Wednesday, November 12, 2008

Two Things...

ONE: While I'm not completely walking away from this blog -- post-eleection there will be a dramatically noticable lack of posting.

[VIMH: On to bigger and better things, huh?]
Eh, other and different things, mostly. When something strikes my fancy, I'll wander back. But I have no idea how often that will be.

[VIMH: And?]
And what?

[VIMH: Did you forget?]
Forget what?

[VIMH: You said there were two things.]
Oh, right.

TWO: I really, really don't like long good-byes.

So...

Friday, November 7, 2008

Election Postmortem II

Of course, we all know that the Obama campaign was built upon the theme of Hope and Change. The Audacity of Hope, the Change We Can Believe In.

Worked like catnip amongst Democratic primary voters.

But once out of the primaries, Hope and Change were put on notice.

Whether it was nominating Jim Johnson to head his VP selection committee that signaled his departure from Change (not to mention the assinine VP selection himself, the consumate unchanging Washington insider of consummate assininity), or the entire atmosphere at the Democratic National Convention in Denver that showed his abandonment of Hope, Obama made clear that his primary strategy of Hope and Change in the primaries would take a secondary role in the general election based on Politics as Usual.

But. Now Obama has won. Whatever we may have made of his strategy, it is his strategy that has prevailed.

But whatever happened to the Hope and Change from the early Obama campaign?

Buried.

Obama Buries Hope and Change

RIP, Hope and Change

Not that many Obama supporters mind, really. Being lied to in the name of electing Obama is a small price to pay, Hope and Change be damned.

Thanks to the incomparable Ann from the JustOneMinute comments community for the pic!

Wednesday, November 5, 2008

Election Postmortem

I don't think I've ever seen such a look of misery and dejection on the face of my daughter as I just did when Fox News called Ohio for Obama. She just couldn't understand why the voters would elect someone like Obama, when so many things are wrong in this country. "Don’t voters care about our country anymore?" she asked pitifully.

I sat down with her on the sofa and (as calmly as I could) tried to explain to her why the voters seem to be abandoning the principles on which our country was founded. "Honey, I am afraid that we have come to the point in our nation’s history when a majority of her people has become fat, lazy and stupid…exploited by the Democrats out to gain power and enrich themselves as the country rots from within.”

I tried to keep my voice steady, but it became increasingly difficult - the rage and feelings of helplessness were just too much. I think my daughter could tell something was wrong. I found myself at such a loss for words - nothing made any sense; nothing makes sense anymore. I finally had to admit, "Honey, I just don't know - I don't know what's going on in this country anymore..."

When I finished her lower lip started to tremble and her eyes began to fill with tears, "Daddy" she said, "why are the Democrats doing this to the country?" Well, that was it for me: I finally fell apart. She just fell into my arms and we both began sobbing for several minutes.

For once she had to comfort me and get me back on my feet. Sometimes I just think it's too much, but seeing the strength in my young daughter's voice helped me to get through.




TOO CUTE BY HALF (update 11/07): Well, perhaps CheChe isn’t as well known or widely remembered as I had thought. For those who may not remember, let’s point to some reminders of the mini-celebrity from 2006.

Back then CheChe was parodying the left’s reaction to political setback. But it wasn’t clear at first that it was the work of a parodist. Because it rang true. Because people on both the left and the right knew that such a reaction was in line with what one could expect from the blogospheric left.

I hope no one thought that I so completely fell to pieces that I was relying on my five year old daughter for strength because I couldn’t hold it together. That’s not me, and I hope no one believes that is a reaction that rings true of the larger blogospheric right. It certainly does not in the places I traverse.

My post, which may have been too oblique for its own good, is intended in the same spirit as Jim Treacher’s:

IF YOU'RE STILL FEELING DOWN IN THE DUMPS, CONSOLE YOURSELF WITH THIS:

You're not them.

(Thanks to Jim who reminded me that not everybody may remember CheChe)

We get defeated and it hurts. I didn't necessarily shed a tear, but I definitely got that "punch in the gut" feeling. But the pain doesn’t debilitate us, it motivates us. We do not rely upon the strength of children to help us keep it together, even if we do look to them for inspiration in our efforts, hoping to pass on to them a nation that is strong and prosperous and free.

We get up, get to work, and – since I committed a Biden in this post by seemingly attributing the words of another to myself, I will use him too in this point – we gird our loins for the inevitable battles that the results of this election ensure that we will face.

Our strength is not diminished even when our political power has been. Let’s get to work.

Tuesday, November 4, 2008

Election Day

Want to follow election results in North Carolina?

Here is the state board of elections results website.

Election returns won’t come out until after the polls close this evening. But we will hear about exit polls before that.

Don’t pay attention. Or if you do, cast a very suspicious eye toward them -- Trust Exit Polls at Your Peril.

And above all else, VOTE.

Yes, it is likely going to be a long night.



UPDATE (12:56 AM 11/05): We've held on as long as we could -- trying to wait until North Carolina is called. It's close. Obama was up early, at one point by 8 points, even before Mecklenberg, Wake and Durham counties were reporting. Then McCain came back and took the lead, no more than 1-2 points for a very long time. And just recently, Obama retook the lead, by a fraction of a point. 99% of precincts in -- but no one is calling the race. Razor thin.

AND: Congratulations to now President-elect Barack Obama. We don't like him. We don't support many of his positions. But we respect the fact that he won. We respect the office to which he has been elected. We will oppose him vigorously in the policies he says he will pursue. But when inaugurated, he will be the President. Our opposition will be respectful of the office, of the president -- and, we hope, respectable in the way we conduct it.

Sunday, November 2, 2008

Subprime Disaster's High-Value Targets: The Deck

Card twelve.

This is our final card. While Obama may not have the same high visibility direct links that others in the deck have, like Franklin Raines and James Johnson, Chris Dodd and Barney Frank, the breadth of Obama's presence in the varying aspects of the subprime meltdown is disasterously impressive.

Let's return to Stanley Kurtz's NY Post article for his ties to ACORN.

WHAT exactly does a "community organizer" do? Barack Obama's rise has left many Americans asking themselves that question. Here's a big part of the answer: Community organizers intimidate banks into making high-risk loans to customers with poor credit. ...

IN short, to understand the roots of the subprime-mort gage crisis, look to ACORN's Madeline Talbott. And to see how Talbott was able to work her mischief, look to Barack Obama.

Then you'll truly know what community organizers do.

We'll again admonish anyone who hasn't already read the meat of that article to do so.

For another close link between Obama and subprime lending, how about his national campaign finance chair, Penny Pritzker:

White House hopeful Barack Obama talks a lot on the campaign trail about how failing banks have used subprime loans to victimize customers.

"Part of the reason we got a current mortgage crisis has to do with the fact that people got suckered in to loans that they could not pay," he told a crowd in Reading, Pa., last week. "There were a lot of predatory loans that were given out, a lot of teaser rates. Banks and financial institutions making these loans were making money hand over fist."

One of the banks that went under after making a lot of subprime loans -- leaving 1,400 of its customers without part of their savings -- was Chicago's Superior Bank.

At the helm of Superior Bank at least some of the time was Obama's national finance chairwoman, Penny Pritzker, an heiress to the Pritzker fortune.

And if that's not enough, let's judge Obama on his judgement in selecting former CEO of Fannie Mae, James Johnson, to head his VP selection committee.

And finally, let's note that Fannie Mae and Freddie Mac, the epicenter of the subprime disaster, found in Barack Obama a politician worth spending lots of money on. Obama has received over $126,000 from Fannie and Freddie in his not quite four years in the US Senate. To put that into perspective, only Senator Chris Dodd has received more money from Fannie and Freddie than Obama among congressmen -- and the money Dodd has received has come over a period from 1989 to today.

Barack Obama and the subprime disaster? His fingerprints are everywhere.



PREVIOUSLY:
Card one: Ace of Clubs, Christopher Dodd
Card two: King of Clubs, Charles Schumer
Card three: Queen of Clubs, Jamie Gorelick
Card four: Jack of Clubs, Kent Conrad
Card five: Queen of Hearts, Madeline Talbott
Card six: Jack of Hearts, Gregory Meeks
Card seven: King of Hearts, James Johnson
Card eight: Queen of Diamonds, Maxine Waters
Card nine: King of Spades, Harry Reid
Card ten: Ace of Diamonds, Barney Frank
Card eleven: King of Diamonds, Franklin Raines

Saturday, November 1, 2008

Trust Exit Polls at Your Peril

Jim Geraghty posted this yesterday:

McCain Voters Less Likely To Respond To Exit Pollsters

Obviously, it's tough to measure the attitudes of those who refuse to talk to pollsters, but this question in Fox News' latest survey confirms a long-held suspicion [...]

Now, I'll tell you now - polls close first in Kentucky, Indiana, Georgia and Virginia at 7 p.m. eastern Tuesday . I find it extremely likely that Indiana and Virginia will be called for Obama immediately after the polls close by at least one network, based on these exit polls that have fewer pro-McCain respondents.

The ingredients are there for a rerun of 2004, when the exit polls indicated a Kerry victory and deviated signficantly from the actual results.

Most interesting. Let's put this in the context of a piece Rick Ballard wrote at American Thinker:

It is my belief that the story from Marion County will become the equivalent of the early call of Florida for Gore in the 2000 election. I expect to see early stories of "massive and unexpected turnout in Indianapolis" all day long with a very early call (like 6:01) of Marion County for Obama, followed by "if McCain is doing this poorly in Indiana, it's all over". The whole purpose of such a story will be to suppress Republican turnout in states where the polls are still open, particularly in Colorado, New Mexico and Nevada.

There is no question that this election is going to be tight. There is also no question that it will be the Republican Get Out The Vote effort which will make or break John McCain's chance of winning. There is no question that Obama, Axelrod and the media will be working hand in glove all day Tuesday to generate as much positive noise about the inevitability of an Obama win as possible. There is a solution to the problem: "Now get out there and vote, dammit"

Yes, Florida in 2000, and the election of 2004, let's just say there's a pattern. Speaking of 2004, when the first exit polls came out, we were subjected to reports that John Kerry was up big in key states. Liberals and Democats were ecstatic, Conservatives and Repulicans were despondent. Both swallowed what the poll data was selling. The Kerry campaign began its premature victory dance:

Kerry spokesman Mike McCurry said Friday that on election day, as Kerry was conducting four hours of local television interviews aimed at increasing last-minute turnout, McCurry and top aides John Sasso and Bob Schrum were receiving wildly positive reports from their state directors and encouraging exit polls on their Blackberrys.

McCurry said they didn't dare tell Kerry the good news, for fear he might stop the interviews, but Schrum could not contain his optimism the moment the candidate had finished.

"Let me be the first to call you Mr. President,'' Schrum said to Kerry.

(and proving that he does not learn from history, Shrum wanted to be the first to call Obama Mr. President, too)

Bob Shrum was not only the first person to call John Kerry "Mr. President", he was the last -- apart from those deluded or those making jokes at his expense.

But listen. We're in for it again on Tuesday. Mark my words. Gird your loins. Trying to sift through innacurate exit polls...it'll be like cleaning the Augean stables, man.

Rest assured, we will hear stories of Obama winning, and winning big, in exit polls. And as Mr. Ballard mentions, it will be used in a manner to help write the narrative that an Obama win is upon us, inevitable, imminent, that there is no need to vote, McCain supporters out west might as well stay home.

But raw exit poll data is seriously flawed for the reason that Geraghty points out. Let's take a look at the numbers. I went to the Fox survey so I could get the break downs for Very likely, Somewhat likely, Not very likely and Not likely at all categories for both candidates in terms of responding to exit pollsters.

Obama
Very likely = 46%
Somewhat likely = 31%
Not very likely = 9%
Not likely at all = 11%

McCain
Very likely = 35%
Somewhat likely = 29%
Not very likely = 16%
Not likely at all = 16%

Next, let's assign an assumed response rate to each category to represent the percentage of those who would actually participate in an exit poll...

Very likely = 87.5%
Somewhat likely = 62.5%
Not very likely = 37.5%
Not likely at all = 12.5%

NOW...applying the value for the percentage of Obama and McCain supporters who say they are in each category to the response rate of each category, you can estimate the number of voters who would actually participate in an exit poll.

Exit Polling: Who Responds

That is, if you asked 100 Obama voters to participate in an exit poll, you would get the following totals…

Obama
Very likely = 40.3
(out of 100 Obama voters polled, 46 of them would be in this category and 87.5% of them would agree to participate)
Somewhat likely = 19.4
Not very likely = 3.4
Not likely at all = 1.4
TOTAL = 64.4

Out of 100 actual Obama voters, 64.4 would agree to participate in the exit poll.

And if you asked 100 McCain voters…

McCain
Very likely = 30.6
Somewhat likely = 18.1
Not very likely = 6.0
Not likely at all = 2.0
TOTAL = 56.8

Out of 100 actual McCain voters, 56.8 would agree to participate in the exit poll.

Out of 200 actual voters asked, 121.2 would agree to participate in the exit poll.

NOW…let's say you were to ask 1,000,000 people to participate in an exit poll in an election where the vote was split exactly 50/50…

Exit Polling: 50-50 Scenario


Obama -- 53.1%

McCain -- 46.9 %

Obama would have a lead of 6.2% in the exit poll when the vote was actually 50/50.

Or if you reverse the process…and had the same situation -- but the election itself was McCain 53.1% and Obama 46.9%...the exit polls would show 50/50!!!

Exit Polling: 53-47 Scenario

Watch those exit poll numbers as they come out Tuesday evening. In the hands of competent and objective analysts, who account for the likelihood that Obama voters will participate more than McCain supporters, there can be some great information about who is winning.

In the hands of an Obamaphilic media eager to write the narrative that Obama is winning in order to suppress votes?

Be prepared to endure a great amount of disinformation.

And no matter anything else, let's return to Mr. Ballard's admonition:

"Now get out there and vote, dammit"





Friday, October 31, 2008

I Voted

And thanks to Obama's successful efforts to bring me to a complete distrust, disgust, distaste for him, I didn't even have to get drunk to proudly vote for McCain-Palin. And not only did I pull the lever touch the screen for McCain-Palin...


I Voted Today


...I found a down-ballot, uncontested race and wrote in Joe the Plumber.


Wednesday, October 29, 2008

Subprime Disaster's High-Value Targets: The Deck

Card ten.

Ace asked for it:

He's holding out on Frank because it's such a sweet card, but I think he should post it tonight.

OK, so here you go, our attempt to flatter Barney Frank because he's gay.

And sweet? Hey, Ace said it, not me.

Go see the Ace post for the rest of the details. Go to Hot Air for the Frank video.



PREVIOUSLY:
Card one: Ace of Clubs, Christopher Dodd
Card two: King of Clubs, Charles Schumer
Card three: Queen of Clubs, Jamie Gorelick
Card four: Jack of Clubs, Kent Conrad
Card five: Queen of Hearts, Madeline Talbott
Card six: Jack of Hearts, Gregory Meeks
Card seven: King of Hearts, James Johnson
Card eight: Queen of Diamonds, Maxine Waters
Card nine: King of Spades, Harry Reid

Subprime Disaster's High-Value Targets: The Deck

Card Nine.


Harry Reid, as usual, was a little slow out of the blocks in the execution of the Democrats' role in the subprime mess. So he decided to chip in late in the game with his effort to tank beleagured insurance stocks by predicting a big name was going to fail. Unlike Charles Schumer, he didn't name the name -- but he made sure to state that he knew the name, and that we all did too.

Together, of course, they are the Reid-Schumer Cabal.


PREVIOUSLY:
Card one: Ace of Clubs, Christopher Dodd
Card two: King of Clubs, Charles Schumer
Card three: Queen of Clubs, Jamie Gorelick
Card four: Jack of Clubs, Kent Conrad
Card five: Queen of Hearts, Madeline Talbott
Card six: Jack of Hearts, Gregory Meeks
Card seven: King of Hearts, James Johnson
Card eight: Queen of Diamonds, Maxine Waters


Tuesday, October 28, 2008

Goldman Sachs Loves Obama

[UPDATE 10/6/2011: Well whaddya know...an Instalanche! One interesting note - Sharyl Attkisson who filed the report for CBS quoted below from October of 2008 is the CBS reporter who recently came under fire from the Obama administration for her reporting on Fast and Furious in which officials at the White House and DOJ screamed and yelled at her (I unintentionally misspelled her name as Cheryl Atkisson at the time because I was transcribing the video, but have now fixed it). Let's just say that Attkisson has been doing good work for years against the tide of the media in general - I have seen some blogs and commenters suggest that a willingness to report something negative about Obama must be something new to her. It's not.]




And Obama loves them back.

Hot Air points us to a CBS report on Obama's fundraising. Ed Morrissey notes:

However, they did a good job in reporting the fact that Obama likes to rail about Wall Street greed but uses bundlers right out of Goldman Sachs. The disparity in fundraising between McCain and Obama with these well-connected Wall Street firms is eye-opening.

Indeed.

Let's go to the effort to do a little transcription work on that CBS video at Hot Air:

Sharyl Attkisson, CBS Correspondent: Like McCain, Obama's corporate donor list reads like a who's who of the Wall Street collapse, only some are giving more to Obama. Lots more.

Sheila Krumholz, Center for Responsive Politics: The Obama campaign has just vacuumed up the money in this cycle. Specifically from Goldman Sachs, Obama has received over $740,000 as compared to McCain's $220,000.

Attkisson: Not to mention that the former head of Goldman Sachs, Robert Rubin, is Obama's chief economic adviser, and two current executives are bundling for him. Bundlers are mega-fundraisers who critics say get special access.

Well. Here we are again. First we had Obama railing about McCain being in the pocket of Big Oil -- and then found out about Obama taking in more campaign donations from Exxon employees than McCain. So we made the logo.

You know where this is heading, right?

Of course you do. It's not a trick question.

Goldman Sachs Loves Obama

Obama has been a model of transparency.

He's transparently phony.

Subprime Disaster's High-Value Targets: The Deck

Card eight.


PREVIOUSLY:

Card one: Ace of Clubs, Christopher Dodd
Card two: King of Clubs, Charles Schumer

Card three: Queen of Clubs, Jamie Gorelick

Card four: Jack of Clubs, Kent Conrad

Card five: Queen of Hearts, Madeline Talbott

Card six: Jack of Hearts, Gregory Meeks

Card seven: King of Hearts, James Johnson



Monday, October 27, 2008

Dean Barnett

Bill Kristol at the Weekly Standard:

Dean Barnett, 1967-2008

It's my sad duty to report that our good friend and valued contributor Dean Barnett passed away today. He was a remarkable man--principled, witty, and to all of us, a model of grace and courage. We mourn his passing and cherish his memory.

--William Kristol

This world could use so many more Deans, yet now has lost its only one.

There really are no words here that will do. Only tears.

And then prayers for Dean's family.





Friday, October 24, 2008

Subprime Disaster's High-Value Targets: The Deck

Card six.




PREVIOUSLY:
Card one: Ace of Clubs, Christopher Dodd
Card two: King of Clubs, Charles Schumer
Card three: Queen of Clubs, Jamie Gorelick
Card four: Jack of Clubs, Kent Conrad
Card five: Queen of Hearts, Madeline Talbott

President Bush is a Community Organizer

And what’s the difference between Bush the Community Organizer and Obama the Community Organizer?

Results.

Bush inspires hope … AND … helps realize dreams:

I'm here today to recognize the sick that have been healed, the hungry that have been fed, the livelihoods that have improved, the hopes that have been inspired, and the dreams that have been realized because of President Bush's leadership.

-- Ellen Johnson-Sirleaf, President of Liberia

Obama inspires hope … THEN … heads off for the next big job:

Obama’s professional colleagues, people like Jerry Kellman, believe his lasting accomplishment was to build an organization, the Developing Communities Project, that survived his departure. ...

Has any of that brought about the change Obama spoke of back in 1985? Not in any large sense. But if Obama doesn’t have much to show for his years as an organizer, it’s fair to say that many of the people he touched revere him deeply. Remember what Loretta Augustine-Herron said: Obama had such a powerful presence that he made her believe he could do the job, even though there was little in his résumé to suggest he could. Does that sound familiar to anyone who has watched the Obama campaign? When hope is the product, Obama can sell it with the best of them.

When he left for law school, Obama wondered what he had accomplished as an organizer. He certainly had some achievements, but he did not — perhaps could not — concede that there might be something wrong with his approach to Chicago’s problems. Instead of questioning his own premises, he concluded that he simply needed more power to get the job done. So he made plans to run for political office. And in each successive office, he has concluded that he did not have enough power to get the job done, so now he is running for the most powerful office in the land.

And what if he gets it? He’ll be the biggest, strongest organizer in the world. He’ll dazzle the country with his message of hope and possibility. But we shouldn’t expect much to actually get done.

It is certainly politically fashionable to run against President Bush in this election. And certainly politically wise.

That’s a shame.

For while the Democratic nominee to be the next President has talked a big game about helping “the least of these” and being his “brother’s keeper”, he has loved the sound of his own voice and the trajectory of his own career more than the people he has been talking about. Contrariwise, the current President quietly went about the business of actually doing it.

Standing up for President Bush may not be popular these days – may not be fashionable.

But it’s the right thing to do.

Thursday, October 23, 2008

Subprime Disaster's High-Value Targets: The Deck

Card five.

Madeline Talbott may be the least known person in the deck. So let's get a fairly extensive quote from this Stanley Kurtz article in the NY Post, though you must read the whole thing:

WHAT exactly does a "community organizer" do? Barack Obama's rise has left many Americans asking themselves that question. Here's a big part of the answer: Community organizers intimidate banks into making high-risk loans to customers with poor credit.

In the name of fairness to minorities, community organizers occupy private offices, chant inside bank lobbies, and confront executives at their homes - and thereby force financial institutions to direct hundreds of millions of dollars in mortgages to low-credit customers.

In other words, community organizers help to undermine the US economy by pushing the banking system into a sinkhole of bad loans. And Obama has spent years training and funding the organizers who do it. ...

ONE key pioneer of ACORN's subprime-loan shakedown racket was Madeline Talbott - an activist with extensive ties to Barack Obama. She was also in on the ground floor of the disastrous turn in Fannie Mae's mortgage policies.

Long the director of Chicago ACORN, Talbott is a specialist in "direct action" - organizers' term for their militant tactics of intimidation and disruption. Perhaps her most famous stunt was leading a group of ACORN protesters breaking into a meeting of the Chicago City Council to push for a "living wage" law, shouting in defiance as she was arrested for mob action and disorderly conduct. But her real legacy may be her drive to push banks into making risky mortgage loans. ...

IT would be tough to find an "on the ground" community organizer more closely tied to the subprime-mortgage fiasco than Madeline Talbott. And no one has been more supportive of Madeline Talbott than Barack Obama. ...

IN short, to understand the roots of the subprime mortgage crisis, look to ACORN's Madeline Talbott. And to see how Talbott was able to work her mischief, look to Barack Obama.

Then you'll truly know what community organizers do.



PREVIOUSLY:

Card one: Ace of Clubs, Christopher Dodd
Card two: King of Clubs, Charles Schumer
Card three: Queen of Clubs, Jamie Gorelick
Card four: Jack of Clubs, Kent Conrad

Wednesday, October 22, 2008

Subprime Disaster's High-Value Targets: The Deck

Card four.

Countrywide was at the center of the subprime meltdown. And Senator Conrad was at the center of enabling them in that role.

Conde Nast ran an investigation of Countrywide "Friends of Angelo" loans, and of Senator Conrad (and Dodd) they concluded:

Perhaps countrywide’s most troubling V.I.P. loans went to Democratic Senators Dodd and Conrad. As chairman of the Senate Banking Committee, Dodd is at the forefront of efforts to remedy the housing crisis. In May, he introduced a foreclosure-rescue bill that would extend up to $300 billion in government-backed loans to struggling borrowers if lenders forgave a portion of their debt. Conrad chairs the taxation subcommittee of the Senate Finance Committee, which often considers proposals affecting Countrywide, such as tax credits for first-time or low-income homebuyers.

They also gave some of the details:

Senator Conrad borrowed $1.07 million in 2004 to refinance his vacation home with a balcony and large porch in Bethany Beach, Delaware, a block from the ocean. Mozilo instructed a subordinate to “take off 1 point,” or $10,700, according to a March 17, 2004, email.Later that year, Conrad refinanced an eight-unit apartment building that he and his brothers owned in Bismarck, North Dakota. According to the former employee, the loan violated Countrywide’s normal policy of providing loans for buildings of four units or fewer. In an April 23, 2004, email, Mozilo encouraged an employee to “make an exception due to the fact that the borrower is a senator.”

The Wall Street Journal article linked above makes it clear that Conrad personally asked Mozilo for the sweetheart deal over the phone:

Take Senator Kent Conrad, the North Dakota Democrat whose office issued a Friday statement saying that "I never met Angelo Mozilo." What he did not say then but admitted under later questioning by a Journal reporter is that, although he may not have had a face-to-face meeting with the Countrywide CEO, Mr. Conrad had called Mr. Mozilo and asked for a loan. The result was a discounted loan on his million-dollar beach house and a separate commercial loan of a type that residential lender Countrywide did not even offer to other customers, regardless of the rate.

Finally, as only he can, Ed Morrissey sums it up this way:

For those who wonder how Countrywide got away with its mismanagement and its bad lending practices to the point of collapse, all we can say is that they had Friends in high places — or in low places, depending on how you look at it. The most ethical Congress ever put the foxes in charge of the henhouse, and it’s the homeowners who will suffer the consequences.

Thanks, Senator.



PREVIOUSLY:

Card one: Ace of Clubs, Christopher Dodd
Card two: King of Clubs, Charles Schumer
Card three: Queen of Clubs, Jamie Gorelick







Tuesday, October 21, 2008

Subprime Disaster's High-Value Targets: The Deck

Card three.

(source for quotes one and two)

Jamie Gorelick is tied to the subprime meltdown because of her executive role at Fannie Mae, especially given her specific responsibilities. And beyond the personal enrichment that Gorelick enjoyed as a result, the presence of high powered Democratic appointees to Fannie Mae's board was used to help fend off efforts at oversight that could have earlier detected the problems at the company. Gorelick was one of many (and yes, we will get to them as well), but she was one of high visibility and stature.

ALSO: Gorelick's role at Fannie is certainly not the only source of her infamy. Jim Lindgren notes:

This is the same Jamie Gorelick who was Deputy Attorney General in the mid 1990s and was reported to have been the author of the Clinton Administration’s WALL against sharing intelligence data between foreign and domestic agencies. Without the policies instituted by Gorelick still in place in 2001, officials might have learned more about the 9/11 attacks before the planes hit the buildings.

PREVIOUSLY:

Card one: Ace of Clubs, Christopher Dodd

Card two: King of Clubs, Charles Schumer