Democrats are fond of accusing Republicans of avoiding a discussion of the issues. Most recently this accusation was made regarding John McCain’s request that Friday night’s foreign policy debate be postponed so that all attention could be put on the current financial crisis and bailout plan. If I were John McCain there are quite a few issues that I would be eager to discuss, and some facts I would want to repeat over and over again until even those in the mainstream media would have trouble ignoring them. Here are a couple of the issues I would discuss as frequently as possible.
John McCain’s warning of the current financial crisis. The specifics of how we got where we are today are not simple enough to put in a 30 second television ad or on a bumper sticker, but the general concept is. The roles John McCain, Barack Obama and congressional Democrats played in the current crisis are pretty darn easy to break down so that even those like me who are challenged when it comes to understanding finance and world markets can understand it. In May 2005, John McCain identified the problems at Fannie Mae and Freddie Mac saying, “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.”
McCain went beyond voicing his concerns and took action: “I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform.” He warned of the consequences of not acting: “If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.”
He identified the problem and co-sponsored legislation that might have prevented the current crisis. Congressional Democrats blocked that legislation. Senator Barack Obama didn’t weigh in on the matter.
Today Democrats want the American public to trust them to clean up the financial mess and to steer the economy for the next four years. If Americans were fully informed of the track records of Democrats and Republicans on this issue, as well as the more specific records of McCain and Obama, I think all but the fiercely partisan would see that Republicans have more credibility on this matter. If I were John McCain I would have every spokesperson for the campaign remind voters about my warning and proposed legislation that was blocked by Democrats every time they spoke to the media.
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