Freddie Mac paid GOP consulting firm $2M to kill legislation

Interesting, that the current mess we find ourselves in we can trace back directly to McCain and his Republican cronies.

Freddie Mac Paid GOP Consulting Firm $2M To Kill Legislation

Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse.

In the cross hairs of the campaign carried out by DCI of Washington were Republican senators and a regulatory overhaul bill sponsored by Sen. Chuck Hagel, R-Neb. DCI’s chief executive is Doug Goodyear, whom John McCain’s campaign later hired to manage the GOP convention in September.

The dictionary defines regulation as:

the act of controlling or directing according to rule; “fiscal regulations are in the hands of politicians”

Basically regulations are rules. What would society be like without rules? Anarchy! Plain and simple. Every time the govt takes away the rules by which industry must play by, the govt ends up bailing out that industry.

Perhaps rules are not a bad thing.

In recent days, McCain has said Freddie Mac and Fannie Mae were “one of the real catalysts, really the match that lit this fire” of the global credit crisis. McCain has accused Democratic presidential candidate Barack Obama of taking advice from former executives of Fannie Mae and Freddie Mac, and failing to see that the companies were heading for a meltdown.

McCain’s campaign manager, Rick Davis, or his lobbying firm has taken more than $2 million from Fannie Mae and Freddie Mac dating back to 2000. In December 2007, Freddie Mac contributed $250,000 to last month’s GOP convention.

In usual McCain fashion, he takes the cash but not the blame.

Rosario Marin, a staunch McCain supporter who spoke at the GOP convention in September, was among the people DCI used in carrying out the campaign.

McCain is such a hypocrite.

The Republican senators targeted by DCI began hearing from prominent constituents and financial contributors, all urging the defeat of Hagel’s bill because it might harm the housing boom. The effort generated newspaper articles and radio and TV appearances by participants who spoke out against the measure.

Making money obviously outtrumps doing the right thing!

“What I’m asking is that DCI get a few of their key well-connected constituents from each state to call in to the DC office of their Republican senators and speak to the (legislative director) or (chief of staff) and urge them not to sign the letter.

It’s time for new management! Regulations and rules are not always a bad thing except when you are raping and pillaging the general masses.