Reckless Endangerment: Tea Party Catnip

Lee Atwater ran H. W. Bush's 1988 presidential against Massachusetts Governor Michael Dukakis. When he heard the story of a murderer doing life in the Bay State, killing a young man and repeatedly raping his girlfriend while on a weekend pass from prison, Atwater is supposed to have said:; " If I can make Willie Horton's name (the murderer) a household word I can win this election." Atwater did do just that and George Bush became the 41st President of the United States. Walter Russell Mead would probably say that the Republican candidate who makes James Johnson's name a household word will be president. Mead reviewed Reckless Endangerment by Gretchen Morgenson and Joshua Rosner at American Spectator and that review is a must read for anyone with Tea Party sympathies.

The story illustrates everything the Tea Party thinks about
the corrupt Washington establishment and the evils of big government. It
demonstrates the limits on the ability of government programs to help the poor.
It converts a complicated economic story into a simple morality play — with Dems
as the villain. It allows Republicans to capitalize on public fury at the
country’s economic problems. It links the Democrats to Wall Street — the one
part of the private sector that the Republican base loathes. It exposes that mix
of incompetence and arrogance that is the hallmark of the modern American
liberal establishment and links this condescending cluelessness to the real
problems of real American families. It links President Obama (through
appointments, associations and friendships) with the worst elements of the
Clinton legacy and it blunts some key Democratic talking points

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James Johnson is not just the past CEO of Fannie Mae. He ran Walter Mondale's campaign and chaired John Kerry's search for a vice president. He has raised millions for the Democrat party. And he made $100 million at Fannie Mae. In order to make $100 million, Johnson had to transform Fannie Mae from a sedate and somewhat effective Government Sponsored Enterprise into a predatory lender. Fannie Mae and Freddie Mac enjoyed an advantage over other lenders because as GSE's they could borrow cheaper since it was expected that the government would bail them out of any mishap that could befall them. Below is a video from NPR that is essentially a video review of Reckless Endangerment.

Watch the full episode. See more PBS NewsHour.