Wednesday, October 22, 2008

McCain's Freddie Mac connection

Not so long ago, John McCain reared back to roar mightily and righteously about that no-good Barack Obama, claiming that Obama was supposedly a friend with someone who was connected to Freddie Mac and Fannie Mae, as if to imply that their financial mismanagement was somehow Obama's fault.

Geez. It turns out that Obama's connection was not really much of a connection at all. Actually, there were two "connections." One turned out, in fact, to not be a friend and other was a casual acquaintance. Obama hadn't even spoken to him for over a year.

But, McCain does have a connection to Freddie Mac!

And, naturally, it has to do with a lobbyist who is not only a friend of McCain's, but was hired by the McCain campaign to manage the GOP convention in St. Paul.

The company involved is DCI and the CEO of DCI is Doug Goodyear.


"Freddie Mac secretly paid a Republican consulting firm $2 million to kill legislation that would have regulated and trimmed the mortgage giant and its sister company, Fannie Mae, three years before the government took control to prevent their collapse."

Senator Chuck Hagel, R. Neb sponsored a regulatory overhaul bill back in 2005. The Senate Banking, Housing and Urban Affairs Committee sent Hagel's bill to the the GOP-run Senate on July 28, 2005. Freddie Mac began its secret payments to DCI shortly thereafter.

In other words, Obama's connection to the mortgage "giants" was of no consequence whatsoever.

McCain's connection, however, is a direct and consequential one. Doug Goodyear and his firm, DCI, were paid secretly by the mortgage giants to kill a regulatory bill, which may have mitigated their recent fall from grace. McCain, therefore, is indirectly, at least, responsible in part for their financial collapse.

Sounds about right.

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