Posted on 09/17/2008 12:52:26 PM PDT by Laissez-faire capitalist
Lehman Brothers collapse is traced back to Fannie Mae and Freddie Mac, the two big mortgage banks that got a federal bailout a few weeks ago.
Freddie and Fannie used huge lobbying budgets and political contributions to keep regulators off their backs.
A group called the Center for Responsive Politics keeps track of which politicians get Fannie and Freddie political contributions. The top three U.S. Senators getting big Fannie and Freddie political bucks were Democrats and No. 2 is Barack Obama.
Now remember, he's only been in the Senate four years, but he's still managed to grab the No. 2 spot ahead of John Kerry - decades in the Senate - and Chris Dodd, who is chairman of the Senate Banking Committee.
Fannie and Freddie have been creations of the congressioanl Democrats and the Clinton White House, designed to make mortgages available to more people and, as it turns out, some people who couldn't afford them.
Fannie and Freddie have also been places for big Washington Democrats to go to work in the semi-private sector and pocket millions ...
(Excerpt) Read more at foxnews.com ...
THANK YOU!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.