The financial meltdown could not have come at a worse time for John McCain.Â When it started, he had a slight lead in the polls, with party regulars confident and energized.Â The Obama campaign seemed to be losing focus.
The credit crunch, however, made it seem Republican policies were responsible for a projected significant economic downturn.Â After all, a Republican had been in the White House for nearly eight years, with his party controlling both houses of Congress for four of those years and Democrats only recently taking charge.
Yet, people think that just because a party is in power, it gets its agenda through.Â And even if the president’s party does not control Congress, he (and his party) take the rap for an economic slowdown as happened to George H.W. Bush in 1992.
That president’s son, warned repeatedly about problems and Fannie Mae and Freddie Mac, the Government Sponsored Enterprises (GSEs) at the heart of the current mess.Â Despite presenting numerous proposals fo reform, he failed to see any enacted in time to avert the crisis.Â Overwhelmingly, Democrats thwarted his efforts while assuring us of the soundness of the GSEs.
Now that they have collapsed, the same Democrats, notably Congressman Barney Frank and Senator Christopher Dodd, are leading efforts to fix the miss they made while their party blames Republicans. Even Bill Clinton acknowledges the responsibility of members of his party:
As John Hinderaker put it:
The current economic crisis should, by rights, hurt the Democrats, who bear far more responsibility for causing it than the Republicans. But the public doesn’t understand that, and blames anything bad on the party that controls the White House, however irrational that may be. And, of course, the television networks and newspapers aren’t going out of their way to enlighten the voters.
That’s why I’ve had this sick feeling of late. The Democrats block Republican reforms, then blame Republicans for their allegedly failed policies — even though they were never enacted. And the MSM lets them get away with it.
Outside of FoxNews, what major networks or newspapers have devoted any significant time to John McCain’s co-sponsorship of the Federal Housing Enterprise Regulatory Reform Act of 2005 designed to reform FannieMae and FreddieMac?Â And Democrat opposition to that plan?