McCain Goes After Obama on Fannie/Freddie and Chicago Ties
2:43 PM, Oct 6, 2008 • By MARY KATHARINE HAM
The gloves are now officially packed away in that back corner of the coat closet, wedged between a crate of Meghan McCain's third-grade artwork and a dust buster. From McCain's remarks in a speech in New Mexico today:
Rather than answer his critics, Senator Obama will try to distract you from noticing that he never answers the serious and legitimate questions he has been asked. But let me reply in the plainest terms I know. I don't need lessons about telling the truth to American people. And were I ever to need any improvement in that regard, I probably wouldn't seek advice from a Chicago politician.
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.
A 527 called Right Change has jumped into the fray also, offering two ads on frequent rotation in Virginia, which take Democrats to task for inaction where Fannie and Freddie are concerned (thus ensuring that SNL won't be the only place voters hear this narrative):