Well, the Bus strikes again. Clearly this isn’t the same James Johnson that Obama used to know. He could no longer disown Mr. Johnson then his own white grandmother. Oh wait, what’s that you say? The evil Countrywide gave Johnson a preferable rate?? Could someone please pull that bus around for Sen. Obama?

Johnson was part of a three person team, along with Eric Holder and Caroline Kennedy, that was in charge of vetting vice presidential running mates for Sen. Obama. However, as it turns out, James Johnson, who was once the chairman of Fannie Mae, is quitting so that he will no longer be a distraction (isn’t everything a distraction to these guys) to the Obama camp. Of course, Johnson also vehemently denies any wrong doing. As the story goes, Johnson was given favorable lending rates by Angelo Mozilo, who is the CEO of Countrywide. So, besides the possible fiduciary problems with this, what’s the big deal? Obama has repeatedly blamed Countrywide for the current housing crisis in the United States saying: “These are the folks who are responsible for infecting the economy and helping to create a home-foreclosure crisis — 2 million people may end up losing their homes.” The apparent disconnect here boggles the mind, I’m not sure how providing loans to people who can presumably read a contract makes Countrywide responsible for the “housing crisis.” While Countrywide might not be my first choice of lenders, there are millions of folks out there who do not have adequate credit to obtain a house loan, so without Countrywide, they might never fulfill the American Dream of owning a house. Why is it Countrywide’s fault that some small percentage (2% or so) of American’s cannot continue to make their mortgage payments when their ARMs go up?

So, Mr. Johnson falls victim to the classic mistake of being associated with the bogey man. Who will the bus claim next?