed chief made his remarks as he appeared before the House Financial Services Committee, in his second day on Capitol Hill to brief lawmakers on the problems plaguing the economy. He appears amid a backdrop of fading confidence in the U.S. financial system and in the national economy.

Comments

[pjcpa]

Until we americans, not as republicans or Democrats, see that the people we elect in Washington all end up feeding from the hands of vultures will we learn a lesson. Everyone who posts here has firm beliefs, but can we say that about our elected officials. Until we have the courage to say to them "no more", they will continue to do it and laugh all the way to the bank while common americans struggle.

We need either term limits or some organization, similar to a shareholder vote in a public corporation, to limit their power. How would they feel if instead of them always voting themselves a pay raise, that we had that power through an elective process. One proxy a year, key components outlined for the vote, then we would get what we wanted.

[robodweeb]

Public campaign financing.

Imagine the politicians beholden to the public instead of the special interests.

[Superbus]

Tell that to Obama.

[Flagal]

That would be new.....on both sides of the aisle.

[bamilt0]

Public financing doesn't fix the root cause here: you can take Big Money out of campaigns, but you can't take Big Money out of Washington. The problem is deeper and more systemic. Still only having two viable options at the polls will mean the entrenched, pro-corporate, anti-democratic establishment will reign because they will continue to be the only two options when you go into that booth on Election Day -- even if you've given your tax dollars to making them perform in a different theater the same performance they've been going through for over 200 years.

[Belisarius]

Well PJ we have a vote. And if we use it to keep sending the incumbents home, congress will treat lobbyists like the pariahs that they are.

[VungTauVet]

I want to be able to vote NO! for any candidate listed on the ballot, not
just FOR one or the other. The whole right to vote is bullshit when
the choices are already made for you. I know, I know, pick the lesser
evil then roll over.......you'll love how it feels.

[Superbus]

This is not the good governance that our Founding Fathers wanted for this country. All these various lobbyists, be they conservative or liberal, are there for the sole purpose of protecting their "pieces" of the taxpayers' pie.

Time to do away with the federal income tax by repealing the 16th amendment.

[Flagal]

Time to do away with the pro-st-tutes that run our govt.

[VolvoBirkenstock]

Poor shortbus. Still shilling for Huckafuck's "Fair Tax."

[KOisGod]

Its all going to pay for the massive interest and debts left and in the process of being left to our children by Reagan, Bush and Bush.

You one of those who doesn't pay your debts shorty? I thought you Republican types were all about PERSONAL RESPONSIBILITY -

Oh, that's right. Here's your mantra

PRIVATIZE AND POCKET THE PROFITS, SOCIALIZE THE LOSES !

[funwithwarcrimes]

Wow -- if only they'd spent that $200 million taking care of their clients, they wouldn't be in the holy mess they are in now.

[VolvoBirkenstock]

Even this innocuous thread is now moderated?

[VolvoBirkenstock]

Never mind. Posting a link to another thread sets off automod.

[Flagal]

Is that like the mod squad?

[trollsbwild]

Just about every post is delayed until reviewed. It has really made this site very frustrating. Very difficult to have a dialogue waiting ten minutes between posts.

[SCG]

Day of Reckoning? Super Rich Tax Cheats Outed by Bank Clerk
Technician in Liechtenstein Turns Over Names of Americans With Secret Bank Accounts

By BRIAN ROSS and RHONDA SCHWARTZ ABC NEWS
July 15, 2008

Read what Gramm's bank UBS has been up to.

http://abcnews.go.com/Blotter/story?id=5378080&page=1

[funwithwarcrimes]

Wow....thanks!!!! reat link!
see at least a few of the Washington morons on trial here --
http://www.funwithwarcrimes.com

[VolvoBirkenstock]

Blog pimp

[vippy]

The IRS just stated that 25% of those making over $ 200,000 did NOT PAY any taxes at all.
Someone please tell Neal Bortz and Rush Limbaugh who claim that the top 1% will end paying
paying most of the taxes of the bottom 80%. Yeah and? What seems to be the problem.
I am for flat tax. This way no one can weasel out with loopholes, and everybody pays a fair
share, if you don't make a lot, a certain percentage don't hurt you but if you make a lot, then a lot
goes for the taxes, your choice! So no whining necessary.

[KOisGod]

So Republican's

Has the Govt been drown in that bathtub yet? Who needs water when you can use the universal solvent, socialized debt?

[alaintex]

Strange non-sequitur.

[trollsbwild]

Commissars and pin-stripes bosses
Roll the dice.
Any way they fall,
Guess who gets to pay the price?
Money green or proletarian gray,
Selling guns 'stead if food today.
So the kids they dance
And shake their bones,
And the politicians throwin' stones
Singing ashes, ashes, all fall down
Ashes, ashes, all fall down
Heartless powers tell us
What to think.
If the spirit''s sleeping,
Then the flesh is ink
History's page will thus be carved in stone.
And we are here, and WE ARE ON OUR OWN
ON UR OWN
ON OUR OWN
ON OUR OWN

[kenlog]

Barlow Lives !!

http://en.wikipedia.org/wiki/John_Perry_Barlow

[researcher]

that is ok the middle class that just love capitalism will bail them out.

the capitalist paradigm is entrenched in the american mind

to them it is either communism or capitalism ie dualism thinking.

even as america goes down the tubes americans are going to dance with who brung them to the dance ie capitalism

it is called paradigm paralysis and it is alive and well in america

in fact the repugs want more deregulation and reagan economics not less

the end result bye bye middle class

middle class you loved you capitalism and thought it so above communism

when one comes to understand systems one realizes that both communism and capitalism must self destruct

with communism man exploits man with capitalism it is the other way around

universal law not religion demands that it self destructs

the have mores will not tell you what I just stated they want to keep things just as they are so they can have more wealth

in fact religion evangel style is the worst of the war mongers and defenders of capitalism

contrary to popular opinion jesus was not a communist or capitalist or an imperialist or a war for profits guy or an oil guy etc.

[darthdarcy]

We are witness to the beginning of the end...

Just as Rome bankrupted itself by over extending the Empire while at the same time squandered it's fortune do to corruption that's pretty similar to what has been going on here in America for the last 28 years since Reagan on and the last 71/2 have been the worst.....

Bush is in many ways the American Nero...!

[Belisarius]

And who knows how many low/no interest loans they gave to congress like the kind Chris Dodd received from Country Wide. Dodd explained how this gratuitous favor does not influence his decisions as chairman of the banking committee!!

Lobbyists and PACs are a cancer in our government and tax payers foot the bills.

[Superbus]

As long as the liberals who infest this site ignore the sins of their fellow travelers, they will have no credibility in only pointing out Republican corruption.

It's just partisan posting with little intellectual honesty.

[VolvoBirkenstock]

You have never made an honest post in your life, shortbus.

Intellectual or otherwise.

[robodweeb]

Since this is a liberal site wouldn't it be the conservative trolls who are doing the infesting?

[trollsbwild]

LOL. Your profile shows your true colors. GOP lap dog.

[KOisGod]

It is truly disgusting, isn't it shorty? Maybe you should just stay with Fox noise, they are more in league with your mentality.

[VolvoBirkenstock]

The infestation comes from ignorant lying bushbotic trolls like yourself, shortbus

[trollsbwild]

I have a 5.5% moretgage with Country Wide. Is that criminal?
Bet Dodd's rate and mortgage are not unlawful.
Besides, low interest loans are not the problem. Greedy lenders who allowed people who were not credit worthy to get in over their heads with ARM's because they loved the fees!

[Belisarius]

Here's a link to an article titled -Two Senators Appear to be "Friends of Countrywide"- which appeared in mortgagene­wsdaily.co­m. . . . http://www.mortgagenewsdaily.com/6162008_Friends_of_Mozilo.asp

Here is the start of the article:

"Two Senators Appear to be "Friends of Countrywide"

The loud "thud" you just heard over in the corner of the Senate hearing room was Senator Chris Dodd's vice presidential hopes hitting the wall.

The Senator was the second major political figure caught up in and possibly brought down by various aspects of the mortgage mess in general and Countrywide Financial in particular.

The Senator, a Democrat from Connecticut and Chairman of the Senate Banking Committee which regulates mortgage lending, was named in an article by Julie Hirschfeld Davis of the Associated Press and earlier by Conde Nast Portfolio magazine, as one of two senators - the other being Senator Kent Conrad (D - ND) - as having received preferential treatment from Countrywide CEO Angelo Mozilo in obtaining mortgage loans."

[gotalife]

Both parties are corrupt and covering uo crimes:

http://www.salon.com/opinion/greenwald/2008/07/15/complicity/index.html

[VolvoBirkenstock]

Run along PUMA.

You need to tend to your goats.

[Superbus]

Just wondering. Do you believe that some posters are only capable of attaching snarky remarks to others' posts?

[Flagal]

For the first time ever I agree with your post.
However the corruption on the democratic side pales in comparison to the way the republicans have ra-ped, pilla-ged and plundered the average American.

[petey64]

Flagal, the problem is BOTH PARTIES to say one is less bad than the other is just your partison view point, people see what they want to see, the banks made huge mistakes in lending practices and these mistakes were made for people just like me, i have a sub-prime loan because that's what it took to get my family a home of our own and guess what we are happy to have our own home and we will make every single payment on it.....playing the blame game just doesn't work it just makes people look like whiners.......it is patriotic not to expect anything from the fed.

[vippy]

Again, it appears we have only one party. Both are corrupt and all of them need term limits imposed and we need to fire them all. New blood is needed for it could not get
any worse.

[funwithwarcrimes]

Interesting, link. Thanks.
If you'd like to see justice for a few criminals, see
http://www.funwithwarcrimes.com
;-))))))))

[VolvoBirkenstock]

blog pimp

[lornejl]

I propose an amendment to the Constitution where only wealthy land owners are allow to vote. Anyone that isn't a wealthy land owner is obviously too dumb to vote.

[blastocyst]

Prima Nachte. I'm in.

[uncleentropy]

Me, too, as long as we get an additional amendment in there to fire-iron brand the homeless

[shades3]

Lornejl, your proposal that an amendment be made to the Constitution that states that only wealthy landowners should be allowed to vote was already amended because ORIGINALLY ONLY WEALTHY LANDOWNERS WERE ALLOWED TO VOTE. If the Constitution were in it's original form, slavery would still be legal.
I assume you were kidding.

[Flagal]

sounds familiar...........

[lornejl]

I would like the candidates to address the problem of undue influence by vested interests. Thank you.

[simplyirresistible]

Senator Obama should give them a speech on personal responsibility.

The politics of personal responsibility:

http://healinganation.wordpress.com/

[studlyguy]

If they would spend money on building the infrastracture creating thousands of jobs ,helping the poor with food and shelter,raising wages,getting America unionized again ,bringing power back to the people ,instead of these greedy Wall Street destroying America fascist .

[Superbus]

You do realize that your suggestions would cause consumer prices to rise, don't you?

[Jezdukowski]

Ummm.... aren't they rising now? Or is that just in my imagination...

[KOisGod]

Short bus worried about us poor working stiffs.

Its noble shorty, but no one is buying your fake concern.

[WLA]

It's OK if the bridges collapse as long as we save a few bucks at the Wal*Mart.

[VolvoBirkenstock]

Prices Rise At Second-Fastest Rate In 26 Years

WASHINGTON — Consumer prices shot up in June at the second fastest pace in 26 years with two-thirds of the surge blamed on soaring energy prices.

http://www.huffingtonpost.com/2008/07/16/prices-rise-at-fastest-ra_n_113035.html

[lornejl]

More profit for God, what problem do you have with that ?

[CyrilOReily]

EVER BODY NOWS that it dont mater who who is next.Presenedent. They say what they say what they say, then BAM they turn itito conscurrvytitatives any how. If Baranck Osbamba get erected, WHAM he only worry about the the rinch .May be Joan McClain is cazy enough to do the right thing, but them is ale bee hold en two only the upper crunchst.

[CaptSmash]

This was not good post.

[donaldw6]

Well, this thread just went downhill.

[trollsbwild]

Drunk much?

[WLA]

But our tr0lls love the upper crunchst so much. It's like hero worship... but it's about money. They think some day they will share in the buttweisters and cheetoons.

Aman.23

[Superbus]

Actually, it's more like we don't begrudge others their success or covet our neighbors' goods.

[chrisbee]

haha PUM PRIDE!