McCain versus Obama on Fannie Mae and Freddie Mac

This is probably the most devastating indictment of Barack Obama I’ve seen yet when it comes to domestic policy do-nothingness, especially when contrasted with John McCain.

The short version: McCain, together with three other GOP Senators, tried to do a regulatory overhaul of the housing finance industry 3 years ago – something Bush tried to get Congress to do 2 years before that – and specifically spoke out about the practices of Fannie Mae and Freddie Mac, all the while Senator Obama fast tracked his way up the ladder to become the number #2 recipient of campaign contributions from both companies, 2nd only to Senator Chris Dodd (D-CT, and an Obama supporter) – who helped kill the reform effort McCain co-sponsored three years ago. Make sure to read the long version Ed’s written for the complete details. 

BTW, someone needs to let CNN’s “Fact Checker” know these facts as well, as their attempt at “fact checking” Biden’s claims about McCain and regulation falls short of the full story. Same same for the rest of the mainstream mediots.

McCain has a clear record on this issue and instead of stupidly blaming McCain and the GOP, if Obama knew what was good for him he’d keep his mouth shut because McCain (hopefully) is going to dog him on this issue. If Obama wants to play the blame game by comparing his record on reform with McCain’s when it comes to the housing finance industry, by all means, lets.

“[The] chickens are coming home to roost.” – Barack Obama’s former pastor, Rev. Jeremiah Wright – 9/16/01