John McCain Needs to Reiterate Democrats' Failures on Fannie Mae and Freddie Mac

John McCain Needs to Reiterate Democrats' Failures on Fannie Mae and Freddie Mac

This is all that I have to say:

Hagel's S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005.

McCain would not support the bill when it was introduced in January 2005. McCain waited!

On May 25, 2006, John McCain spoke forcefully on behalf of S.190 [109th] Federal Housing Enterprise Regulatory Reform Act of 2005. On this day, Obama was introducing S.3159: a bill to suspend temporarily the duty on gibberellic acid.

The US Senate Banking committee that killed the bill was chaired by Republican Richard Shelby. The committee had 11 Republican and 9 Democrat members. A simple majority vote when at least half the committee members were present was required before the bill could be sent to the full Senate for debate and vote.

Nothing the 9 Democrats working together could stop the 11 Republicans from sending the bill to the full Senate, if the Republicans wanted to send the bill to the full Senate.

In addition to Sen Hagel sponsoring the bill, co-sponsors Sen Dole and Sen Sununu were also on the US Senate Banking Committee, so they had 3 votes to send the bill to the full Senate without any help.

The ranking Democrat on the Banking Committee was Paul Sarbanes.

108th Congress: Republicans 51 seats, Democrats 44, Independents 1

Both sides are playing us!

Failure in the Fourth Estate Reiterated by Repeating Mccain's Lies

Again our free press is in crisis as columnists repeat the mud slinging and lies of candidates. What happened to the virtues of the free press - I guess they've been bought off for partisan purposes.

To repeat the lies suggesting Fannie Mae and Freddie Mac have caused this current credit crisis, while any good reporter or media practitioner should know that the financial derivatives created to avoid regulations are at the heart of the crisis. Still banks don't know the depth that these fraudulent assets are in the balance sheets of financial institutions, thus the continued misgivings to extend credit to other banks.

Unfortunately slimeballs in Mccain campaign have decided to put a false scapegoat out there so they can try to smear it on the democrats. Worse yet is when partisan commentators repeat the garbage, what they fully know is lies meant to deceive.

John McCain Needs to Reiterate Democrats' Failures on Fannie Mae and Freddie Mac

Mr. Baron'e suggestion of blaming Democrats is unsustainable, as McCain's closest advisers were paid lobbyists of Fannie and Freddie throughout this decade including this election year! Obama's ads have driven home that inconvenient truth.

Could Have Been Prevented in 2001

The GOP did try to fix it. The Bush Administration warned of the financial crisis the broken business practices of Freddie and Fannie would create as far back as April 2001. Barney Frank and his cronies fervently fought against any reform suggested by the Bush Administration and the GOP. The bursting of the housing bubble finally shed light on the full-scale corruption within Freddie Mac and Fannie Mae that the Democrats worked to disguise.

Bail out

I do not think we should bail out the fat cats or the greedy banks as this is a free market country. If Agriculture has short falls all they ever get is low interest loans, no bail out or loan write downs like McCain wants to do with the housing sector. This will cause an even bigger money problems in this country down the road, meaning high inflation, higher interest, higher taxes, and skyrocketed retail prices for all of us causing even more people to go broke. All this crunch should shake out the greed in this country and make fo a shorter crisis in the end result. I can see making low interest loans to families to keep them in their homes, but no write down of their loans.

governing majorities

How do you govern in the US if you have the presidency and bare majorities in Congress? To head off a disaster like this Bush would have had to make his case directly to the American people, speaking past an unsympathetic press. He would have to make the case emphatically and repeatedly that a catastrophe was imminent. Was this possibility even on his radar screen? Who knows? Did he have the political capital to get something accomplished here?

I suspect most Republicans fought to reign in Fannie and Freddie on the basis of sound principle rather than an intuition that a massive problem was brewing and would blow up on them overnight. And this is why they did not ring the church bells and turn on the sirens.

Well, if you are the party in power and the press is in the back pocket of the opposition you get the blame for what happens on your watch no matter the degree of responsibility for it.

This calls to mind the success of Bill Clinton in pinning the blame on the Republican Congress for shutting down the federal government when HE was unwilling to sign an appropriations bill that didn't give him the funds he wanted.

It helps to have the press on your side.

Fannie Mae & Freddie Mac & Democrats

For your viewing pleasure: http://www.youtube.com/watch?v=_MGT_cSi7Rs

Fannie Mae and Freddie Mac

John McCain should run ads, lots of ads showing Democrats saying that Fannie and Freddie were solid!!!

mc cain

I understand that McCain is confused, erratic & deceitful. 4 or 8 yrs ago he would have been fine. but he was still angry then calling Chelsea Clinton "ugly & that Janet Reno was her father '. sad. I think if he had a chance to live his life over he would mke many major changes. Bush is dishonest & reckless & Cheney is worse. and what happened to Lieberman ? do not understand I'm a 1st time voter,,an interesting statement: in 2000 we were asleep, on 2004 we were afraid to wake up,,in 2008 we have finally awaken ! God Bless America !,,,

Rick Davis Rick Davis Rick Davis Rick Davis

Yes. John McCain the great deregulator signed on the Senator Hagel's S.190 which would have increased regulation of these GSEs.

BUT he "joined up" May 26, 2006, three days after a scathing report demanding reforms, and TEN MONTHS AFTER the bill had been KILLED in COMMITTEE.

YELLING about the GSE's just further undermine's McCains weak credibility.

He has how many FNMA / FREDDIE MAC lobbyists EMPLOYED on his campaign?

Not to overlook CAMPAIGN MANAGER Rick Davis who was being paid what, $15,000 a month by Freddie Mac WHILE serving as McCain's Campaign Manager.