Monday, July 21, 2008

What Is This?


During the Enron collapse of 2002, the public and the media
were persuaded that Enron was somehow a Republican scandal, based on little more
than senior management's history of contributions to the Republican
party. 

The ties between the Fannie Mae debacle and the Democratic party are much
more intimate than that. Senior Democrats chosen for their political connections
- James Johnson, Franklin Raines, Jamie Gorelick - took tens of millions of
dollars in compensation out of the company. The ties between the Obama campaign
and Fannie Mae are especially intimate: not only did Johnson head Obama's
veep-vetting operation, but we learn in href="http://www.washingtonpost.com/wp-dyn/content/article/2008/07/15/AR2008071502827.html">this
Washington Post article
that the campaign that Raines is advising
Obama on the mortgage crisis! Well, he should know.

Here is potentially the largest financial disaster in American history. The
American taxpayer stands to lose billions; Democratic insiders have extracted
tens of millions. If Enron was a party scandal ... what is this?