Something Rachel just said, please help

[wryter2000]

I'm at work and didn't get it clearly. She was talking about the WSJ McCain/Palin just wrote about how bailouts are horrible and they'd prevent them in the future.

Rachel just said something like the guy who was running Fannie Mae or was a lobbyinst for Fannie Mae is McCain's campaign manager. I'd really like the info on that as my freeper friend is saying that McCain has been warning people about Freddie/Fannie for years.

[gateley]

1. Kicking to keep this visible -- hope you get a response. nt

[wryter2000]

2. Thanks

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=3955839

I did find some information in here.

[JSK]

3. Another kick

Why don't you repost this in GD?

[wryter2000]

7. Thanks

I guess I have the answer now. Do you think it merits cross-posting?

[az chela]

4. Kick and recommended

[IndyOp]

5. ThinkProgress has the story -

McCain Op-Ed: Lobbyists Like My Campaign Manager Are ‘Primary Contributors’ To Fannie-Freddie Crisis
http://thinkprogress.org/2008/09/09/mccain-lobby-fannie-freddie/

Sen. John McCain (R-AZ) and Gov. Sarah Palin (R-AK) write today in the Wall Street Journal that the “bailout of Fannie Mae and Freddie Mac is another outrageous, but sadly necessary, step for these two institutions.” They pledge to end the use of “taxpayer backing to serve lobbyists, management, boards and shareholders” and call lobbyists “primary contributors” to the crisis

<snip>

The feigned outrage of McCain and Palin at the inaction of Congress and the influence of Fannie Mae and Freddie Mac lobbyists is ironic considering the fact that “at least 20 McCain fundraisers have lobbied on behalf of Fannie Mae and Freddie Mac” in recent years.

More troubling is the fact that McCain’s campaign manager, Rick Davis, “served as president of an advocacy group led by Fannie Mae and Freddie Mac” that worked to cripple regulatory initiatives in Congress because the two institutions feared that “Congressional meddling would lower their healthy profits.” As the Politico reported in July: Davis headed the Homeownership Alliance, a lobbying association that included Fannie, Freddie, nonprofit groups, real estate agents, homebuilders and consumer advocates. … worked to oppose congressional efforts to tighten controls on Fannie and Freddie.

In July 2003 for example, Davis “wrote to the American Banker, taking issue with an opinion piece…arguing that Fannie and Freddie should operate with greater transparency.” Such transparency and greater regulatory controls might have averted the current crisis.

http://thinkprogress.org/2008/09/09/mccain-lobby-fannie-freddie/

[wryter2000]

8. Thanks

:hug: DU never lets me down.

[IndyOp]

6. And a bit more - less direct connection, but still...

Bush Administration Chooses McCain National Finance Chairman To Take Over Fannie Mae
http://thinkprogress.org/2008/09/08/mccain-herbert-allison/

The federal government has announced that it will be bailing out Fannie Mae and Freddie Mac, two government-sponsored enterprises that “own or guarantee almost half of the country’s $12 trillion in outstanding home mortgage debt,” making it potentially the “largest financial bailout” in U.S. history. As part of the deal, both the CEOs of Fannie and Freddie were fired.

The Bush administration has named a close ally of Sen. John McCain (R-AZ) to take over Fannie Mae. Herbert Allison has worked at Merrill Lynch and TIAA-CREF. However, he also served as McCain’s 2000 national finance chairman.

On Feb. 27, 2000, the Austin-American Statesman noted the close relationship between McCain and Allison, saying that they “regularly” talked: McCain is a one-man polling operation, each day soliciting the opinions of dozens of people who don’t even know they’re advising him. … McCain soaks up anecdotal advice and ideas from all walks of life. He talks regularly with publisher and analyst William Kristol; journalists Charles Krauthammer and R.W. Apple; high-tech executive Andy Grove; money man Herbert Allison; telecom executive Sol Trujillo; foreign policy luminaries such as Henry Kissinger, Jeane Kirkpatrick and Brent Scowcroft; and even people such as actor Warren Beatty (who suggested that McCain’s campaign accept no money at all).

On Jan. 24, 2000, Fortune reported that if McCain won the election, the “best bet” to become his Treasury Secretary was Allison. In 1999, Allison told Crain’s New York Business <12/20/99> that he had been “tremendously impressed by McCain,” who “has courage and high integrity, and he believes in campaign finance reform.”

[wryter2000]

9. Thanks

:applause:

McSame is up to his neck in it. I just needed the proof.