Economic Advisors For Barack H. Obama

Fannie Mae have long been run not by bankers but by retired political figures, predominantly Democrats. From 1991 to 1998, Fannie Mae was headed by James Johnson, a longtime aide to former Democratic vice president Walter Mondale. Johnson’s successor, Franklin Raines, had served as budget director to Bill Clinton. Jamie Gorelick, vice chair of Fannie Mae from 1998 to 2003, served as deputy attorney general in the Clinton administration.

These figures have paid themselves impressive private-sector salaries. Johnson earned $21-million in just his last year at Fannie Mae. Raines earned $90-million for five years’ work at Fannie Mae. Gorelick got $26-million.

Franklin Raines was Clinton’s former UMB Director, is a former CEO of Fannie May, who was forced to resign due to a $6.3 billion accounting debacle he oversaw in 2004, and James Johnson former Vice-Chair of Fannie Mae and Managing Director of Lehman Brothers.

Raines and Johnson are the current economic advisors for Barack Obama. Raines was in charge when most of these high risk, sub prime rate loans were being given away; the primary catalyst to Fannie Mae’s collapse. The people who oversaw the Country-Wide scandal were working for Obama as well.

In the mean Time Democrat Speaker Nancy Pelosi says that “the Democrats bear no responsibility for the current crisis”. Really Nancy? The public record overwhelmingly proves otherwise.