Today, I am told, Obama is blaming McCain for the economic hiccups and the Fannie Mae and Freddy Mac fiasco.
What Obama is not telling the public is that he, himself received campaign money from Fannie Mae and Freddy Mac‘s Political Action Committee (PAC) (a special interest group) – $6,000.
McCain, not so much… McCain got a whopping $0.00 from Fannie Mae & Freddy Mac’s PAC.
Nor did Obama mention that McCain was looking out for us Americans over two years ago when he co-sponsored a bill that would have put some oversight on Fannie Mae & Freddie Mac, warning, “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.”
Unfortunately, the bill was shot down by most of the Democrats and a few Republicans…
I would have to say that McCain’s judgment is a Hell of a lot better than the Obamessiah’s.
Here is the transcript from the Congressional record:
H/T – MeMaw
FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005
May 25, 2006
Sen. John McCain [R-AZ]:
“Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
“The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
Opinionated Infidels