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.
Another sentence in that letter is nothing less than prophetic...
With the fiscal challenges facing us today (deficits, entitlements, pensions and flood insurance), Congress must ask itself who would actually pay this debt if Fannie and Freddie could not?
All the while, Obama knew of the problems Fannie and Freddie were facing and did nothing.
This Fannie/Freddie travesty could have been stopped if Democrats in congress had allowed for legislation to pass that would have protected all of us.
It's so irritating it keeps me awake at night thinking about it. My family has been directly hit by this mess, and my husband had to close his business of 10 years due to what Fannie & Freddie did to the housing market. We're still not in the clear because we have his last house to sell, and who knows how far that will put us in debt before we find a buyer.
What I want to know is why we don't hear about Obama's unsavory connections on the major news channels? All we ever hear is how unfair and negative the McCain camp is for bringing up Ayers. What about all the other skeletons in his closet????? I wonder if FOX is doing a better job of alerting the public to the facts behind the fall of wall street. We don't have cable, so FOX doesn't come in clearly. I certainly hope they're getting the truth out.