. . .it would be front-page news.
On May 25, 2006, John McCain spoke out “on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005,” a bill designed to fix FannieMae and FreddieMac).
The Arizona Senator and current Republican presidential nominee seems to have foreseen the current crisis:
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.
Once again, the Republican candidate in the presidential race has proven himself to be the real reformer in this race. The Democrat? Out making speeches about change while voting in lock-step with his party on nearly every issue and steering clear of articulating the specific changes he advocates.
Hope the McCain folks (or the RNC) are making an ad about his efforts in ’06. Maybe he succeeded in pushing this legislation through, we might not face the problems we face today.
UPDATE: Â “Meanwhile, Obama in just four years in the Senate raked more contributions from Fannie and Freddie than any other Senator in the last 19 years â€” save [Banking Committee Chairman Christopher] Dodd, who’s pretty demonstrably in the pocket of Big Mortgage.”
So, given his rhetoric for change and challenging special interests, was Barack Obama swayed by these donations? Â Or did he join McCain in pushing reform of these institutions? Â GayPatriot critics, now’s your chance to google away! Â Rhetoric doesn’t count. Â Must be concrete legislation advocated (as in co-sponsored and/or spoke out in favor).
UP-UPDATE (on 09/18): Â McCain addressed this very issue in a speech today in Iowa: “When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent.”