jump to navigation

McCain (and Bush) tried to fix this mess September 23, 2008

Posted by keep1600 in Economy, McCain.
add a comment

I think John McCain and President Bush should be given more credit for trying to stop the current mortgage crisis than they are being given.

Bush tried to fix the impending Fannie Mae and Freddie Mac mess about 5 years ago, but was rebuffed by lobbyists and Democrats (see 9-11-03 NY Times article by Stephen Labaton at http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print).

Further, McCain co-sponsored the Federal Housing Enterprise Regulatory Reform Act of 2005.  On the floor of the Senate on May 26 2006, McCain said:  “I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.  I urge my colleagues to support swift action on this GSE reform legislation.”  His efforts were ultimately nixed by the Democrats.

McCain should be pounding this down Barack Obama’s and the Democrat’s throats.