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October 15, 2008

OBAMA VOTED "PRESENT" ON FANNIE/FREDDIE REFORM

Hot Air's had this up for a while. I just saw it.

He only figuratively voted "present." What he did was refuse to cast a vote to stop debate, so that a vote on the merits of the reform bill could be had.

Finally, on the matter of deregulation and the financial crisis, Sen. Obama should consider his own complicity in the failure of Congress to adopt legislation that might have prevented the subprime meltdown.

In the summer of 2005, a bill emerged from the Senate Banking Committee that considerably tightened regulations on Fannie and Freddie, including controls over their capital and their ability to hold portfolios of mortgages or mortgage-backed securities. All the Republicans voted for the bill in committee; all the Democrats voted against it. To get the bill to a vote in the Senate, a few Democratic votes were necessary to limit debate. This was a time for the leadership Sen. Obama says he can offer, but neither he nor any other Democrat stepped forward.

Instead, by his own account, Mr. Obama wrote a letter to the Treasury Secretary, allegedly putting himself on record that subprime loans were dangerous and had to be dealt with. This is revealing; if true, it indicates Sen. Obama knew there was a problem with subprime lending — but was unwilling to confront his own party by pressing for legislation to control it. As a demonstration of character and leadership capacity, it bears a strong resemblance to something else in Sen. Obama’s past: voting present.

I have asked the McCain campaign repeatedly if they have any evidence of this alleged letter. If Obama wrote such a letter, why is he unable or unwilling to produce it?

The time for games is over. It is time for confrontation.

I'm sorry, I'm going to say it:

Senator McCain, either you want to win this election or you don't.

Your actions in the debate tonight will tell me which.

If you do not pin Obama's ears back on this winning issue, I personally write you off and dedicate all of my efforts to Senators and Congressmen.

I will not support someone determined to "lose honorably."






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