McCain Slams Obama on Fannie Mae/Freddie Mac Bailout

All I can say is it’s about time.  Holding back on this has only given Obama time to capitalize on the negative economic news this last week when really he should have been the one hurt by it.

Via HotAir:

Two years ago I warned this Administration and Congress that regulations for our home loan agencies, Fannie Mae and Freddie Mac, needed to be fixed…

But nothing was done.

Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae’s CEO who helped create this disaster in charge of finding his Vice President. Fannie’s former General Counsel is a senior advisor to his campaign. Whose side do you think he is on?

Astute readers may note that two years ago was also the time the Democratic party obtained Congressional majority. I worry that McCain was ignored because the newly-elected majority didn’t want to publicly agree with Republicans on anything and risk upsetting their supporters on the extreme left.

Thanks to Good Lt. for the video:

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2 comments so far

  1. christianliberal on

    The total amount for the bail-out for Wall Street failures is almost exactly the same amount as we’ve
    spent so far for the war in Iraq. That is, just under one TRILLION dollars.

    Maybe we should be asking:
    “What would you rather have – a war half-way across the world, or
    a sound economy at home?”

    Do we want to continue spending for war, or perhaps bring it home for our own
    economy?
    Which of the presidential candidates will make better choices with our money?

    Here’s the URLs, if you want to check it out yourself:

    http://business.timesonline.co.uk/tol/business/economics/article4776342.ece

    http://www.forbes.com/reuters/feeds/reuters/2008/09/09/2008-09-09T161711Z_01_N09257030_RTRIDST_0_USA-BUDGET-CBO-UPDATE-2.html

  2. Sockpuppet on

    I found your comment in my spam filter about an hour ago, but I haven’t quite grasped the logic behind it yet…

    You’re posing an either/or possibility that simply doesn’t exist, and trying to connect seven years of spending in Afghanistan and Iraq with the last two weeks of spending on AIG, Fannie Mae and Freddie Mac simply because the amounts are similar.

    A sound economy at home does not come at the expense of current military operations or vice versa, and even if no money was ever spent in Iraq, the funds saved would have been spent in some other way before the bailouts occurred. There simply isn’t a connection.

    The question I’m asking, and the one I think we should all ask, is do we elect a man who sees financial troubles years ahead of time and tries to correct them before they become problems, or do we elect a man who is outright told there are problems but refuses to do anything about it because he’s been paid off?


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