{"id":664,"date":"2008-10-06T15:01:13","date_gmt":"2008-10-06T19:01:13","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=664"},"modified":"2008-10-06T17:54:09","modified_gmt":"2008-10-06T21:54:09","slug":"finally-mccain-blasts-obama-democrats-for-fanniefreddie-meltdown","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/06\/finally-mccain-blasts-obama-democrats-for-fanniefreddie-meltdown\/","title":{"rendered":"Finally: McCain Blasts Obama, Democrats for Fannie\/Freddie Meltdown"},"content":{"rendered":"

Update:<\/strong> Scroll down for the video.<\/span><\/p>\n

It looks like the gloves are really off, John McCain is going to finally start talking about the economy and going after Barack Obama and Democrats for their roll in the failure of Fannie Mae and Freddie Mac<\/a>.<\/p>\n

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?<\/p>\n

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.<\/p>\n

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.<\/p>\n

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, \u201ca good idea.\u201d Well, Senator Obama, that \u201cgood idea\u201d has now plunged this country into the worst financial crisis since the Great Depression.<\/p>\n

To hear him talk now, you\u2019d think he\u2019d 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\u2019t he support these regulations that could have prevented this crisis in the first place? He won\u2019t tell you, but you deserve an answer.<\/p><\/blockquote>\n

It’s about time, raising questions about Obama’s character and his relationships with William Ayers and\/or Rev. Jeremiah Wright may be hardball politics but it’s not going to help McCain win the election. This election is now all about the economy and who can best lead a recovery… If John McCain and Sarah Palin are going to have any chance on November 4th they have to win that argument.<\/p>\n

Ed Morrissey<\/a>, Moe Lane<\/a>, Jim Geraghty<\/a> and Michelle Malkin<\/a> have additional thoughts.<\/p>\n

Update <\/strong>(5:45 p.m.):<\/strong> Here’s the video:<\/p>\n

<\/object><\/p>\n","protected":false},"excerpt":{"rendered":"

Update: Scroll down for the video. It looks like the gloves are really off, John McCain is going to finally start talking about the economy and going after Barack Obama and Democrats for their roll in the failure of Fannie Mae and Freddie Mac. Our current economic crisis is a good case in point. What […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[26,7],"tags":[57,129,1363,113,114,40,83],"class_list":{"0":"post-664","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-politics","8":"tag-barack-obama","9":"tag-credit-crisis","10":"tag-economy","11":"tag-fannie-mae","12":"tag-freddie-mac","13":"tag-john-mccain","14":"tag-sarah-palin","15":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-aI","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":505,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/26\/poll-question-who-won-the-first-debate\/","url_meta":{"origin":664,"position":0},"title":"Poll Question: Who Won The First Debate","author":"Jeff","date":"September 26, 2008","format":false,"excerpt":"[poll id=\"5\"] Overall I thought McCain won on points\u2026 Although it was closer than it should have been. McCain clearly won on foreign policy but on the economy it was at best a draw. McCain needs to drop the populist rhetoric and stand up for conservative economic principles... In particular\u2026","rel":"","context":"In "Politics"","block_context":{"text":"Politics","link":"https:\/\/www.jasetaro.com\/blog\/category\/politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2486,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/07\/07\/anatomy-of-a-crisis-the-fannie-mae-and-freddie-mac-debacle\/","url_meta":{"origin":664,"position":1},"title":"Anatomy of a Crisis: The Fannie Mae and Freddie Mac Debacle","author":"Jeff","date":"July 7, 2009","format":false,"excerpt":"Republican members of the House Committee on Oversight and Government Reform have released a report analyzing the role of the government sponsored enterprises (GSE), Fannie Mae and Freddie Mac, in the housing meltdown. You can read the full report here, but here are the highlights: Political pressure led to the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":332,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/09\/fannie-freddie\/","url_meta":{"origin":664,"position":2},"title":"Fannie & Freddie…","author":"Jeff","date":"September 9, 2008","format":false,"excerpt":"I'm not in a writing mood today but I hate to leave this page silent so I thought I'd share a few must reads on the Fannie Mae & Freddie Mac bailout with you. First is the Op Ed by John McCain in today's Wall Street Journal: We'll Protect Taxpayers\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":693,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/07\/credit-crisis-chris-shays-comes-out-swinging-at-congress\/","url_meta":{"origin":664,"position":3},"title":"Credit Crisis: Chris Shays Comes Out Swinging At Congress","author":"Jeff","date":"October 7, 2008","format":false,"excerpt":"Democrats in Congress may not want to talk about their roll in causing the subprime meltdown by refusing to regulate Fannie Mae and Freddie Mac but Rep. Christopher Shays (R-Conn) does: H\/T: Hot Air.","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":587,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/02\/in-thier-own-words-what-they-said-about-fannie-freddie\/","url_meta":{"origin":664,"position":4},"title":"In Their Own Words: What They Said About Fannie & Freddie","author":"Jeff","date":"October 2, 2008","format":false,"excerpt":"The Wall Street Journal has a long history over covering the abuses of Fannie Mae and Freddie Mac today\u00a0 they're naming names and calling out the Democrats who helped cause our financial crisis. House Financial Services Committee hearing, Sept. 25, 2003: Rep. Gregory Meeks, (D., N.Y.): . . . I\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"[nowides]","src":"https:\/\/i0.wp.com\/s.wsj.net\/public\/resources\/images\/nowides03202003164521.gif?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":502,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/26\/video-burning-down-the-house-what-caused-our-economic-crisis\/","url_meta":{"origin":664,"position":5},"title":"Video: Burning Down The House: What Caused Our Economic Crisis?","author":"Jeff","date":"September 26, 2008","format":false,"excerpt":"This video has been floating around the web for a couple of days... It provides a detailed look at how the Community Reinvestment Act was used to push banks into sub-prime mortgages and how that distorted the housing market... And helped create the bubble that burst. 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