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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I guess he believes if a lie is big enough and repeated often enough it will be believed.

(Godwin)

Althought in this case the comparison is apt.

VolMagic on October 6, 2008 at 2:02 PM

Dear Senator McCain: Say this at the debate tomorrow, and you win the election. Period!!!

Steve Z on October 6, 2008 at 2:03 PM

THE MAC IS BACK!!!

GIVE ‘EM HELL JOHN!

lisalj on October 6, 2008 at 2:03 PM

Although coming from a champion of the great sell-out, it’s not that impressive:

“Look, look! The Dems are at fault! Also, I helped to make it worse!”

VolMagic on October 6, 2008 at 2:04 PM

I WANT TO HEAR THIS IN EVERY SPEECH BY MCCAIN AND PALIN UNTIL ELECTION DAY.

warriorlawyer on October 6, 2008 at 2:04 PM

Hmmm…. Maybe he was reading Sun Tzu’s “The Art of War” after all?

Pasalubong on October 6, 2008 at 2:05 PM

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.

… “in 05 and 07, we tried to reign in Fannie and Freddie”– ‘I don’t think we should talk about that.’ (from the video, of course.)

wise_man on October 6, 2008 at 2:05 PM

Obama will attack this point in the debate first. Johnny needs to point that Louisville Slugger at the center field fence and then let it rip.

The question is: Will McCain be Ruth, or Casey at the Bat?

Limerick on October 6, 2008 at 2:05 PM

Excellent!

Steady,steady,bombardier now has control,over FM/FM
target,McCain tallboys lined up,and away,target lighting
up nicely,

and now the liberal Flak is starting!!!!!haha(Snark!).

canopfor on October 6, 2008 at 2:05 PM

F I N A L L Y !

Exurban Jon on October 6, 2008 at 2:05 PM

McCain listens to HotAir again. Took him a few weeks, as usual.

lodge on October 6, 2008 at 2:05 PM

Oh, well – maybe we’ll have an election after all. I was just beginning to think I should be focusing on the NBA and the new James Bond movie instead.

Is this the beginning of the mother of all comebacks, or is it just a Quantum of Conservative Solace?

CK MacLeod on October 6, 2008 at 2:05 PM

More, please.

And most importantly, don’t back off these tonight. Ie don’t do anything to undermine the credibility of these or Palin’s charges, I beg you.

Spirit of 1776 on October 6, 2008 at 2:06 PM

Well it’s about F*CKING TIME!

NOW POUND POUND POUND!

I’LL FIGHT FOR YOU MAVERICK. NOW KEEP IT UP!

FiveWays on October 6, 2008 at 2:06 PM

It’s about time. Mac is going to have to fight and fight relentlessly for the next 29 days to win.

carbon_footprint on October 6, 2008 at 2:06 PM

Fannie and Freddie all the way to election day. A month is a long, long time.

progressoverpeace on October 6, 2008 at 2:06 PM

What a timely message for tomorrow… all is grist for the mill

SkinnerVic on October 6, 2008 at 2:07 PM

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.

They need to rewrite this into a simpler soundbite. The “exception” is wiggle room.

“In his two short years in the Senate, he received more money from Fannie Mae and Freddie Mac than any other Senator in history.”

The ratio of dollars donated to years of service is overwhelmingly slanted to Obama– by about 30 to 1, if I recall correctly.

My version also has the benefit of reinforcing Obama’s inexperience.

benjamin on October 6, 2008 at 2:07 PM

Now the fight begins.

ManlyRash on October 6, 2008 at 2:08 PM

McCain listens to HotAir again. Took him a few weeks, as usual.

lodge on October 6, 2008 at 2:05 PM

Not much time left…

pseudonominus on October 6, 2008 at 2:08 PM

We need this for bigger reasons than a presidential election: we need to make sure it doesn’t happen again.

All of the mechanisms that created the subprime mess are still in place. Nothing in the bailout bill changed any of the underlying cuases of the problem.

It is sad that this happened. What is even sadder is that the people who created the mess (Dodd, Franks, Waters, et al) participated in the bailout. But saddest of all is that none of the underlying causes have been changed — the Democrat created social engineering is still in place.

johnsteele on October 6, 2008 at 2:08 PM

McCain listens to HotAir again. Took him a few weeks, as usual.
lodge on October 6, 2008 at 2:05 PM

Yup. It was impossible for him to figure this out, or for his advisers to think of this on their own – the only explanation is hotair.com.

Ah, huh. Sure. Yup. You got it!!

wise_man on October 6, 2008 at 2:08 PM

Hallelujah

D-Day

faraway on October 6, 2008 at 2:08 PM

I do not question the timing!

This is the stage of the campaign where the truth really matters.

If people begin to question why the MSM has remained silent on or have trivialized the points now being raised by McCain and Palin (still something of a big “if,” but one hopes the people are smarter than they seem to be), Osama Obama is toast.

MrScribbler on October 6, 2008 at 2:08 PM

Damn Mac. Took you long enough.

spmat on October 6, 2008 at 2:09 PM

Wahoo!! Yes!

Mark_Tampa on October 6, 2008 at 2:09 PM

I swear the wording of the first two paragraphs looks familiar. Either Deja Vu or I’ve seen this from someone (possibly McCain) before. Weird.

Count to 10 on October 6, 2008 at 2:09 PM

RINSE AND REPEAT. RINSE AND REPEAT!

Make this into a slogan. Just keep repeating this the next 4 weeks. I want this to be on everyone’s lips!

FiveWays on October 6, 2008 at 2:09 PM

About freakin time. Hopefully its not too late.

poljunkie on October 6, 2008 at 2:09 PM

Huh you almost think he might have waited until the house bill passed so he didn’t end up pulling a Pelosi, naw that couldn’t have been it…

McLovin on October 6, 2008 at 2:10 PM

It’s about time. I still don’t know how he can sell himself as a reformer after pushing this pork loaded pig of a bill but at least he can place the blame where it belongs.

Start swinging John and don’t stop until The One is bleeding badly.

DeweyWins on October 6, 2008 at 2:10 PM

More, please.

Fannie. Freddie. Raines. Johnson. Rezko. Ayers. Wright.

He also needs to bring Ayer’s wife, Bernadine Dohrn into this – here’s what she had to say about the Manson murders: “Dig it! First they killed those pigs and then they put a fork in their bellies. Wild!”

Do we really want a president that would associate with people like this? Is his (professed) ignorance of their past statements any excuse?

thirteen28 on October 6, 2008 at 2:10 PM

I swear the wording of the first two paragraphs looks familiar. Either Deja Vu or I’ve seen this from someone (possibly McCain) before. Weird.

Count to 10 on October 6, 2008 at 2:09 PM

The way things have been going lately, it’s probably Jim Treacher’s :)

Spirit of 1776 on October 6, 2008 at 2:10 PM

I think McCain should remind people when talking about receiving more money than anyone but Dodd that Obama has only been in the Senate for 2 years.

Re-inforces his inexperience, and highlights further his deep-dish, Chicago-style corruption.

Abby Adams on October 6, 2008 at 2:11 PM

My hope is coming back…….faith is returning…..desIRE TO FIGHT IS SCREAMING!!!!!!!!!

FiveWays on October 6, 2008 at 2:11 PM

YES!

More, please.

PattyJ on October 6, 2008 at 2:11 PM

A tingle for both my legs, and a shiver up my spine for good measure. Way to let it rip, Sir!

hoosiermama on October 6, 2008 at 2:12 PM

GIVE ‘EM HELL, MAC!

Citizen Duck on October 6, 2008 at 2:12 PM

Please let the debate be this point over and over again. Keep Obama on the defensive and make America realize they’re about to hand the keys to a radical from the party that caused this mess.

BadgerHawk on October 6, 2008 at 2:12 PM

The way things have been going lately, it’s probably Jim Treacher’s :)

Spirit of 1776 on October 6, 2008 at 2:10 PM

Possibly. I’m just hoping we don’t loose the high ground on plagiarism.

Count to 10 on October 6, 2008 at 2:13 PM

Yeah!

Hurrah!

Nice start – now don’t stop!

see http://www.winface.com/blogs?p=28

reprising my earlier comments on this in another thread.

Paul Murphy on October 6, 2008 at 2:13 PM

benjamin on October 6, 2008 at 2:07 PM

Heh… you beat me to it.

Abby Adams on October 6, 2008 at 2:13 PM

When is making this speech? I want to watch!!

PattyJ on October 6, 2008 at 2:13 PM

If it isn’t in a 30 second ad, it doesn’t matter. The media filters everything else, and they’ve had their narrative written for months.

DaveS on October 6, 2008 at 2:13 PM

For fellow Trekkies out there, a Star Trek version of the McCain response.

ManlyRash on October 6, 2008 at 2:14 PM

Hammer time!!!!! Let those morons own this. Let the Franks, Dodds and Pelosi’s take responsibility. GO GO GO!!!

bloggless on October 6, 2008 at 2:14 PM

Oh, and…
More.
Stronger.

Count to 10 on October 6, 2008 at 2:14 PM

Better late than never.

Now hit them on Wright.

CanadianGuy on October 6, 2008 at 2:15 PM

Batton done the hatches, general quarters,
man your battle stations,next port-o-call,
is the White House!!!

canopfor on October 6, 2008 at 2:15 PM

I hope we hear this everyday from McCain and Palin.

Even if we lose, there should be somebody out there holding Obama’s feet to the fire.

Terrye on October 6, 2008 at 2:15 PM

McCain will NEVER back down once he says it. It is not in his nature. Obama, you are about to be blown away.

jay12 on October 6, 2008 at 2:16 PM

YES – YES – YES – YES – EVERY SPEECH, EVERY TIME HE OR PALIN SPEAKS

JustTruth101 on October 6, 2008 at 2:16 PM

There’s enough anti-Barack ammo for a freakin’ October surprise every day until election day. Keep it coming!!!

I think Mac didn’t want this stuff to be old news by the time folks were actually paying attention.

jdpaz on October 6, 2008 at 2:17 PM

He also needs to bring Ayer’s wife, Bernadine Dohrn into this – here’s what she had to say about the Manson murders: “Dig it! First they killed those pigs and then they put a fork in their bellies. Wild!”

That woman is truly a disgusting piece of filth. And isn’t she also a professor?

mrsmwp on October 6, 2008 at 2:17 PM

O’s deflection is Steve Schmidt. He’ll have to be ready with a snappy comeback at the debate.

Now, where is the attack on relaxing credit standards, which Obama fought for his whole life?

hippie_chucker on October 6, 2008 at 2:17 PM

Hmmm…. Maybe he was reading Sun Tzu’s “The Art of War” after all?

Pasalubong on October 6, 2008 at 2:05 PM

At Annapolis, and at Naval War College, which he had to complete to make O-6.

You guys really know nothing about military men.

funky chicken on October 6, 2008 at 2:17 PM

Dave:

I am not so sure about that. I think Obama is a narcissistic kind of guy and he will feel the need to defend his honor, that will only bring more attention to what McCain said.

Terrye on October 6, 2008 at 2:18 PM

HALLELUJAH!!!

MCCAIN YOU LISTENED TO US!!

jencab on October 6, 2008 at 2:18 PM

Well, at least it gives us a fighting chance.

I think there’s much more mileage to be gotten here than in the Ayers attacks.

JudetheFossil on October 6, 2008 at 2:18 PM

HAMMER OF THE GODS MAVERICK!

GO FIGHTER PILOT ON THESE BASTARDS!

MAKE THE DEBATE VERY VERY PAINFUL ON BAMBI!

ANSWER EVERY SINGLE QUESTION WITH THIS VERY SAME POINT!

OH AND, REPEAT BAWNEY FWANKS NAME!

FiveWays on October 6, 2008 at 2:18 PM

“Herb Moses, Fannie Mae exec, buggered both Barney Frank, chairman of the house banking committee, and Fannie Mae simultaneously. It was a veritable manage a tois of sexuo-financial adventurism.”

I’d like to see that in McCain’s remarks. Maybe in a more discrete presentation, but, you know.

Akzed on October 6, 2008 at 2:19 PM

Too little too late IMHO…unless he hammers this and only this in the next two debates

Rogue on October 6, 2008 at 2:19 PM

I’m hoping that many of the undecideds are just starting to pay attention, but to me, this is too little, too late.

Plus Obama has the media completely on his side and they will say anything to get him into the White House.

I hope it works, but to me, I feel like my team is down 28-14, late in the fourth quarter.

NoDonkey on October 6, 2008 at 2:19 PM

NOTE TO MAVERICK:

LISTEN TO YOUR BASE FROM NOW ON!

FiveWays on October 6, 2008 at 2:19 PM

I guess he believes if a lie is big enough and repeated often enough it will be believed.

Sweet! It’s nice to see it called what it is. Pull no punches!

kongzilla on October 6, 2008 at 2:20 PM

about time. Too little too late? Soubnds like McCain did a head fake with Ayers. The dems were out saying McCAin wanted to “turn the page” Now McCain hits back hard on economic mess. Giving loans tyo the poor is not sound economic policy. It is socialism and socialism is what got us into this mess. Not capitalism.

unseen on October 6, 2008 at 2:20 PM

Woot! ’bout time.

vcferlita on October 6, 2008 at 2:20 PM

Yeah, he listened to us, but I suspect he had this planned for a while. He doesn’t want to peak too early, you know? He’s a gambler and an excellent “strategerist.” He was talking about a surge before Bush ever heard of it.

PattyJ on October 6, 2008 at 2:20 PM

Ed, even you forgot these two ads that the McCain campaign put out? All of you who have said that McCain is afraid, or doesn’t have balls enough to try to tie Obama to Fannie Mae can’t even remember things for 2 weeks?

http://www.johnmccain.com/Informing/Multimedia/Player.aspx?guid=167e0847-4068-4b0c-bacf-bea5d277ee68

http://www.johnmccain.com/Informing/Multimedia/Player.aspx?guid=2c712cbb-23ec-4224-8b3c-b402fd007ad0

funky chicken on October 6, 2008 at 2:20 PM

Too little too late IMHO…unless he hammers this and only this in the next two debates

Rogue on October 6, 2008 at 2:19 PM

Then it’s NOT too late.

FiveWays on October 6, 2008 at 2:20 PM

Fucking finally. A day late and a damn dollar short if you ask me.

thareb on October 6, 2008 at 2:20 PM

That woman is truly a disgusting piece of filth. And isn’t she also a professor?

mrsmwp on October 6, 2008 at 2:17 PM

No, Ayres’ father got her a job a the law firm that hired Hussein.

Akzed on October 6, 2008 at 2:21 PM

I turned the damned Palin debate off 15 minutes into it (as much as I like her) because she wouldn’t go after the socialist slime that propped up that outfit.

thareb on October 6, 2008 at 2:21 PM

HELL YEAH!!

OSUBuciz1 on October 6, 2008 at 2:22 PM

Rise up people!

TELL EVERYONE YOU KNOW ABOUT THIS!

PRINT IT OFF!

SPREAD IT AROUND!

STAND UP AND FIGHT WITH MAVERICK!

STAND UP!

FIGHT FOR HIM! FIGHT FOR HIM!

FiveWays on October 6, 2008 at 2:22 PM

Wrong – she works in the law school at Northwestern University, bastion of leftist thought.

She is unable to take the Illinois bar because she took a plea in the Weatherman felony orgy, but Northwestern still employs her as an adjunct or lecturer in their law school.

She is scum.

Jaibones on October 6, 2008 at 2:23 PM

Yeah, he listened to us, but I suspect he had this planned for a while. He doesn’t want to peak too early, you know? He’s a gambler and an excellent “strategerist.” He was talking about a surge before Bush ever heard of it.

PattyJ on October 6, 2008 at 2:20 PM

+1000

poor lorien, issue after issue melts away and makes it harder and harder to come on here and scream about how stupid John McCain is.

Again, the Franklin Raines ad and Jim Johnson ad came out 2 weeks ago. Doesn’t anybody remember the idiot woman at Time Mag who called McCain a racist for the Franklin Raines ad?

funky chicken on October 6, 2008 at 2:23 PM

I hope he rips one of his own arms out of the socket and beats Obama with it.

marklmail on October 6, 2008 at 2:23 PM

See above, Akzed

No, Ayres’ father got her a job a the law firm that hired Hussein.

Akzed on October 6, 2008 at 2:21 PM

Jaibones on October 6, 2008 at 2:23 PM

Video of The ONE saying “subprimes a good idea” found here…

http://www.nakedemperornews.com

OSUBuciz1 on October 6, 2008 at 2:23 PM

This can’t be a one-time thing. McCain and Palin MUST hammer this daily. He MUST stop the poll momentum toward Obama and put the Dem quotes out there. He must hammer!!

kerrhome on October 6, 2008 at 2:24 PM

Yes, yes!

Now use it to nail that wormy Marxist’s ass to the debate stage.

rplat on October 6, 2008 at 2:24 PM

We need to socially engineering the Liberal Disease out of our population.

jp on October 6, 2008 at 2:25 PM

Frank, Dodd, Meeks, Gray and Obama.

The Fannie Five.

yo on October 6, 2008 at 2:25 PM

turned the damned Palin debate off 15 minutes into it (as much as I like her) because she wouldn’t go after the socialist slime that propped up that outfit.

thareb on October 6, 2008 at 2:21 PM

then you missed one of the best debates in our TV history. Palin used a 2×4 at times.

unseen on October 6, 2008 at 2:25 PM

Too little too late IMHO…unless he hammers this and only this in the next two debates

Rogue on October 6, 2008 at 2:19 PM

I’m hoping that many of the undecideds are just starting to pay attention, but to me, this is too little, too late.

Plus Obama has the media completely on his side and they will say anything to get him into the White House.

I hope it works, but to me, I feel like my team is down 28-14, late in the fourth quarter.

NoDonkey on October 6, 2008 at 2:19 PM

My God. Go suck your thumbs in the corner somewhere else. Quit trying to demoralize people with your ridiculous doom and gloom.

Our team is on the field, the whistle just blew to start play, and you want to hit the showers and forfeit.

funky chicken on October 6, 2008 at 2:26 PM

We remember the ads but they were pulled shortly after the dems raised racism and it took weeks to put the campaign back on track. Indeed, it was the very use of the race card in the House by the Congressional Black Caucus members on the Mae/Mac oversight committee that scuttled all reform of these programs for the past decade.
Glad to see McCain is onboard now and Obama has to worry now that McCain’s powder is dry and ready to use. Tomorrow is critical and I thank Gov Palin who has utilized the pulpit to attack the Obamanation.

eaglewingz08 on October 6, 2008 at 2:26 PM

I hope he rips one of his own arms out of the socket and beats Obama with it.

Tell us how you really feel! :)

I’d say the troops are motivated. I’m calling HQ today and signing up.

PattyJ on October 6, 2008 at 2:26 PM

Then it’s NOT too late.

Big if there…this is Bipartisan Mac we’re talking about.

Rogue on October 6, 2008 at 2:27 PM

for showing McCain the way to attack Barack.

eaglewingz08 on October 6, 2008 at 2:27 PM

McCain listens to HotAir again. Took him a few weeks, as usual.

lodge on October 6, 2008 at 2:05 PM

Please tell me you all are contacting John McCain through his johnmccain.com website – the Contact Us link. There’ve been days I’ve “contacted” him 3/day.

Oink on October 6, 2008 at 2:27 PM

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