This weekend the Democratic candidates have been blasting Republicans for causing the current economic troubles. In a recent article Rep. Pelosi said that McCain doesn't know what he's talking about and that lack of regulation caused the problems. However, the congressional records shows differently.
As far back as 2005, Sen John McCain and other Republican Congressmen began speaking out concerning a pending housing crash brought on by corruption inside Freddie Mac and Fannie Mae. In his speech on the Congress floor, Sen McCain describe false accounting practice that created criminally misleading earning reports for the two institutions. Sen. McCain further warned that if these two institutions were watched more carefully and the offenders pursued, then the two giants would fall and create tormoil in the market place.
As part of this presentation Sen. McCain devolved a list of Congressmen who recieved campaign contributions from the two institutions in the since 1989. Sen. Obama had only been in the Senate for three years, but he had recieved more money from the two institutions then any other congress people other then Sen. Dodd. (Legistlative Update
American Banker. New York, N.Y.: May 11, 2006. Vol. 171, Iss. 90; pg. 5)
This is a little Post Script. I found an update list of the 25 Congress people who recieved the most campaign contributions from Fannie Mae and Freddie Mac from 1989 to 2008. Visit this cite for the entire list.
The top 5?
1. Dodd, Christopher J Senator D-CT $133,900
2. Kerry, John Senator D-MA $111,000
3. Obama, Barack Senator D-IL $105,849
4. Clinton, Hillary Senator D-NY$75,550
5. Kanjorski, Paul E House Represenative D-PA$65,500
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