a facebook friend posted a link to this article. i read it, and was fairly surprised about what i was reading, but i was also skeptical. the article makes reference to a senate bill that “would have averted this mess,” 2005’s senate bill 190. i’m not really qualified to determine whether this statement is true or not, and indeed i don’t even have access to its contents. i do, however, find it hard to believe that one bill would have prevented everything. the article notes mccain is a sponsor on the bill, and that democrats, such as barack obama and hillary clinton blocked its passage.
hyberbole:
But the bill didn’t become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn’t even get the Senate to vote on the matter.
it’s my understanding that in 2005, republicans held the majority of the seats in the senate. while there may have been democratic opposition, there had to have been some republican opposition as well.
misleading fact:
Oh, and there is one little footnote to the story that’s worth keeping in mind while Democrats point fingers between now and Nov. 4: Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess.
as you can see, mccain became a co-sponsor on the bill almost a year after the banking committee suggested amendments or revision. i’m no expert on senate procedure, but that makes about as much sense to me as darth vader pouring river water from a brita pitcher into a vinegar bottle.
this bit surprised me though:
Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.
things seem to check out. but, from the fact check site, here’s an interesting take on the numbers:
Corporations cannot give to candidates, so the center’s list adds up contributions from Fannie and Freddie employees and their families. Obama has received a lot of money during his presidential campaign, though, and Fannie and Freddie don’t make his list of top 20 companies. (The top three companies with employees donating to Obama are Goldman Sachs, University of California, and Citigroup, according to the center.)
The New York Times looked at contributions from Fannie and Freddie’s boards of directors and lobbyists, who are technically not employees. That analysis found Fannie and Freddie-related contributors gave $116,000 to John McCain and his related committees, compared with $16,000 to Obama and his related committees.
this article doesn’t say anything about the amount in time over which these contributions took place. it could be possible that the cited $116,000 received by mccain occured over his entire career in the senate. but, in the interest of accuracy, wouldn’t we want to adjust the donations for the corresponding rate of inflation since the contribution?
the point of this is to say that campaign contributions alone may not be significant. in the argument that kevin hassett (the author of the bloomberg article) is trying to make, he would need to show correlation (before even beginning to suggest causation) between the contributions and swayed votes, which he does not, on this bill or otherwise. let it be known that this bill was never even scheduled for debate on the senate floor.
let’s learn a lesson here. there are tons of articles out there, and we can learn from them. i learned from this article (indirectly, after looking for proof of the claims made) that:
It’s true that Obama selected Jim Johnson, the chaiman and CEO of Fannie Mae from 1991 to 1998, to advise him on his vice presidential choice. (from the previous fact check article)
gasp! but, i also learned that:
But Johnson resigned the unpaid position on June 11, 2008, months before veep nominee Joe Biden was chosen, amid criticism of compensation and favorable mortgage terms Johnson received. (from the same article
)
(unpaid, but there still might be a conflict of interests, as the chairman may still receive financial benefits that are dependent on fannie mae’s well-being.)
does obama’s current stance on the fannie/freddie bailout fly in the face of his previous actions or statements? what about his policy on homeownership?
one site that is great for checking a candidate’s voting history is votesmart.org (via tomb). be careful during comparisons, however. candidates do reject bills for the reason of approving a better version coming through the pipeline.
so far i haven’t found anything contradictory. have you?