(Community Matters) There’s an egregious video circulating which cites Obama as personally responsible for the housing bubble (I’m not going to post it). What you ought to know:
It is produced by a group called Townhall.com, which was launched by the arch conservative organization, the Heritage Foundation. Second, it cites McCain’s sponsorship of the Federal Housing Enterprise Regulatory Reform Act of 2005 which they say the Democrats killed, implying that Obama killed the bill. Well, Obama wasn’t even on the committee that killed the bill. The bill wasn’t even killed, it wasn’t acted on. And, in 2005, Republicans ran Congress, Democrats were in the minority. If you’ll recall, they often weren’t even consulted by committees. Yes, McCain was a co-sponsor of the bill and yes he argued passionately about the need for this reform. Turns out, the bill was a pig with lipstick passing for a beauty queen. In fact, it would have excluded Fannie & Freddie from certain security regulations. Even the White House strongly opposed the bill which passed the House overwhelmingly. And, oh yeah, who has been a primary lobbyist “protecting” Fannie & Freddie from further regulation? Rick Davis. Why is that important? Because Rick Davis is McCain’s campaign manager.
Just another distortion and lies out of this campaign of a once honorable man, or at least we thought so.
Community Matters 