McCain Letter Demanded 2006 Action on Fannie and Freddie

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   Prophecy Teacherposted 15 years ago

   ARTICLE FROM HUMAN EVENTS
   
   Sen. John McCain's 2006 demand for regulatory action on Fannie Mae and Freddie Mac could have prevented current financial crisis, as HUMAN EVENTS learned from the letter shown in full text below.
   
   McCain's letter -- signed by nineteen other senators -- said that it was "...vitally important that Congress take the necessary steps to ensure that [Fannie Mae and Freddie Mac]...operate in a safe and sound manner.[and]..More importantly, Congress must ensure that the American taxpayer is protected in the event that either...should fail."
   
   Sen. Obama did not sign the letter, nor did any other Democrat.
   
   The full text of the short letter appears below.
   
   http://www.humanevents.com/article.php? … p;id=28973

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   allshookupposted 15 years ago

   PT, I take it this is what he was referring to in the last debate that Obama tried to brush under the rug? Good work finding this. You always do great research. Why did the dems not want to reach across the isle and get this stopped before it came to this? We are in a bad situation now because of them not being willing to help. I don't understand that.

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      Prophecy Teacherposted 15 years agoin reply to this

      Allshookup - it's impossible to reach across the isle to agree on agreeing - let alone make proposals. Anybody could have seen this was headed for disaster. There was meeting after meeting. Even Greenspan sat before them and told them it would lead us off a cliff. But the truth -is that the ones demanding action were Republicans. that was - and is - the problem.
      
      This video - shows well how little room there is to negotiate.
      
      http://www.youtube.com/watch?v=nQalRPQ8stI
      
      click on "watch in high quality" (below the video)

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3. 58

   Mark Knowlesposted 15 years ago

   You christians sure are funny.
   
   McCain signed a joint letter which made no proposals for how to deal with the upcoming problem, then proceeded to do nothing about it for the next 2 years.
   
   The ruling party in power for the last 8 years was the republican party. Which did nothing about the problem, even though they were aware it was coming.
   
   Yet it could have been solved miraculously, but was not solved because no democrats signed this letter
   
   Yep, you sure are funny. Great research though PT.

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   knolyourselfposted 15 years ago

   If you see someone refer to the economic crisis with the term
   Fannie Mae and Freddie Mac, you know it is a republican. Turns out it was it was the clinton admin and especially Andrew Cuomo
   who took away the dept limits. Its about all they got to blame on the other side.

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