Obama VP vetter steps aside
A key member of Barack Obama's three-person vetting team for possible running mates has just stepped down after days of controversy over favorable loans he received from Countrywide Financial Corp.
Jim Johnson, along with Eric Holder, have been on Capitol Hill this week getting advice from members of Congress about who Obama should pick.
“Jim did not want to distract in any way from the very important task of gathering information about my vice presidential nominee, so he has made a decision to step aside that I accept. We have a very good selection process underway, and I am confident that it will produce a number of highly qualified candidates for me to choose from in the weeks ahead. I remain grateful to Jim for his service and his efforts in this process,” Obama said in a statement issued by his campaign.
John McCain's campaign and Republicans have been hammering Obama over Johnson, who reportedly received one of the loans while CEO of Fannie Mae, the federal mortgage guarantor that works closely with Countrywide, one of the nation's largest mortgage lenders.
The Wall Street Journal reported on Saturday that Johnson, received more than $7 million in favorable loans from Countrywide with the help of the firm's chief executive, Angelo Mozilo.
McCain's camp said Obama was showing a lack of judgment for entrusting a key decision to someone who accepted special loans from a subprime lender.
Obama's campaign had been defending Johnson, who did the same VP vetting for Walter Mondale in 1984 and John F. Kerry in 2004. It suggested its surrogates call the story "overblown and irrelevant," and Obama himself said that Johnson wasn't technically working for him.
UPDATE: The McCain campaign responded to Johnson's departure by continuing to question Obama's judgment.
"Jim Johnson's resignation raises serious questions about Barack Obama's judgment," McCain spokesman Tucker Bounds said in a statement. "Selecting the vice presidential nominee is the most important decision a presidential candidate can make and one even Barack Obama has said will 'signal how I want to operate my presidency.' By entrusting this process to a man who has now been forced to step down because of questionable loans, the American people have reason to question the judgment of a candidate who has shown he will only make the right call when under pressure from the news media. America can't afford a president who flip-flops on key questions in the course of 24 hours."
UPDATE: Obama campaign spokesman Bill Burton responded: “We don’t need any lectures from a campaign that waited fifteen months to purge the lobbyists from their staff, and only did so because they said it was a ‘perception problem. It’s too bad their campaign is still rife with lobbyist influence and doesn’t see a similar ‘perception problem’ with the man currently running their own vice presidential selection process, a prominent DC lobbyist whose firm has represented Exxon and a top Enron executive, or their campaign chair and John McCain’s top economic adviser Carly Fiorina, who presided over thousands of layoffs at Hewlett Packard while receiving a $21 million severance package and $650,000 in mortgage assistance.”
A rookie mistake by a rookie politician. We can't afford rookies!!
Obama picks the gatekeeper of his VP selection process someone who is caught up in a hot potato issue - favorable loan practices. Obama claims he's the messiah of change and yet selects a member of the old guard as the manager of his VP selection committee. Then Obama makes the claim that Johnson wasn't technically working for him? What kind of political baloney is that? It's just another barometer of Obama's lack of judgment - both personally and professionally.
Here you go fellow Democrats! This is the "change agent" we asked for! Same old same old political messes we've always had.
Johnson was helping to pick the VP, he wasn't the VP pick himself. Talking about trying to stir things up to muddy the waters so that good folks can't see the real issues is a republical trademark.
Let's see... How many lobbyists with shady dealings did McSame have to fire from his campaign? If that's a measure of "judgement," McSame's judgement is alot worse than Obama's!
Countrywide is not a subprime lender any more them Wells Fargo, or any other top leaned in the mortgage field. All large mortgage companys did subprime leanding........NOT JUST COUNTRYWIDE.......LOOK AND SEE!
First of all, I'm a Democrat. Second of all, I'm getting tired of Obama's propensity to deflect any criticism by blithely characterizing it as 'negative politics of the past', instead of confronting an issue THEN moving on. I'm beginning to think the Emperor has no clothes............
Let's get this straight, Democrats want to punish big oil because the global demand for crude (a key component of gasoline) has increased causing prices of gasoline to increase. This must meant they are taking advantage of the common person. Even though in the 1970s when the same tax was implemented, it was removed because it was ineffective. Do you think that the companies will pass that cost on to the consumer? Wake up! (Keep in mind that Congress is happy to take its share of the tax on gasoline and will not forgo that...because that is what keeps our roads in such great shape! And of course, if they forgo the tax, more people will drive their cars which would be bad for the environment. Let's not discuss how the price of fuel is causing every other product from food, utilities, and other good and services to increase even though it is a time of tight credit and high unemployment.)
But, it is fine for a person who will "signal how [Obama] will run his presidency" to call on a friend and CEO of a financial institution - who has taken advantage of many Americans seeking a loan to buy a house and had enormous profits during the housing boom - for a small loan in the amount of $7 million. Everyone is doing that right....we all have the same opportunity to get that loan for $7 million...right! So much for change...
If I were a Democrat, I would be more upset that Obama choose someone to vet his VPs that picked Mondale running mate...remember how that turned out for the party!
I know I will undoubtedly hear how this comment is racists. That is what all Obama supporters say when they cannot combat the truth that he is inexperienced and is not ready to be president.
S. Hogan.... If you're going to mention gas/curde oil, then you need to mention the fact that since G.W.B. has taken office, he has systematically de-valued the US dollar, which the the oil market is based on. Then passing the buck and letting the big companies make all the windfall, and leaving the tax payers to clean-up and pay the mess. Inflation, is raising faster than average wages. We need to stop printing so much money, put the oil market on the Euro, and that will resolve the rising costs.
Also, didn't Cheney call a meeting of all the heads of the major oil companies to decide how which direction the country's energy should head? So why does it matter if Johnson was the head of a bank, the head of a McDonald's othe head head librarian somewhere? He's asking someone to help him pick some nominee choices. He's not the only one he's asking. He's just the only one with some warts behind him he's asking. But again, McCain is doing the same thing. And for his campaign to say that a candidate who flip-flops in 24 hours, is not a good candidate for president......um maybe he hasn't hear McCain repeatedly back track on statement's he's made the previous day? Just check otu YouTube for som McCain backtracking.
This whole VP Vetter, is just stuff to side track the masses of sheep off the main issues. Both of McCain and Obama have warts. But who has less warts a 20 year politician with political ties, cronies, and a penchant for following in GW's shoes, or a jr. senator with all of Hollywood backing him?
The Obama campaign is absolutely right in refuting that moron Tucker Bounds. By his logic, McCain's lobbyist-ridden campaign staff makes him the world's biggest hypocrite and a man whose supposedly most sacred principles are utter baloney.
Oh wait, those parts about McCain are absolutely true.
Joe - You are correct that the price of crude began to rise with the decline in the greenback. I am sure you are aware that the decline of the greenback began in earnest when the Fed was forced to repeatedly lower interest rates as a result of the housing market bubble imploding. Countrywide had a hand in that situation in that they - along with the other lending institutions - gave loans in amounts well above the means of most borrowers, which resulted in home prices being artificially inflated. While the federal deficit affects the value of the dollar, these other factors certainly played a roll in the fall of the greenback and we cannot overlook them. So, not all the blame falls on the president or congress for their ridiculous spending habits. McCain has indicated, and I believe his record demonstrates, that he will be more fiscally conservative than the current administration. My only hope is that he will be able to keep a democratically controlled congress in check!
Finally, I could not agree more that we need to do more to solve our dependency on foreign oil. But, as the world's leading consumer of oil, we cannot let the price of oil be based on any other currency. Additionally, we need to start looking for ways to find our own sources of oil at home...let's drill in Alaska, off the east coast, Texas, and anywhere else that is viable. The Democrats have repeatedly voted against such ideas. If we could find our own supplies of crude, the price of oil globally would drop. That is where we need to give tax incentives - to companies to explore and find new sources of oil. In addition, we need to look to alternatives...and not wind off Cape Cod. We need more nuclear power plants and we need to consider updating the ones we already have. I do not think that either candidate is perfect on this issue and both will be beholden to one lobby group or another. But, I feel that the Republicans at least understand where the incentive in the market place needs to be to get us out of this mess.
We cannot let government control markets as that will not result in long-term, sustainable growth. Taxing profits is telling a company to either pass on the cost to the consumer or get out of the business all together and let some other poor sole deal with it. We cannot afford either. You have a better chance controlling the markets with pure and simple supply and demand. In the case of oil, we cannot control demand, but we can certainly control the supply. The cost of goods will decline if we can reduce the cost of the fuels to deliver them and to run our plants.
True both have warts...but a jr senator does not have the knowledge and skill to get things done in Washington. I remember what Kennedy said to Romney during one of their debates. Romney said something to the effect that Kennedy goes around Washington and uses his contacts to push his agenda. Kennedy responded simply you're damn right! At some level, you must respect that....and I am not sure Obama can use his contacts to push "his" agenda. Maybe he can use his contacts to trade his agenda for support for theirs...but is that what we want!
Our next president needs to stand up for what he believes and follow through.
Where's Al Gore? Obama will make a very good VP himself. A little 'practical experience' won't hurt his credentials.
boy lets find some more non-issues to get excited about!!!! Get on some guy's case who was CEO of Fannie Mae which until recently was nothing but praised and lauded on wall street and everywhere!!! Every Investment firm in America had nothing but good things to say about Fannie Mae until this sub prime lending crisis hits and suddenly hes a bad guy!!! Look at Bush and every single Republican why don't you!!! the worst Democrat is light years ahead of the best Republican!!!
shogan - Puhlease! You can't be serious in saying that the "Republicans understand where the incentive in the market place needs to be to get us out of this mess." Let's see - Dick Cheney knew where the incentive was with his close ties to the oil companies - I'm sure he's laughing all the way to the bank. And of course, there's plenty of market incentive to keep our troops in Iraq - how much is Halibuton making a month? What you are choosing to ignore about the energy crisis is that it is primarily the Republicans that have blocked efforts to give the markets incentives for alternative energy. Instead of reducing our dependence on oil by promoting more efficient cars, wind energy, solar energy, etc. - they propose, like you do, that we just continue to dig up the land and the bottom of the sea as if oil spills and deserted oil fields have no consequences for the generations to come. Rather than require that the CAFE standards rise to the modest level required in a country like China (how pathetic is it that China requires better fuel efficiency than we do), Republicans would rather give the big farm companies a huge windfall by promoting the use of ethanol, which actually requires as much energy to convert as it saves by adding it to gasoline. Now let's see - you are opposed to the wind farm off Cape Cod - maybe some oil platforms would provide a more scenic vista?
Al Gore is off hunting polar bears.....
The Republicans have been sitting relatively quite waiting until the unpolitically correct cat fight between Obama and Hillary ended. I hope I am wrong, but this is just the beginning of the systematic unraveling of Obama's judgement, experience, and further on personal life and judgement by the Republican party. They have had a long time to plan their attack. Obama's at the starting line and McCain is already 1/2 way there.
Lets cut the bull regarding oil, finding more oil etc.... The next economic boom for the world will start in the United States and it will start when the U.S. becomes indepenent of fossil fuels. We all know the technology is there, wind, solar, fuel cells, boidiesel etc. I am going to be the first one on my block to have a windmill in my back yard (if I can just get it past Zoning and the Hysterical / Historical Commission). The problem is that the economic feasiblity of these alternative fuels still isn't there because the majority is still willing to pay $4/ gallon for gas. There will be a turning point, and it has already started, where the demand for alternative fuel vehicles will outweigh the demand for fosil fuel vehicles. Right now sales of Hybrids, bicycles, motorcycles, and T ridership has increased dramatically. We already know unfortunatly that Al Gore was right, we're suffocating our planet with the bi- products of fosil fuels. The U.S. needs to lead the charge as we have with every boom, industrial revolution, techology etc. We need to make alternative fuels economically feasibly and implement. Then the rest of the world will follow......The only dilema the Republicans and "Big Oil" share the same tooth brushes....
Obama had criticized Hillary for something related to Countrywide, while he blamed Countrywide for being part of the mortgage crisis. Axelrod also did the same thing. That's why people are criticizing Obama for picking Johnson, because Johnson's loans were through Countrywide. By picking Johnson, this shows his lack of judgment. I saw some of Obama's speeches against Countrywide, and this makes me wonder whether Obama listens to the content of the speeches he gives -- or does he just read them?
Cooper - As you already know, there is an plant off the Cape for this ridiculous wind farm proposal that has enough oil to wipe out the shell fishing in that area for generation. So, if there is oil there (and I am fairly certain there is not) I would rather be pulling it from the ground and reducing my costs associated with heating oil and my SUVs. The wind farms will provide energy into the grid and the costs associated with its construction will raise our energy rates, not reduce them.
To be clear, it was Obama and the Democrats that recently defeated a Republic proposal to drill for more oil in Alaska. This is the same proposal that was vetoed by Clinton when he was president. I think oil was $19 a barrel then...think if we were pulling in an additional 100 million barrels a day from Alaska. Do you really think oil would be at $150 a barrel today. I don't. Until viable alternatives are identified and brought to market, we need oil. We are a long way from finding viable sources - other than nuclear. Wake up people!
Again, I stand by my comment that Obama lacks experience and knowledge to lead this great country. If he wins in November, we will see big government with little chance for economic growth. Remember Jimmy Carter...although a great humanitarian, he was a awful president.
Personally, I think McCain is searching for any trivial bit he can. I don't think Johnson was a big deal under the circumstances and considering what his function was - to research potential VP's. What he did has nothing to do with 'head-hunting'. And I had no problem with him doing that.
I think McCain is only using these trivial issues to take Obama off track and to deflect the media from his own gaffes/inadequacies.
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