Daniel294 Wrote:Here's a fun one. Discussing the economy yesterday after Monday's stock market fall.
"We need more regulation of the economy"
(I thought you were a conservative??)
Later on...
"We need to get the government out of the private sector of the economy"
These aren't exact quotes (saw them on a TV show, going from memory), but isn't this completely self-contradictory?
[COLOR="DarkGreen"][SIZE="4"]17 Sep McCain warned Congress about Fannie Mae and Freddie Mac in 2005
When people talk about Media Bias, this is exactly what they are talking about.
John McCain has always been a reformer. Love him or hate him, whether he is stabbing his own Republican brothers in the back or standing by George Bush, he isnât a partisan and he thinks for himself.
In 2005, John McCain was warning us about a mess that we find ourselves in now. This is an incredible statement, read what McCain said back then. Itâs as if he saw the future, but not only did no one listen, it was Democrats that struck down this bill.
Mr. President, this week Fannie Maeâs regulator reported that the companyâs quarterly reports of profit growth over the past few years were âillusions deliberately and systematically createdâ by the companyâs senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversightâs report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Maeâs former chief executive officer, OFHEOâs report shows that over half of Mr. Rainesâ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulatorâs examination of the companyâs accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Macâknown as Government-sponsored entities or GSEsâand the sheer magnitude of these companies and the role they play in the housing market. OFHEOâs report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEOâs report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
The reason the Democrats and Obama try to win this election by saying McCainâs old, or that he is another Bush or he is out of touch is because the truth would finalize a McCain win.
Read the above comments and then tell me McCain isnât a reformer. Whatâs more incredible is that not one news outlet is covering this story. Not a single one, not even Fox and Drudge.[/SIZE][/COLOR]
