Sunday, October 19, 2008

This is fun!

Pity poor John McCain.
Today on Fox News:
MCCAIN: Of course. It was a package that had to be enacted because the economy was about to go into the tank.
If we don't turn — the housing market was the catalyst — the greed and excess, and Fannie Mae and Freddie, which some of us proposed legislation to rein in — the Democrats were in charge of Congress for most six — for the last couple of years, and they did not act, and so — and Senator Obama did not act.

[Transcript: John McCain on 'FOX News Sunday', 19 Oct 2008]
And what do we learn today about Freddie & Fannie?
AP IMPACT: Mortgage firm arranged stealth campaign
By PETE YOST, Associated Press Writer
19 Oct 2008
WASHINGTON – Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse.
To quote a Miller Beer ad:
It doesn't get any better than this!
Those of you who've been paying attention will recognize that McCain's latest Fox interview is consistent with his repeated diagnosis of the problem:
Freddie & Fannie are the culprits! If only the Dems had agreed to regulate 'em, we wouldn't be in this mess.

Again, those of you who've been paying attention will recognize that Freddie & Fannie may be emblematic of the problem, but they ain't the cause... and it was the Republicans' fervent faith in de-regulation that contributed to both the little-"s" sin of not more stringently regulating Freddie & Fannie, and the the big-"S" Sin of not regulating anything at all that led us into this ditch.

"The market is perfect" and "regulation is bad" are Republican mantras.
McCain's attempts to pin this on the Dems are pathetic!

Stop the madness!!!

p.s. ... and if Sen. McCain's diagnosis of current economic meltdown is that it's all due to Freddie & Fannie, what does that say about his ability to seriously address anything resembling a serious solution?

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