From Kudlow's Money Politics:
“Americans should be outraged at the latest sweetheart deal in Washington,” writes McCain. “Congress will put U.S. taxpayers on the hook for potentially hundreds of billions of dollars to bail out Fannie Mae and Freddie Mac. It’s a tribute to what these two institutions — which most Americans have never heard of — have bought with more than $170-million worth of lobbyists in the past decade.”
This is right on the money. This is the straight-talk McCain as true Washington reformer. The senator goes right to the heart of what Wall Street Journal editor Paul Gigot describes as a bad mix of government power backing private profit.
McCain goes on to argue that Fannie employees manipulated financial reports to line the pockets of senior executives. Freddie did likewise. Big Mac calls them a danger to financial markets. He says if one dime of taxpayer money ends up in those institutions “the management and the board should immediately be replaced, multimillion dollar salaries should be cut, and bonuses and other compensation should be eliminated. They should cease all lobbying activities and drop all payments to outside lobbyists.”
He's right. McCain always has been at his best when he's fighting wasteful government programs and ridiculous spending of our money.
Unfortunately, the people of this country, even most politically astute people couldn't care less about this issue, because they don't get it. I expect this to be one of my lowest-read posts ever, and I'll be stunned if you made it this far.
Recent Comments