McCain blasts Obama, Democrats for Fannie Mae meltdown

posted at 2:00 pm on October 6, 2008 by Ed Morrissey

We asked John McCain to take off the gloves — and he listened.  In remarks McCain will deliver today, he blasts Democrats, including Barack Obama, for their market manipulations and defense of Fannie Mae against regulator warnings.  He accuses all of them of encouraging corruption (emphases mine):

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.

Update: Moe Lane at Red State has more thoughts, as does Jim Geraghty.


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Ask what Obama did to Citibank to force these toxic loans down their throat. Does the word “racist” ring any bells?

Ask what bank holds Obama’s own mortgage, and ask also what is that bank’s risk exposure to these toxic loans.

He’s willing to talk the talk, but not walk the walk.

unclesmrgol on October 6, 2008 at 5:00 PM

sexual partners (cough BarneyFranks cough).

LegendHasIt on October 6, 2008 at 4:48 PM

Now, now. I’d say that Barney’s Fannie Buddy worked hard for that ill-gotten booty. Try to be less of a hater, OK?

:-)

funky chicken on October 6, 2008 at 5:01 PM

Ask what Obama did to Citibank to force these toxic loans down their throat. Does the word “racist” ring any bells?

You know, I do believe that lawsuit in 1995 was even more recent than that breathtaking Keating 5 affair, right?

I don’t think that helps Michelle Obama’s kids though.

funky chicken on October 6, 2008 at 5:03 PM

funky chicken on October 6, 2008 at 5:01 PM

Do I have to? I really like H8Tn.. But I do agree with you that his boyfriend really earned it. Even if I had that sort of proclivity, there isn’t enough money in the entire Treasury to get me to touch or be touched by Franks.

LegendHasIt on October 6, 2008 at 5:10 PM

Two things McCain should also have mentioned specifically.

1) The actual bill McCain sponsored that was torpedoed by the Dems. IIRC it was something like S1138. Both candidates claim to have been sounding the warning bells. McCain’s the only one who can easily prove it.

2) For the love of everything I hold sacred and holy. BRING UP THE FACT OBAMA SUED COMPANIES FOR NOT GIVING OUT MORE SUBPRIME LOANS FOR PEOPLE WHO CAN’T PAY THEM BACK!

Micheal on October 6, 2008 at 5:13 PM

A small revision to a JFK quote by Obama:

Ask not what your country can do for to you, ask what you can do for to your country!”

landlines on October 6, 2008 at 5:15 PM

McCain spokes-babe on Fox right now- LAUNCHING INTO OBAMA AND THE DEMS IN THE SUB-PRIME SCAM!!!!

MORE PLEASE! MORE!

FiveWays on October 6, 2008 at 5:16 PM

OMG! OBAMA SPOKES-BABE HAD WEAK-ASS RESPONSE RIDDLED WITH NERVOUSNESS TO MCCAINS ATTACK!

I SMELL BLOOD!!!!!!!!!!!

OBAMA IS SCREWED!!!!!!

FiveWays on October 6, 2008 at 5:18 PM

OMG! OBAMA SPOKES-BABE HAD WEAK-ASS RESPONSE RIDDLED WITH NERVOUSNESS TO MCCAINS ATTACK!

I SMELL BLOOD!!!!!!!!!!!

OBAMA IS SCREWED!!!!!!

FiveWays on October 6, 2008 at 5:18 PM

Let the feeding frenzy begin!

Disturb the Universe on October 6, 2008 at 5:33 PM

When everyone knows (except those that listen only to the MSM) what caused this problem and those responsible why is it so hard to get the message out? There are several members of the senate (including Obama) and several members of the house (starting with Frank) who should be in jail. Congressional immunity be dammed. Social engineering may be OK sometimes but overall it is a foolish practice. In the senate we can sure throw in Dodd and Chuck as totally quilty.

duff65 on October 6, 2008 at 5:36 PM

A small revision to a JFK quote by Obama:

“Ask not what your country can do for to you, ask what you can do for to your country!”

landlines on October 6, 2008 at 5:15 PM

Geez, when I hear Obama and his cronies talk, all I can hear them quoting is Karl Marx: “From each according to his ability, to each according to his needs!

Y-not on October 6, 2008 at 5:37 PM

Serious question,,, how come it got so much worse AFTER congress passed this stupid bail/out!!!!!!
Let me see, maybe we will begin to here how the markets are falling out of fear congress will not pass ANOTHER bail/out!
Yeah,, I know about Fannie and Freddie,, I think we have been sooo manipulated!
The gas crisis wasn’t working so now gas lowered and a new crisis has emerged!

JellyToast on October 6, 2008 at 5:52 PM

Let’s roll!

ex-Democrat on October
Go John!!!!

JellyToast on October 6, 2008 at 5:54 PM

IT’S ABOUT FREAKING TIME…Ah…the October surprise?

jerrytbg on October 6, 2008 at 6:36 PM

It’s about time. And he should drop that senatorial collegiality cr$p, too. This “… with the exception of the chairman of the committee overseeing them” is unadulterated ambiguity and will get him nowhere. Obama has been using surrogates to attack McCain and McCain should be naming names all across the board. Every time one of those Dem clowns even mentions McCain’s name, he ought to use theirs in his speech excoriating them for the crisis they caused.

He also ought to lay into the MSM for skewing the blame or outright hiding it from the public.

Finally, I’d like to see Palin open another front on the Barack “Gun Ban” Obama and the Joyce Foundation, like tomorrow, too, and she ought to do it in either Michigan or Pennsylvania.

Dusty on October 6, 2008 at 6:54 PM

Soon to come that is, with this setting the stage….maybe?

jerrytbg on October 6, 2008 at 6:54 PM

The MSM is piling on all the bad news: polls, economy, Bush’s ratings, etc. Chuck Todd, the in-the tank for Obama NBC political anal ist is smirking as he gives the numbers. CNN boys and girls are salivating and smell victory, they think. Andrea, dog face, Mitchell is saying Obama hasn’t seen Ayers in “years”–she’s a pimp. Ahh yes, the love feast for the chosen one is whipping up to a frenzy. Three weeks and a lot can and will happen. Since there is threat of Obamaites taking to the streets if he doesn’t win, who takes to the streets if he does win? Keep your powder dry.

wepeople on October 6, 2008 at 6:56 PM

Two things McCain should also have mentioned specifically.

1) The actual bill McCain sponsored that was torpedoed by the Dems. IIRC it was something like S1138. Both candidates claim to have been sounding the warning bells. McCain’s the only one who can easily prove it.

2) For the love of everything I hold sacred and holy. BRING UP THE FACT OBAMA SUED COMPANIES FOR NOT GIVING OUT MORE SUBPRIME LOANS FOR PEOPLE WHO CAN’T PAY THEM BACK!

Let me correct myself.
1) The bill was “S 190″.
2) The case where Obama fought for more sub prime loans was “Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance”.

Micheal on October 6, 2008 at 7:00 PM

Yeah, McCain needs a timely flashback to Hanoi. Fight, man, fight. It is not your pal Hillary you are facing, who we all know you think would be a good President. It is Barack Obama! This guy should not lead a Thanksgiving Day parade in Kalamazoo, never mind the greatest country the world has yet seen.

I truely hope that McCains wisdom has seen all of this play out in his mind, and that he planned this all along….but he needs to remember that folks who support him now WILL ACTUALLY SHOW UP TO VOTE if he fight hard for the next few weeks. As for Obamas current supporters and leaners, it is very likely that a good chunk will stay home. In that sense, the idea that Obama and his minions think this thing is over is the best thing we could hope for…

Waterboy on October 6, 2008 at 7:07 PM

Hey, I’m from Kalamazoo Waterboy. It’s a fantastic place to live and raise a family. I’m offended that you think our Thanksgiving Day Parade is a joke.

Micheal on October 6, 2008 at 7:09 PM

Hey, I’m from Kalamazoo Waterboy. It’s a fantastic place to live and raise a family. I’m offended that you think our Thanksgiving Day Parade is a joke.

Sorry dude. I meant no offence, but I did offend you so I am sorry.

See, that is an apology.

The DNC version that drives me bonkers: I am sorry that you are offended

Waterboy on October 6, 2008 at 7:25 PM

Micheal on October 6, 2008 at 7:09 PM

I’d agree with the quality of life in W. Michigan but everybody knows that GR is where the action is!

highhopes on October 6, 2008 at 10:00 PM

I’d agree with the quality of life in W. Michigan but everybody knows that GR is where the action is!

I’ve got friends in and from GR and I like it there. Personally I don’t like my cities any bigger then Muskegon. Personal preference I guess.

Micheal on October 6, 2008 at 10:13 PM

1) The bill was “S 190″.
2) The case where Obama fought for more sub prime loans was “Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance”.

Micheal on October 6, 2008 at 7:00 PM

Thanks for the specifics — very helpful.

SheofTwoMinds on October 6, 2008 at 11:14 PM

When the MSM is covering desperately for Obama, the tactic must be:

Don’t fire until you see the Empty of his Suit.

FIRE!!!!

profitsbeard on October 6, 2008 at 11:34 PM

It’s bizarre. All we want is for the American people to see what we at HA, and listeners of talk radio have been seeing for MONTHS; that Obama is a radical leftist with a socialist agenda for the country. I hope 52 million people are not clueless a month from now.

Mojave Mark on October 7, 2008 at 1:20 AM

“Since there is threat of Obamaites taking to the streets if he doesn’t win, who takes to the streets if he does win? Keep your powder dry.”
wepeople on October 6, 2008

If McCain wins this election the cries of “swift boating” will come. the accusations of stolen election will come, and so will the America as racist mantra.

This is all a ploy of the radical left to introduce their sinister agenda (which began in earnest after the 2000 elections). That agenda is to silence critics, repeal the first amendment of free speech (and religion), and to insure that elections in America mirror what their champion Hugo Chavez has in Venezula….a for show only farce.

fairness doctrine
campaign finance reform (thanks John for colluding with the enemy)
hanging chads
academic indoctrination

take all of this and add Obama as president to the mix….indeed, keep your powder dry.

Goodeye_Closed on October 7, 2008 at 12:06 PM

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