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September 26, 2008

Obama , Champion Of The Slumlords

Topics: Political News and commentaries

Herb Denenberg's column at The Bulletin should help convince you that if you want the corrupt, dirty, Chicago political machine-style politics complete with all its cronyism transplanted to a national basis, you should vote for Sen. Barack Obama. He says that this piece offers but one sliver of how Sen. Obama's actions will translate into disaster totally contrary to his saccharin-sweet speeches. (Herb is a former Pennsylvania Insurance Commissioner, Pennsylvania Public Utility Commissioner, a professor at the Wharton School, a longtime Philadelphia journalist and consumer advocate, and a member of the Institute of Medicine of the National Academy of the Sciences. In other words, he's a knowledgeable, informed guy and not a nut with an ax to grind):

[...] ... When you ponder what candidate can best handle the economy, take into account how Sen. Obama betrayed the public trust and how he was a central figure in some of the worst economic management of recent times.

You won't read about this in the mainstream media, but Sen. Obama did to the taxpayers of Illinois exactly what shady mortgage lenders have done for the national economy. This is another of the many examples of Sen. Obama's rhetoric being exactly the opposite of his actions. He delivers oratorical lullabies of beauty, but his actions betray the old disastrous course of failed liberalism, radicalism, and socialism.

Sen. Obama blames the present national crisis on crony capitalism. But he omits two crucial facts:

1. He was at the middle of the crony capitalism that led to the p resent financial crisis while in the U.S. Senate, and while Sen. John McCain was calling for reform of the system, Sen. Obama was raking in contributions from the Fannie Mae/Freddie Mac family at the heart of the present mortgage scandal and was not lifting a finger when Sen. John McCain was calling for reform. He talks reform but practices the corrupt style of Chicago machine politics. There is where he learned the politics he now practices and which enabled him to climb the political ladder. Sen. Obama, and the rest of the Democrats in the Senate were silent, while a group of senators headed by Sen. McCain pressed for reform, and precisely predicted the disaster that is now upon us. I've told this part of the story in another column, but there's a second and equally important part.

2. That second part of the story involves Sen. Obama's leadership in doing to Illinois what is now taking place on a national scale with disastrous consequences.

This Illinois mortgage scandal is explored by David Freddoso, author of the book, The Case Against Barack Obama, in an article written for the National Review Online. Mr. Freddoso explains that Sen. Obama has compared our current mortgage scandal to the savings and loan scandal and bailout of the late 1980s. Mr. Freddoso writes that at the time of that scandal, "Too many S&Ls took advantage of the lax rules set by Washington to gamble that they could make big money in speculative real estate ... [T]hey made hundreds of billions in bad loans, knowing that if they lost money, the government would bail them out. And they were right. The gambles did not pay off, our economy went into recession, and the taxpayers ended up footing the bill."

Continue reading: Obama a champion of the slumlords.

Posted by Richard at September 26, 2008 12:36 PM

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