John McCain Finally Explains Freddie Mac and Fannie Mae

[PumpkinJoe999]

Lulz, I think the only thing that wasn't deceptive or an outright lie in his campaign was when he said he didn't know much about the economy.

What regulations and restrictions were he talking about. Maybe if he spent more time talking about specifics instead of rhetoric he might have done better, well probably much worse actually (with real conservatives anyway). I mean to accept his premise you have to believe that regulation is intrinsically good (which he routinely argued the opposite).

[wikicross]

Why didn't he say this earlier and more often?

[dallaxandria07]

a wooow im naked right now! R

[revcsolomon]

Think of Noah. Someone said that if God told Noah to construct an ark in the USA, he couldn't, not in the time alloted. Because of convuluted government regulations, need for environmental studies, the Army Corp of Engineers would have to be brought in, the government, craft unions ... would have to get their share...! My point, if we aren't as a nation going to allow people to return to what worked, so that they can build affordable shelter and acquire goods for themselves? It's raining!

[revcsolomon]

Tracy, don't engage in socialism, do not engage in government solutions ..., the simplest way is for Americans to embrace a new value system, and to stop being so greedy. Greed needlessly drives up costs; an intelligent group of people ought to be able to recognize that. At the rank and file level, most Americans are also greedy and they demand more and overcharge their fellowmen for goods and serviceslves. Two houses, closets full, storage spaces, 3 cars, investments and still not satisfied!

[revcsolomon]

R Limbaugh once said: 'You people' believe that if you pass ... regulations, you will hurt the rich. He added, we will still have our chauffers, swimming pools ...! I thought, you are exactly right so what are you beefing about. Hagel attributed man's inhumanity to man to, '...the ownership of property and the pursuit of power through class struggle! Property, power & class are key today. Too many Americans lack all 3 even government power! People need food, shelter & protection! Maslow

[revcsolomon]

The premise, and the people are the problem! We live in a representative democracy, the people empower individuals to represent their values. When the heart of a greed bound nation of individuals changes, America's way of doing things will change, the government will change & all else. My point is that the bigger issues are being ignored! In heaven, according to scriptures, there will be a dictator God, communist priniciples and one mansion for every one, sorry John McCain and others!

[ccedark]

Ha Ha HaHha!!!!!!!!

[nkfallout]

i hate liars

[expatdk]

His smile is scary... moreover, it's not only the housing that is the prolem it's also the war in irak supported by McCain that costed a trillion of dollars!

[Advocate1234]

I hate to break it to you. The ENTIRE mess was caused by Freddie Mac and Fannie Mae.

[PumpkinJoe999]

Well, I just noticed that this was written awhile ago but.... It's every industry that took advantage of low interest rates and threw credit over their shoulders not caring if the principal was paid by the consumer (knowing that the taxpayer would eventually). The entire mess was caused by Lord Keynes/FDR, Clinton/Greenspan, and Bush/Greenspan. And is now being perpetuated by..... EVERYONE! Yaaaaaaaaaaaay for depressions and massive inflation

[revcsolomon]

Americans gave up their farms, mom and pop stores, local drugstores. And how many Americans have been laid off from the same corporations that they okayed tax breaks to and worked for over the years? The corporations to say thank you increased corporate salaries, moved production overseas in order to satisfy their shareholders ..., and some knucklehead will say that is okay and what is wrong with that? The people are beginning to understand the mistake that they made! The people got hosed!

[revcsolomon]

Truth in lending and ethics: We have an ethical and moral crisis in America. Greed, selfishness, the quest for money ..., is the reason for the American crisis. And I believe that there is more to come, that is if Americans fail to realize that the pursuit of wealth is not a value, it is a failure! There are other rules that have been on the books regarding lending practices which were abrogated! I was told that courses taught on business ethics in American business schools is a JOKE!

[automaticAEV]

Mccain has his 6 or 7 homes, and 13 or 14 cars. Other working people cannot afford either.<<

Communist alert!!

[revcsolomon]

Bolzshevik Revolution, or Maximillian Robespierre alert you meant. When the majority suffers, the minority is in trouble. And America is getting closer and closer to the precipice. Some Americans don't realize how close we came last week, George Bush tried to avert what would have been an American outlash. Yet, the system is not fixed and the real problem has been put off, at least for a while. Acts 4th, real Christians had no problem with communism, call it what you will!

[revcsolomon]

There is a much deeper matter to be considered and I haven't heard anyone talking about it. The fact is that people need a place to live, and who is talking about a way to make housing affordable for all Americans. Mccain has his 6 or 7 homes, and 13 or 14 cars. Other working people cannot afford either. McCain is being silly! Let's repair our economy and do something about Washington period as well as corporations so that Americans can afford to live in America!

[automaticAEV]

and who is talking about a way to make housing affordable for all Americans.<<

Idiots i guess.

[revcsolomon]

Maslow's Hierarchy-humans require shelter, food & protection. When humans cannot, because of regulations, greed or better yet are not permitted to build shelters or to acquire affordable food, meds and other necessities society is in trouble & the numbers are expanding. Fixing the unethical problem requires what Americans refer to as socialism. When did social become a bad word, aren't we a SOCIETY? Greedy, selfish, pursuing wealth greedy Americans will not voluntarily do the RIGHT THING!

[revcsolomon]

John McCain like most Americans has a double-standard and he speaks with a forked tongue. Not only in this life, but Americans hope to live in a blissful utopia in an after-life. According to the Canon Heaven, a theocratic communist state with a theocratic ruler will have rules and regulations, something that Americans mostly ignore on Earth. Are you sure you want to go there Americans? According to John 14th chapter, John McCain, will be restricted to one Mansion/Room in the Father's house!

[ritamalik]

revcsolomon said:"The fact is that people need a place to live, and who is talking about a way to make housing affordable for all Americans."

What's wrong with renting? Huh? I don't own a house.I rent and I keep working and saving until I have enough for a down payment, then I ask for a normal and non risky loan like all sane normal people!I never want the government to lower the loaning standards so that it would include me at my current situation!And I don't care how many houses others have!

[revcsolomon]

The cost of rent and home ownership has increased exponentially. Many Americans can no longer afford their rent even with more than one wage owner in the household. Other needs like food, healthcare ... are being sacrificied. If we were not an I AM NOT MY brother's keepers society, we would realign the system so that one individual does not earn 450M a year, for working the same amount of amounts where some only earn $15K per year. There is enough here for all.

[TracyII77]

Lowering loan standards does not lower costs. In fact, it increases them. If I can't afford the principle on a house, I can't afford the principle, loan or no loan. In fact, these loans glutted the market w/buyers, increasing demand and therefore prices. Housing prices went through the roof, while the earnings of these buyers didn't change. Since most of these bad loans were adjustable, the interest rates shot up, increasing the cost even more.

[revcsolomon]

The standard that needs to be raised is the American moral standard, and it needs to be done within its system of capitalism. Americans abandoned divine principles, with respect to economics, a long time ago. What you refer to is actually a consequence of greed, selfishness and the get rich of die trying attitude of too many Americans. A society should work to benefit all of its inhabitants, and not a small elite. In America social - ism, is a bad word. In a divine scheme it is not!

[TracyII77]

Fannie Mae and Freddie Mac prove that socialism is bad.  I don't disagree that average Americans should be able to buy a home, but government is not the answer. They only made things worse, because they did not address the root cause. Divine? Actually, God warned the Isrealites against big government when they asked for a king. As far as the early church, their "commune" was restricted to believers. As far as Marx, he was anti God.

[revcsolomon]

We are a society, we are social, we have social service agencies, socialism is not a bad word, and your premise is flawed with respect to the problem in FM & FM. Haven't you been reading? Individuals exploited loopholes. Marx was anti-religious and I can understand why he was. Look how smug warmogering American Christians have been. America is restricted to its citizens just as the church was, and many citizens have been ignored. When the hearts of the people get fixed so will the nation.

[revcsolomon]

And the point that you miss is why aren't hard-working Americans, some with 2 or 3 jobs able to afford to purchase shelter at a reasonable price. With regulations, they cannot just build one! You cannot see the forest for the trees. When Americans experience an awakening, they will understand that in this representative democacy they can demand change. Why don't Americans want change now? Most prefer to have a system in place in which they expect to hit the jackpot!

The system is broken!

[ritamalik]

It is non of my business.If they made their money honorably who am I to begrudge them their success and demand that the government confiscate part of it to give to me! This is theft! Why should they own me anything?! Why do I deserve any of their money? If they have less houses it doesn't mean I will have more! I have to work for it! You are simply a self-righteous beggar if you think they have no right to do well and own homes if you happen do be renting!

[revcsolomon]

You are right, it is none of your business. The precursor to modern corporate graft begin men like George Washington. He pimped 380 slaves, so that his family could own incredible tracts of land and live a lavish life-style. On the other hand, visit the slave quarters at Mt. Vernon. Corporates Execs earning 150 times what the rank & file employyes earns. We give them corporate tax breaks ..., that permits them to earn a decent wage. Yes, they should give back.  Learn macroecomics!

[TracyII77]

Corporate tax breaks go to corporations, not individuals. Execs that are earning more than they should, do so w/or w/out those tax breaks. This is because the problem lies in corporate governance practices like the proxy vote and the fact that the average shareholder is through pension funds and money market accounts. Instead of addressing the root causes of this epidemic, you would institute a one-size-fits all solution, hurting non-execs along the way.

[revcsolomon]

Corporate tax breaks benefit individual execs just as I and both Senator McCain and Obama pointed out in last night's debate. The bigger point to the American people is that Americans outsourced their responsibility to provide and to produce for themselves in our specialized and regulated society, instead they trusted corporations to provide jobs and health care. Corporate execs have instead enriched themselves 148 to 1. Individual American need to go back to the future, away w corporations!

[revcsolomon]

Truthful individuals agree that there is plenty of blame to go around, whether you are a dem or a pub. McCain is being disengenuous. Besides that, who held a gun on lenders and forced them to unfair lending practices and approvals of bad loans? Twenty five years ago, you had to qualify for a loan, and certain set criterion was in place. Your credit mattered, your income mattered, your payment records, time on the job - who approved these loans, and who got rich off as a result are culprits!

[automaticAEV]

who held a gun on lenders and forced them to unfair lending practices and approvals of bad loans? <<

Its more like make the bad loans and the government will back you up. Guess who?

[automaticAEV]

affermative action ftl.

[revcsolomon]

You cheat on your taxes don't you? The government and Wall Street are not alone in this matter; greedy Americans are all culpable. Americans often gouge and overcharge their fellow American when renting or selling a piece of real property! That the gov't, greed aside by some in the mortgage lending industry, tried to find a a way to grant loans to those who wanted homes was good! Any system is broken when its citizens cannot acquire basic needs like food, shelter and healthcare!

[revcsolomon]

Lenders have been exploiting the system in the manner that most Americans look for and exploit loopholes. It wasn't just the individuals who could not afford the loans who were benefitted, lenders gave special loans to their friends, even to friends of Presidential candidates. They go unmentioned, because they are able to pay off their favored loans. The real problem goes much deeper than just the lender, bankers and for that matter derivatives. Americans are simply not their brothers keeper!

[Advocate1234]

The government created laws that forced the loans. So literally the government did.

[automaticAEV]

Someone makes high risk investments and actually gets rich. Someone else decides to drop out of high school and have like 5 babies they cannot afford. Seems pretty fair to me. I think if person a needs to pay the healthcare for person b who dosnt even work it is just stealing. Its stealing with the threat of bodily harm if they don't comply.

[texasrocks888]

I'm on my feet cheering!!!

McCain/Palin '08!!!

Experience Counts!!!

[automaticAEV]

becasue they cannot talk about the issues. I guess mccain was lying when he said he would not take the lowroad... <<

This is an issue. Telling people the truth isnt the low road. The low road would be to allow people to be decieved. When someone is misleading people the high road is to publicly confront him in public and exspose him. Why dosnt Obama denie this instead of saying "mccain is being a big meanie?"

[Ma3lst0rm]

What is the low road? Telling the truth. Obama is a liberal who wants to feed America another crap sandwich. He has nearly a trillion dollars of new spending planned plus a take over of Health care by the same government that created Freddie Mac and Fannie Mae. When you ask who do you trust, Obama says trust the Federal Government.

McCain has a history of not requesting Earmarks. He even voted against the Medicare drug plan. McCain would cut the capital gains and freeze government spending.

[automaticAEV]

I put this <<< behind my quotes. Stuck from the compuserve forums they used to have a long long time ago.

[automaticAEV]

He has nearly a trillion dollars of new spending planned plus a take over of Health care by the same government that created Freddie Mac and Fannie Mae<<

I have an idea, why not get rid of all the worthless regulations on private health care and keep the worthwhile ones?

[automaticAEV]

you dont understand jack. The republicans were not in control for 8 years. Ever hears of checks and balances? Deregulation is good if the regulations you want to impose is backing horrific loans in the name of affermative action. See mccain wanted good regulations not bad ones get it?

[GLRII]

It's about f***ing time John! Hit that red commies bastard Obama and hit hard. G

Hit in the debate tomorrow with this and give 'em a steady dose of Bill Ayers, Tony Rezko and Jeremiah Wright!

[automaticAEV]

if i could take control of mccains brain he would win after the next 2 debates for sure.

[roozbeh114253]

Yeah. attack Obama, he would be in the defense position. shut your mouth Barack Hussein

[stylecounciler]

Barry H. Obama. the candidate for left wing socialists, gay men, and the 30 million who do not pay taxes who just might want a raise provided from the productive class. and could possibly be our first emasculated President.

McCain/Palin for the rest of us.

[TimeWarp66]

If you don't work, or are on welfare.... you should not be allowed to vote! There is no reason you should have the right to keep voting yourself more money! That, plus raising the voting age to 21 like it used to be, and the Dems would NEVER get elected!

McCain/Palin 08!

[automaticAEV]

this finacial crisis is allowing me to invest my money for isainely low prices.

[CocolutoBeans]

I think the elections are rigged.

As much as I don't like it, I think Obama will win.

:'(

[Advocate1234]

Stop crying and get you and your friends to vote.

Send them this video.  Get off your rear end.

And after McCain is elected, you're going to stay on his rear end to make sure you do what you want.

[Nickelodeon2002]

Both sides attack the free market....Obama wanted government regulation for easy loans....McCain wanted regulation to "protect" the lender and lendee(and gov't)....

Either way it's more gov't intervention and regulation....which is expected if your a Democrat but certainly not a traditional "Republican" viewpoint.

Bottom Line: If government kept it's nose out of markets to begin with these booms/bust would be far less severe and the taxpayer wouldn't be on the hook.

Both sides suck.

[Advocate1234]

I'm a libertarian to the core. But, you are going to vote for John McCain and stay on his rear end to do what is right.

You are going to vote for John McCain and call you congressmen on a daily basis to protect your liberty.

You are going to vote for John McCain and get your friends and family to ensure Capitalism is protected.

You are going to vote for John McCAin and work to block Cap and Trade.

[MadBadVoodo]

Five Stars!!

[modifiedcontent]

He really needs to make this case during the debate, otherwise the truth just won't get out. The mainstream media is covering for Obama and blaming the financial mess on "Wall Street" and "deregulators".

[canditaylor68]

Awesome,simply awesome.

[florpeeters]

The Democrats have controlled Congress for almost two years now and they controlled the executive branch for eight, long painful years in the 90s. The seed was planted back during the Clinton Administration. Bush wanted oversight of Fannie and Freddie back in 2003. Even the NY Times reported this at the time, numbnuts!

[Advocate1234]

The Democrats are 100% at fault for this entire financial mess. 100%.

Not a single Republican supported Freddie Mac and Fannie Mae.

Not one!

[joycemarie1212]

Actually, Bennett of Utah sided with Dodd, Frank, Meeks, and Waters in their opposition to blocking key legislation that would have stopped Mae and Mac from further decline.

McCain and all other Republicans except Bennett tried to do the right thing but are still being blamed for the mess.

Without exception, all Democrats wanted to keep Mae and Mac guaranteeing the bad loans financial institutions wanted to make to those who couldn't afford them and to the real estate flippers alike.

[Advocate1234]

Let me explain this to you clearly:

George Bush fought to regulate Fannie Mae and Freddie Mac.

John McCain fought to regulate Fannie Mae and Freddie Mac.

Barack Obama fought to deregulate Fannie Mae and Freddie Mac and he fought to increase loans to people who could not pay.

[missnry]

Finally! John McCain is telling the real story behind the Fannie/Freddie Fiasco. Democrats created this mess and now they want to sweep it under the carpet with a $700B bailout.

[florpeeters]

Did Barry spend all his Fannie Mae money on bj's and crack from Larry Sinclair?

[FatherJudgement]

aMAZING HOW THE lIBERALS CAN USE THE NEDIA TO TALK ALL THE SHIT ASS BULLSHIT SLANDER THEY WANT AND IT IS CONSIDERED TRUTH BY THE IGNORANT, bUT THE MINUTE THE rEPUBLICANS BEGIN TO FIRE BACK AT ALL THESE BULLSHIT LIES. THEY ARE ACCUSED OF TAKING THE LOW ROAD. MAYBE THEY LEARNED A FEW LESSONS FROM THE NORMAL DEMOCRAT AGENDA.

[AnimePsycho]

About time indeed. Also I missed the speech and cannot listen to this no speakers at present...but for the border states i think McCain needs to hammer the immigration issue. The Democrats have done NOTHING on the immigration issue. There were demonstrations etc, and they left "thier" people high and dry. They have the majority in Congress. They are without excuse.

[xcamel2112]

So much for the party of peace, love and tolerance.

Not to mention exceptional cluelessness.

[userspace1]

great exspose keep it up mc cain

[practicalmom]

FINALLY, McCain is putting Country First by telling the American people the truth.

[FatherJudgement]

It started with Obama and Acorn telling FM / FM to give the people of High Risk the loans no matter what the end game result....Speak The words John....AMEN.......It's about time the Republicans start defending themselves...With the same tactic...I have been so sick of the Republican attitude of we are better than slander...Well I don't call defending yourself Slander....Pointing out the truth is not slander...IT'S THE TRUTH........!!!!!!!!.....THAN­K YOU JOHN IT'S ABOUT TIME.

[Tamar1973]

and the race hustlers in the USA threatened to sue and claim racial discrimination if they didn't cave and give home loans to people who didn't have the means to pay them.

[FatherJudgement]

Amen, true words of wisdom and recognition right there...

[Advocate1234]

I hate to break it to you.

But the Democrats are solely responsible for this economic crisis because of Freddie Mac and Fannie Mae.

Obama took more money from Freddie Mac and Fannie Mae than any other Politician other than the Committee Chairman.

Barack Obama started his campaign in the home of a terrorist.

It disqualifies him from being President as far as I'm concerned.

[racosta646]

My jaw just dropped. He's actually doing it! He's actually going for the throat! Thank you, Lord, he's actually going for a win!

Let's see how this gets spun around in Sen. Obama's campaign, then again there's no guarantee that they'll even acknowledge it.

[bittergunowner12]

Can't wait for the debate tomorrow.

[fubaglady]

It's about damn time. Take off the gloves and tell the truth about Obama because the media never has and never will.

[hooah213]

Keep Up The Fire john

[karen32862]

Better late than never. It would have been nice to see this blasted in response to Pelosi's outburst last week. I hope they harp on this til Nov 4

[conorhennessey]

Amen to that. They've got a killer here.