Both the candidates...
...in various ways were ahead of this financial mess.
McCain: http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190
Obama: http://www.govtrack.us/congress/bill.xpd?bill=s109-2280
There are probably more bills by both candidates but those are the two found with ease.
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2 comments:
On the Stop Fraud Act legislation, there is nothing in there about new gov't oversight and regulation of Freddie and Fannie. And there are no Obama speech saying "if we fail to act, Fannie and Freddie will crumble and taxpayers will be left holding the bill.
I furthermore believe that euqating Obama's bill and McCain i think wholy dimishes the significance of McCain's legislation.
You cant be more spot on than McCain's comments on the Senate floor May 2006
"I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, 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."
You can try to dismiss it i suppose, but he was 100% correct in his warnings on what would happen if the regulation and oversight of Freddie Mac and Fannie Mae were not dramatically improved.
He was correct in that statement. I didn't imply one way or the other which bill was stronger/better. I posted the bills and allowed the readers to make up there own minds. In the end, both candidates failed to get something done for various reasons. End result = failed.
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