Real Economy Project

Newt Gingrich Says Freddie Mac is Just Like a Credit Union

Submitted by Sara Jerving on January 25, 2012 - 9:30am

Newt GingrichPresidential hopefuls Mitt Romney and Newt Gingrich have been publicly going at it, trying to discredit one another in order to gain the frontrunner status in the GOP primary race. At the GOP debate in Florida, Romney accused Gingrich of being an "influence peddler" for his lucrative role consulting for the Government Sponsored Enterprise (GSE) Freddie Mac, which many right-wingers blame for the subprime mortgage mess. In his response, Gingrich said "there are many different kinds of government-sponsored enterprises and many of them have done very good things" and likened Freddie Mac to electric cooperatives and federal credit unions.

But neither electric cooperatives nor credit unions are GSE's and this is the second time in recent presidential debates that Gingrich has used this line. Freddie Mac -- from which Gingrich has reportedly received $1.6 million in contracts -- is a quasi-governmental entity which the U.S. government backstops with loans and guarantees.
Very few institutions fit this description. On the other hand, credit unions are private nonprofit cooperatives, which are organized under charters authorized by either federal or state agencies. They do not receive funding from the U.S. government. In the case of Freddie Mac, the institution had to be bailed out by the Federal Reserve after its role in the subprime mortgage crisis, so now it is partially owned by the U.S. government.

While Gingrich has stated that he was not a lobbyist for the Freddie Mac, a recently released contract shows that Gingrich reported to Freddie Mac's director of public policy, essentially the group's top lobbyist.

Main Source: 
Sorry, Mr. Speaker, Credit Unions are Not GSEs

Scott Walker’s Plutonomy: An Economy for the One Percent

Submitted by Mary Bottari on January 24, 2012 - 8:32am

While volunteer after volunteer from each of Wisconsin's 72 counties marched into the state's election board to deposit over one million signatures for the recall of Wisconsin Governor Scott Walker, Walker was nowhere to be found.

At the hour petitions were being deposited on January 17, Mother Jones revealed that Walker was scheduled to attend a high-dollar fundraiser in the heart of the New York's financial district at 339 Park Avenue -- the towering headquarters for global financial giant CitiGroup. The $5,000 per couple fundraiser was hosted by none other than Maurice "Hank" Greenberg, former CEO of AIG.

WI Recall Petitions Under Guard as "GAB CAM" Goes Live

Submitted by Mary Bottari on January 18, 2012 - 11:16am

So many signatures were delivered demanding the recall of Wisconsin Governor Scott Walker and other state officials, that one scribe dubbed it the "greatest popular democracy movement in Wisconsin history." Over 30,000 volunteers collected over 1.9 million signatures and delivered them to the state's nonpartisan elections board on January 17.

Volunteers exceeded all expectations, delivering 1 million petitions for the recall of Scott Walker, an amount equivalent to 46 percent of the votes cast in the last gubernatorial race. Never had so many, in the history of the United States, petitioned for the recall of a governor.

One Million Petition for the Recall of Wisconsin Governor Scott Walker

Submitted by Mary Bottari on January 17, 2012 - 12:20pm

Photo: Ellen HollyThe petition drive to recall and remove Wisconsin Governor Scott Walker has surpassed all expectations, collecting over one million signatures in just 60 days.

Petitioners were only required to collect 540,000 by law. They far exceeded this number, making a successful legal challenge of the recall highly unlikely. This is the largest recall in U.S. history. Volunteers also gathered over 845,000 signatures to recall Lieutenant Governor Rebecca Kleefisch, as well enough signatures for four of the state senators who voted for Walker's collective bargaining bill in March 2011, adding hundreds of thousands more petitions to a pile estimated to weigh over one ton.

The Governor was not immediately available for comment. At the moment the recall petitions were being filed, he was the guest of Citibank on Wall Street at a high-dollar recall fundraiser.

Spinning the Occupation

Submitted by Anne Landman on December 20, 2011 - 9:04am

Obama: "Values of the 99%"As winter sets in and Occupy Wall Street (OWS) encampments contract, the three-month old movement continues to have a big impact on the campaign trail. President Obama as well as some GOP candidates have adopted OWS concerns and language, while big bank lobbyists and GOP spinmeisters work hard to hold the line, defending U.S. economic institutions and the American "free market" system against what they fear could be a broad-based populist uprising.

Arizona Senator Recalled over ALEC Immigration Bill

Submitted by Ben Tobias on November 9, 2011 - 3:39pm

Arizona State Senate President Russell Pearce lost his seat in a recall election November 8th. The vote was widely seen as a referendum on Senate Bill 1070, the volatile anti-immigration legislation introduced by Pearce, a longtime member of the American Legislative Exchange Council (ALEC).

Ohio Voters Reject Kasich Anti-Union Bill

Submitted by Mary Bottari on November 9, 2011 - 9:57am

Ohio voters dealt a severe blow to the agenda of Governor John Kasich and other anti-union governors by voting to overturn Senate Bill 5 (SB5) by a 61 to 32 percent margin. SB5 was a law championed by Kasich that would severely limit collective bargaining rights for public employees and targets public employee wages and benefits as a means to balance the state's budget.

Walker's "Anything But Jobs" Special Session Wraps

Submitted by Mary Bottari on November 8, 2011 - 11:00am

Wisconsin Governor Scott Walker has promised to create 250,000 new jobs. In advance of a planned gubernatorial recall election, Walker announced last month that the State Legislature would focus "like a laser" on job creation. With his "special session" on jobs now concluded, it is clear that the legislative package had little to do with jobs and much to do with spin, special interests and the illusion of momentum.

Positive Policing From Wisconsin's "Original Occupation"

Submitted by Mary Bottari on October 31, 2011 - 7:46am

After two tours of duty in Iraq, 24-year-old Wisconsin native Scott Olsen managed to escape unscathed and with seven medals for valor. But Olsen was critically injured in an Occupy Oakland march last week by a police projectile. According to eyewitnesses, Olsen was acting as a human barrier between unarmed civilians and Oakland police in riot gear who were charged with keeping a public park cleared for sanitation purposes.

Whether this was a case of an inexperienced Mayor (check) or a historically aggressive police department (check), the incident underscored the potential for catastrophe as cops increasingly confront peaceful protesters with riot control weapons.

Wisconsin Democrats Allege Governor Walker Used Taxpayer Dollars for Campaign Website

Submitted by Brendan Fischer on October 26, 2011 - 7:11am

Governor Scott Walker's new "Reforms and Results" website touting the successes of his policies is allegedly a campaign website funded by taxpayers, according to a complaint filed Tuesday by the Wisconsin Democratic Party.

Syndicate content