McCain’s Mortgage Warning

interesting video from on the origins of the current economic problems.  Doing good research, they backtracked each claim to find first causes.  Seems most of the problems came from Carter, then Clinton, two Democrat presidents.

All this time, McCain was in the Senate.  How did he react?

Sought to reform mortgage rules and insist on financial transparency in financial transactions (he was cleared of any wrongdoing in the Keating S&L failure as an innocent bystander, and sought immediately to clean up the system.

When a 2005 bill to reform the looming mortgage mess was blocked by the Democrats, John McCain signed on as a co-sponsor and urged the Senate to bring it to the floor.

Watch the video at http://www.youtube.com/watch?v=NU6fuFrdCJY

The Democrats claim McCain didn’t really do anything with that legislation, but evidence exists of a letter he and 12 other Senators wrote urging acftion in 2006.

What was Obama doing during all this?  In April 2007, Obama said  “What we need to do is get community development corporations and faith-based organizations, synagogues, others that are interested in setting up not-for-profit 501c3’s to build affordable housing that is integrated into the community, integrated economically, by the way, not just racially. And the federal government’s role then is to properly fund and subsidize those efforts.”  (source:  Lynn Sweet)

Not content to cry over failed legislation, Candidate McCain again raised the issue on March 25 of this year:

“I think we need to do two things right away. First, it is time to convene a meeting of the nation’s accounting professionals to discuss the current mark to market accounting systems. We are witnessing an unprecedented situation as banks and investors try to determine the appropriate value of the assets they are holding and there is widespread concern that this approach is exacerbating the credit crunch.” (http://www.johnmccain.com/Informing/News/Speeches/bea72b48-35ba-48cb-8cea-b3b68b9be7ee.htm)

Based on this research, I believe the only candidate with the foresight to fix the future is the passionate McCain, not Obama.

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5 Responses to McCain’s Mortgage Warning

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  5. […] – not Obama – predicted today’s crisis In a previous post, I gave some background on how the Senate had warned against out-of-control lending.  That […]

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