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Why McCain Goes Easy on Fannie and the CRA (Pull-Your-Hair-Out Alert)
US News & World Report ^ | 10/3/2008 | James Pethokoukis

Posted on 10/03/2008 10:33:47 AM PDT by mojito

Here is the big question of the moment that many GOPers are asking: Why is John McCain not tearing into Barack Obama and the Dems on the huge role of Fannie Mae and Freddie Mac and the Community Reinvestment Act in the financial crisis on Wall Street? In fact, the biggest criticism by conservatives of Sarah Palin's debate performance last night was that she had the opportunity to talk about Fannie/Freddie and the CRA but instead criticized the role of "predatory lenders."

Here is what Team McCain is telling me: Expect McCain to make the case on television, but don't look for him to turn to Obama in the next debate, point his finger, and say something like this (courtesy of the Ace of Spades HQ blog):

"I stayed away from making these partisan attacks, even though you lied ridiculously about me and your own attempts at 'reform.' I held back, because partisan attacks—even truthful ones—would harm our country and reduce the chances of getting a vital bill passed. Well, the bill is now passed. I put country first. You didn't, and you lied on top of that. And now—only now that this crisis has been dealt with, to the extent we can—I'm going to give you a bit of straight-talk about Fannie, Freddie, my attempts to reform it, and your attempts to block reform on behalf of your big donors and friends in ACORN."

Nope, that is not going to happen.

Why not? 1) It is a complicated argument, and McCain is not good at making complicated arguments, not even about earmarks. (Note, additionally, his lack of defense of the war in Iraq during his debate with Obama. Amazing.)

2) There is a racial component to criticism of the Community Reinvestment Act that can make it sound like you are scapegoating minorities for Wall Street's problems.

3) The campaign believes McCain's time is better spent talking about taxes and energy and healthcare. Really.

There is a newish TV ad about Fannie and Freddie. You tell me if it makes the point conservatives desperately want McCain to make. I don't think it explicitly or aggressively connects the dots the way activists crave. Here is the transcript:

ANNCR: John McCain fought to rein in Fannie and Freddie.

The Post says: McCain "pushed for stronger regulation"..."while Mr. Obama was notably silent."

But, Democrats blocked the reforms.

Loans soared.

Then, the bubble burst.

And, taxpayers are on the hook for billions.

Bill Clinton knows who is responsible.

PRESIDENT BILL CLINTON: "I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac."

ANNCR: You're right, Mr. President. It didn't have to happen.

JOHN McCAIN: I'm John McCain and I approve this message.

My bottom line: The McCain campaign is underestimating how absolutely furious conservatives are that free markets, and by extension Reaganomics and the last 25 years of American economic policy, are getting the blame for the housing and credit crisis. A real morale killer, they tell me. Over and over. Every day.


TOPICS: Crime/Corruption; Front Page News; Politics/Elections
KEYWORDS: 2008; cra; fanniemae; freddiemac; mccain; obama
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To: roses of sharon
My theory of the 2004 presidential race, posted long before election Day, is that Bush was in foot race with the media to get across the finish line before the media could condition the national mind to the degree that sustaining only 2000 fatalities became so insupportable that the war in Iraq must be repudiated. By election Day, the media came within 60,000 votes in Ohio of winning the race.

Seeing the glass half full, one can conclude that at that given time and place Bush beat the media. He could not beat the media in Massachusetts or in California but he could beat it in Ohio for a time. Sometime after the election, Bush could not beat the media at all even in Ohio and the Republican Party sustained a catastrophe there and elsewhere in 2006. But by then Bush had ceased fighting his corner.

As formidable as the propaganda force of the media is, the job of the Republican candidate is to focus his issue and prevail in a chosen place for a moment in time-election Day. You certainly could not expect me to resist the analogy of the tactics and strategy of Nathan Bedford Forrest who repeatedly beat a superior foe by concentration of force and assailing his enemies at a vulnerable point.

That is the strategy, the tactics involve going around the media gatekeepers, much as Palin did in her debate last night when she looked directly into the camera, by using alternative media and by physically visiting places with rich photo opportunities which the media will not ignore. Subordinates and surrogates should be enlisted to the cause and coordinated to reinforce the attacks. Once the media lines are broken somewhere, their Maginot line becomes useless and they themselves will pour through the gap much like the jackals they are to be in at the kill.

I do not concede that the Republicans can never prevail because of the media. I do acknowledge that, because of Obama's race, the media is behaving more egregiously than ever. Still, we must soldier on.


81 posted on 10/03/2008 11:59:58 AM PDT by nathanbedford ("Attack, repeat attack!" Bull Halsey)
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To: mojito

McCain’s refusal to go after Obama/Dems on Fannie/Freddie must be to spare embarrassment to his would-be Joe Lieberman. As a Democrat, Lieberman was probably involved somehow, and McCain just can’t do that to Joe.


82 posted on 10/03/2008 12:00:56 PM PDT by Plutarch
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To: mojito; Red in Blue PA

Seems like a good article.

It’s a good ad that the article describes. The video in post number 4 is even more powerful in my opinion. Both should be placed in front of the American people.


83 posted on 10/03/2008 12:05:10 PM PDT by ChessExpert (If it had been up to Hussein Obama, Saddam Hussein would still be in power)
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To: mojito
Mccain and the Senate passed and the House concurred and George signed a bill

turning over a Trillion Dollars to an unelected world financial dictator.

Paulson can bankrupt the country.


84 posted on 10/03/2008 12:07:16 PM PDT by Uri’el-2012 (Psalm 78:35 And they remembered that God was their ROCK, And the Most High God their Redeemer.)
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To: mojito
Our communist revolution will occur without one shot being fired.

Exactly. This is why I will vote for McCain despite his many imperfections.

85 posted on 10/03/2008 12:11:39 PM PDT by Aria ("An America that could elect Sarah Palin might still save itself." Vin Suprynowicz)
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To: Post Toasties

I don’t disagree with you regarding McCain’s maverick label being appropriate only within his own party but I will vote for him anyway. Somehow I have the feeling this is only a finger in the dike resisting the deluge of oncoming socialism.


86 posted on 10/03/2008 12:14:34 PM PDT by Aria ("An America that could elect Sarah Palin might still save itself." Vin Suprynowicz)
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To: goldstategop

I am finally coming to grips with my new citizenship status.

I went to bed last night a citizen of the United States of America. Tonight I will go to bed a citizen of the United Socialist States of America.

The Black Marxist is just the frosting on the cake...take over complete.

Thanks Rep. Steve Pearce NM(R)for voting against this travesty twice.

“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

Thomas Jefferson,
Letter to the Secretary of the Treasury Albert Gallatin (1802)


87 posted on 10/03/2008 12:19:57 PM PDT by BlessingsofLiberty
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To: Red in Blue PA; Jim Robinson
The answer lies in the grassroots.....pass this to everyone you know.

Exactly. A link to that video should be at the top of every page on FR.
88 posted on 10/03/2008 12:20:02 PM PDT by Antoninus (If you're bashing McCain/Palin at this point, you're working for Obama.)
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To: mojito

Actually I think it comes down to one thing: His close association during the 1980s with Frank Keating. He brings up Obama’s friendship with Frank Raines, Obama will bust out all kinds of stuff about McCain’s history.


89 posted on 10/03/2008 12:30:04 PM PDT by ChurtleDawg (voting only encourages them)
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To: ChurtleDawg

sorry....Charles Keating


90 posted on 10/03/2008 12:33:11 PM PDT by ChurtleDawg (voting only encourages them)
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To: Antoninus

From your mouth to Jim Robs ears.

It’s there!


91 posted on 10/03/2008 12:37:29 PM PDT by Red in Blue PA ("I will stand with the Muslims should the political winds shift in an ugly direction" Obama, from Au)
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To: ZULU
"Palin is showing hersefl a far better campaigned than McNutjob. I wish I could vote for HER for President instead of being forced to vote for McNutjob."

You and me both. I've been telling my friends that in November, I'm voting for Sarah, not for McCain. He seems to want to hand the election to Obama, and I can't understand it.
92 posted on 10/03/2008 12:39:58 PM PDT by Convert from ECUSA (“Do you know the difference between a hockey mom and a pit bull? Lipstick.” - V.P. Sarah Palin)
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To: XeniaSt
Paulson can bankrupt the country.

And Paulson will be gone in a few months. And if Obama wins, Obama's puppet will be the next Treasury Secretary.

An Obama Treasury Secretary will use the bill passed today to effect the greatest redistribution of wealth in our history.

93 posted on 10/03/2008 12:48:11 PM PDT by mojito
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To: mojito
The campaign believes McCain's time is better spent talking about taxes and energy and healthcare.
They are the crew of Captain McCain's SS Bipartisanship. It's true, the whole thing is listing towards the bow. But they have no time to worry about that.

They are busy admiring the gleam of moonlight on yonder iceberg, and congratulating themselves on what a wonderful job they are doing with the deckchairs. If you arrange them just right, you can really admire yonder iceberg at the best angle possible.

94 posted on 10/03/2008 2:18:36 PM PDT by samtheman
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To: 54skylark

I don’t think you realize how bad Obama is going to be.


95 posted on 10/03/2008 2:26:35 PM PDT by samtheman
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To: Aria
Some Maverick. It isn't as though McCain will get any minority votes by not talking about CRA but he might gain a bunch of votes by telling the truth about CRA.
Exactly. Those geniuses who surround him can't figure this out?
96 posted on 10/03/2008 2:27:51 PM PDT by samtheman
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To: mojito

bump


97 posted on 10/03/2008 3:45:11 PM PDT by Dutchgirl ("Every Socialist is a disguised dictator." Ludwig Von Mises)
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To: mojito

If McCain doesn’t attack hard in the next debate his numbers will collapse and stay that way till the election.


98 posted on 10/03/2008 4:34:36 PM PDT by yazoo
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To: goldstategop

that is why i am voting for the future.....the past is gone, and the present sucks...


99 posted on 10/04/2008 4:22:35 AM PDT by joe fonebone (The Second Amendment is the Constitutions reset button)
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