McCain's weak economic message needs a makeover

McCain has always been an opponent of wasteful spending and special treatment for special interests. Barack Obama was part of the Frank-Dodd Fannie Mae protection racket that for years pressured regulators to go easy on the GSEs.

Why isn’t this at the center of McCain’s media message? Wake up Seargent Schmidt. You’re asleep at the wheel. 9/11 commissions and Wall Street greed. How lame and unimaginative.

McCain has been fight pork for years. Obama is a poster child for Democrat profligacy.

McCain’s fight for lower taxes is exactly what a troubled financial market needs. Obama wants to raise taxes wherever he can.

McCain fought the good fight against Fannie and Freddie. Obama was in the tank.

To wit from 2006:

“Mr. McCAIN: Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac –known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.”

This is a winning record. Please start using it.

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