McCain vs. Obama - Government Bailout

John McCain

Barack Obama

When first asked, immediately said that he didn't like the bailout, but understood why it needs to happen. Suspended campaign and willing to postpone debate to return to Washington to help resolve the financial crisis setting politics aside. Three years ago, John McCain supported the "Federal Housing Enterprise Regulatory Reform Act of 2005" that called for reform and regualation of Fannie Mae and Freddie Mac. McCain predicted that government intervention (bailout) would happen if there wasn't reform. Democrats blocked reform. If it would have passed, we wouldn't be in the crisis we are today. Read more. From the congressional record John McCain said, "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.” Watch video of what John McCain has to say about the bailout.

When first asked, did not take a position and said that he'd need to see the bill/details before making a decision. In multiple public appearances said that this was the greatest financial crisis since the Great Depression and said to Washington,"if you you need me or think I could be of help just let me know, and I'll be there." It's curious to hear Barack Obama at the first debate claimed that he sounded warnings two years ago. Perhaps he did, but some us of would like to hear more about the warnings and the letter he says he wrote to the Secretary of the Treasury urging a meeting of all “stakeholders.”Read More Obama was the second highest recipient of contributions from Fannie Mae and Freddie Mac totaling $126,349 from 1989-2008. McCain...$21,550. Christopher Dodd, Obama's financial advisor and chairman of the Senate Banking Committee, was the highest recipient of contributions totaling $165,400. Now remember Obama has only been in the Senate for four years and somehow managed to get the no. 2 spot of political contributions ahead of John Kerry who's been in the Senate for decades. View Source and Fox News Watch video of what Barack Obama has to say about the bailout.