The Obama camp says Fannie Mae and Freddie Mac bought John McCain by hiring Rick Davis:
“The question that now needs to be answered is this: did Freddie Mac or any other special interests buy access to John McCain by compensating top officials, including Rick Davis?” said Obama-Biden communications director Dan Pfeiffer.
Let me help Dan Pfeiffer with this tough question: No.
You know how we know this? Because while Fannie Mae and Freddie Mac were paying Rick Davis, John McCain was sponsoring legislation to tighten controls on Fannie Mae and Freddie Mac, legislation that Fannie Mae and Freddie Mac opposed fervently. The legislation McCain backed specifically declared that the new regulatory agency would be assigned to ensure “each regulated entity operates in a safe and sound manner, including maintenance of adequate capital and internal controls.”
McCain, speaking then:
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
You would think McCain was psychic, or something.
One of the reason it went nowhere? The opposition from guys like Barack Obama. You know, the guy taking more money from Fannie Mae and Freddie Mac’s folk than anybody else except Chris Dodd.
So let me spell it out for you even clearer, Dan. Freddie Mac and Fannie Mae didn’t have to buy access to John McCain because they had already bought your guy.