The subprime situation & why McCain is better prepared to handle it

I'd like to point out that the current sub-prime/credit situation is not a result of deregulation as many media outlets suggest. The situation is a direct result of policy and regulation designed to increase home ownership for minorities and moderate/low income families. This shift in lending policy was advocated by the Clinton administration and supported heavily by the left.

Here is an article from 1999 that describes the changes:
NYT Article

I will agree that the Bush administration advocated home ownership for all and he used this policy as part of his 2004 re-election campaign. However, the attempts by Nancy Pelosi, Obama and others to pin blame on Bush and the R party are sorely misplaced. John McCain was warning Congress of the dangers of F&F in 2005 and sponsored legislation to provide more oversight into their accounting policies. Unfortunately it did not pass. See for yourself, complete sentences included.

Dems say "everything is ok with Fannie/Freddie" in 2004

Also, both sides should feel embarrassed by the rescue package that was passed last week. A sickening amount of additional spending was included to satisfy both sides, including additional earmarks for:

- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)
Tax earmark "extenders" in the bailout bill.
- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia (Sec. 322)
- Wool Research (Sec. 325)




This work is licensed under a Creative Commons License.