After hearing many accusations of Republicans being in bed with Wall Street, it does not surprise to learn that Democrats are benefiting handsomely from crony capitalism. This blog documents how the Democrats empowered Freddie and Fannie and fought off Republican efforts to reform them.
Fannie and Freddie returned the favor, donating heavily to the campaigns of Democratic members of Congress. The linked article from Investor's Business Daily observes:
No real market grows that fast for that long without being fixed. And that's just what Fannie and Freddie were — fixed. They became a government-run, privately owned home finance monopoly. Fannie and Freddie became huge contributors to Congress, spending millions to influence votes. As we've noted here before, the bulk of the money went to Democrats.
Hmmm, now who were they showering with their donations?
Over the span of his career, Obama ranks No. 2 in campaign donations from Fannie and Freddie, taking over $125,000.
If you see a Viner accuse the Republican Party of getting us into the jam we're in today, post a reply with a link to this seed.