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Monday, October 06, 2008

(Updated) Obama Campaign Counters McCain's Dishonest Tirade in Albuquerque Today; Audience Member Calls Obama a "Terrorist"

Update: Read this TPM item and watch their video clip. McCain asks, "Who is the real Barack Obama?" At least one member of the Albuquerque crowd yells out "terrorist." You can also hear it on Peter St. Cyr's audio of the speech, at about the 13 minute mark. In fact, if you listen to the audio, the crowd often sounds more like a mob than an audience, at least to my ears.

We also have Palin in Florida today. TPM says: "And later we have Sarah Palin with the same mob racket, getting members of the crowd to yell out "kill him", though it's not clear whether the call for murder was for Bill Ayers or Barack Obama. It didn't seem to matter. These are dangerous and sick people, McCain and Palin. Whatever it takes. Stop at nothing."

Where will we end up with McCain and Palin egging on the nuts in America, consciously or not, to ugly namecalling and violent threats? After all, according to the McCain campaign, they've just begun their move to the darkest of the dark sides of campaigning. It makes my hair stand up on end to think about it.
Click for video of Cindy McCain's intro and John McCain's remarks before a couple hundred people at the UNM Sub in Albuquerque this afternoon (although the quality is poor). McCain's angry tirade against Obama, attempting to blame him for the financial crisis we're in today, begins at about 14 minutes. The quote cited below begins about a minute later. The entire appearance runs about 26 minutes. Short and nasty.

The newest version of John McCain is shamelessly hawking lies that he knows are lies. What else does he have left? Everybody knows that McCain has dedicated his career to deregulation of the kind that has put American and global finances into a deadly spin. His "economic plan" consists of more tax cuts for the rich and big corporations, coupled with threatened cuts to vital programs like Medicare and Medicaid at a time when seniors and our poorest citizens can expect to be hit even harder by economic instability and injustices. It's clear that McCain will depend almost entirely on vicious and dishonest attacks on Obama's character and ethics from here on out. The Obama campaign, however, is ready to call McCain out in no uncertain terms when he resorts to distortions, exaggerations and plain old lies.

Obama Campaign Statement
The Obama campaign issued the following response to Senator McCain’s fact-challenged attack in Albuquerque today:

“On a day when the markets are plunging and the credit crisis is putting millions of jobs at risk, the one truly angry candidate in this race kept up his strategy of ‘turning the page’ on the economy by unleashing another frustrated tirade against Barack Obama. And if John McCain is wondering why he’s lost his credibility, he should look no further than the out-of-context quote he took from a 2007 speech in which Barack Obama warned of the subprime crisis we’re now facing. Since then, John McCain has called for less regulation no fewer than 20 times, proving that he hasn’t learned any lessons from the last banking scandal he was involved in and would give us more of the same failed economic policies as President,” said Obama campaign spokesman Tommy Vietor.

What McCain Said Today
Here are some of the dishonest accusations John McCain made in his remarks today in Albuquerque:

“Senator Obama was silent on the regulation of Fannie Mae and Freddie Mac, and his Democratic allies in Congress opposed every effort to rein them in. As recently as September of last year he said that subprime loans had been, quote, “a good idea.” Well, Senator Obama, that “good idea” has now plunged this country into the worst financial crisis since the Great Depression. To hear him talk now, you’d think he’d always opposed the dangerous practices at these institutions. But there is absolutely nothing in his record to suggest he did.

"He was surely familiar with the people who were creating this problem. The executives of Fannie Mae and Freddie Mac have advised him, and he has taken their money for his campaign. He has received more money from Fannie Mae and Freddie Mac than any other senator in history, with the exception of the chairman of the committee overseeing them. Did he ever talk to the executives at Fannie and Freddie about these reckless loans? Did he ever discuss with them the stronger oversight I proposed? If Senator Obama is such a champion of financial regulation, why didn’t he support these regulations that could have prevented this crisis in the first place? He won’t tell you, but you deserve an answer.”

What Obama Really Said
Compare McCain's desperate detortion of Obama's statement with the real Obama quote in its full context:

“And we cannot help but see some reflections of these practices when we look at the subprime mortgage fiasco today. Subprime lending started off as a good idea – helping Americans buy homes who couldn't previously afford to. Financial institutions created new financial instruments that could securitize these loans, slice them into finer and finer risk categories and spread them out among investors around the country and around the world. In theory, this should have allowed mortgage lending to be less risky and more diversified.

"But as certain lenders and brokers began to see how much money could be made, they began to lower their standards. Some appraisers began inflating their estimates to get the deals done. Some borrowers started claiming income they didn't have just to qualify for the loans, and some were engaging in irresponsible speculation. But many borrowers were tricked into glossing over the fine print. And ratings agencies began rating bundles of different kinds of these loans as low-risk even though they were very high-risk. Most everyone knew that some of these deals were just too good to be true, but all that money flowing in made it tempting to look the other way and ignore the unscrupulous practice of some bad actors.” [NASDAQ Speech, 9/17/07]

McCain and the Fannie & Freddie Lobbyists
According to Senate lobbying records, a total of 26 McCain advisors and fundraisers have been registered lobbyists for Fannie Mae or Freddie Mac. Seven of them are still registered, and another four terminated their registration in late September as the subprime scandal worsened.

Wayne L Berman, National Finance Co-Chair*
Aquiles Suarez, Economic Advisor
John Green, Capitol Hill Liaison
Dan Crippen, Health Care Policy Adviser
AB Culvahouse, VP Selection
Kirk Blalock, Young Professionals for McCain National Chair (Terminated 9/22/08)
Kate Hull, Young Professionals for McCain Fundraiser (Terminated 9/22/08)
Aleix Jarvis, Bundler (Terminated 9/22/08)
Kirsten Chadwick, Bundler (Terminated 9/22/08)
Richard Hohlt, Bundler*
Tom Loeffler, Bundler, Former General Chairman, National Finance Chair
Nicholas Calio, Bundler
Alberto Cardenes, Bundler
Michael Kennedy, Bundler
Peter Madigan, Bundler
Alison McSlarrow, Bundler

*currently lobbying (as of 7/31/08, no termination filed as of 10/6/08)

Charlie Black, Senior advisor, Bundler
Bill Timmons Sr., Senior advisor for transition*
Carlos Bonilla, Former Economic Advisor*
Mark Buse, Senate Chief of Staff
David Crane, Senior Policy Adviser
Al D'Amato, Bundler*
Melissa Edwards, Young Professionals for McCain Fundraiser*
Susan Molinari, Women for McCain Steering Committee*
Juleanna Glover Weiss, Bundler
Don Sundquist, Tennessee Co-Chair

*currently lobbying (as of 7/31/08, no termination filed as of 10/6/08)

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October 6, 2008 at 05:34 PM in 2008 General Presidential Election, Economy, Populism, Events, John McCain | Permalink


Its about time that people heard the unvarnished truth about this financial crisis. John McCain told it straight. BHO took 5 times more money from FM(2) than JM. The Dems lack of oversight and their blockade of any meaningful reform is a matter of record. BHO's claim about deregulation is bull. BHO is the most insidious creation to have ever come out of the democratic political machine and an outright danger to the American way of life.

Posted by: Doug | Oct 7, 2008 2:21:43 AM

Over simplification of a complex problem by simple minded people. Trying to lay blame completely on the Dem's and Senator Obama might make a talking point slogan for unthinking RW followers but it DOESN'T make it true. Although the Federal Housing Enterprise Regulatory Reform Act of 2005, was opposed by some key Democrats, fact is, that legislation came out of committee but the Republican controlled Senate, the ones controlling the agenda never brought it up for consideration. Democrats never had an opportunity to "blockade" that so called meaningful reform. This is from FactCheck.org:

The real deal: So who is to blame? There's plenty of blame to go around, and it doesn't fasten only on one party or even mainly on what Washington did or didn't do. As The Economist magazine noted recently, the problem is one of "layered irresponsibility ... with hard-working homeowners and billionaire villains each playing a role." Here's a partial list of those alleged to be at fault:

The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.

Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.

Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.

Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.

The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.

Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.

Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.

Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.

The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.

An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.

Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult.
Doug, your comment about Senator Obama is disgusting, go spew your RACIST bullshit somewhere else. BTW, get used to saying President Obama!

Posted by: VP | Oct 7, 2008 7:17:53 AM

Quote from Doug "Its about time that people heard the unvarnished truth about this financial crisis. John McCain told it straight. BHO took 5 times more money from FM(2) than JM."

Liar, McCain's campaign manager's company was a paid lobbyist for Freddie Mac until last month when it was taken over by the feds.

Posted by: kublai | Oct 7, 2008 7:40:38 AM

A video for you McCain supporters: http://www.youtube.com/watch?v=nHW-RO1_WN0

Posted by: James | Oct 7, 2008 9:24:43 AM

Doug isn't going to watch any video unless Rush or Hannity tells him to. He is not going to think for himself when it so much easier to just be one of the sheeple and repeat the mindless crap talking point of the day from Rush/Hannity.

Posted by: VP | Oct 7, 2008 10:18:06 AM