by Frank James
A new TV ad from Sen. John McCain's presidential campaign strives to tie Sen. Barack Obama to the nation's current economic anxiety by linking him to the subprime mortgage crisis which helped trigger the current financial quagmire by claiming that while the Republican nominee tried to reform Fannie Mae and Freddie Mac the Democrat stood by "silent."
Called "Rein In," as in rein-them-in, the ad even features video of former President Bill Clinton blaming Democrats for impeding reform of the two government-sponsored enterprises that were taken over by the federal government a few weeks ago after they faced insolvency.
Here's the ad's transcript:
ANNCR: John McCain fought to rein in Fannie and Freddie.
The Post says: McCain "pushed for stronger regulation"..."while Mr. Obama was notably silent."
But, Democrats blocked the reforms.
Loans soared.
Then, the bubble burst.
And, taxpayers are on the hook for billions.
Bill Clinton knows who is responsible.
PRESIDENT BILL CLINTON: "I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac."
ANNCR: You're right, Mr. President. It didn't have to happen.
JOHN MCCAIN: I'm John McCain and I approve this message.
The new ad is just the latest in a series in which McCain campaign portrays Obama as connected with former executives from the housing giants, especially Fannie Mae, whose former head, Jim Johnson, once led the Illinois Democrat's vice presidential search efforts.
It's an attempt by the McCain team to take what is arguably Obama's most appealing quality for voters, his message of change, and to argue that he really isn't a change after all and that he's no reformer.
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Comments
Rick Davis agrees.....here is another of McBushs wonderful ideas......
"Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation." He's John McBush...and he approves this message.
Posted by: bill r. | September 30, 2008 1:17 PM
"GRAMMSTANDING MCCAIN SPEAKS"
TRICKY RICK DID EVERYTHING THE BUSH ADMINISTRATION ASKED!
"HOMEOWNERSHIP ALLIANCE" IN CONSULTATION WITH THE PHIL GRAMM! DATAMINED, EAVESDROPPED AND WIRETAPPED"MINORITIES" AND THE "BABY BOOMERS"
WE KNEW WHERE THEY WORKED!
WE KNEW WHAT THEY NEEDED!
FORD MOTOR GOT PAID!
TOYOTO MOTOR GOT PAID!
WE ALL GOT PAID!
"GREENSPAN" FOLLOWED
POLICIES! WE OPTED IN AND THEN OPTED OUT!
THE STAKES WERE HIGH!
CONGRESS TOOK TOO LONG WITH FISA!
CONGRESS TOOK TOO LONG WITH "WAR SUPPLEMENTAL BILLS"
WE DID WHAT WE PLANNED TO DO!
RICH MAN, POOR MAN!
UNCONDITIONALLY!
"Long Live Nancy Pelosi"
Posted by: Roger Morris | September 30, 2008 1:29 PM
"For John McCain's party to demagogue a rescue plan that he supports in order to score cheap political points is not only dishonest and dishonorable, it is the height of irresponsibility on a day when we urgently need to pass that plan to prevent an economic catastrophe. So much for country first."
Posted by: dt | September 30, 2008 2:25 PM
McLiar is at it again. Where's the mention of one of his campaign heads raking in nearly $2 million lobbying for Freddie and Fannie? McSame lied 19 times during the debate, lied about his role in the WS bail out and his VP pick continues to lie about the bridge to nowhere. Enough lies already McBush!
Posted by: neal | September 30, 2008 2:29 PM
Clinton is in his own way trying to stick it to the Democrats, because he signed on the dotted line for GOP deregulation legislation. We all know, when Dems try to get stricted regulation, the GOP blocks any bill because Dems do not have enough fire power, yet!
Posted by: Angellight | September 30, 2008 2:53 PM
The truth will out, despite the propaganda media's best efforts to suppress it. This mess is entirely a Demagogic undertaking, and the incontrovertible evidence is finally starting to leak out. We can only hope enough of it gets out in time for the Dems to get the hammering they so desperately deserve at the polls.
Posted by: Vast Right Wing Conspirator | September 30, 2008 4:50 PM
Wait a minute... In the ad the voice says “Democrats blocked the reforms” with a graphic dated 9/14/08. Then “Loans soared” with a graphic dated 9/30/99.
A bit of revisionist history????
Posted by: m913 | September 30, 2008 6:11 PM
Looks like paid obamanite bloggers are at it again... the truth hurts - obama is a complete fraud and neck deep in Fannie/Freddie. The truth will prevail...
Posted by: Beans | September 30, 2008 6:32 PM
Bill you ole sly boots you.
The sun is starting to come up.
Get back in your coffin!
Posted by: ornery | September 30, 2008 10:23 PM
Google "Fannie and Freddie Invest in Lawmakers" and you'll hit Opensecrets where you'll see that Obama ranks second on the all-time list of recipients of money from Fannie and Freddie, despite having only been in the senate for a very short time. Only Chris Dodd, who's lead in blocking every reform of F&F has taken more $$ from them.
This whole mess is the result of Clinton's failed social welfare experiment: a 1994 and 2000 $3 trillion commitment from F&F to give no down/no income verification home loans to flakes who would not have qualified any other way (Google American Dream Commitment). Now those of us who worked hard and saved for a down payment to buy our homes are going to pay. That sucks, thanks dems, thanks a lot.
Posted by: EyeNeverSayNo | October 1, 2008 5:22 AM
John McCain’s efforts to move the bill forward were limited to a Senate floor speech on May 26, 2006. (16months after the bill was introduced. It expired with no further action taken)
The bill was reintroduced in the Senate by primary sponsor, Chuck Hagel, in 2007 (S.1110). Three of the original cosponsors signed on again. John McCain, did not.
S. 1100: Federal Housing Enterprise Regulatory Reform Act of 2007
http://www.govtrack.us/congress/bill.xpd?bill=s110-1100
Posted by: MrUniteUs | October 1, 2008 8:40 AM