Wednesday, September 24, 2008

When Will They File As A 527?

With so much investigative journalism to do surrounding why we are involved in this fiscal crisis, with so many Democrats up to their eyeballs in the subprime swamp, with the story of how Obama sat on the sidelines cashing Fannie checks while McCain co-sponsored legislation to stop this mess from happening, the NYT continues to ignore any of it in favor of running got'cha articles that might in some way slime John McCain. The latest from the NYT, an article claiming that McCain was not truthful when he responded to questions about his campaign advisor, Rick Davis's ties to a PR firm employed by Fannie Mae. The McCain camp response is stinging.

This from the NYT:

One of the giant mortgage companies at the heart of the credit crisis paid $15,000 a month from the end of 2005 through last month to a firm owned by Senator John McCain’s campaign manager, according to two people with direct knowledge of the arrangement.

The disclosure undercuts a remark by Mr. McCain on Sunday night that the campaign manager, Rick Davis, had had no involvement with the company for the last several years. . . .

Read the entire article.

And this from the McCain Camp:

Today the New York Times launched its latest attack on this campaign in its capacity as an Obama advocacy organization. Let us be clear about what this story alleges: The New York Times charges that McCain-Palin 2008 campaign manager Rick Davis was paid by Freddie Mac until last month, contrary to previous reporting, as well as statements by this campaign and by Mr. Davis himself.

In fact, the allegation is demonstrably false. As has been previously reported, Mr. Davis separated from his consulting firm, Davis Manafort, in 2006. As has been previously reported, Mr. Davis has seen no income from Davis Manafort since 2006. Zero. Mr. Davis has received no salary or compensation since 2006. Mr. Davis has received no profit or partner distributions from that firm on any basis -- weekly, bi-weekly, monthly, bi-monthly, quarterly, semi-annual or annual -- since 2006. Again, zero. Neither has Mr. Davis received any equity in the firm based on profits derived since his financial separation from Davis Manafort in 2006.

Further, and missing from the Times' reporting, Mr. Davis has never -- never -- been a lobbyist for either Fannie Mae or Freddie Mac. Mr. Davis has not served as a registered lobbyist since 2005.

Though these facts are a matter of public record, the New York Times, in what can only be explained as a willful disregard of the truth, failed to research this story or present any semblance of a fairminded treatment of the facts closely at hand. The paper did manage to report one interesting but irrelevant fact: Mr. Davis did participate in a roundtable discussion on the political scene with...Paul Begala.

Again, let us be clear: The New York Times -- in the absence of any supporting evidence -- has insinuated some kind of impropriety on the part of Senator McCain and Rick Davis. But entirely missing from the story is any significant mention of Senator McCain's long advocacy for, and co-sponsorship of legislation to enact, stricter oversight and regulation of both Fannie Mae and Freddie Mac -- dating back to 2006. Please see the attached floor statement on this issue by Senator McCain from 2006.

To the central point our campaign has made in the last 48 hours: The New York Times has never published a single investigative piece, factually correct or otherwise, examining the relationship between Obama campaign chief strategist David Axelrod, his consulting and lobbying clients, and Senator Obama. Likewise, the New York Times never published an investigative report, factually correct or otherwise, examining the relationship between Former Fannie Mae CEO Jim Johnson and Senator Obama, who appointed Johnson head of his VP search committee, until the writing was on the wall and Johnson was under fire following reports from actual news organizations that he had received preferential loans from predatory mortgage lender Countrywide.

Therefore this "report" from the New York Times must be evaluated in the context of its intent and purpose. It is a partisan attack falsely labeled as objective news. And its most serious allegations are based entirely on the claims of anonymous sources, a familiar yet regretful tactic for the paper.

We all understand that partisan attacks are part of the political process in this country. The debate that stems from these grand and sometimes unruly conversations is what makes this country so exceptional. Indeed, our nation has a long and proud tradition of news organizations that are ideological and partisan in nature, the Huffington Post and the New York Times being two such publications. We celebrate their contribution to the political fabric of America. But while the Huffington Post is utterly transparent, the New York Times obscures its true intentions -- to undermine the candidacy of John McCain and boost the candidacy of Barack Obama -- under the cloak of objective journalism.

The New York Times is trying to fill an ideological niche. It is a business decision, and one made under economic duress, as the New York Times is a failing business. But the paper's reporting on Senator McCain, his campaign, and his staff should be clearly understood by the American people for what it is: a partisan assault aimed at promoting that paper’s preferred candidate, Barack Obama. . . .

Read the entire retort. Protein Wisdom has exactly the right take on this. Via Instapundit - Media tries to will the US into the age of Obamalot. "A free society cannot run this way. If information is power, those who control the information and its mainstream dissemination are in a position to act as the most important swing vote in any election." I could not have said it better myself. Many links on this story at Memorandum.

Update: And Ben Smith at Politico needs to sign up for a 527 also. He quotes only the first paragraph of the McCain camp response and then says that the McCain camp is not denying the NYT story. Wow. Perhaps Mr. Smith needs to read paragraph two before putting pen to paper. If that is not a refutation of the substance of the NYT report, I am not sure what Mr. Smith requires before engaging in something approaching objective journalism.

Prior Posts (oldest to newest)–

McCain, The Fannie and Freddie Crisis, and Obamafuscation - Obama and the entire Democratic Party are trying to blame Republicans for the subprime crisis. But this crisis was created by Bill Clinton and protected against Republican efforts to reign it in over a decade – until it failed, nearly pulling out entire economic system into a depression.

A Washington Post Front Page Hack Job - The Washington Post does a hit job on McCain, grossly distorting his record on regulatory matters and ignoring his cosponsoring of legislation to establish much stronger regulation of Fannie Mae and Freddie Mac.

Dodging a Depression - The NYT and WSJ document just how serious is the subprime crisis. Quite literally it brought us to the point of a complete and catastrophic stoppage of our financial systems as institutions lost confidence in their fellow institutions. This was not a stock market crash, it was a lending and credit crash. The WSJ describes the events of the week leading up to the crisis point.

Obama & The "Family" Of Fannie Mae - Documenting Obama’s relationship to Fannie Mae.

The Origins – And Foreseeability – Of the Subprime Crisis - A 1999 article in the NYT describes the Clinton Administration forcing subprime loans onto America and also forecasts that this will create a house of cards that will fall apart in a down market.

Covering The Left’s Fannie - The NYT tries to play up old ties of a McCain campaign worker with Fannie Mae while minimizing the fact that McCain himself, in 2005, co-sponsored legislation that may well have prevented the fiscal crisis we are in now.

The Left’s Subprime Meltdown - A post by the Anchoress discusses this subprime crisis as a creation of the left and a system that was protected to the end by the left. She adds additional sites, quotes and links to explain the mosaic.

Fannie & Freddie, McCain & Obama, Subprime & Wall St. - The WSJ discusses both how the subprime loan market came about and how Democrats, including Obama, were both the cause of the problem and the roadblock to a solution that would have averted this catastrophe. Dafydd at Big Lizard's explains how Mortgage Backed Securities worked on Wall Street.

A Doddering Fool & Charlatan - Chris Dodd is up to his ears in the subprime crisis. With our economy teetering on an actual depression due to the Fannie/Freddie/subprime loan crisis, it was not merely surreal to watch Senator Chris Dodd chair an emergency hearing of the Senate Banking Committee to evaluate the Treasury's proposed rescue plan, it was obscene.

Finally – Oversight - The FBI has finally announced criminal investigations at Fannie and Freddie.


Belisarius said...

I am so sick of the Far Left and their pretensions to be the moderates. Just because they are sticking around only with other Leftists does not mean that the entire world is that way!

These Media Elites and their wannabes need to get out in the real world for a while and discover the real America. If they can't do that then they should admit that they have no idea about real life in the great land and move to a land they can appreciate. Like China.

Bunch of Leftist cultists. Morons.

KG said...

Perhaps North Korea, Belisarius?

Belisarius said...

I don't think the elites in North Korea get enough perks for the Elites here to feel at home.

Russia and China are the key States for them, but Venezuela and Cuba will work ok since they are getting stronger economically and the Elites are more Elite than ever.

Any other options?