On Blaming the Republicans Solely For the Financial Meltdown Part 7

Say what you want about John McCain (and, yes, I often have - that the man's a flip-flopper, Bush on steroids, frequently unstable, etc.), folks. At least this individual had the good sense to see what was an obvious powder-keg brewing. Yes, I'm referring to Mr. McCain's decision to sign on as a co-sponsor The Federal Housing Enterprise Regulatory Reform Act of 2005. And while, no, it was clearly not a perfect piece of legislation (some say that it ceded too much in terms of authority to the FED), it was at least an attempt to reign in Fannie Mae and Freddie Mac. This was what the Senator himself had to say about a) the impending crisis and b) the proposed legislation: " For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac - known as government sponsored entities or GESs - and the sheer magnitude companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GESs need to be reformed without delay.............I join as a co-sponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005 to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole."......................................................................................................Wow, huh? And all the while we thought that this character was clueless, nothing but a frigging broken clock, etc..