An Ugly Child of the New Deal

Fannie Mae is her name. FDR is her daddy and compassionate corruption is her mother. While we can certainly point to Republican beds of corruption, this is the Dems' week and they have their schemes of lies and deception as well.

This week, during their national convention, the DNC tells us about all of the housing woes of the our nation, how these problems are all Bush's fault, and how Senator Obama is the only one that can fix them. We the people will do well to remember that the most ominous threat to our economy was birthed of the same type of political philosophy. A philosophy that says, "big brother is here to save the average worker", has created one of the most corrupt schemes of obscene profit that pours our money into the hands of a few and hi-jacks our housing market and economy, all in the name of compassionate corruption.

Fannie Mae was birthed out of FDR's New Deal during the depression. Originally a part of the federal budget and a federal agency, Fannie Mae became partly private in 1968. While she was originally federally operated, funded, and backed, she now is run as a public-private corporation without the regulatory scrutiny of the SEC. She is still backed by the feds, but is not part of the federal budget. Her weight of debt is obscene. As of 2007, Fannie Mae and her little brother Freddie Mac own about $6 Trillion in mortgage debt. No wonder the feds wanted her off the books in 1968.

On December 6, 2006 federal regulators filed 101 civil charges against CEO Franklin Raines, CFO, J. Timothy Howard; and the former controller Leanne G. Spencer. The three were accused of manipulating Fannie Mae earnings to maximize their bonuses. On December 21, 2006 Frank Raines resigned. In the mean time over $50 million per year was given away to the charities of involved DNC/liberal politicians. Read Dick Morris' book Outrage for more details.

The DNC has painted the RNC as the bad guys all week long. The reality is that we all have our failings. Where is honesty and integrity in the convention speeches? Few people believe what comes from the mouths of politicians. The rhetoric that blames the other party over and over is getting really old. This sound byte non-sense drives people away from politics and civil involvement.

It is time for real reform at the federal level. We need to clean up our federal government folks. I propose that we begin gathering all of the organizations and PACs that support federal reform and develop a non-partisan agenda. Anybody in? We must get this kind of garbage under control!