McCain is ahead of the curve on Frannie and Freddie, as he sponsored the bill in 2005?

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What would be the independence of the Federal Housing Enterprise Regulatory Agency authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, Federal National Mortgage Association (Fannie Mae) will, and the Federal Home Loan Mortgage Corporation (Freddie Mac are called) & http://www.govtrack.us/congress/bill.xpd?bill=s109-190http://www.govtrack.us/congress/bill.xpd?bill=s109-190 tab = summaryhttp.: / / beltwaysnark.com/2008/09/16/john-mccain-supported-a-proposal-for-an-agency-to-oversee-fannie-and-freddiein-2005 /

10 Comments
  1. Reply
    Morbius
    April 30, 2011 at 12:55 am

    Perhaps. But there is no guarantee that anything would have changed, not in this amount of time.

  2. Reply
    Bethany J
    April 30, 2011 at 1:03 am

    Yes, and no one listened to him.

  3. Reply
    Obama Waffles...mmm, tasty!
    April 30, 2011 at 1:08 am

    Yes, he was. But unfortunately you won’t hear this on CNN or MSNBC, nor will you hear about how Barack Obama was the #2 recipient of contributions in the US Senate from Fannie and Freddie.

    Even more astonishing is that this was calculated from the years 1989-2008. Obama has only been in the Senate for 2 years.

  4. Reply
    semisweetgirl
    April 30, 2011 at 1:14 am

    Abso fricken loutely

  5. Reply
    Chicken Little's Acorn
    April 30, 2011 at 2:05 am

    Yes John McCain was ahead of the curve, but the Democrats needed that FM & FM money to fund Barack to his pedestal built of lies

  6. Reply
    leahfu
    April 30, 2011 at 2:40 am
  7. Reply
    Jay 101
    April 30, 2011 at 3:05 am

    Obama would make the economy worse! He has no economic background and he has bad economic advisors!
    http://www.boston.com/news/politics/politicalintelligence/2008/09/mccain_hits_oba_7.html

    McCain did forsee this happening and there is a lot of proof to back this up!

  8. Reply
    DAR
    April 30, 2011 at 3:18 am

    Um no. That would have been right after the head of the fed was caught cooking books -reactive, not proactive.

    Now Ron Paul in 2003, THAT was proactive.

    ““Ironically, by transferring the risk of a widespread mortgage default, the government increases the likelihood of a painful crash in the housing market,” Paul predicted. “This is because the special privileges granted to Fannie and Freddie have distorted the housing market by allowing them to attract capital they could not attract under pure market conditions. As a result, capital is diverted from its most productive use into housing. This reduces the efficacy of the entire market and thus reduces the standard of living of all Americans.

    “Despite the long-term damage to the economy inflicted by the government’s interference in the housing market, the government’s policy of diverting capital to other uses creates a short-term boom in housing,” Paul went on. “Like all artificially created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing.”

    Unfortunately the bill he sponsored at the time got no cosponsors and died in committee.

  9. Reply
    MissDeviance
    April 30, 2011 at 4:12 am

    Absolutely!

    He said this was EXACTLY what was going to happen.

    Obama was part of the chorus of those saying this would not happen and that loans needed to be given out to everyone, with no income verification or means testing, because to do those prudent things was “racist”.

    So here we have it. McCain was 100% right, and Obama and the Democrats are responsible for a huge financial scandal — which made a lot of them very wealthy off the money of taxpayers.

    Sadly, they will probably get away with it.

    People SHOULD be going to prison over this, it’s exactly the same as Enron. But Democrats play by their own rules. They can do whatever they want and get away with it.

  10. Reply
    dewardkb
    April 30, 2011 at 4:40 am

    No, the bill McCain cosponsored would have deregulated Freddie and Fannie even further allowing them to take even more risk, with less oversight on even thinner margins.

    Here is an analysis of the House companion bill that passed the House. The Senate bill is identical and it died in committee.

    http://www.aei.org/publications/pubID.22705/pub_detail.asp

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