The Key “Bailout” Question To Answer – Before We Go One Step Further

The question – simple – straight forward – not asked and not answered

Where is the language eliminating the NINJA and LIAR Loans that led to this mess?

Ask the Democrats, Obama in particular – Will you now join in a call to eliminate the NINJA and LIAR Loans that you embraced so closely?

How we got here:

Will you end your opposition to eliminating the loans and throwing out the Boston Federal Reserve Manual that allowed the use of these loans in the first place? 

Ask the Republicans the same question. 

THERE IS NO SENSE IN “BAILING OUT” A SYSTEM THAT WON’T FIX WHAT CAUSED IT TO BREAK IN THE FIRST PLACE. 

OOPS – Biden Slips, Suggests FDR Was President When Market Crashed

WASHINGTON — Vice presidential candidate Joe Biden says today’s leaders should take a lesson from the history books and follow fellow Democrat Franklin D. Roosevelt’s response to a financial crisis.

“When the stock market crashed, Franklin D. Roosevelt got on the television and didn’t just talk about the, you know, the princes of greed. He said, ‘Look, here’s what happened,”‘ Barack Obama’s running mate recently told the “CBS Evening News.”

Except, Republican Herbert Hoover was in office when the stock market crashed in October 1929. There also was no television at the time; TV wasn’t introduced to the public until a decade later, at the 1939 World’s Fair.

FDR was elected three years later when voters denied Hoover a second term. The Democratic challenger appealed to the “forgotten man” by promising a “new deal” to solve the Depression era.

Biden was commenting on the stock market crash when he said leaders should explain the current economic crisis and how to solve it to the public. 

“Part of what being a leader does is to instill confidence, is to demonstrate what he or she knows what they are talking about and to communicating to people … this is how we can fix this,” Biden said.

NOTHING NEW HERE – OBAMA & BIDEN – DON’T LET THE FACTS GET IN THE WAY OF YOUR STORY. I HAVE TO ADMIT – HIS GAFFES MAKE ME SMILE.

What Fannie Mae Did To America – Obama Did To Chicago

OBAMA’S HYPOCRISY ON THE FANNIE MAE CRISIS

National Review On Line

David Freddosso

Obama’s Real-Estate Bust

He did for Illinois taxpayers what shady mortgage lenders have done for the economy.

By David Freddoso

Last Week Sen.,  Barack Obama compared the Savings and Loan bailout of the late 1980s to the situation of the mortgage-securities markets today:

“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. Sound familiar?”

Indeed, it does sound familiar — it sounds a lot like what Barack Obama did to Illinois taxpayers as a state senator in Springfield. Using his elected office and his clout, Obama helped Tony Rezko and other unscrupulous low-income housing developers obtain millions of dollars in state grants, tax credits, low-interest loans, and regulatory advantages.

Taxpayers had no serious chance of recouping these “investments” in Rezko and other developers. And many beneficiaries went one step farther, depriving the public of even the benefits they could have gotten. These developers took government help to build low-income housing, and then let their buildings deteriorate into uninhabitable slums.

To date, the most complete account of this sad story is Binyamin Appelbaum’s piece in the Boston Globe. Not only does it demonstrate the monumental failure of the low-income-housing policy that Obama vocally championed as a state senator, it gives a detailed look at how some of Obama’s donors and friends — the beneficiaries of that policy — neglected their own housing developments at the expense of the inhabitants.

There is no indication that Obama approved (or even knew) of the massive and systemic neglect of these properties in his own state-senate district. But there is also no question that he was an enabler in these transactions. He cosponsored at least six bills to give special tax breaks, tax credits, building-and-maintenance subsidies, and zoning exemptions to the developers. In 1998, he wrote letters to state and city officials requesting $14 million for a project developed by Tony Rezko and another close Obama friend — the politician’s old law-firm boss, Allison Davis.

In his Globe piece, Appelbaum describes the low-income Grove Parc Plaza complex, which was developed by Davis:

Mice scamper through the halls. Battered mailboxes hang open. Sewage backs up into kitchen sinks. In 2006, federal inspectors graded the condition of the complex an 11 on a 100-point scale — a score so bad the buildings now face demolition.”

Sewage backups seem to be a common problem in Davis’s low-income slums — another of his buildings, Appelbaum reports, was cited in 2007 “after chronic plumbing failures resulted in raw sewage spilling into several apartments.”

Valerie Jarrett, Obama’s campaign adviser, is the chief executive of the company that managed that Grove Parc slum until just recently. Appelbaum writes that her company managed another housing complex until its condition became so poor that the federal government seized it in 2006.

Cecil Butler, another Obama donor, had his Lawndale Restoration complex confiscated by the government in 2006 “after city inspectors found more than 1,800 code violations.”

Appelbaum’s piece gives some sense of just how closely Obama was, and still is, tied to the slum-lord world. He’s taken contributions from its big players and pushed legislation favorable to them. His closest ally in that sphere has been Rezko, who raised $250,000 for Obama’s campaigns before being convicted on unrelated corruption charges earlier this year. 

Despite all this cheap and free taxpayer money, all of Rezko’s 30 buildings eventually ran into financial difficulties. As of 2007, 17 had gone into foreclosure. Six were boarded up and abandoned.

The City of Chicago sued Rezmar at least a dozen times for failing to heat its properties. During the winter of 1997, Rezmar claimed it lacked the funds to heat a 31-unit building in Englewood on the south side of Chicago — one of eleven Rezmar buildings in Obama’s state-senate district. Tenants there went without heat from late December 1996 through mid-February 1997. Despite his company’s financial hardship, Rezko signed a $1,000 check for the campaign fund of the newly elected state senator Barack Obama on January 14, 1997.

When Barack Obama talks about risky real-estate investments and failures of government oversight, remember how he put Illinois taxpayers on the hook for some of the worst real-estate investments of all — investments in his close friend and in other slum landlords who took the public’s money and betrayed their trust.

David Freddoso is a staff reporter for National Review Online and author of The Case Against Barack Obama. 

Hillary’s Eight Questions For Obama on Rezko – He Hasn’t Answered Them Yet

PRESS RELEASE

MEMO: Questions Sen. Obama Should Answer About Tony Rezko

To: Interested Parties
From: Clinton Campaign
Date: Monday, March 03, 2008
Regarding: Questions Sen. Obama Should Answer About Tony Rezko

The trial of indicted influence peddler Tony Rezko – longtime friend and political patron of Sen. Barack Obama — starts today . Sen. Obama’s name has already surfaced in pre-trial documents submitted by the prosecution and, according to media reports, is likely to surface again as the trial progresses. Democrats deserve the answers to these questions as they consider their votes:

1. Will Sen. Obama release all documents related to his relationship with Tony Rezko, including all documents related to his controversial land transaction?

Howard Wolfson asked top Obama strategist David Axelrod this question on ABC’s This Week and the campaign has yet to respond. [ABC’s This Week, 3/2/08]

2. When, specifically, did Sen. Obama become aware of Mr. Rezko’s legal problems?

On national television this January, Sen. Obama said “no one had an inkling” of Rezko’s legal troubles during the course of their relationship. Actually, it was already widely reported that Mr. Rezko was under investigation for participating in a kickback scheme prior to their controversial land transaction. [CBS, 1/23/08; Chicago Sun-Times, 9/16/05]

3. Sen. Obama has returned money from several individuals who are publicly associated with Mr. Rezko. How much money did Mr. Rezko bundle for Sen. Obama’s campaigns in total, including people who are not business associates of Mr. Rezko? How many fundraisers did Mr. Rezko hold for Sen. Obama? Has there been an internal investigation to determine how many straw donors Mr. Rezko used to funnel money to Sen. Obama?

The Obama campaign has returned money from people who are publicly associate with Mr. Rezko. But they have not revealed who much Mr. Rezko bundled for Sen. Obama in total. The Chicago Sun Times reported that the Obama campaign “declined to say” whether they maintained a list of the money that Mr. Rezko raised for Mr. Obama over the course of his career. [Chicago Sun Times, 1/23/08]

4. Much of the upcoming trial involves Mr. Rezko’s efforts to control state boards as a means to defraud the state government. Have Sen. Obama and Mr. Rezko ever communicated about potential appointments to Illinois boards and commissions? It’s been publicly reported that Sen. Obama lobbied these same state boards to secure contracts for campaign donors. Did Sen. Obama ever confer with Mr. Rezko concerning how to successfully lobby state boards?

The indictment alleges that Mr. Rezko manipulated state government boards to defraud the people of Illinois. At the same time, “Mr. Obama met with three state pension boards,” urging them to give contracts to specific firms. Later, employees of these companies “donated more than $300,000 to help Mr. Obama win his seat in the United States Senate in 2004 and set fund-raising records early in the 2008 presidential race.” [New York Times, 10/01/07]

5. The New York Times reported that Sen. Obama attended a business meeting on behalf of Mr. Rezko to impress potential investors for his business schemes. How many events did Sen. Obama attend on behalf of Mr. Rezko to impress investors? What was his role? Why did Sen. Obama agree to attend?

The New York Times reported in June that “Former Rezko associates said that Governor Blagojevich attended one of the dinners, and that at Mr. Rezko’s request, Mr. Obama dropped in at one for Middle Eastern bankers in early 2004, just as he was starting to pull ahead in the Senate primary. The visits, Mr. Rezko’s partners said, helped impress foreign guests.” [New York Times, 6/14/07]

6. How many times did Senator Obama visit Tony Rezko’s house? What was the purpose of these visits?

The Times of London reports that “The court is also expected to hear from John Thomas, an FBI mole, who reportedly witnessed Mr Obama and Mr Blagojevich making frequent visits to Mr Rezko.” [The Times, 3/3/08]

7. Did Sen. Obama intercede on behalf of Mr. Rezko in any governmental capacity?

The Chicago Sun Times reported that “As a state senator, Barack Obama wrote letters to city and state officials supporting his political patron Tony Rezko’s successful bid to get more than $14 million from taxpayers to build apartments for senior citizens.” They have not said whether there were any other actions that Obama took for the benefit of Rezko. [Chicago Sun Times, 6/13/07]

Obama & Rezko – Illegal Campaign Contributions & Shady Conduct

If you hear about shady loans and illegal activities today – you might think the story is about one of Obama’s Advisors who worked for Fannie Mae.

Not so in this instance – this post is about Obama and his dealings with a convicted felon Tony Rezko ………… OBAMA’S LONG ASSOCIATION WITH REZKO RAISES QUESTIONS ABOUT OBAMA’S CHARACTER …..

Obama’s name likely to come up at Rezko trial

 The name of Democratic presidential front-runner is likely to brush up against the impending federal corruption trial of Antoin “Tony” Rezko as the result of a judge’s ruling Monday.

U.S. District Court Judge Amy St. Eve told prosecutors they could introduce evidence to support allegations that Rezko used straw men to make political contributions on his behalf. (“Straw men” is the term used to describe illegal contributions through “front men”.)

Prosecutors have alleged that the money came from fees Rezko illegally siphoned from a state pension board.

In her ruling, St. Eve said the government contends that Rezko directed business associates Joseph Aramanda and Elie Maloof to make contributions to an unnamed political candidate in late 2003 and 2004 because Rezko had already contributed the maximum legal amount.

The only candidate Maloof and Aramanda contributed to during that time frame was Obama, then running for the U.S. Senate in Illinois. Maloof and Aramanda each gave $10,000 to Obama’s campaign.

Maloof of Vernon Hills had supported Obama in an earlier political campaign, and disclosure reports from that effort listed her as a vice president of operations for a Rezko pizzeria management firm. Aramanda is a Glenview businessman whose son received a coveted summer internship in Obama’s Capitol Hill office in 2005.

Rezko had been a longtime friend and financial supporter of Obama’s political career.

Obama’s campaign says it has given more than $150,000 in Rezko-linked contributions to charity, including the money from Aramanda and Maloof.

http://www.chicagotribune.com/news/chi-obama-rezko_both26feb26,0,5415448.story

One Month Later: The Story Changes & The Amount of Money Increases

Barack Obama acknowledges indicted businessman’s campaign funds

Saturday, March 15th 2008, 10:10 AM

Presidential candidate Barack Obama said Friday that he got more political money from indicted Chicago businessman Antoin “Tony” Rezko than he has previously acknowledged.

Rezko helped raise up to $250,000 for his various political races, Obama’s campaign said. The campaign had previously put the figure at $150,000 but now says that amount was only for his 2004 Senate race.

And in interviews with two Chicago newspapers, the Democrat again said it was a mistake to involve Rezko in his purchase of a new home — not just because Rezko was under federal investigation but because he was a contributor and political activist.

“He never once asked me for any favors, or ever did any favors for me,” the Illinois senator said in an interview with the Chicago Sun-Times. “He never gave me any gifts or gave me any indication he was setting me up to ask for any favors in the future.” 

OBAMA’S FAVORS FOR REZKO WILL BE COVERED IN A SUBSEQUENT POST ON THIS WEBSITE.

Rezko was convicted of charges which included mail fraud and attempted extortion. Federal prosecutors say he tried to use his connections to Illinois Gov. Rod Blagojevich to demand kickbacks from companies wanting to do business with state government.

Rezko advised Obama on buying a new Chicago home in 2005 and his wife bought a vacant lot next to the Obamas’ house. Rezko’s wife, Rita, later sold part of the lot to Obama so they would have a bigger side yard.

Obama said he got no price break on his new house because Rezko was buying the lot next door from the same sellers. And he said it was Rezko’s idea, not his, to buy the lot.

“He said, ‘Well, I might be interested in purchasing the lot.’ And my response was, ‘That would be fine,'” Obama said. “This is an area where I can see sort of a lapse in judgment, where I could have said ‘No, I’m not sure that’s a good idea.'”

http://www.nydailynews.com/news/politics/2008/03/15/2008-03-15_barack_obama_acknowledges_indicted_busin.html

A subsequent post on this WEB SITE will review this claim by Obama – Obama stated “it was a stretch” to buy the house and that “he could not afford the house and lot together”. Are we to believe that Resko came to Obama, out of the blue and said – gee I’d like to buy an empty lot – Barack, why don’t you buy the house next door.

Obama claims that he donated the illegal contributions to charity – however – Obama did not do this until after Obama and Resko got caught.

Even Salon Magazine, the Liberal, pro-Democrat publication had this to say:

“Obama’s dealings … show that, despite his high-minded politics, he was no purer — or no savvier — than Illinois’ biggest hacks in his weakness for a generous contributor. He wouldn’t even say no when Rezko cooked up a deal to help the newly elected senator buy a gracious Georgian-revival home. ”  Why would Obama associate with such a character – Salon also noted, ” Rezko, after all, built part of his fortune by exploiting the black community that Obama had served in the state Senate, and by milking government programs meant to benefit black-owned businesses. But Obama took Rezko’s money even after the businessman was sued by the city of Chicago for failing to heat his low-income apartments, and even after Rezko was caught using a black business partner to obtain a minority set-aside for a fast-food franchise at O’Hare Airport.” http://www.salon.com/news/feature/2008/02/01/rezko/

Thats right, Obama continued to take Resko money after Resko had been sued for being a slum lord. 

Rezko was also accused of swindling the late Jabir Muhammad, son of Elijah Muhammad, the founder of the “Nation of Islam”, out of his home, several investment properties and cash. Rezko had befriended Jabir Muhammad after he became ill. 

In 2005, a fast-food company that listed Muhammad as its president lost its minority business certification and closed its restaurants after city officials alleged that Rezko was using it as a front. Muhammad and the company’s other principals were disqualified from participating in the city’s affirmative action contracting program. http://cbs2chicago.com/topstories/Nation.of.Islam.2.337922.html

Through all of this  – Obama continued to accept Rezko cash.

VIDEO: MSNBC’s DECEITFUL EDITING; CARLY FIORINA COMMENTS CUT BY OBAMA STAFF FOR AD

FOX NEWS

Barack Obama’s campaign was “deceitful” when it clipped part of an interview in which Republican Victory 2008 Chairwoman Carly Fiorina said John McCain was not qualified to be the head of a corporation, Fiorina said Tuesday.

Earlier in the day, Fiorina, the former CEO of Hewlett-Packard, appeared on MSNBC, where she said none of the candidates is qualified to run a major corporation, but that should not prevent them from running the country.

“I don’t think John McCain could run a major corporation. I don’t think Barack Obama could run a major corporation. I don’t think Joe Biden could run a major corporation. But on the other hand a major corporation is not the same as being the president or vice president of the United States,” Fiorina said.

“It is a fallacy to suggest that the country is like a company. So of course to run a business you have to have a lifetime of experience in business, but that’s not what Sarah Palin, John McCain, Joe Biden or Barack Obama are doing,” she said.

But the Obama campaign, in an e-mail linking to a YouTube video of Fiorina’s statement that was clipped after the first sentence, berated McCain for not winning the trust of even his own supporters.

“When John McCain’s top economic adviser doesn’t think that he’s qualified to run a corporation — how on Earth can he run the largest economy in the world in the midst of a financial crisis?” Obama spokesman Bill Burton said in a statement accompanying the shortened clip.

“Apparently even the people who run his campaign agree that the economy is an issue that John McCain doesn’t understand as well as he should. Senator Obama has been ahead of the curve trying to prevent this crisis and he’s called for new rules of the road to make sure that it doesn’t happen again.”

Fiorina lashed back at the suggestion she doesn’t trust McCain and said Obama is the least qualified of any of the candidates to run the country.

“I think this is a pattern of the Obama campaign. What they did was deceitful. They literally cut words off,” Fiorina told FOX News.

“Secondly, they are sort of flooding the zone with nonsense. Look, different experiences prepare you for different jobs. Sarah Palin and John McCain are uniquely experienced to be the president and vice president of the United States. Barack Obama is the least qualified candidate running today in terms of his executive experience, in terms of his time in public office. So I think the Obama campaign would do very well to stop hurling the experience argument, because their candidate for president has less than any one else for office right now on these two tickets,” she said.

Click here to see the entire clip of Carly Fiorina.

Click here to see the clip released by the Obama camp.

IS THIS THE CHANGE HE EXPECTS US TO BELIEVE IN?

http://elections.foxnews.com/2008/09/16/fiorina-obama-camp-deceitful-in-clipping-my-quote/

VIDEO – John McCain “Tortured By His Captors” (A Parody of THE VIEW) The Tonight Show with Jay Leno

SEE THE VIDEO HERE

http://www.nbc.com/The_Tonight_Show_with_Jay_Leno/video/clips/monologue-915/661221/

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