Monday, September 29, 2008

Mark Udall's Votes Abet Economic Crisis, Aided by Fannie Mae / Freddie Mac Money

When it comes to the current economic crisis, liberal Washington insider Mark Udall once again proves he is more a part of the problem than of the solution. In February 2005, then-Federal Reserve chairman Alan Greenspan warned Congress of letting the bloated institutions Fannie Mae and Freddie Mac to grow with low capital and high risk.

On October 26, 2005, Udall voted against amendments that would have added capital to the mortgage lending giants and authorized them to sell off or acquire assets or liabilities, "if an asset or liability is deemed to be a potential systemic risk to the housing market, the capital markets or the financial system."

Let's be honest here. There are Democrats and Republicans in Congress who screwed up by making these votes. Mark Udall is with them on the wrong side of history.

More interestingly, according to the Federal Election Commission, Mark Udall has taken $3,000 in campaign contributions from Fannie Mae and Freddie Mac. Now that's not nearly as much as Barack Obama has taken from the failed financial institutions.

And it's not as much as Udall has taken from tax cheat Charlie Rangel's PAC, from retired sweatshop owner Susie Tompkins-Buell, or from campaign finance violator Norman Hsu, and twice as much as Udall received from jailed lobbyist Jack Abramoff.

Just trying to put things in perspective.

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