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.
It’s a good start. Here’s what’s required for the follow-through:
- It has to be mentioned in the debate. Three times. Preferably with a memorable zinger.
- DO NOT misstate even the TINIEST fact in making this argument. If you do, the media will fixate on that and forget everything else.
- Don’t let it drop. We need endless TV commercials with clips of Democrats saying there is no crisis. Find the footage of McCain’s speech (if it exists) and run that too.
This is a good start — but it’s just a start. More, please.
UPDATE: P.S.: Relevant to my second bullet point, McCain ought not say that “there is absolutely nothing in his record to suggest” that Obama opposed Fannie and Freddie’s dangerous practices. Obama took the extraordinarily courageous step of writing a letter to Bernanke et al. in March 2007, complaining that the barn door had been left open and the horse was gone.
If McCain doesn’t acknowledge that (and mock it as the inconsequential fluff it was), McCain will get buried by our leftist media.
P.P.S. Now we see that McCain’s quotation of Obama’s alleged approval of sub-prime loans is taken out of context.
Mother[String of profanities deleted]ing [Still more profanities deleted]!!!!! He doesn’t have to distort any facts to make this argument. He should just give full quotes from Democrats who opposed regulation, and full quotes from his speech seeking regulation, and leave it at that.
DO NOT misstate facts or distort them, Senator. The truth is on your side. Use it!
UPDATE: The letter from Obama was March 2007, not March 2008 as I originally said. The error has been fixed.
See: that’s an example of the kind of mistake McCain can’t make!