+++++Update: Video was here and is now no longer available +++++Saturday Night Live on Washington approving the financial bailout package
SNL left out the part about Chris Dodd and Barack Obama’s complicity. But, with John McCain finally taking up the issue, there will be more.
Watch all of the skit and you will wonder why McCain has been so late to the dance.
Flap said yesterday that Team McCain needed to attack the Democrats and Barack Obama on the financial crisis, precipitated by the collapse of Fannie Mae and Freddie Mac, for their roll in the financial meltdown.
Finally, John McCain will get tough and address the issue.
Our current economic crisis is a good case in point. What was his actual record in the years before the great economic crisis of our lifetimes?
This crisis started in our housing market in the form of subprime loans that were pushed on people who could not afford them. Bad mortgages were being backed by Fannie Mae and Freddie Mac, and it was only a matter of time before a contagion of unsustainable debt began to spread. This corruption was encouraged by Democrats in Congress, and abetted by Senator Obama.
Senator Obama has accused me of opposing regulation to avert this crisis. I guess he believes if a lie is big enough and repeated often enough it will be believed. But the truth is I was the one who called at the time for tighter restrictions on Fannie Mae and Freddie Mac that could have helped prevent this crisis from happening in the first place.
Senator Obama was silent on the regulation of Fannie Mae and Freddie Mac, and his Democratic allies in Congress opposed every effort to rein them in. As recently as September of last year he said that subprime loans had been, quote, â€œa good idea.â€ Well, Senator Obama, that â€œgood ideaâ€ has now plunged this country into the worst financial crisis since the Great Depression.
To hear him talk now, youâ€™d think heâ€™d always opposed the dangerous practices at these institutions. But there is absolutely nothing in his record to suggest he did. He was surely familiar with the people who were creating this problem. The executives of Fannie Mae and Freddie Mac have advised him, and he has taken their money for his campaign. He has received more money from Fannie Mae and Freddie Mac than any other senator in history, with the exception of the chairman of the committee overseeing them.
Did he ever talk to the executives at Fannie and Freddie about these reckless loans? Did he ever discuss with them the stronger oversight I proposed? If Senator Obama is such a champion of financial regulation, why didnâ€™t he support these regulations that could have prevented this crisis in the first place? He wonâ€™t tell you, but you deserve an answer.
Obama’s bump up in the poll is the direct result of the faltering economy. American voters are pissed off at politicians and scared of losing their life savings.
John McCain and Sarah Palin must push the MAIN cause of the financial crisis: Barack Obama and the Congressional Democrats. They must explain John McCain’s role in attempting to avert the meltdown which was thwarted the Democrats.
No more free ride for “The One.”
Memo to Team McCain, including Steve Schmidt and Rick Davis entitled: IT IS THE ECONOMY STUPID.
Why do you think Barack Obama has risen in the polls and John McCain has cratered? The economy, stupid.
And, what caused the financial markets collapse, the bailout and the credit market meltdown?
Answer: Fannie Mae and Freddie Mac and the lack regulation of them both.
So, listen to Flap and Jim Geraghty.
But I cannot emphasize enough how much the Campaign Spot’s readership is yearning for the Republican nominee to lay out the various ways that Democrats on Capitol Hill aided and abetted the mismanagement and risky gambles at Fannie Mae and Freddie Mac. Atrocious management at Fannie and Freddie isn’t the sole reason for our financial mess, but it’s a big one. And there were certain voices in Congress, generally on the right, who saw it as risky, and a lot of loud voices on the Hill, generally on the left, insisting that nothing was wrong.
The RNC web ad is a pretty good start, but how many will see it? (About 155,000 so far, in an electorate that will be measured in the tens of millions, probably considerably more than 2004’s 122 million.) Can the 1:30 version be cut down and put on television? Why can’t John McCain and Sarah Palin make the points about the how the crisis was built illustrated in the “Burning Down the House” (with the revised music) YouTube video? Could McCain please, please bring up some of this in Tuesday’s debate?
Forget about William Ayers and domestic terrorism and concentrate on the economy in key battleground states. This is what America voters care about not some left-wing unrepentive lunatic who once tried to bomb police stations and the United States Capitol.
Run this ad:
Or modify this ad:
If Team McCain wants to win this race you must concentrate on the economy and focus the blame where it RIGHTLY belongs – not on George Bush or the GOP.
Steve and Rick, the American voters are blaming you for the financial morass and Barack Obama plus the Congressional Democrats are getting a free ride in electoral bliss. You fumbled suspending McCain’s campaign.
Don’t fumble Tuesday night’s debate. Forget about William Ayers and Jeremiah Wright. How about attacking Barney Frank who had a gay sexual relationship with a high ranking Fannie Mae Executive and the obvious conflicts of interest?
It is the economy, stupid.
The above video is a good summary of the economic crisis and its causes – notably Fannie Mae and Freddie Mac.
Some other background primer links include:
So, the short version answer = GREED.
And, the FBI is now investigating the entire mess while the Congress debates corrective action, including a massive taxpayer financed bailout.
The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration, The Associated Press has learned.
Two law enforcement officials said Tuesday the FBI is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, and insurer American International Group Inc. Additionally, a senior law enforcement official said Lehman Brothers Holdings Inc. also is under investigation.
The inquiries will focus on the financial institutions and the individuals that ran them, the senior law enforcement official said.