Monday, September 29, 2008

Obama, the Pritzkers and the Subprime Meltdown

In a stunning column titled "Obama in the Tank for Pritzker," writer Edward Sisson examines the dangerous relationship between Penny Pritzker and Barack Obama. The Pritzkers, as many of you know, are one of the wealthiest families of multiple billionaires in the nation. Chicago is their home. The Bench noted Penny Pritzker's involvement with Obama and the subprime loan catastrophe way back on April 9, 2008 in a post titled "Obama's Finance Chair Part of Subprime Debacle," which linked to a UPI story that noted, "Penny Pritzker, national finance chairwoman for Obama, was chairwoman of a Chicago-area bank's board when it began a subprime loan approach in 1993 that many say caused its 2001 collapse." Sisson's column in The American Spectator on Sept. 26 revisits the relationship between the Pritzkers, Obama and the subprime debacle that has heavily contributed to the current financial crisis in the US. Sisson asks an important question: So which man do we want to be talking to us about banking in January 2009? Obviously, we want someone who understands why banks fail, because he'll be able to keep our banks safe. True, of course. Sisson then throws a few punches. Which makes it all the more significant that Barack Obama has posted on his campaign website a naive and ignorant defense* of his campaign finance chair, Penny Pritzker, concerning her key leadership involvement in the largest bank failure in the 18 years between the last great banking crisis (the 1980s S&L debacle) and today's even-more-massive banking crisis. The excuses, misdirections, and spin Senator Obama offers in defense of this billionaire failed bank executive are Pritzker spin from start to finish, and expose Obama's profound inability to understand why banks fail and how to keep banks safe. Remember, too, that Obama has received enormous amounts of campaign donations from Fannie Mae. His top advisors oversaw mismanagement and fraud at Fannie Mae and Freddie Mac. (See: Obama: Fannie Mae's Candidate) Seldom has the special access of the wealthy into the inner deliberations of a Presidential candidate been more clearly exposed by the candidate himself. Just as the press is "in the tank" for Obama, Obama is in the tank for Pritzker. And a man in the tank for Pritzker cannot keep our banks safe. Barack Obama, the man "in the tank" for the Pritzkers - and other wealthy elitists - wants to be your president. Time to educate yourselves and stop swooning over empty slogans. Remember: "Change" is not always good. RELATED: September Surprise: Fannie Mae & Barack Obama The Real Culprits In This Meltdown Biden and Dodd play hooky while DC burns The Democrats, Obama, and the Fannie Mae scandal Morning Bell: The Left’s Crony Capitalism Exposed $30000 Per Year for Sen. Obama from Fannie and Freddie Obama tapped Fannie Mae CEO Jim Johnson YouTube - Fannie Mae, Jamie Gorelick and The 911 Comission Who’s The Real Reformer Now? Obama's mortgage money machine