Paul C. McKain for Congress (Florida, District 2)

The extent of the corruption of our President and his Congress is unprecedented, and will likely not be known for many years after he has been removed from office. Undoubtedly, it will be even longer until the full impact of his failed economic schemes have been felt by the people of this country.

Freddie Mac and Fannie Mae are classic examples of how the President plays ball with his cronies yet has a total disregard for the American people.

The President, before he was elected to office, was an implemental part of the housing crisis. He was one of the attorneys that brought suit against his state, Illinois, to force banks to make unsecured loans, with the knowledge that these loans would not be paid back.  Although he may play stupid, (after all he got away with sitting in Reverend Wright’s church for 20 years and didn’t know that he was a bigoted racist), if he had the slightest idea of basic economics, he would have seen the blunder of his actions.  I understand that that would not have been a great publicity moment though.

On Christmas Eve, when the majority of the nation was conveniently distracted in celebrating the holiday, the President announced that he was lifting the cap of how much taxpayer money could be given to Freddie Mac and Fannie Mae without going back to Congress for approval.  Remember it is YOUR money, not his.  I do remember hearing something about this in the news. What I didn’t hear was at the same time this was going on, the approval of $42 million dollars in bonuses to 12 top executives at the failed mortgage companies was approved.  Remember, your money going to those who did a terrible job.

Barney Frank wrote a letter in March of 2009 stating that any businesses taking public funds should not be allowed to award lavish bonuses. Less than nine months later, in December of 2009, 70 members of Congress signed a letter denouncing these same bonuses.  But none who signed were Democrats.  Even Barney Frank, who had drafted his own letter denouncing the practice, refused to sign. This was not legislation being signed, but a letter - why not stand with the Republicans on this issue?

Finally, while on the subject of hypocricy, the President proposed a tax this month on financial institutions to recoup money lost in the TARP bailout.  Won't the American people be the end payer of these taxes, through increased bank fees and more?  The ironic thing is that government-owned entities like Freddie Mac, Fannie Mae, G.M. and Chrysler will all be exempt from these taxes.

The tax will be imposed on mainly private banks, many of whom already paid back their borrowed money.  Some institutions will have the tax forced upon them, though didn’t even take TARP money.

Even if you are a a die-hard fan of Obama or the Democratic Congress, you cannot justify these types of business practices.  The President knows nothing of consistency, or fair play.  He shows time and time again he knows only rewarding those who help further his causes and positions with our money.