McCain Takes Off The Gloves About Fannie Mae/Freddie Mac Democrat Debacle
Posted By: 'Okie' | 11:59 am — 10/6/2008 | 
View Comments See comments below:
[H/t: Ed Morrissey & Michelle Malkin]
John McCain is finally punching back at the Barack Obama lies about the financial crisis and Barack’s assertion that finance deregulation, not the Democrats’ pushing of loans to unqualified borrowers, put us in this current pit of despair. From remarks that McCain will deliver today, and hopefully face to face with the Chosen One during the debate tomorrow.
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.
If you’re in a forensics mood and want deep background on the whys and wherefores of this crisis, Wolf Howling has that and more. For good measure, here are the top 20 recipients of Fannie Mae/Freddie Mac monies.
All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
| Name | Office | State | Party | Grand Total | Total from PACs |
Total from Individuals |
| Dodd, Christopher J | S | CT | D | $165,400 | $48,500 | $116,900 |
| Obama, Barack | S | IL | D | $126,349 | $6,000 | $120,349 |
| Kerry, John | S | MA | D | $111,000 | $2,000 | $109,000 |
| Bennett, Robert F | S | UT | R | $107,999 | $71,499 | $36,500 |
| Bachus, Spencer | H | AL | R | $103,300 | $70,500 | $32,800 |
| Blunt, Roy | H | MO | R | $96,950 | $78,500 | $18,450 |
| Kanjorski, Paul E | H | PA | D | $96,000 | $57,500 | $38,500 |
| Bond, Christopher S ‘Kit’ | S | MO | R | $95,400 | $64,000 | $31,400 |
| Shelby, Richard C | S | AL | R | $80,000 | $23,000 | $57,000 |
| Reed, Jack | S | RI | D | $78,250 | $43,500 | $34,750 |
| Reid, Harry | S | NV | D | $77,000 | $60,500 | $16,500 |
| Clinton, Hillary | S | NY | D | $76,050 | $8,000 | $68,050 |
| Davis, Tom | H | VA | R | $75,499 | $13,999 | $61,500 |
| Boehner, John | H | OH | R | $67,750 | $60,500 | $7,250 |
| Conrad, Kent | S | ND | D | $64,491 | $22,000 | $42,491 |
| Reynolds, Tom | H | NY | R | $62,200 | $53,000 | $9,200 |
| Johnson, Tim | S | SD | D | $61,000 | $20,000 | $41,000 |
| Pelosi, Nancy | H | CA | D | $56,250 | $47,000 | $9,250 |
| Carper, Tom | S | DE | D | $55,889 | $31,350 | $24,539 |
| Hoyer, Steny H | H | MD | D | $55,500 | $51,500 | $4,000 |
Did John McCain get any money from Fannie/Freddie — sure, a bit. Actually he got a total of $21,550, all from individuals with none coming from the PAC. Contrast that with Obama way up there at Number 2, with $126,349.
Keep pounding these guys John. Sic the Pit Bull on it, too!
Technorati Tags: John McCain, Barack Obama, subprime loans, Democrats in Congress, Senator Obama, Fannie Mae, Freddie Mac
This entry was posted on Monday, October 6th, 2008 at 11:59 am and is filed under Do Nothing Congress, McCain/Palin 2008, Obama & His Slow Joe. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. |
Print This Post
| 
Email This Post
Recently Posted:
- “Young Mattie Fein” Political Ad — Hot Linkage & More . . .
- Just Bloggin’ Around: VJ Day Video, Ground Zero Mosque, Obaminations & More . . .
- We The People — An Open Letter To President Obama
- Remembering Annie & Some Hard-Life Lessons
- Obama’s Nightmare In The Gulf
- Obama’s Exectuive Order Banning Federal Funding of Abortion Proves To Be Just More B.S.
- American Women — Takin’ Names, Kickin’ Butt!
- Now Obama’s F’ing Up NASA!
- Happy 4th of July Y’all!
- VOTE!