McCain Finally Rips Obama for Fannie Mae Crisis
Posted on October 6, 2008
Finally, McCain takes the gloves off.
Our current economic crisis is a good case in point. What was his actual record in the years before the great economic crisis of our lifetimes?
This crisis started in our housing market in the form of subprime loans that were pushed on people who could not afford them. Bad mortgages were being backed by Fannie Mae and Freddie Mac, and it was only a matter of time before a contagion of unsustainable debt began to spread. This corruption was encouraged by Democrats in Congress, and abetted by Senator Obama.
Senator Obama has accused me of opposing regulation to avert this crisis. I guess he believes if a lie is big enough and repeated often enough it will be believed. But the truth is I was the one who called at the time for tighter restrictions on Fannie Mae and Freddie Mac that could have helped prevent this crisis from happening in the first place.
Senator Obama was silent on the regulation of Fannie Mae and Freddie Mac, and his Democratic allies in Congress opposed every effort to rein them in. As recently as September of last year he said that subprime loans had been, quote, “a good idea.” Well, Senator Obama, that “good idea” has now plunged this country into the worst financial crisis since the Great Depression.
To hear him talk now, you’d think he’d always opposed the dangerous practices at these institutions. But there is absolutely nothing in his record to suggest he did. He was surely familiar with the people who were creating this problem. The executives of Fannie Mae and Freddie Mac have advised him, and he has taken their money for his campaign. He has received more money from Fannie Mae and Freddie Mac than any other senator in history, with the exception of the chairman of the committee overseeing them.Did he ever talk to the executives at Fannie and Freddie about these reckless loans? Did he ever discuss with them the stronger oversight I proposed? If Senator Obama is such a champion of financial regulation, why didn’t he support these regulations that could have prevented this crisis in the first place? He won’t tell you, but you deserve an answer.
This is exactly what McCain must do to correct the record on this fiasco. Not only has Obama misrepresented this as a crisis of deregulation, but the record shows that Democrats like Barney Frank, Chris Dodd, Gregory Meeks, Lacy Gray, and others opposed the regulators we already had when they tried to blow the whistle. As late as this summer, Democrats kept trying to tell the American voters that Fannie Mae and Freddie Mac were stable, when in fact they were collapsing.
More, please. Let’s see quotes from Democrats in ads, along with the bill for their social engineering. We need this for bigger reasons than a presidential election: we need to make sure it doesn’t happen again.
Looks like we’re going to have one whale of a debate tomorrow, assuming of course that we can get past the junior Senator from Illinois whining for twenty minutes about how mean we’re being to him. And racist! Mustn’t forget the racism; God knows that his supporters never do. So let’s rock and roll. It’ll be a thing.
Amen. Finally. Keep doing it — don’t let this be a one-speech wonder. This has to be a huge part of the message for the coming days.
Never mind for the presidential election — if the country is to avoid a similar run of reckless bets in the future, we have to be clear-eyed about what got us into this mess in the first place.
It’s about time. McCain starts attacking Obama on Fannie Mae and Freddie Mac. That significant portion of our current problem needs to be placed squarely where it belongs - on the Democrats in Congress and even Obama himself. He took their money, hired them for his campaign - he needs to be forced to own it, as he’ll never take responsibility for anything left to his own device.
And we were getting increasingly convinced that whassisface? wouldn’t ever have the intestinal fortitude to do that. We mean, after all of the years of yearning for glowing editorials in the New York Times than actually representing the conservatives who elected him, who’d have thunk that he’d finally grow a pair?
Looks like he did.
Thankfully, someone in his campaign convinced him to listen to the conservative base (and even those like me who viewed his unwillingness to make a tough case as a sign of his weakness), who have been pleading with him to take the case to the American people, and to confront Senator Obama on his ties to the crisis (and his campaign’s ties, on the advisory level, to those principally responsible).
– Or maybe it finally occurred to Senator McCain that those most unlikely to either understand the crisis or care about what brought it about were already voting for Senator Obama, anyway.. So what’s the harm in aiming above the low-information voters who are going to pull the lever for the younger charismat even were he to show up at the next debate dressed in a big sable hat and answering every question with quotes from the Huey Newton Reader.*
Nice roundup at Michelle Malkin’s too.
» Filed Under 1st Amendment, Democrats, Economy, Elections, News, Uncategorized
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What on Earth took him so long? The winning issues were (and are) right in front of him. Now is the time to take on the leftists and their disastrous handling of the economy in less than two years of controlling Congress. Name names, show ties, list votes against sensible regulation.
GO AFTER THE DEMS! ALL OF THEM! DO NOT STOP!
Let’s hope McCain takes Obama to the woodshed everyday! (Oh, is that racist?)
I don’t think it’s racist, BK. Lots of kids of every color were dragged out to the woodshed for a whoopin when they were naughty. And oh boy, has BO been n.a.u.g.h.t.y.
Still trying to figure out what the big deal is. He says he’s black, I say he’s half white: The ONLY half that happens to be AMERICAN. He’s so busy shunning half of his heritage, again, the HALF THAT MATTERS to someone seeking the highest office in the land, he has no time left for reaching inside himself. IMO, he has no identity of his own so he has to leech it from those around him. Watch him in the presence of a black audience, and he’s “black,” but watch him while pandering to a white audience, he magically becomes “white.”
A nasty side effect of being dumped by his father and then his mother as a child?
McCain realizes the attention deficit in the American voting public. The closer we get, the harder he’ll be. If he’d have done this 2 weeks ago, it would have flushed out of the public consciousness before the election. If you want to get really fussy, maybe another week YET before the start of the attack, so it would be really fresh in the voters minds. We right wing bloggers, we sincerely interested in the good of the nation already knew, and had decided. The “average Joe Six-Pack” hasn’t. Those who aren’t AS concerned as we need to have their memories refreshed right at the door.
I see that this is a right winged blog, Yes, Mccain bought up Fannie Mac, but He also Disrespected the person that asked about the bailout, and how will it effect him? He told the Black guy, you probably never heard of fannie mac, before this debate? How does he know that? and Mccain did not rebut the fact that rick davis, the person that heads his debate was a lobbyist from fannie Mac..
so,get your facts straight!