Campaign on it at Obama's own risk... Obama is now trashing the baby AND the bathwater as he is tossing them both under the bus...
http://patterico.com/2008/09/15/obama-friendly-lehman-bros-to-file-chapter-11-bankruptcy/ >>> In the current Congress, 271 lawmakers have collected nearly $3 million >>> since 1989, with 72 percent going to Democrats. Democratic presidential >>> candidates and senators Hillary Clinton and Barack Obama top the list of >>> all-time recipients for the company, collecting $410,000 and $395,600 >>> respectively. Sen. Charles Schumer, D-N.Y., a member of both the Senate >>> Banking, Housing and Urban Affairs Committee and the Senate Finance >>> Committee, hauled in $181,450, while Sen. Chris Dodd, chair of the Senate >>> banking committee, has collected $165,800. Lehman associates gave only $117,500 to Sen. John McCain, even though he has been in Congress far longer than either Obama or Clinton β as the Obama campaign has been only too eager to remind us. http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html Please note that in trashing the sub-prime market IT ALSO INCREASED THE NUMBER OF HOMEOWNERS as pointed out by the NYT... That is a goal that Obama supported when he supported the means of sub-prime loans... http://www.nytimes.com/2007/03/29/business/29scene.html?ei=5090&en=9a15c212b118d691&ex=1332820800&partner=rssuserland&emc=rss&pagewanted=print >>> Of course, basing loans on future earnings expectations is riskier than >>> lending money to prime borrowers at 30-year fixed interest rates. That is >>> why interest rates are higher for subprime borrowers and for big mortgages >>> that require little money down. Sometimes the risks flop. Sometimes people >>> even have to sell their properties because they cannot make the numbers >>> work. The traditional causes of foreclosure, even before there was subprime lending, were job loss, divorce and major medical expenses. And the national foreclosure data seem to suggest that these issues remain paramount. The latest numbers show that foreclosures have been concentrated not in places where real estate bubbles have supposedly been popping, but rather in places whose economies have stagnated β the hurricane-torn communities on the Gulf of Mexico and the industrial Midwest states like Ohio, Michigan and Indiana, where the domestic auto industry has suffered. These do not automatically point to subprime lending as the leading cause of foreclosure problems. Also, the historical evidence suggests that cracking down on new mortgages may hit exactly the wrong people. As Professor Rosen explains, βThe main thing that innovations in the mortgage market have done over the past 30 years is to let in the excluded: the young, the discriminated against, the people without a lot of money in the bank to use for a down payment.β It has allowed them access to mortgages whereas lenders would have once just turned them away. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
