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
[snip] 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... 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... [end]
Obama urges second stimulus after bailout passes
The Hill | 10/03/08 04:41 PM [ET] | Sam Youngman
Posted on 10/03/2008 2:05:57 PM PDT by Jean S
thanks for the links.
So what we have is proof the repubs - and McCain tried to intervene with fannie/freddie.
Obama’s claim to sounding some sort of imaginary “alarm” can only be supported to one letter and one speech that fretted over foreclosures (as if foreclosures were news to anyone)
Obama never touched on fannie/freddie.
Obama never authored any reform bills regarding fannie/freddie.
Once again we are left with a bunch of fluff with no substance behind it.