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McCain In 2006 On Fannie And Freddie

Written by | November 16th, 2008
I am one that feels that McCain was unfairly connected to The Fannie and Freddie meltdown, in the 2008 election. Well, on May 25, 2006, John McCain was one of the few voices that spoke up against Fannie and Freddie.  
To quote McCain, from 2006…
“These are entities that have demonstrated over and over again that they are deeply in need of reform”
“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.”
Although the election is now over, I hope that anyone who reads the above will see that McCain was trying to prevent the mess that we are in today. I have to wonder if this material, or fact, was even put out by the mainstream media?
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4 thoughts on “McCain In 2006 On Fannie And Freddie

  1. resqr1968

    I think McCain missed a huge moment in time where he had the spotlight on him just before that first debate where he could have catapulted himself ahead. Instead, he did not speak to his prior action on this & he opened himself up to assault, from which, it seemed he could never fully recover poll wise.

    I am not blaming him. We all make choices, some of which pay off, others not so much. It is unfortunate, as I believe it was the turning point for his campaign.

  2. resqr1968

    I have heard him say this on many occassions myself, so I was aware of this personally. I hear what you are saying about mainstream media not doing a good job at getting it out to the people at large. Personally, I think just before the first debate, I would have preferred to hear him use his air time to remind or educate the public on this warning, action etc, over state he was cancelling the debate & returning to Washington. I also believe it would have served his candidacy much better. I understood the gravity of the housing crisis; however, I had been deeply concerned for over a year, maybe two, at what I believed to be a house of cards ready to topple. In my opinion, nothing was going to happen overnight, it was building for years after all. I also do not recall hearing that large numbers of Congress were flocking to the Capital to go on lockdown from their lives & agendas until an answer was reached. I believe both candidates could have still executed their commitments (after all, that college/town spent huge dollars for the event-let’s not forget that impact), while working with Congress to suggest & improve upon proposed policies in regards to the mess the country now had front & center.

  3. markross Post author

    The mainstream media is so biased, them seem to play and report what is in their vested interest, as opposed to reporting the facts, as it really is. Besides one or two networks, honest journalism seems to be dead, at least as it relates to politics.

    You are correct, I like John McCain and I think that he has some very good ideals that could help this country, however, as you said, a lot of the decisions made in his campaign were not very wise; not wise at all, politically speaking.

    As far as Fannie and Freddie…

    You are totally correct, McCain should have done WAY more to point out that he was trying to reform Fannie and Freddie, while continuing to point out that he was a trooper against out of control Republican spending, which he did do OK with.

    I am not endorsing anyone, at this point, nor am I trying to hurt anyone's name, I just want to help set the record straight. If the mainstream media can not do it, then decent people who are blogging etc., can certainly do a small part to help set the record straight.

    The American people deserve nothing less then the truth; we should be basing our decisions (on our leaders) on facts, not biased opinions.


  4. markross Post author

    Yep! McCain saw it coming… however, his warning, evidently, fell to deaf ears. Now look where we are today.


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