Barack Obama Lied Tonight
Perhaps this is a good thing. Perhaps this is a 'teaching moment'.
Obama did not tell the truth about a KEY ISSUE, predatory lending, at a time when the economy is crashing due in large part to this very fact. This is unacceptable. Barack Obama challenges other candidates on their votes. I have actually heard them apologize. However, I haven't heard a lie like this in a while.. told with such a straight face.
For that reason, I'm coming down HARD on Barack Obama. You will scream 'hit'! But, if Obama just distanced himself, 'no comment', or apologized... no hit. He didn't distance himself or apologize, like he forces upon others. No. Instead, he lied straight. Unacceptable. I often write on banking and bank-influence issues. I know that Barack Obama does not come as advertised. I've known that for a while. I just never thought he'd be so completely disingenuous about the truth of his own actions.
Obama Supported the Bank's Effort to Kill the Usury Law
TONIGHT, at the Democratic Debate in South Carolina, Obama said he voted against the 30% usury amendment because 30% was 'too high'. This implies that he supported consumers. This drew cat-calls (some knew). Obama would have you believe he wanted a federal cap, just much lower, yet he voted against the only cap offered. He killed the cap, which is exactly what his bank donors wanted. Now, banks can charge upward of 30-100% plus. But, why did he lie about it so boldly tonight?
Did Barack Obama Make the Bankers Laugh Tonight?
Yes. There were a few bankers who likely laughed out loud at Obama's comments. While the economy crashes because of banking practice, I don't want bankers laughing out-loud with one of our leading 'progressive' candidates. This is cause for deep concern and commentary. Even the usually non-interruptive Edwards couldn't sit still and absorb the comment. I couldn't either. Let's see why...
I'm jumping straight to the Colbert 'nut meat'...
Most were minor technical matters, but he [Obama] also opposed an important amendment, which was defeated, that would have capped credit-card interest rates at 30 percent. "He studied the issue," Williams said. "Some assumed he would just go along with consumer advocates, but he voted with us on several points. He understood the issue. He wasn’t closed-minded. A lot of people found that very refreshing."
This is a DIRECT quote. Williams knows Barack well, as you will see. Williams asserts and supports the fact that Obama did NOT 'go along with consumer advocates' for the cap. Tonight, Obama said he was such a big consumer advocate he had to vote against a cap because it wasn't low enough. False. Result, no cap at all. Besides the humor of Obama's statement, it is false.
Williams is first-person testimony and there's more..It's a year old and far removed from this debate tonight. It's from the Bond Market Association's VP for legislative affairs. We all know what that means. Next...
Williams says 'a lot of people' found Obama's position 'refreshing'. A lot of people means bankers. I don't like that bankers find a progressive Democrat 'so refreshing'. Not now especially.
I don't know what's more disconcerting.
- Barack Obama helped kill a key consumer amendment on a bill he knew would pass, thus helping 'clean it' for his banking friends. Then, knowing the overall bill would pass without the need to give two 'yes' votes, he votes against the overall bill to preserve the bridging. A vote for the banks on their key amendment, and a follow-up "no", already knowing the bill would pass. This is pure politics...the Potomac two-step.
or..
- That Obama disclaimed tonight, completely, the truth that he helped kill the consumer amendment on behalf of his banking friends. Obama's half-baked excuse should have been your first gut-instinct and glimpse into the real truth.
Let's jump back to the same Harpers article written long before tonight.
First rule in politics, follow the money... So, who was this 'Bond Market' fellow quoted above and how well does he know Obama? Same article...
Mike Williams, vice president for legislative affairs at The Bond Market Association and a member of an African-American lobbying association, had been following the race in Illinois and was introduced to Obama through acquaintances in Washington who had known him at Harvard Law School. "We represent Wall Street firms," Williams said in recounting his first conversation with Obama. "A big issue for us since 2000 is predatory lending. He worked on that issue in Illinois; he was the lead sponsor of a bill there. I talked to him about that. He had a different position from ours. There’s a perception out there that the Democrats are anti-business, and I talked to him about that directly. I said, There’s a perception that you’re coming at this from the angle of consumers. He was forthright, which I appreciated. He said, I tried to broker the best deal I could." Williams still had his differences with Obama, but the conversation convinced him that the two could work together. "He’s not a political novice and he’s smart enough not to say things cast in stone, but you can have a conversation with him," Williams said. "He’s a straight shooter. As a lobbyist, that’s something you value. You don’t need a yes every time, but you want to be able to count the votes. That’s what we do."
This is the early Illinois days, 2000. So, what does Williams do for Obama?
Williams subsequently set up a conference call between Obama and a group of financial-industry lobbyists. That, too, went well, and in June of 2004, Williams helped organize "a little fund-raiser" for Obama at The Bond Market Association. "It wasn’t just the financial community. There was a broad cross-section," he said of the 200 or so people who turned out. "There was overwhelming support, not just people from associations giving $2,000 but from individuals who just wanted to meet him, giving smaller contributions."
The Bond Association fundraiser grows...
Robert Harmala, also a big player in Democratic circles and a colleague of Quinn’s at Venable, attended the association’s event as well. He had been invited by Larry Duncan—an African-American lobbyist for Lockheed Martin, a Venable client—who helped Williams organize the affair. Harmala liked what he saw and continued to be impressed by Obama. "There’s a reasonableness about him," he said. "I don’t see him as being on the liberal fringe. He’s not going to be a parrot for the party line."
Obama shows early promise...
In one of his earliest votes, Obama joined a bloc of mostly conservative and moderate Senate Democrats who helped pass a G.O.P.-driven class-action "reform" bill. The bill had been long sought by a coalition of business groups and was lobbied for aggressively by financial firms, which constitute Obama’s second biggest single bloc of donors.
Williams, of the bond market, declares Obama has character, because...
Although The Bond Market Association didn’t lobby directly on the legislation, Williams took note of Obama’s vote. "He’s a Democrat, and some people thought he’d do whatever the trial lawyers wanted, but he didn’t do that," he said. "That’s a testament to his character."
Then, the story goes full circle to the present and the vote helping banks avoid a 30% interest ceiling nationwide. Back to the nutmeat and Williams' (Bond Market Association) pleasure with Obama's vote, NO CAP. For those of you that don't understand interest caps, this means that banks can charge anything now, 40%, 60%, 100%.
On PBS' Bill Moyer show last Friday, his guest offered evidence of banks and payday lenders charging upwards of 100% interest to the poorest of the poor. So, let's not mix facts or make allegations that this amendment would not have helped people in credit trouble paying high interest to banks. Usury rates far above 30%-50% are widely sourced and available online. The Congress HAD an amendment to cap the top rate at 30%. This was a start. It was less than 100% and less that 50%. A start. Obama voted with the banks and helped kill the amendment.
Thanks twice, Barack. Once for the vote and once for the story tonight.
I urge everyone to read the article written over a year ago, long before Obama's statement tonight and somewhat removed in time, for added perspective. Obama hit himself tonight by contesting what his closest donors are saying, contrary, in direct testimony after lengthy interviews. I knew it the moment Obama said it. I simply put the two together and presented it. I'm just the messenger. Obama 'hit' himself. It was highly disingenuous. Where I come from, we call that a lie.
Barack Obama Inc. The birth of a Washington machine BY Ken Silverstein PUBLISHED November 2006
Update: To be honest, I'm fairly depressed that this happened in South Carolina on this night for plenty of reasons. Really. He could win the nomination. If he wins, I only want him to win under truth-in-advertising principals to Democrats and Progressives. I also hope his supporters challenge him, making him a better candidate, rather than spreading banking propaganda to support their candiate.
Update II:Credit card companies do not have to follow state law caps on credit cards outside their base state. That's was the entire RATIONALE of this amendment. Many of you are unaware of that quoting state caps. This is false logic. Read this. The banks always win. Don't help by spreading misinformation about successful state caps on credit cards.
Update III: 'the federal cap doesn't get rid or preempt a lower state cap, but merely sets a ceiling for states without any usury laws. This would stop the bank gold rush to states with no usury laws, setting up a base to mail your credit. States were free to go lower if they wanted under the proposed amendment. The ENTIRE POINT of the federal legislation was to stop the biggest banks from HQ in no usury states and operating thier loan shark operations anywhere in the USA. It was good for the country, especially now. It would have also been a great stimulus for the middle class right now. Too bad they missed that. Now, Bush is sending tax breaks out, which will probably go to interest and late fees accruing right now. Right back to the banks it goes.