Why I’ll Defend Obama – For Now…

I recently got enmeshed in a sparring session defending accusations against George Bush’s motives in Iraq. Read that last line again, just so it’s clear: “defending accusations,” not “defending actions.” The war sucks, big time. I don’t like it, and I think it’s a terrible idea in retrospect. But go read the other post if you want to join that conversation.

So, to show how magnanimous and equitable I am, I’m going to try my hand at defending accusations against Barack Obama. That’s right. The man I’m absolutely not voting for in the upcoming election. The reason I feel the need to do this is because like I’ve been saying a lot lately, I may not like a politician’s policies, but what I dislike more is unsubstantiated sensationalism, which is so much of political media coverage.

To summarize: there are all sorts of stupid chatter about Jim Johnson, the man helping lead the VP search. I don’t know much about the man, except that he got a great deal on a mortgage from the CEO of Countrywide who happens to be his pal. Boo f-ing hoo. That’s what friends are for, I say. The CEO of Countrywide can do whatever he pleases where his business is concerned. Here’s a little golden rule of business: give your best customers the best price. I’m sure you know a bartender at a local pub who gives you a two-fer, or have an Uncle in the car business who waives a couple fees on your new ride. And if you were a multi-millionaire, you’d be pressing for the same kinds of deals, just bigger. It’s not illegal, it’s a normal cost of business, that ideally should drive additional business. Happy customers provide referrals.

My point is this: if you want to contest Mr. Johnson’s qualities as an advisor, go for it. Or if you want to trash Countrywide’s decisions in lending throughout the subprime debacle, go for it, (but please don’t forget to include the Fed in that argument, they are the ones who made it so easy to do.)

But so far, the whining about this deal is weak: the evidence (that loans at competitive rates were offered) doesn’t prove Mr. Johnson is unethical, just lucky. You better bet if my best friend was the CEO of Countrywide I’d ask for a deal! When banks are turning away 7 out of 10 deals, liquidity is dried up in the marketplace, and jumbo loans are being charged higher rates than any other product line - this is the kind of wheeling and dealing you need to do. Too bad for the naysayers, it’s not illegal. Without express knowledge of Mr. Johnson’s balance sheet and credit profile, we’re hard pressed to determine if this is a bad business decision for Countrywide and as of right now, the accusations are petty whining, amounting to crystal ball predictions.

There is too little information to accuse anyone of wrong-doing in the personal loans between Countrywide and Johnson. I await further evidence which could tip the scales, and if we find actual wrong-doing, I will personally invite you to a field day on my site, at my expense! That’s what friends are for, right? But as of right now, we should all take it easy.