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A New Opportunity for McCain
American Spectator ^ | 10-01-08 | Peter Ferrera - Commentary

Posted on 09/30/2008 9:40:54 PM PDT by smoothsailing

A New Opportunity for McCain

By Peter Ferrara

Published 10/1/2008 12:08:01 AM

According to House Speaker Nancy Pelosi, the financial crisis is all due to the Bush Administration's "right wing ideology of anything goes, no supervision, no oversight, no regulation."

But at a hearing in the House in 2004, now available in video on YouTube, the Republicans sought to expand supervision and regulation, over Fannie Mae and Freddie Mac. Federal regulators testified that the reckless financial practices of these two government-sponsored enterprises threatened the entire financial system. Republican after Republican called for a new regulatory authority to supervise Fannie and Freddie and impose standard bank regulation on them.

Franklin Raines, the former Clinton budget director who went on to serve as chairman and CEO of Fannie Mae, testified that the mortgage-related securities of these two organizations, which have now rocked the entire financial world, were "riskless." During his tenure, Raines criminally led Fannie Mae to falsify its books so that he would qualify for excessive bonuses and compensation eventually totaling $90 million.

But the Democrats excoriated the Republicans for criticizing the wonderful practices of Fannie and Freddie that had been so successful in achieving their goals of affordable housing...snip

The following year John McCain was one of three co-sponsors of legislation to impose such regulatory supervision and controls over Fannie and Freddie. The Bush Administration supported this as well, in one of its four attempts to win legislative approval for such expanded regulatory authority. But the Democrats shouted these proposals down as an assault on affordable housing for the middle class and the poor...

(Excerpt) Read more at spectator.org ...


TOPICS: Editorial; Government; News/Current Events; Philosophy
KEYWORDS: 110th; 2008; bailout; ferrara; mccain; pelosi; tas

1 posted on 09/30/2008 9:40:54 PM PDT by smoothsailing
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To: smoothsailing

You know I don’t even know if McCain will seize on this. If he hammered this I believe it could almost win the election. But it seems as if he just wants to continue playing nice. Am I wrong?

Also by the way I have seen other articles on the polling. Please just get the word to all you know to not get discouraged. Every poll in 2000 and 2004 showed Bush behind until the last minute. Please don’t let the MSM get you down!!!!


2 posted on 09/30/2008 9:49:15 PM PDT by ctpsb (Thanks.)
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To: ctpsb

Also by the way I have seen other articles on the polling. Please just get the word to all you know to not get discouraged. Every poll in 2000 and 2004 showed Bush behind until the last minute. Please don’t let the MSM get you down!!!!”

This is the factoid I wanted to be reminded of when I signed on to come here at 12:50am. I mean, I keep telling myself this happens every election: the polls towards the end are never right. And a part of me thinks McCain will win by a clear margin. But, these days are tough right now. Am I alone in thinking this?


3 posted on 09/30/2008 9:52:05 PM PDT by dellbabe68
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To: ctpsb

I don’t even know if McCain will seize on this. If he hammered this I believe it could almost win the election. But it seems as if he just wants to continue playing nice. Am I wrong?


No. McCain needs to start going after this thing to win it.


4 posted on 09/30/2008 9:53:12 PM PDT by Senator Goldwater
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It’s like there is no comprehensive plan he’s unveiling. I keep waiting and this election has turned into “don’t make a wrong move.” He’s got to have an offense.


5 posted on 09/30/2008 9:57:12 PM PDT by dellbabe68
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To: smoothsailing

McCain seems to be determined to lose this election. He needs to ditch his bipartisanship at all costs philosophy. It may work for him in the day to day business of the senate with the media just loving and promoting every word he says (while pissing us off), but during a presidential campaign, it just doesn’t work.

I saw an email earlier this evening on FR he sent out to supporters, and he still hasn’t a clue. I believe the time has passed to make this bailout work for him and republicans for this campaign. Now McCain can only hope to mitigate damage. McCain had a small window, during the time he initially suspended his campaign to win this election. He could have went back to DC and rallied conservative republican congressmen to support a conservative solution instead of the socialist Paulson bailout.

McCain could have went out during the debate and hung the socialist 700 billion bailout(that the public hates) around Obama’s neck, and stuck it to the dems, while offering the alternative conservative solution on national TV without the MSM filter. The election would have been won that night.

Instead McCain is drifting, rambling about “bipartisanship” with no real message or direction. Considering this will likely lead to a Marxist lightweight liberal being elected president, I find this entire situation to be rather demoralizing and sad.

Obama will be replacing Justices Stevens and Ginsburg. Imagine if McCain could have filled those vacancies, assuming he would even do the right thing for us.


6 posted on 09/30/2008 9:57:48 PM PDT by KoRn ("Change": Come Help A Nitwit Get Elected)
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To: ctpsb

You’re right. McCain is going through the motions. He needs to get angry.


7 posted on 09/30/2008 9:59:46 PM PDT by Minus_The_Bear
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To: Minus_The_Bear

He needs to have a freakin plan and stuff to say. He has no momentum.


8 posted on 09/30/2008 10:02:08 PM PDT by dellbabe68
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To: smoothsailing

Smooooooooth...

Bump for McCain.


9 posted on 09/30/2008 10:04:18 PM PDT by Gene Eric
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To: smoothsailing
I wonder if Sarah Palin will attempt to disclose any of this during the debate Thursday night? Busting this stuff is her strong suit and would give her ammo against that crazy guy she's running against.
10 posted on 09/30/2008 10:04:24 PM PDT by April Lexington (I'm voting for McCain in 2008 and Jefferson Davis in 2012)
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To: Minus_The_Bear

Yeah... quit hiding behind the skirt and start fighting, John!


11 posted on 09/30/2008 10:05:37 PM PDT by April Lexington (I'm voting for McCain in 2008 and Jefferson Davis in 2012)
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To: smoothsailing

Isn’t Franklin Raines now Obama’s chief economic advisor?


12 posted on 09/30/2008 10:20:48 PM PDT by phoenix07
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To: Senator Goldwater

Even my very resistant, very liberal sister emailed me that the Democrats had ruined the country. What ultimately did it was the Mother Jones article from 2000 that someone posted here. I sent it to her. But what started it was the Edwards mess. She had given money to him and supported him and felt really cheated. Republicans can win this. The issue is TRUST. This country is having a crisis of Trust and we need some leadership that we can trust.


13 posted on 09/30/2008 11:48:51 PM PDT by Anima Mundi
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To: phoenix07

That’s Franklin Delano Raines, sir. And don’t forget it!


14 posted on 09/30/2008 11:51:23 PM PDT by diamond6 (Is SIDS preventable? www.stopsidsnow.com)
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To: smoothsailing
No matter WHAT McCain says or doesn't will get a liberal lashing by the media. But I don't think he has given up. He didn't as a POW. I really do think he has something up his sleeve.

He nailed it at Saddleback. He nailed it with the Palin pick. He nailed last week's debate, after what appeared to be a slow start.

In the meantime, try to support him. Go to his website. Give him feedback. Give money, give time. And pray.

15 posted on 10/01/2008 1:29:24 AM PDT by informavoracious (No B.O.: No Bail Out. And No Barack Obama.)
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To: smoothsailing

I heard the last half hour of Rush yesterday, and he played a McCain clip saying it isn’t time for partisanship, (i.e. putting the blame where it belongs), it’s time to put the country first. (This sounds like a man whose fingers got caught in the cookie jar!) Rush went ballistic.

This is the golden moment to educate the general dumb public about the financial mess...who, what, when, why. Prominent democrats up to their necks, people who not only received sweetheart loans, like Franklin Raines and Chris Dodd, but Obama and Dodd’s campaigns enriched by hundreds of thousands of taxpayers’ money. People who also signed on to Obama’s campaign, too.

McCain’s staff had better get an ad out there with the facts because the MSM won’t tell the truth.


16 posted on 10/01/2008 3:40:00 AM PDT by hershey
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To: smoothsailing

Very interesting and timely article. Much appreciated.


17 posted on 10/01/2008 4:04:12 AM PDT by GVnana ("I once dressed as Tina Fey for Halloween." - Sarah Palin)
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To: dellbabe68

The McCain campaign put on a conference call today on the economic stimulus plan, but I haven’t had a chance to listen to it yet.


18 posted on 10/01/2008 4:06:03 AM PDT by GVnana ("I once dressed as Tina Fey for Halloween." - Sarah Palin)
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To: diamond6

LOL!!!!! And, that’s madam, not sir.


19 posted on 10/01/2008 7:19:58 AM PDT by phoenix07
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To: phoenix07

Who knows? I heard some Democrat hack on Fox News denying that Raines had anything to do with the campaign. Is there ant room left under the Obama bus?


20 posted on 10/01/2008 7:40:12 AM PDT by Dionysius
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To: phoenix07

Ha, ha.

Sorry about that.


21 posted on 10/01/2008 11:42:14 AM PDT by diamond6 (Is SIDS preventable? www.stopsidsnow.com)
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