Forget about Gustav, Hanna and even Ike. Don;t bother going to Brendan Loy's website. There's a Cat 5 hurricane about ready to make landfall with a huge potential impact on the Presidental race. As I warned people some weeks ago, http://www.thenextright.com/ironman/the-eye-of-the-mortgage-hurricane    the eye of the storm has passed and now we get it again.

http://news.yahoo.com/story//ap/20080906/ap_on_bi_ge/mortgage_giants_crisis

Government may soon back troubled mortgage giants

WASHINGTON – The government is expected to take over Fannie Mae and Freddie Mac as soon as this weekend in a monumental move designed to protect the mortgage market from the failure of the two companies, which together hold or guarantee half of the nation's mortgage debt, a person briefed on the matter said Friday night.

Some of the details of the intervention, which could cost taxpayers billions, were not yet available, but are expected to include the departure of Fannie Mae CEO Daniel Mudd and Freddie Mac CEO Richard Syron, according to the source, who asked not to be named because the plan was yet to be announced.

Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson and James Lockhart, the companies' chief regulator, met Friday afternoon with the top executives from the mortgage companies and informed them of the government's plan to put the troubled companies into a conservatorship.

http://news.yahoo.com/story//ap/20080906/ap_on_bi_ge/mortgage_giants_crisis

This is actually ahead of schedule. On August 20 I predicted these firms would seize up due to an inability to refinance debt at the end of the month. Evidently, they couldn;t wait to hold the liquidation sale.  http://thenextright.com/ironman/more-on-the-mortgage-hurricane

I also said on that date that i expected the Democrats to protect their friends, allies and slush funds at Fannie Mae and Freddie Mac when the taxpayer stepped in. Watch for the liberals to insist notwithstanding the newest raid on the Treasury that all the sacred cows be left alone. That's why I wrote.

In September , John McCain will have the ability to stand against this and make clear to the American people the age of corporate welfare is over. 

Neither he, our party or our taxpayers will be well served by letting this opportunity pass.

The McCain-Palin team must insist as a bare minimum that the hundreds of millions in the Dodd Countrywide Bailout bill earmarked for "community organizers" at ACORN and other radical activists groups must now be stripped out of the new Fan/Fred bailout. http://online.wsj.com/article/SB121547279817433919.html?mod=opinion_main_review_and_outlooks

The overpaid corporate executives who have bankrolled the Democrats controlling Congress must now be cashiered en masse. http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html

It's quite unfortunate that a majority of Senate Republicans backed the sorry, pathetic excuse for a bank bailout bill which imploded within weeks, much as Bill Clinton;s former Treasury Secretary predicted http://thenextright.com/ironman/clintons-treasury-secretary-thumbs-down-on-the-dodd-bank-bailout. When McCain derides the clueless careerists in the Senate, I've gotta say: Amen, brother  Thankfully, before the Dodd Countrywide Bailout bill passed. McCain made clear what his problems with it were. http://www.johnmccain.com/informing/news/OpEds/91a77859-eaa7-446c-ab4c-5568c7b52741.htm 

 More than two years ago, I said: "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose."

On this economic issue John McCain had the same presience of mind as he displayed in being the prime advocate of the Iraq troop surge. On the issue of Fannie Mae and Freddie Mac, John McCain was right. They were poised to fail but continued on their disasterous course. Unfortunately, while McCain prevailed on Iraq, his warning about the mortgage mess fell on deaf--and bought--ears. 

And who was wrong? People with a vested interest in the fiscal follies on Wall Street. Remember, one of the big winners in the Dodd Countrywide Bailout bll was Countrywide's new owner, Bank of America. http://www.examiner.com/a-1449448~Bank_of_America_PAC_money_behind_Dodd_s_Countrywide_loan.html

Bank of America now owns MBNA, Joe Biden's political sponsor in recent campaigns. http://thenextright.com/ironman/plastic-my-son-plastic-or-barack-obama-the-bidenmbna-family 

Barack Obama's VP search team leader James Johnson was a Fannie Mae executive   http://www.swamppolitics.com/news/politics/blog/2008/06/andrew_zajac_barack_obamas_tak.html

who was one of the "Friends of Angelo" at Countrywide. And Obama has received over $105,000 in donations from Fannie Mae and Freddie Mac.

Of course, we need to get back to someone who failed to make the Democratic vice presidential sweepstakes, Chris Dodd.  He of course, was the "bankers' candidate"  for President http://www.washingtonpost.com/wp-dyn/content/article/2007/02/15/AR2007021501555.html , being the single largest recipient of campaign funds from Fannie Mae of any U.S. Senator http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html

So, guess what, Chris Dodd tried to pretend that all was well with the mortgage giants, insisting     "that the firms known as Fannie Mae and Freddie Mac were “in sound situation” and “good shape,” and to suggest Fannie Mae and Freddie Mac were “in major trouble is not accurate.”
http://journalinquirer.com/articles/2008/07/16/connecticut/doc487b4ff58727c620830661.txt

Chris Dodd is supposedly chairman of the Senate Banking Committee. He spent most of 2007 campaigning in Iowa. And once he got his bailout bill passed, he chose to spend the last few weeks vacationing in Connemara, Ireland and going to the Obama coronation in Denver, ignoring the deepening economic crisis on his watch.

Well, in a few hours, as probably the locks are being changed at some of the world's leading financial institutions, Chris Dodd will show his face in public.

. 

The Connecticut State Democratic Party’s Presidential Kick-Off Rally will be held today at 11:00am at the Hamden Middle School in Hamden, CT. Directions are available at the above link (don’t be alarmed that the poster says that the rally is at the town green - the Middle School is the rain location, it is next to the green, and the same directions should be used).

Featured speakers include Senator Chris Dodd, Representatives DeLauro, Larson, Murphy, and Courtney, Congressional Candidate Jim Himes, and Constitutional officers and legislative leaders.

Yep, the man in Congress most responsible for the mortgage meltdown will preen and pronounce Mr. Acorn the solution to our economic woes. Gimme a break. 

I wonder if Dodd will disavow this little statement.

"At the end of my tenure on this committee, I want it to be said that the safety and soundness of our financial institutions was not weakened on my watch," Dodd said.