UPDATE – New Video’s and details added in the post – Also more Washington Post chicanery HERE. Be sure to read the article below before you head for the update
Folks, this has just gone too far. It is amazing how bold a campaign can get with lies when it knows that most of the elite media will cover for it. I don’t like to use the word “lie”, but this has gone so far beyond expected campaign spin that no other word fits.
Read on for Details.
In this ad Obama says that lobbyists work for McCain’s campaign. I campaign this size will employ about 3000 people and in McCain’s case 7 of them are former lobbyists that Obama is criticizing. That is not unusual at all. There are plenty of former lobbyists who work for Barack Obama’s campaign. But what is less common is that there are active lobbyists and former executives of the failed Fannie Mae and Lehman Brothers that cost America billions and billions.
First let’s watch the ad.
Yesterday, John McCain actually said that if he’s president, he will take on, and I quote, ‘the old boy’s network’ in Washington. I’m not making this up. This is somebody who has been in Congress for 26 years, who put seven of the most powerful Washington lobbyists in charge of his campaign. And now he tells us that he’s the one who is going to take on the old boy’s network. The old boy’s network, in the McCain campaign, that’s called a staff meeting. Come on. – Senator Barack Obama
So why is this ad nonsense– bold hypocrisy because Obama’s campaign really has things to hide. Let’s begin with Franklin Raines and James Johnson.
Franklin Raines was Clinton’s former UMB Director, is a former CEO of Fannie May, was paid a total of $90 MILLION for his tenure at Fannie May, who was forced to resign due to a $6.3 billion accounting debacle he oversaw in 2004.
James Johnson, former Vice-Chair of Fannie Mae (paid $21 Million) and Managing Director of Lehman Brothers….. Raines and Johnson are the current economic advisers for Barack Obama. Raines was in charge when most of these high risk, sub prime rate loans were being given away; the primary catalyst to Fannie Mae’s collapse. Here is a New York Times article with some good info on Raines.
Click HERE for all the details of the money that was passed to Obama by these failed mortgage lenders. Obama was their favorite candidate. All of the evidence, press reports and government documents proving it are there to inspect. It’s influence peddling that needs to change.
UPDATE: What is hilarious is that the Obama Campaign is now saying that Raines never advised or worked for the campaign. The press has reported that these guys (Raines and Johnson) have been with Obama for months, it is well known. An Obama Campaign spokesman just said on The Fox Report with Shep Smith that these guys “don’t exist”. Is the elite media so in the tank that they won’t blast Obama for this obvious whopper?? We will see.
Hotair.com puts this latest Obama lie to bed and is laughing at the Obama Campaign’s denial:
Here are a few articles of interest about Raines from the Washington Post:
- March 2005: Perverse executive pay forced Raines out of his job.
- May 2006: Extensive fraud at Fannie Mae under Raines’ direction, generating over $50 million in bonuses for nonexistent growth.
- April 2008: Raines gives up $24 million in future payouts to avoid criminal charges in Fannie Mae fraud, although most of that was in worthless options; he pays $2 million in cash.
Note that Raines continued to advise Obama even after that settlement. It’s not as though Obama didn’t know Raines’ past. Apparently, he just didn’t care.
- 7/16/08: “In the four years since he stepped down as Fannie Mae’s chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case’s D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.”
- 8/28/08: “In the current crisis, their biggest backers have been Democrats such as Senate Banking Committee Chairman Christopher J. Dodd (Conn.) and House Financial Services Committee Chairman Barney Frank (Mass.). Two members of Mr. Obama’s political circle, James A. Johnson and Franklin D. Raines, are former chief executives of Fannie Mae.“
Team Obama never objected to this reporting before tonight. Jim Johnson will almost certainly get the next starring role in a McCain ad, and what will Obama have to say about the man he originally tapped to pick his running mate?
***End of Update – Back to Original Post***
USA Today had a little fun pointing out the Obama Campaigns hiring of ACTIVE lobbyists such as William Oldaker. oldaker is the treasurer of 23 PACS.
Today to respond McCain had this to say:
Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae’s CEO who helped create this disaster in charge of finding his Vice President. Fannie’s former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn’t lift a hand to avert this crisis. While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That’s not change, that’s what’s broken in Washington.
McCain is spot on and the proof is HERE. Hotair has posted the complete text of McCain’s comments HERE.
Obama says that this is what happens when there is no regulation. Pelosi said the same thing today. They are lying big time. Fannie Mae and Freddie Mac are among the most regulated and monitored of any enterprise in America. Fannie Mae has 236 federal monitors alone. The Securities Exchange Commission watches the banking industry very closely. The problem is that the regulated are giving huge sums of money to members of Congress that run committee’s that do the regulating.The OFHEO, which regulates and monitors Fannie and Freddie, reports to the banking committee’s in Congress.
Today the Press Secretary for President Bush said in response to Obama and Pelosi, “What specific regulation that they wanted did we block? Which regulation did we eliminate?”
Heritage Foundation says that the “no regulation charge is a myth and backs it up HERE.
Bloomberg: Congress may adjourn and punt the issue. Senate Democrat Leader harry Reid says “No one knows what to do”.
This is an influence peddling scandal. Congress and partisans put pressure on the regulators and monitors to back off till it all blew up. McCain has said this but he needs to POUND it. To hell with the fancy commercials with perfect radio voice guy, this is exactly the kind of thing Sarah Palin brought down as Governor. Let her loose and start naming names.
This is a huge opportunity for McCain. He predicted this would happen in 2005 and co-sponsored a Bill to fix it. Democrats blocked it. McCain and Palin need to pull the Maverick card and go after Barney Frank, Obama, Chris Dodd, Chuck Schumer, and Bush’s SEC Chairman and former member of Congress Chris Cox as they are the ones primarily responsible for dropping the ball and they are the ones who used their influence to keep the needed reforms from happening and they are the ones who took the money to lean on regulators to look the other way. While most of the influence peddling was done with Democrats, there are some Republicans involved so McCain should go after and “run against” all of them….and once again let Palin loose on this. Have her go on Brit Hume and Gretta as a talking head just to talk about this issue.
UPDATE– McCain calls for the ouster of SEC Charman Chris Cox – a good start. Link below:
UPDATE II– McCain’s Raines Ad –
And now the Johnson Ad –
McCain Proposes Bi-Partisan Commission to Overhaul Banking Regulations. Democrats Say No and Threaten to take Take Congress Out of Session To Keep It From Happening – Obama Mocks the Very Idea of Commissions……but
Hotair.com has a great post on this:
Yesterday, Barack Obama dismissed a suggestion from John McCain to form a bipartisan commission on the credit-sector meltdown. He scoffed at the idea, calling it Washington-speak for “We’ll get back to ya.” Fox News took a look at Obama’s own record on commissions and pointed out that Obama has publicly called for several such panels, including one for American war crimes in Iraq and a monitor for “bipartisanship” in Washington.
As Fox points out and as Francis Beckwith documents, Obama has called for exactly the same kind of panels for:
So let’s get this straight. Obama called for a bipartisan commission on Wall Street oversight five months ago. John McCain now agrees with that suggestion. After McCain agrees, Obama says it’s nothing more than a political dodge? That’s far worse than John Kerry’s famous flip-flop on the $87 billion in war funding in 2004; it’s an admission that Obama was never serious in the first place.
Thanks for the clarification, Senator Obama. We’ll get back to ya.
Hotair isn’t a fan of these commissions and neither am I. By their nature they do things by consensus and right now we need leadership to stop the corruption and influence peddling. Getting this done will be a brawl as it would take hundreds and hundreds of millions out of the hands of politicians.
What this does show is that Obama is up to his old tricks again and that McCain has expressed a willingness to work with both sides.
UPDATE: Congressional leaders and members of the administration are having a meeting – no other news available.
Obama Uses Rush Limbaugh “Quotes” To Raise Racial Fears Among Hispanics in Spanish Language Ads. The Problem Is that Obama Lifted Words From Limbaugh Recordings That Had Nothing To Do With What Obama Claimed. ABC, Fact-Check etc Pile On – It Was an Editing Chop Job.
This is so grossly dishonest it really speaks volumes to what the Obama Campaign is really all about.
The first, “stupid and unqualified,” was from the NAFTA debate of the mid-90s, he recalled. Limbaugh, a NAFTA proponent, said in the fall of 1993 he got a call from a listener who was upset at the potential loss of American jobs. Explaining his comments, Limbaugh writes: “I was referring to jobs in MEXICO. I was not discussing immigrants, illegal or otherwise.”
On “shut your mouth,” Limbaugh produced an April 2006 transcript from what he described as a parody of Mexican immigration laws.
The talk show host read a list of stringent rules, adding “shut your mouth and get out,” before revealing to listeners that the guidelines were those set by the Mexican government for immigrants.
Politico/Limbaugh are correct. Mexican immigration laws are super strict. Legal immigrants may not protest and may not speak out on political issues, so “shut up” is accurate. Illegal immigration in Mexico is not tolerated and some are even shot.
Here is Limbaugh’s full statement in context:
Rush Limbaugh, April 6, 2006:
Everybody’s making immigration proposals these days. Let me add mine to the mix. Call it The Limbaugh Laws:
First: If you immigrate to our country, you have to speak the native language. You have to be a professional or an investor; no unskilled workers allowed. Also, there will be no special bilingual programs in the schools with the Limbaugh Laws. No special ballots for elections. No government business will be conducted in your language. Foreigners will not have the right to vote — or hold political office.
If you’re in our country, you cannot be a burden to taxpayers. You are not entitled to welfare, food stamps, or other government goodies. You can come if you invest here: an amount equal to 40,000 times the daily minimum wage. If not, stay home. But if you want to buy land, it’ll be restricted. No waterfront, for instance. As a foreigner, you must relinquish individual rights to the property.
And another thing. You don’t have the right to protest. You’re allowed no demonstrations, no foreign flag waving, no political organizing, no bad-mouthing our President or his policies. You’re a foreigner: shut your mouth or get out! And if you come here illegally, you’re going to jail.
You think the Limbaugh Laws are harsh? Well, every one of the laws I just mentioned are actual laws of Mexico today! That’s how the Mexican government handles immigrants to their country. Yet Mexicans come here illegally and protest in our streets!
How do you say “double standard” in Spanish? How about: “No mas!”
ABC News Jake Tapper:
There are some real factual problems with this ad, which is titled “Dos Caras,” or two faces.
First of all, tying Sen. McCain – especially on the issue of immigration reform – to Limbaugh is unfair.
Limbaugh opposed McCain on that issue. Vociferously. And in a larger sense, it’s unfair to link McCain to Limbaugh on a host of issues since Limbaugh, as any even occasional listener of his knows, doesn’t particularly care for McCain.
Second, the quotes of Limbaugh’s are out of context.
The second quote is totally unfair. In 2006, Limbaugh was mocking Mexican law…
Obama Campaign Lies About McCain Quote In Social Security Campaign Ad.
Here is an Ad from Obama and the Democratic Party. At 1:24 into the Ad it says,” John McCain has even said that Social Security is a disgrace”.
“What McCain, in fact, did say was the way that we have neglected Social Security and failed to address its problems a disgrace, a different matter entirely.”