Senator John McCain 2005 economic statement:
"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."
Obama is out of touch and has no clue how to deal with the countries market crises and deal with Wall Street. Obama can only say he want's "Wall Street more transparent," say What."
Everyone knows what Wall Street is all about, you can see right through it, it's so transparent. Wall Street is all about a financial dog eat dog fight and there is no federal referee oversight! Democrats and Republicans better join together at the hip and get it worked out now!
Deregulation of Wall Street and banking oversight from the federal government started with President Bill Clinton. He opened the financial door for what has now today allowed corporations to run-a-muck, party big time on your investments without oversight. This issue can be aligned with the department of the Interior where federal employees were receiving paid trips and sex for lucrative oil deals from the department. Thanks to federal oversight of the department, they were brought down sooner rather than later.
Corporate lobbyists see this election as a must win at all cost for Obama. Without him as president, they could spend what life they have left in federal prison. This market crisis was foreseen years ago. Democrats including Obama saw it coming and did nothing. Now it's all about the economy, stupid, as Obama's lobbyist chickens have come home to roost.
Obama is up to his neck with Wall Street and corporate lobbyists working with his campaign. Obama's VP pick Joe Biden's son is a big time Washington, DC. lobbyist. Need I say any more as to how they will run this country if elected? Think the 1930's depression. When it's all said and done, Obama and others will be vacationing on islands around the world with their lobbyist friends.
Fannie Mae and Freddie Mac had countless lobbyist in Washington and all were in support of Obama. He hired Jim Johnson as his economic adviser and as his chief Vice Presidential vetter who came up with Joe Biden, who has been in Washington more than half of his life. So much for "Obama change."
Do you think this is all happening now just weeks before the presidential election by accident? No way! Do you think it's just by accident Obama leads the pack in receiving campaign funds from Fannie Mae and Freddie Mac and others going down with $126,349? Obama is second on the list of the top three who are democrats given campaign cash during his short time as senator from these two companies alone.
The ongoing economic crisis is primarily due to the practices of Fannie Mae and Freddie Mac. They used their political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. Obama knows for him to win the election, it will have to be about the economy. Obama sure knew who to rub elbows with in Washington, DC. to get where he is today. Obama got his start in state politics with money given to him from Resno who has been indicted on fraud and misuse of taxpayers dollars for low rent housing for the poor.
McCain took action in 2005 that might have helped us avoid the severity of this current financial crisis. Democrats also took action in 2005 and stopped McCain's reforms. Despite Democratic opposition to that measure, the bill passed the House, but could not get a vote in the Senate even after the anti-lobbying provision was removed.
Senator McCain was in full support of the Federal Housing Enterprise Regulatory Reform Act of 2005, Senate Bill: 190. Senator McCain went on to state "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."
Democrats stopped McCain's reforms that year. Now we are living with what the Democrats delayed till this election year and let it all blow up just before Americans vote. Knowing the history of this ongoing national financial crisis flies in the face of reality that this was not orchestrated to try to swing the presidential election with this timing for Obama.
Obama has proven he is not ready to be president:
1. Obama spent most of his campaign time stating the Iraq surge would not work while denouncing John McCain for calling for it, plus supporting it. Obama was wrong, his cut and run policy would have put our country right back in the Vietnam era days.
2. Obama was wrong on the international Georgia Russia crisis. It took Obama three statements to get it right as to how America should react in supporting an ally country. McCain got it right in his first statement.