Monday, September 22, 2008

McCain Campaign Manager Paid Millions To Lobby for Fannie & Freddie

Senator John McCain’s campaign manager Rick Davis was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations. Check out the story in The Washington Post:

Mr. McCain, the Republican candidate for president, has recently begun campaigning as a critic of the two companies and the lobbying army that helped them evade greater regulation as they began buying riskier mortgages with implicit federal backing. He and his Democratic rival, Senator Barack Obama, have donors and advisers who are tied to the companies.

Incensed by the advertisements, several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of
their advocacy group, the Homeownership Alliance, formed in the summer of
2000. Some who came forward were Democrats, but Republicans, speaking on the condition of anonymity, confirmed their descriptions.
Read on…

Barack Obama and Joe Biden need to jump on this story and keep hammering away until the corporate media can no longer ignore it. The U.S. stands on the brink of the next Great Depression thanks to Bush/McCain deregulation policies and now we find out that the man who runs the McCain campaign was paid handsomely to lobby for these fatal policies on behalf of Fannie Mae and Freddie Mac, even as he repeatedly tries to tie Obama to those companies.

Voters need to know how we got into this mess and who is responsible. It was John McCain, his elite lobbyist cronies and the Republican party. I agree with John:

There should be a campaign to demand that McCain’s campaign manager, Rick Davis, give ever penny back to the American people. There had better be an ad about this out by COB Monday, and calls for Davis’ resignation.

The McCain campaign thinks we’re a nation full of whiners and cowards who should just STFU, take a second or third job and cancel our vacations and be thankful for what we’re fed. The lack of respect is stunning — is this the kind of leader you want?

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