Obama & His Chicago Machine

The latest little trouble with "ethics reform" in Illinois (which Obama has claimed as an accomplishment)--the Governor won't give the tainted money back. McCain campaign ad below, Chicago Machine. David Freddoso nails Barack Obama on his sanctimony in the housing meltdown of today. It's not just Obama's raking it in from Fannie Mae, it's his record in Illinois, (which started with ACORN by the way):

Indeed, it does sound familiar — it sounds a lot like what Barack Obama did to Illinois taxpayers as a state senator in Springfield. Using his elected office and his clout, Obama helped Tony Rezko and other unscrupulous low-income housing developers obtain millions of dollars in state grants, tax credits, low-interest loans, and regulatory advantages.

Taxpayers had no serious chance of recouping these “investments” in Rezko and other developers. And many beneficiaries went one step farther, depriving the public of even the benefits they could have gotten. These developers took government help to build low-income housing, and then let their buildings deteriorate into uninhabitable slums.

It wasn't just Tony Rezko, it was Valerie Jarrett too, who is a senior campaign adviser, spoken of as slated for chief of staff in an Obama administration. Video:

UPDATE: Obama returning to the Chicago machine for his fundraising needs. Tribune:

The first Chicago event, with minimum admission of $1,500, will be held at The Standard Club. The second fundraiser, at a downtown restaurant, is being hosted by Illinois State Treasurer Alexi Giannoulias and has a $28,500 admission price.

Alexi the Granny Grifter, banker to "Jaws" Giorengo, and Tony Rezko (scroll down past the details of Obama's own iffy sweetheart mortgage.) Alexi Giannoulias, the guy Barack Obama went out of his way to endorse in the primary, because Alexi bankrolled Barack too.

Bloomberg, Kevin Hassett: "Fannie and Freddie Led to the Meltdown":

Now that the collapse has occurred, the roadblock built by Senate Democrats in 2005 is unforgivable. Many who opposed the bill doubtlessly did so for honorable reasons. Fannie and Freddie provided mounds of materials defending their practices. Perhaps some found their propaganda convincing.

But we now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years.

Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.

A bloviating Obama. The Politico:

"If we grant the Treasury broad authority to address the immediate crisis, we must insist on independent accountability and oversight," Obama said. "Given the breach of trust we have seen and the magnitude of the taxpayer money involved, there can be no blank check."

Breach of trust. Well, you would know about that, wouldn't you Barack.