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?
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.
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.
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, “a good idea.” Well, Senator Obama, that “good idea” has now plunged this country into the worst financial crisis since the Great Depression.
To hear him talk now, you’d think he’d 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’t he support these regulations that could have prevented this crisis in the first place? He won’t tell you, but you deserve an answer.
They need to keep pushing this point all the way through November 4th!
Previous:
- Did the Democrats play a significant role in the current financial crisis?
- Even more on how Democrats helped enable our current financial crisis
- More on Barack Obama, ACORN, and “community organizing”
- Still more on how Democrats helped enable the current economic crisis
- Barack Obama’s role in the subprime lending mess
- How Democrats helped enable the current economic crisis, continued
- How Democrats helped enable the current economic crisis
- Economic meltdown: Who/what is to blame?
- VIDEO: Who was praising McCain’s reform record two years ago?
- WaPo slams Obama on claims about McCain and regulation, and the FM/FM issue
- Dayum! Go, McCain
- McCain versus Obama on Fannie Mae and Freddie Mac
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I knew Big Mac had some fight left in him! Bring it on!
Comment by Anthony (Los Angeles) @ 10/6/2008 - 2:45 pm
obama
has his worshippers
, but mccain
has the truth on his side.
if we tell the story long enough. Biden
is just a gaffe machine and everyone knows it.
is so far in the tank
for obama
that it’s gonna be hard to ever get an objective media
again.
We’ll win
The msm
Comment by yo @ 10/6/2008 - 2:54 pm
Obama’s answer:
- Lorica /Sarcasm off 
I think Mr. McCain is being a racist. He is implying that I fight against loans that helped low income blacks with their home ownership dreams. So obviously Mr. McCain is a racist. My Name is Lorica McMillen, and I approve this message.
Comment by Lorica @ 10/6/2008 - 3:08 pm
On the Drudge Report
Thank you Democrats, we continue to appreciate your assistance in aiding our enemies in their propaganda campaign. - Lorica
Comment by Lorica @ 10/6/2008 - 4:03 pm
Yes YES>>>…finally McCain is fighting back…now all of you who write in this forum…begin the “revolution” by writing to all the news media w/complaints of their extreem LEFT bias and tell them U will NOT watch or read anything they produce. Bombard them NOW….MSNBC …CNN…etc….this is a more productive “revolution” then dumping tea in the river.
Come on…let’s go….put your words & writing to productive use….fight back….I did ….
Comment by Ina @ 10/6/2008 - 4:09 pm
Sen. Mccain needs to hit hard like that at tomorrow night’s debate.
He needs to find Obama’s Achilles heel whatever that is.
Question. The Fannie Mae, Freddie Mac, bail out and the financial crisis, why now? Electionn 2008. How come this situation didn’t happen last year or in 2009?
Obama and his camp, as well as his surrogates, leftist liberals, and race baiters can take their race card and shove it!
Comment by Lee Ann @ 10/6/2008 - 4:21 pm
Why he didn’t do this in the first debate is beyond me, but it’s about time. He needs to stress this in the two remaining debates, and on the stump. Going after Obama on Ayers, et al, is fine, but educating voters on the true history of the current economic crisis is what will do the trick. I don’t believe it’s too late. When Hillary stepped up her attacks on Obama, it yielded results, but it was too late because most of the primaries were over, and the delegates already secured for Obama. That is not the case here, where not a single vote has been cast. Don’t let up, Senator!
Comment by Joe @ 10/6/2008 - 4:26 pm
Not only do they need to keep up this line but in response to the Keating scandal that Obama is trying to push, they need to remind people that McCain was found innocent in that mess.
But the 3 senators who were found guilty have all endorsed Obama. So McCain is innocent, but the guilty stand with Obama, the corrupt stand with Obama and the unethical stand with Obama.
Comment by MikeC @ 10/6/2008 - 6:44 pm