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GLENN: So what does John McCain say about the economy today? I'm going to give you a little bit of his speech. Listen to this.
SENATOR McCAIN: Two years ago I called for reform of this corruption at Fannie Mae and Freddie Mac. Congress did nothing. The administration did nothing. Senator Obama did nothing and actually profited from the system of abuse and scandal. While Fannie and Freddie were working to keep congress away from their house of cards, Senator Obama was taking their money. He got more, in fact, than any other member of congress except for the Democratic chairman of the committee that oversees them. And while Fannie Mae was betraying the public trust, somehow its former CEO had managed to gain my opponent's trust to the point where Senator Obama actually put him in charge of his vice presidential search. This CEO, Mr. Johnson, walked off with tens of millions of dollars in salary and bonuses. Guess for what. For services rendered to Fannie Mae. Even after authorities discovered accounting improprieties that padded his compensation.
Another CEO for Fannie Mae, Mr. Raines, has been advising Senator Obama on housing policy. This even after Fannie Mae was found to have committed, quote, extensive financial fraud under his leadership. Like Mr. Johnson, Mr. Raines walked away with, guess what, tens of millions of dollars. Senator Obama may be taking their advice and he may be taking their money but I want to tell you in a McCain/Palin administration, there will be no seat for these people at the policy making table. (Applause). They won't even get past the front gate at the White House. (Laughter).
GLENN: Okay. I think we have enough here. Look, this is really important to understand because the failed policies of old are really the failed policies of both parties. In fact, Stu, does he say it? Does John McCain at any time in this speech point out that it's both parties that have done this?
STU: Well, at the beginning he did say that congress did nothing and the administration did nothing.
GLENN: Okay. It is both DNC and GOP that have caused this problem. However, one has been trying to fight this. As much as they say, "Oh, he wants to deregulate," yes, deregulation is good as long as there is the pain at the end. Deregulating and allowing people to fail is a conservative ideal. When it comes to regulation on Fannie Mae and Freddie Mac, because there was no failure allowed there, two years ago John McCain actually introduced legislation that would put more regulation on these two.
Just some highlights here that you really need to know, and we'll give you more on this here in the coming days, but Barack Obama ranks second among donations from Fannie Mae and Freddie Mac among all members of congress since 1989. Remember, in four years Obama has received more money from Fannie and Freddie than any other member of congress in the past two decades except for Chris Dodd, and Chris Dodd has been in federal office since 1975. Obama's only been in office since 1989 I mean since 2005. He's second among donations from Lehman Brothers among all members of congress since 1989. The top executives at Lehman Brothers, or what was Lehman Brothers are bundlers now. These are chief fundraisers for Obama, Ted Janulis and also John Ray. And by the way, one of them was a part of the head of Mortgage Capital at Lehman Brothers. Former CEO Fannie Mae, former Obama advisor Jim Johnson, he's the guy who was there on the committee to help select a vice president. He also said that he received preferential treatment from Countrywide mortgage. Who else got preferential treatment from Countrywide mortgage? Chris Dodd. Again it's the old boy network here. These guys are all buddies. Now you have Frank Raines. Unlike what John McCain that he was involved in some accounting discrepancies, this guy was in an accounting scandal. He cooked the books to the tune of $6.3 billion. You might ask yourself why is he not in jail. Why weren't the hearings done? Because Washington is broken. Because all of these people have their tentacles deep inside of both the Republican and the Democratic parties. There is a difference. John McCain has and you know me. I am not a big supporter of John McCain. I will call them as I see them. But John McCain, while I think he has some problems in the economy, while I don't think he understands earmarks are the least of our problem. These kinds of things are a huge problem and John McCain has understood that. He has been on the record introducing legislation and also fighting for tighter regulation. While he's for less regulation most times on Freddie and Fannie he was for more regulation. But the powers that be didn't want to hear it: Dodd, Barney Frank, they did not want to move down that direction. They fought them tooth and nail up until recently. They were still saying, "Oh, yeah, there's no problem, there's no problem." Now we're bailing people out. We are playing a game here, gang, we have fundamentally changed. What I want to try to express to you is you are not going back to the way we were. This is a Band Aid. You are not going back to the way you were because we have fundamentally changed. It's not just what we have done to devalue our dollar. Our dollar we are printing money. Where's all this money coming from? We're broke, remember? How is it that the Fed can say I need an extra $83 billion and then FDIC says I need another $40 billion and then the banks need money. All this money. Do you remember when we tried to give people a tax rebate? It was 100 what was it, $120 billion? We didn't have the money. We had to go borrow it from China. Do you remember that? We had to borrow $120 billion from China for the tax rebates. Well, we have spent almost a trillion. It is approaching $900 billion in the last few weeks. Where did the money come from? We printed it. That's where the money came from. They made up this money. We have devalued and debased our currency even more.