Thomas Sowell reminds us of the large role government pressure played in the explosion of the subprimes. He also reminds us of the many close connections between Fannie Mae and the Democrats, not to mention how much Fannie has contributed to Obama in just a few years and the role the mismanager Franklin Raines has played in advising his campaign. The narrative of the unregulated free market being the cause of what ails us doesn’t hold up that well under close examination. McCain has to understand and use this stuff to restore morale and credibility to his campaign. He shouldn’t exaggerate it, but just say what’s straight-talk true. He should also, of course, lay off the earmarks.
What Sowell says is basically confirmed by the long and meticulously researched article on Fannie Mae in the Sunday NYT. That article doesn’t mention the connections with Obama etc., but if you read it carefully it’s clear what really happened.
Sowell is right on the money here. Fannie Mae and the mess it created by the Dem and their friends protecting it from any attempt at regulation or oversight is the PERFECT weapon not only against the Democrats this year, but also against BO, who's very start in Politics... as a community organizer.. is tied to housing and low interest loans. This is why BO is #2 on the Fannie Mae list!!! Come on 4 years and your no 2... where all the other top 10 are People who been over 20 years in the Senate!!
I bet if you go look at the files of whom BO's community organizing helped, you will see a money trail of Fannie Mae loans that will not paint a pretty picture. But Ayer's and the UIC administration are locking out people access to the files of BO's community organizing days.. I wonder why... perhaps we will see evidence of funneling of loans to certain people tied to the Chicago Democratic machine which later opened up places for BO to move up the food chain. I am speculating, but what I know of Chicago politics of the late 80s and early 90s, suggest these things stink big and need to be hidden from the light of day. But the MSM ain't touching this story and those who will will be marginalized and ignored. But who knows, perhaps truth will out??