The Campaign Spot

McCain: ‘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.’

John McCain, today, finally starts talking about Fannie Mae, Freddie Mac, the irresponsible leadership at both, and the Democrats’ efforts to prevent serious oversight:

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.

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.

Most Popular

White House

Trump’s Disgraceful Endgame

President Trump said the other day that he’d leave office if he loses the vote of the Electoral College on December 14. This is not the kind of assurance presidents of the United States typically need to make, but it was noteworthy given Trump’s disgraceful conduct since losing his bid for reelection to ... Read More
White House

Trump’s Disgraceful Endgame

President Trump said the other day that he’d leave office if he loses the vote of the Electoral College on December 14. This is not the kind of assurance presidents of the United States typically need to make, but it was noteworthy given Trump’s disgraceful conduct since losing his bid for reelection to ... Read More
World

China’s Pandemic Deception

You’ve made it to December in our annus horribilis. On the menu today: sorting through CNN’s fascinating but not completely illuminating bombshell involving leaked documents from the Hubei, China Center for Disease Control and Prevention, filling in some details about the early days of the pandemic. More ... Read More
World

China’s Pandemic Deception

You’ve made it to December in our annus horribilis. On the menu today: sorting through CNN’s fascinating but not completely illuminating bombshell involving leaked documents from the Hubei, China Center for Disease Control and Prevention, filling in some details about the early days of the pandemic. More ... Read More
Culture

Our Real Systemic Problem

America’s got a problem that’s systemic in nature. This problem has less to do with individual intentions than the structure within which our intentions are formed. That structure explains a great deal about observed disparities in wealth, and other advantages, between various racial and ethnic groups. It ... Read More
Culture

Our Real Systemic Problem

America’s got a problem that’s systemic in nature. This problem has less to do with individual intentions than the structure within which our intentions are formed. That structure explains a great deal about observed disparities in wealth, and other advantages, between various racial and ethnic groups. It ... Read More
Politics & Policy

Cinderella Man 2

Welcome to “The Tuesday,” a weekly newsletter about politics, language, culture, and, this week, film criticism. To subscribe to “The Tuesday” and receive it in your inbox as God and John Wayne intended, please follow this link. The Mona Lisa of Hillbilly Literature The Ron Howard film Hillbilly Elegy, ... Read More
Politics & Policy

Cinderella Man 2

Welcome to “The Tuesday,” a weekly newsletter about politics, language, culture, and, this week, film criticism. To subscribe to “The Tuesday” and receive it in your inbox as God and John Wayne intended, please follow this link. The Mona Lisa of Hillbilly Literature The Ron Howard film Hillbilly Elegy, ... Read More