McCain Takes Off The Gloves About Fannie Mae/Freddie Mac Democrat Debacle
Posted By: 'Okie' | 11:59 am — 10/6/2008 | 
5 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
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06 October 2008 | wadi Said:
the second in posting at this right-wing blog
that shows how “popular” you guys are
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06 October 2008 | Dawn Said:
I just have one question. How is McCains economic polices different then Bush’s? I don’t care about ayers and keating, they are wasting their time.
07 October 2008 | Tel-Chai Nation Said:
McCain blasts Obama and the Dems for the Fannie an
I’m glad that McCain has listened to what supporters requested, and has now taken off the gloves and attacked Obama and the Democrats for their role in the crisis involving Fannie Mae and Freddie Mac. Here’s an excerpt of the transcript from Hot Air:…
07 October 2008 | Laer Said:
As for the contributions, remember that McCain’s total of $21K is the amount received over a 20 year career. Obama sucked up his $100,000-plus in three years.