12 September 2008

Barack Obama: Stonewalling Important Change

Fannie and Freddy didn't get to where they are without a little help from enablers in Congress--especially in the Senate. And these enablers didn't go un-rewarded. Greg Mankiw outs the biggest recipients of donations from Fannie & Freddy. The biggest beneficiaries might surprise you. Or maybe not.
Top Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008

1. Dodd, Christopher J, D-CT
2. Kerry, John, D-MA
3. Obama, Barack, D-IL
4. Clinton, Hillary, D-NY

This is exactly the type of political corruption Obama rails against time and again. But when it came to actually doing something, he looked the other way in favor of campaign donations. This is the politics he learned in Chicago.

Senator Obama reaped the rewards of stonewalling reform that would have averted the bailout, will he now reap the political punishment? Obama's co-conspiracy to look the other way helped cause the housing crisis he now blames on President Bush.

Talk about lipstick on a pig; in Barack Obama, the old, corrupt politics are made new. Or, at least, given a fresh coat of paint.

(h/t RD @ Pendulum Politics)

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