After reading this article by Charles C. Johnson over at Real Clear Politics, I was wondering who in Washington hasn’t received money from Fannie Mae and/or Freddie Mac.
Newt Gingrich’s $1.6 million payment is just the tip of the $174 million iceberg that Fannie and Freddie spent on lobbying between 1998 and 2008. The three fattest cats at the F&F campaign-cash feeding trough were Senator Chris Dodd, Senator Barack Obama, and Senator John Kerry.
Will the Fannie and Freddie gravy train stop rolling any time soon? Don’t count on it. Bloomberg Businessweek points out that the recent two month extension of the payroll tax cut is being paid for by 10 years of increased loan fees from Fannie Mae and Freddie Mac. How can Washington eliminate agencies that are being used to cover expenses? The short answer is they can’t. The train just keeps on rolling.