The Pinnacle Weblog

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I write today about power and its abuse.  This is an old story that is merely repackaged, like the practice of “re-gifting”. Americans are receiving an  Enron-like gift wrapped in a government package. The names of Fannie Mae and Freddy Mac will assume their place in the hall of shame along with WorldCom, Tyco, and Enron.  The responsible party, the captain of the ship, will pay the same price as justice plays out as did Michael Milken, Ken Lay, and all of the other embezellers and thieves who led these corrupt entities.

Let’s remember what Bobby Kennedy said,
“The problem of power is how to achieve its responsible use rather than its irresponsible and indulgent use – of how to get men of power to live for the public rather than off the public.” (from ‘I Remember, I Believe,’ The Pursuit of Justice, 1964)

The captain of the currently sinking ship was Franklin Raines. Frank Raines is, yes it’s true, economic advisor to Barack Obama.  In August 2008, I addressed Mr. Obama’s lack of understanding of the law of unintended consequences, (http://acme111.wordpress.com/2008/08/20/wellthere-you-go-again-or-the-law-of-unintended-consequences/) which liberals do not understand.  Government interfering in economic markets, creating and subsidizing lending institutions, institutions which lowered or eliminated standard lending practices, loaned billions to otherwise non-credit worthy customers.  We are now realizing the unintended consequences of mortgage foreclosures, bank failures, and the verge of collapse of the financial markets.

The Democratically-controlled Congress held hearings in 2004 where a regulator with oversight over Freddie and Fanny told of bonuses to the executives during a year when the institutions didn’t make money and of other irregularities. He was subject to the wrath and anger of some of the most liberal members of the committee. The vitriol was excessive and brings to mind Shakespeare, “Something is rotten in the state of Denmark.”and “The lady doth protest too much, methinks.” (from Hamlet and Macbeth)

The videotape (which may be the downfall of the Obama candidacy-see http://acme111.wordpress.com/2008/09/08/where-have-all-the-liberals-gone/) shown below is a study in the unintended consequences caused by socialist, progressive, liberal, whatever you want to call them do-gooders who emerge from their ivory towers to inflict their social experiments on us. “O, woe is me, To have seen what I have seen, see what I see!” Shakespeare, “Hamlet”, Act 3 scene 1.

An English proverb says, “A man is known by the company he keeps.” So first we learned of Rev. Jeremiah Wright and Mr Obama’s 20 year relationship with him, an almost father/son relationship.  Then we learned of terrorist bomber and founder of the Weather Underground, William Ayers and Obama’s long association with him.  Dinesh D’Souza taught us about Obama’s lack of association with his half-brother George Obama who exists on $1 a month in Kenya, the lower end of the poverty scale in Kenya (see http://acme111.wordpress.com/2008/09/22/christianity-in-action/).

The latest is the McCain campaign assertion that Frankilin Raines advises Obama on economic matters. And well he should. Raines served under Jimmy Carter as associate director for economics and government in the Office of Management and Budget and assistant director of the White House Domestic Policy Staff, as well as Director, Office of Management and Budget under Bill Clinton. Then began his tenure with Fannie Mae which we now will bail out. Although Raines made over $20 million in 2003 alone.(Wikipedia-Franklin Raines)

Abraham Lincoln  speaking about character and power wrote, “Nearly all men can stand adversity, but if you want to test a man’s character, give him power.” How will the candidates’ character stand up to the test of power? With McCain, the answer is clear.  With Obama, the answer is also clear, just look to the company he keeps.