Monday, October 20, 2008

Truth hurts

The McCain campaign has spent a lot of time and a few million dollars trying to convince voters that Barack Obama is responsible for the sub-prime loan crisis through his ties to Fannie Mae and Freddie Mac. Now, that is simply untrue. To begin with, those companies--though by no means blameless--were bit players in the greed-fest that put us where we are today.

Oh, and it wasn't Obama that Fannie and Freddie were trying to influence. The AP reports:
Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage finance giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse.

In the cross hairs of the campaign carried out by DCI of Washington were Republican senators and a regulatory overhaul bill sponsored by Sen. Chuck Hagel, R-Neb. DCI's chief executive is Doug Goodyear, whom John McCain's campaign later hired to manage the GOP convention in September.

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