Thursday, September 18, 2008

Did McCain Forsee the Fannie Mae/Freddie Mac Mess

maybe says Betsy Newmark and Ed Morrissey. In a 2005 speech,
McCain managed to predict the entire collapse that has forced the government to eat Fannie Mae and Freddie Mac, along with Bear Stearns and AIG. He hammers the falsification of financial records to benefit executives, including Franklin Raines and Jim Johnson, both of whom have worked as advisers to Barack Obama this year. McCain also noted the power of their lobbying efforts to forestall oversight over their business practices. He finishes with the warning that proved all too prescient over the past few days and weeks.
Read both posts, it is well worth it.

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