Yes, we can.

[scaeagles]

This is an easy to understand piece on why this financial crisis is largely the democrats failure, not the republicans. It also points out that McCain was one of three cosponsors on a bill that would most likely have averted this should it have passed.

Fannie and Freddie did this by becoming a key enabler of the mortgage crisis. They fueled Wall Street's efforts to securitize subprime loans by becoming the primary customer of all AAA-rated subprime-mortgage pools. In addition, they held an enormous portfolio of mortgages themselves.

....

The clear gravity of the situation pushed the legislation forward. Some might say the current mess couldn't be foreseen, yet in 2005 Alan Greenspan told Congress how urgent it was for it to act in the clearest possible terms: If Fannie and Freddie ``continue to grow, continue to have the low capital that they have, continue to engage in the dynamic hedging of their portfolios, which they need to do for interest rate risk aversion, they potentially create ever-growing potential systemic risk down the road,'' he said. ``We are placing the total financial system of the future at a substantial risk.''

...

Oh, and there is one little footnote to the story that's worth keeping in mind while Democrats point fingers between now and Nov. 4: Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess.

This needs to be publicized from the mountain tops by the Mccain campaign.

No wonder Pelosi has been loudly proclaiming the dems have no fault in this. It appears to be largely their fault, and McCain was one who tried to pass legicaltion to reign in this problem three years ago.

[Tom]

Originally Posted by scaeagles

This is an easy to understand piece on why this financial crisis is largely the democrats failure, not the republicans. It also points out that McCain was one of three cosponsors on a bill that would most likely have averted this should it have passed.

It also is written by a McCain campaign advisor.

[Tenigma]

Originally Posted by Tom

It also is written by a McCain campaign advisor.

Hahaha... now that's what I call pure pwnage.