So basically, shorter John McCain:

I endorse the Obama plan as stated earlier today in its entirety.

As usual, Obama leads McCain follows.

Two years ago, I warned the American people about the lack of oversight, transparency, backroom dealings and financial recklessness at Freddie Mac and Fannie Mae.

Yawn. Any one have actual proof of this? Given the outright lies that the McCain campaign is inclined to put out there, I'd like to see a link to this story.

Hey idiot! Get your facts right. The Democrats didn't control congress until the Fall of 2006.

Is this like McCain forgetting what happened in the war up until the Surge? What happened before this? Where was McCain when all the deregulation took place? Oh yeah, he was apart of it.

Good try on your troll points for the day and the racist picture you have.

(Blockquote correction)

This bill was proposed, sponsored and killed as a year-end inaction in the Democratic congress. Where was Carmen Obama?

Sen. John McCain [R-AZ]: Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

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. 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 GSEs need to be reformed without delay.

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 legislation. 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.

I urge my colleagues to support swift action on this GSE reform legislation.

http://www.govtrack.us/congress/bill.xpd?bill=s109-190

Paulson said this morning that "McCain will not be a problem". Johnny Mac had already told his Wall Street contributors that he was on board for this plan, but needed to get a little political posturing in for the cameras. Bear in mind who John McCain's top twenty campaign contributors are: "top 20 contributors include this dozen: Merrill Lynch, Citigroup, Goldman Sachs, JPMorgan Chase, Credit Suisse, Lehman Brothers, Bank of New York Mellon, Morgan Stanley, Wachovia Group, Bridgewater Associates, Blackstone Group and Bear Stearns." Thank you George Will for letting us all know whose buttering John McCain's bread!http://www.newsweek.com/id/136308/page/2

I do not care what McLame did or said in 2005 or 2006.

He co-sponsored campaign finance reform legislation that he is now trying to find holes in which he can crawl through.

Give me a fucking break! Shut up about what McLame said yesterday - he contradicts himself every 18 hours.

McCain details his economic recovery package:

-First, someone should be paying attention because my party, the Republicans, certainly haven't
-Second, I propose that taxpayers recover their money through my tax cuts, because the average American has no idea about the heavy liability that currently burdens the top 1% econimcally in this country. The rest of you losers don't pay taxes anyway, so why should you get something out of this?
-Third, there must be complete transparency, unlike my campaign, the Palin Gubinatorial Administration, or, well, anything else that applies to Republicans (this clause does not apply if I get elected)
-Fourth, no CEOs should profit from Taxpayer dollars, but what their Boards choose to grant them behind closed doors after the 'company' receives a bailout is their own business.
-Finally, there will be no 'pork' for favored companies, because we already own the companies my campaign managers lobbied for and Lehman Bros. was able to give out $2.5 billion in bonuses before declaring bankruptcy. Really, what more do they need?

Oh, have you seen the nice pictures with Sarah Palin conducting high-level diplomacy at the UN with heads of state? No, well, we have this really great press release to go along with the pictures!

Is it just coincidence or did McCain wait to get after Fannie and Freddie until 2005 because that is when the Fannie/Freddie spiggot for Rick Davis got shut down?

dind't obama lay down these "principles" last week?

The ol' Nigerian scam. Via Sullivan:

http://angrybear.blogspot.com/2008/09/your-urgent-help-needed.html

Kos is on a tear on the bailout. Everyone should go check him out. I've also been thinking to myself, "Now, EXACTLY what did Paulson say to the top of Congress that spooked them like that?"

It would tell us a lot not only about the situation, but about the real analytical faculties of our leadership to know how that meeting went and exactly what was said in high relief.