I believe there are more instances of the abridgement of freedom of the people by gradual and silent encroachments by those in power than by violent and sudden usurpations.
First District Republican Frontrunner Funded by Bailout Money
UPDATED BELOW several times. This is unfolding and I'm assured of much more to come.
Kudos to Popkey for the discovery that anointed Republican Congressional candidate Vaughn Ward's wife works for Fannie Mae.
"We're set up financially where I don't have to work for money," Ward told the Idaho Statesman last year. "Instead, I can work on a campaign."
Fannie Mae was spared bankruptcy by federal bailouts. It has received $76 billion since being taken over by the Federal Housing Financing Agency in 2008. Taxpayers are on the hook for an additional $125 billion, according to Fannie Mae.
Fannie Mae bought subprime home mortgages from banks and other lenders and repackaged them in mortgage-backed securities to stimulate lending. When the investments soured, the U.S. Treasury rescued Fannie Mae because of fears that its default would cripple the economy. In return, the government received preferred stock, opening the possibility of recouping some losses.
He's got some splainin' to do regarding his past remarks, especially to this group of tea baggers he's scheduled to address May 1 at the Eagle High School beginning at 6pm.
In a campaign kickoff speech in January at the Capitol, Ward struck a populist tone: "We've watched the federal government spend billions of dollars on huge bank bailouts while our community banks fail. We've witnessed billions of dollars being spent to keep bankrupt businesses operating, while our small businesses at home struggle to meet a payroll."
Last week, Ward addressed a crowd in Caldwell. "How do you stop the spending?" he asked. "It takes courage and conviction that say, 'No more. We will not spend any more. And, in fact, we're going to cut the size of government.' And that is what I will go there to fight for - to reduce our spending and cut the size and scope of the federal government."
On Wednesday, Ward stuck to his opposition to bailouts, including the money keeping Fannie Mae afloat. "I believe in capitalism," he said. "I think when you take away risk by saying we're going to bail you out, you starve away a learning curve. ... I'm tired of federal money going to bailouts. I disagree with it. It either survives or it does not."
Pass the popcorn.
Updated to change the title.
Updated again to show some weak ass pushback by Ward playing the victim card from the Republican playbook and running against that big old bad liberal media. Here's Richert getting all defensive and shit. And here's a couple comments from Stapilus and one from Marc Johnson. Still not sure why people think it ain't relevant. And the silence from Labrador is deafening. He's got family money, and I'd think this might shake some supporters' deathgrips loose on their wallets. He can win against a carpet bagger.
Updated yet again 4/24 John Miller examines Ward's financial disclosures from last year and finds them wanting. Ward admits he screwed up, promises a revised disclosure. Nom nom nom.