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I Found Part of the Answer to My Question About Freddie Mac and Fannie Mae

By: Steve Johnson

9/19/2008 - 15 Comments

A few days ago, I ask the question “Who Passed the Laws Supporting Freddie Mac and Fannie Mae?” on this blog.

The reason I asked this question is because these organizations are at the center of the financial meltdown that we are now facing.  Nobody gave me the answer in the comments and I have not found a list of names yet, but I did find this YouTube video today.

Video: Fannie Mae CEO call Obama and the Dems the "Family" and "Conscience" of Fannie Mae

The video lists the top three beneficiaries of campaign contributions;

  • Sen. Christopher Dodd (D-CT) $165,400
  • Sen. Barack Obama (D-IL) $126,349
  • Sen. John Kerry (D-MA) $111,000

The video also lists some top advisors to the Clinton Administration.

This is astounding!  The supporting leadership in the Senate that benefited the most from these government sponsored organizations happens to be the most liberal politicians.  These leaders believe in collective socialism to plan the economy under the presumption that they would reduce poverty – by increasing homeownership. 

This is not to say that when I get a complete list of supporters of Freddie and Fannie that their will not be some Republicans in the list.

By now, I hope everyone can see that government intervention in planning the economy was a complete failure.   We need new leadership that believes in sound money practices and free market capitalism.  The practices of socialism have once again been proven to be faulty. 

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