A 2006 letter signed by 18 Republican senators including Sen. John McCain called for regulatory action in regards to the home loan lending mess that led to the Wall Street calamity.
The letter specifically addressed Fannie Mae and Freddie Mac, private home loan lenders created by Congress -- which bailed out the lenders earlier this year with a $200 billion in taxpayer money.
No Democrats signed the letter addressed to Tennessean and Senate Majority Leader Bill Frist and the head of the Senate Banking Committee. So Dr. Frist has some answering to do for the current financial mess gripping the country. No action was taken on the letter.
This letter gives McCain a boost when it comes to credibility about sounding the warning about the coming calamity. The Republican presidential nominee is slated to unveil new economic proposals today or in the coming days. This letter should be at the centerpiece of his pitch to the American people.
Despite all the polls, remember what Yogi Berra said: "It ain't over until it's over." McCain very well could turn this election around.
To read more, go to: http://www.humanevents.com/article.php?id=28973
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