McCain Hits Obama Hard On Fannie Mae, Freddie Mac Corruption

You can read his entire remarks at The Corner. I've excerpted McCain's blistering attack on Obama.

Two years ago, I called for reform of this corruption at Fannie Mae and Freddie Mac. Congress did nothing. The Administration did nothing. Senator Obama did nothing, and actually profited from this system of abuse and scandal. While Fannie and Freddie were working to keep Congress away from their house of cards, Senator Obama was taking their money. He got more, in fact, than any other member of Congress, except for the Democratic chairmen of the committee that oversees them. And while Fannie Mae was betraying the public trust, somehow its former CEO had managed to gain my opponent's trust to the point that Senator Obama actually put him in charge of his vice presidential search.

This CEO, Mr. Johnson, walked off with tens of millions of dollars in salary and bonuses for services rendered to Fannie Mae, even after authorities discovered accounting improprieties that padded his compensation. Another CEO for Fannie Mae, Mr. Raines, has been advising Senator Obama on housing policy. This even after Fannie Mae was found to have committed quote "extensive financial fraud" under his leadership. Like Mr. Johnson, Mr. Raines walked away with tens of millions of dollars.

Senator Obama may be taking their advice and he may be taking their money, but in a McCain-Palin administration, there will be no seat for these people at the policy-making table. They won't even get past the front gate at the White House.

My friends, this is the problem with Washington. People like Senator Obama have been too busy gaming the system and haven't ever done a thing to actually challenge the system.

We've heard a lot of words from Senator Obama over the course of this campaign. But maybe just this once he could spare us the lectures, and admit to his own poor judgment in contributing to these problems. The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was square in the middle of it.

Comments

[seekeronos]

Well said, Senator McCain... well said.

[Marie LeVeau]

I heard it this morning. And as i heard it i thought...he's making it easy to for even a leftist to understand....i mean, assuming that they wanted to understand. It was brilliant in its simplicity. Yes. very WELL said, Senator. My husband was watching it in a different room and i walked in and said, my analysis is that this is quite good. He agreed readily.

[Worst President Ever]

There's plenty of blame to go around on both sides of the aisle. But for McCain to claim that "there will be no seat for these people at the policy-making table" is laughable on it's face. His campaign staff would be empty if it weren't for "these people". Start with campaign manager Rick Davis who lobbied against any regulation of Fannie Mae and Freddie Mac.

[SacTownMan]

This is, without a doubt, the best speech of the campaign for McCain. He has needed to speak out about the financial impacts of Xerxes "tax em now" mentality. He needs to keep the pressure on for the next 45 days and show the Chicago hack for what he really is.

The game is afoot!!

[anon]

I agree this is a good piece from McCain, but it won't get any traction because the media won't report on anything but scandals and racism.

I don't know why McCain hasn't put out a Sarah Palin clarification ad that includes the TRUE statistics on her actions as governor and blasts Obama and the media for their treatment of her....the media keeps on calling her a liar and her numbers keep on going down.

I guess they learned from Karl Rove afterall...that if you simply keep repeating a falsehood it becomes true.

The country is doomed.

[chris]

I'm sure Charles Keating is very proud right now.

[Fred Beloit]

chris, how can you be joking around like this when the war in Iraq has been lost by the U.S.?

[anon]

Conservatives need to start preparing for an Obama presidency. Their non stop attacks on McCain and Palin are having the desired effect...the shifting poll numbers will only embolden the media to continue their attacks...and that will result in an Obama election.

The Republicans need to do some soul searching about how and why they let Bush and the Republican Congress do so much damage, how and why they failed to rally to George McCain in the face of the cloest thing to a socialist president I ever hope to see, and finally, they need to recraft their messages and strategy in a way that will compensate for the now blatant support being given to the Democratic Party.

[seekeronos]

"--- I don't know why McCain hasn't put out a Sarah Palin clarification ad that includes the TRUE statistics on her actions as governor and blasts Obama and the media for their treatment of her....the media keeps on calling her a liar and her numbers keep on going down. ---"

I suspect that the McCain campaign will; I think that there is a timing issue going on. By playing out the Palin "scandals" out long enough, they are keeping the media focus on Gov. Palin only. But time is short, and I agree that they've let the MSM show how fully in the tank they are for the socialists... now they need to play this card with Obama's filthy connections to Fannie and Freddie hard and fast.

[anon]

I really don't see much hope for McCain at this point, I initially didn't think Obama could be elected because his views are too far out of the mainstream, but I never would have imagined the media would abandon all pretense of objectivity or fact based reporting.

There will be at least one huge 'race card' story before the election is over and the media is going to continue to beat these non existant scandals to death...who would have ever imagined that liberals would be screaming about the horrible injustice of wanting a state trooper fired who tasered a 10 year old, made death threats and illegally discharged his firearm?!

It's possible that a HUGE barage of very good ads could make a difference, but I don't know that McCain has enough money for that, especially given Obama's awesome ability to raise money.

Right now, I can't see anything but an Obama victory, with the silver lining being it will be hard to call American a country of white racists with a black president elected by millions of white people, but other than that, I see nothing but higher taxes and economic mismanagement, welfare give aways....text book Democratic stuff.

[gpc31]

McCain can point out the facts all he wants but the msm won't portray it accurately or fairly. I was listening to NPR's coverage this morning and couldn't restrain myself from yelling at the radio. They made Obama seem like the pristine reformer with definite policy plans while selectively hightlighting McCain's past admission that he doesn't know much about economics. No mention whatsoever of Obama's financial and personnel connections to Fannie Mae, etc. Disgusting coverage.

[Fred Beloit]

A little early for defeatism, anon? Have a little more faith in your fellow Americans. They don't like liberals and the MSM. Remember that. And, gpc, if the Repubs could ever get a majority, I would hope the first thing they would do is eliminate the liberal media we tax payers are paying to promote Obama, that is, NPR and NPT.
Polls are polls. Let me ask you this, have you ever changed your mind from supporting one candidate to supporting the other and then back to the first candidate again in two weeks? The polls show this happening all the time. How could this be?

[Worst President Ever]

Republicans - The Party of Government Regulations. Who knew?

[joeb]

It is only going to get nastier and nastier. We have a long way to go. I wonder what the "October surprise" will be?

[Worst President Ever]

Fact: The Public much prefers Democratic policies over Republican on the economy, health care, Iraq, education, environment.

Republicans had a majority for years, from the mid 90's until 2007. The reason they lost that majority is the public got sick of Bush, and his policies.

[Spartan112]

The McCain campaign is loaded with Freddie Mac and Fannie Mae lobbyists, they don't have a leg to stand on in this argument.

[jaime]

"for the socialists"

Like John McCain, apparently.

[anon]

Let me ask you this, have you ever changed your mind from supporting one candidate to supporting the other and then back to the first candidate again in two weeks?
---------------------

At one point I considered Obama as the lesser of two evils, so yes, I believe there are a lot of people out there who are disgusted with Bush [I am], but who don't like Obama [I don't] and arent' too enthusiastic about McCain either [I'm not].

While I am "conservative" in that I think the last 40 years have shown that abandoning America's traditional values and institutions has proven to be a huge, HUGE, folly and I tend to think that incrimental change is almost always better than radical change, but I'm not a religious conservative, I never supported the Iraq war and I'm not hostile to all business regulation or enviromental protections like many Republicans. I used to be a Democrat until they simply became too crazy and stopped caring about the middle class..when a Democrat says middle class, believe it, he/she means "poor & welfare" and when the Democrat stopped caring about anyone who wasn't an agrieved minority of kind or the other who needed a government hand out for everything in their lives.

[BobInStamford]

Amazing. Half of Americans wouldn't pick Grandpa as their kids teacher

http://news.yahoo.com/page/election-2008-political-pulse-teacher

Imagine the 1st hand accounts the old timer could bring to the classroom!

Where John McCain was when Archduke Ferdinand was assassinated
Where John McCain was when the Hindenberg crashed
How John McCain handled Prohibition
What John McCain did during the Great Depression.

John McCain has SO MUCH to offer America!

[Teleprompter Messiah]

Obama has nothing sewn up. If he did he'd be much further ahead than now.

Right now this election is up to the 5% of Americans that only pay attention to elections until the week before election day.

McCain has solidified his support. Obama has had the love and adulation of chris, WPE, Bob and the other moonbats for a long time.

The question is what will that 5% gut's tell them to do on November 4. At this point no one knows.

[Fred Beloit]

Now here is some important information from AP via Yahoo News:
"Poll: People prefer Obama over McCain as teacher
By ALAN FRAM, Associated Press Writer
WASHINGTON (AP) — If this election were about which candidate people wanted as their child's schoolteacher, Barack Obama would be moving to the head of the class. They'd also rather watch a football game with him, but only by inches.

And by extension one supposes we could see these: "Most people polled would prefer to buy hot dogs at the stadium from Obama vs McCain." And of course this: "Most people would prefer to use Obama vs McCain as a pimp to seek pleasure on Saturday night."

What a waste of time. Isn't there any news today?

[Fred Beloit]

Woody Allen has never been funnier. Well not since in my opinion he committed adulterous, incestuous, and statutory rape anyway:

"US filmmaker Woody Allen, best known for such comedy classics as 'Annie Hall,' says it will be no laughing matter if Barack Obama fails to win the race for the White House.
'It would be a disgrace and a humiliation if Barack Obama does not win,' he told Spanish journalists at the ongoing 56th San Sebastian film festival..."

He, like Obama, enjoys being critical of the U.S. when he is overseas. Laughing my head off.

[Fred Beloit]

http://www.breitbart.com/article.php?id=080919193927.ite7zfed&show_article=1

[Worst President Ever]

After conservatives have talked and talked and talked about what an elite Obama is - remember the good old days when we wanted the best and the brightest for president, not the bottom 1%er - and what candidate you'd rather have a beer with, it suddenly turns out the public likes Obama better than McSame.

Another nail in the coffin - People would rather watch football with Obama than McSame.

http://news.yahoo.com/s/ap/20080919/ap_on_el_pr/ap_yahoo_poll_football

[templar knight]

You're really digging there, Worst. LOL. What a moron, and what a moronic poll. Frankly, I'd rather watch football with Megan Fox. Does that mean I want her to be President? But given a choice between her and Obama, I'd pick her. Hell, given a choice between just about anyone and Obama, I'd pick anyone. Except you, nitwit.

[mary lamb]

This is sort of turning out to be a contest between the mass media and the american people. We have to bank on the fact that the american people stopped reading and listening a long time ago.

[mary lamb]

dan, can't wait to hear your thoughts about the financial debacle.

[Spartan112]

"dan, can't wait to hear your thoughts about the financial debacle."

I'llbet he's happy they didn't privatize Social Security.

[LOL]

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/19/AR2008091903604.html

not that any of the wingnuts here care about the truth

[mary lamb]

Watching Barney Frank on Bloomberg. Anyone know where I can find the translation? TIA

[seekeronos]

"--- Watching Barney Frank on Bloomberg. Anyone know where I can find the translation? TIA ---"

Here goes:

"I'll wet myself for joy if Obama gets in, and we then can raise taxes to exorbitant levels, especially upon the 'rich', whom I will be very dodgy about disclosing exactly what the range of 'rich' is."

Apparently for him, "rich" begins at incomes over $80k per year. Obama said it would begin at $250k, and I think Biden had mentioned a $500k or a $1M lower boundary.

Funny how those goalposts keep-a-moving.

If Obama gets in, and we get a Congressional Democratic supermajority, the corrupt graft-wagons of the 1970s will roll across the blighted plains (and cities) once more, and even $40k/year earners will be in the 40% tax bracket.

Tax, Debt, and Inflation slavery, here we come!

I might just have relocate to a less socialist country, less bankrupt nation, like Japan or maybe Germany if that happens. :P

"--- This is sort of turning out to be a contest between the mass media and the american people. We have to bank on the fact that the american people stopped reading and listening a long time ago. ---"

I'm deeply pessimistic about the "low information voters" desire or willingness to get informed or involved. The news cycles' non-stop coverage and amplification of the various ongoing financial crises, fuel and food costs, etc. keep us nice and fearful of "the status quo", thereby necessitating "change", per the commie Alinsky's formula.

This likely means that Great Undecided Middle won't watch much of the news enough to be truly turned off by the media's utter bias; they tune in to catch the weather, the lotto numbers, or sports and celebrity gossip.

Most often they'll be watching "reality TV" or some other mental pulp; so it is hard to say how much o an effect the critical bias of the MSM is having on the average American. Therefore, it behooves those of us who are "politics junkies" to alert our neighbours and co-workers (or perhaps more casually encouraging them to take note of the MSM bias) as well as noted inconsistencies between coverage and what is actually being said.

"--- It is only going to get nastier and nastier. We have a long way to go. I wonder what the "October surprise" will be? ---"

Actually, only about five more weeks. But it does seem like it will stretch on forever, no?

As for "October Surprise..."

Here's my take on it. A pro-Obama surprise would be connected to the stock markets taking a 20% or greater dive in a single day, or worse, several successive days of double-digit dives.

A pro-McCain surprise might be another terror attack (false flag or otherwise) or some major incident involving Israel or Iran.

[mary lamb]

Just watched Obama on CNN. Essentially turned everything around that has come out about his connections. He is actually saying that McCain has all the lobbyists, etc.

What is frightening here is that I see a real change in persona. gone is that nice easy going guy full of hope wanting change ready to lead his army of young kids into a sea of betterment for all mankind. Now I see a sometimes almost right of center fellow, angry as hell, really punching and yelling and carrying on. The thing that disturbs me the most however is the fluidity with which he can look right into the camera and lie. I mean really lie. Now that gives me pause. How can we elect a president who can lie with such ease? We would never know if he was telling the truth to us or lying for our own good. The personality change bothers me a lot too.

[charles]

Democrats created the Fannie Mae and Freddie Mac problems years ago, in a well intentioned but failed effort to allow low income groups to buy houses. They stopped ALL eforts at reform until it was too late. Now they are trying to blame Bush, McCain and Republicans, everyone but themselves. That's the Gods truth and here is the proof:
http://strategicthought-charles77.blogspot.com/2008/09/democrats-created-fannie-mae-and.html

[mary]

charles, this morning on the "sunday programs" I have noticed that the democrats seem to have a penchant for blaming the people who took out the mortgages. Mike Bloomberg made a rather scathing statement about this on "Meet the Press". This is alarming because someone out there might be misinformed enough to believe this dribble. Funny, those mortgages were akin to "making a deal with the devil" and people trusted their bankers who put them into these instruments at a record clip.

I can understand why chucky is calling for some provision, in this "bill that they are working on", for the homeowners who have these mortgages. CNN had a vet on last night. When the guy was deployed he went behind in his mortgage and now he is in danger of losing his home. Makes me realize that somewhere underneath that annoying exterior is a conscience. Maybe Mayor Mike ought to look for his instead of bragging about NY City's mortgage program and its under 5 defaults.

The reason why the language this morning is so alarming to me is the fact that generally, when "they" are preparing to do something that "regular Americans" may not be happy with, they put it out in the Sunday programs.
Let's hope that they address the homeowner with the problem and not just the banks and investment banks.

[mary]

Well this has caught my attention. Seriously, don't mind paying for saving America. Somehow I'm not up for saving the world:

"Exclusive: Foreign banks may get help
By MIKE ALLEN | 9/21/08 7:24 AM EDT

In a change from the original proposal sent to Capitol Hill, foreign-based banks with big U.S. operations could qualify for the Treasury Department’s mortgage bailout, according to the fine print of an administration statement Saturday night.

Treasury Secretary Henry Paulson confirmed the change on ABC's "This Week," telling George Stephanopoulos that coverage of foreign-based banks is "a distinction without a difference to the American people."'

http://www.politico.com/news/stories/0908/13690.html

Don't think Hank is so "on target" with this one.

by way of matt drudge

[tjulie]

John McCain's lobbyist ties threaten his reformer image:
http://www.boston.com/news/nation/articles/2008/05/20/mccains_lobbyist_ties_pose_threat_to_reformer_image/

Lobbyists Are Running The McCain Campaign
All of the TOP PEOPLE in the McCain campaign are lobbyists for large corporations, including Big Oil, and FOREIGN COUNTRIES.

Campaign CEO - Rick Davis, a partner at lobbying firm Davis Manafort

National Campaign Director- Christian Ferry and associate at lobbying firm Davis Manafort

National Political Director- Mike Dennehy, who founded The Dennehy Group, a New Hampshire lobbying firm

National Finance Director- Susan Nelson lobbyist working for Loeffler Group LLC. Continued taking monthly lobbying payments after starting with McCain''s campaign.

Senior Policy Advisor- David Crane. A Senior Executive at The Washington Group, a corporate lobbying firm with 2006 billings of $10.4 million.

Senior Foreign Policy Adviser - Randy Scheunemann. He is McCain''s PRIMARY Foreign Policy Adviser. He is also a lobbyist for FOREIGN COUNTRIES, including Georgia (that was just in a war with Russia).

National Finance Co-Chair Tom Loeffler Owns one of the most lucrative and influential lobbying practices in Washington.

Regional Campaign Manager- Doug Davenport ran DCI''s lobbying practice. Was forced to leave when it was exposed that he LOBBIED FOR the REPRESSIVE REGIME IN BURMA.

Campaign Spokesman- Charlie Black who is chairman of BKSH & Associates, with lobbying billings of $7.6 million in 2006

Barack Obama has no lobbyists on the payroll or serving as key advisers.

[mary]

Barack has the fannie and freddie bunch and the fact that it will come out that this mess was created by that dynamic duo, Clinton and Greenspan.

Don't have time to verify your facts, however, in Washington, the best and the brightest have, at some point in time, been lobbyists.