W Ketchup Company Demands Obama Return Fannie Mae Contributions The IUSB Vision Weblog
Bill Zachary, Chairman of W Ketchup, commented: “It should not be any wonder that a housing bubble occurred as Congress forced banks to make risky loans and Greenspan lowered interest rates to 1.25%. Politicians have blamed Wall Street greed for this financial crisis, but on Wall Street greed is balanced by fear, and the market soon erases excesses. For Washington politicians, greed has no restraint since Congress can confiscate money from taxpayers at will.”
President Bush twice tried to restrict the dangerous lending banks were required to make under the Act, and in 2005 Senator John McCain proposed reform legislation. Democrats blocked the reform efforts. The New York Times defended the Act saying: “Since its inception, the law has prompted banks to channel more than $1 trillion into [low income areas] — without requiring a single dollar of Congressional spending.” Last Friday Congress passed a $700 billion rescue measure to bail out financial markets hurt by the housing mess.
Dan Oliver, CEO of W Ketchup, reacted: “Modern socialists believe government need not own the commanding heights of enterprise, but instead should direct them through tax incentives and regulatory requirements. This is the ‘Third Way’ championed by President Clinton and the UK’s Tony Blair. But socialism in any form produces the same results: poverty and misery. Leftists like Big Tuna Pelosi blame the current financial panic on free markets. In reality, while markets are not perfect and there exist individual cases of predatory fraud, market distortions perpetrated by liberals created the magnitude of this crisis.”
In the 1990’s Presidential candidate Barack Obama worked for a Chicago law firm that sued banks for not issuing enough subprime loans to low income applicants. Obama also worked and raised money for ACORN, a radical, left-wing community group that coerced banks to make risky loans by intimidating the families of bankers at their homes. The Senate Banking Committee has estimated that $9.5 billion in “commissions” have gone to groups like ACORN under the Community Reinvestment Act. Since he began his run for Congress, Barack Obama has received $126,349 in campaign contributions from Fannie Mae and Freddie Mac, becoming the second highest recipient of any Congressman in three short years.
Obama’s closest advisors include Jim Johnson, former Fannie Mae CEO who misreported his $21 million bonus as $6 million, and Franklin Raines, another former CEO of Fannie Mae who faced civil charges for overstating the company’s earnings in order to receive $52 million in bonus, in addition to his $38 million in pay.