Send John McCain to Washington

S190 In case you can’t read the graphic on the right it’s just a listing of a Bill introduced in Jan 2005, like 3- 4 years ago, called Federal Housing Enterprise Regulatory Reform Act of 2005.  If you look close you will see that Sen. John McCain was a co-sponser on the bill.  Well I’ve never heard John McCain claim to be financial wizard and many Democrats are very quick to point this out, but at least he seems to have had some notion that we were headed for disaster.

May 25, 2006

Statement by John McCain
Sen. John McCain [R-AZ]: Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

…..

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 1 90, 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.
I urge my colleagues to support swift action on this GSE reform legislation.

Free Republic

Let’s look at that next to the last line again shall we.

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.

Years ago, John McCain recognized the enormous risk that is our current the financial problem.  Perhaps we do need him back in Washington this week helping to fix the problem.  It’s a cinch we can’t expect someone like his opponent, who made so much money from the situation, to help solve the situation.

Well there it is; one senator profited from the problem while the other senator worked for a solution.  I’ll take one problem solver back in Washington for the next 4 years.  Go McCain!

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2 Comments.

  1. Great Post, Wally.