Fact Check: McCain Lied About Financial Crisis Warning

John McCain lied right out of the gate during tonight's debate, claiming that he had warned us about the financial crisis that we are now facing. But in November, 2007 he admitted that he hadn't seen the mortgage crisis -- the root of today's financial crisis -- coming.

Here's video:

Comments

[JohnBoy87]

http://www.youtube.com/watch?v=VgctSIL8Lhs

I think you may have taken him out of context.

[ELABORATE]

Jed, this article is an out and out lie. There is abill co-aurthored by McCain in 2005 say exactly what would happen if Fannie and Freddie kept making bad loans. He said ,it would lead to an enormous potential effect on the whole economy.
His was blocked by the democratic congress. It is a matter of record and fact.
Obama claimed he warned, and there is no record of this so called notification to Paulson.
So, stop the lies.

[KiwisCanFly]

Elaborate

S. 190--109th Congress (2005): Federal Housing Enterprise Regulatory Reform Act of 2005

McCain "Supported" it
After it was Dead!

Could the Democrats have blocked the bill in committee?

This seems like an odd thing to say of the minority party. The Committee on Banking, Housing and Urban Affairs was chaired by a Republican and Republicans held a clear majority of the seats on the committee.

[PT6]

-------------A LESSION FOR McCain and his "Free Market" buddies-----------------


A FAIR SOCIETY and FAIR MARKETS are What Made America Great!

American Society a not a Completely Free Society but it is a FAIR Society with Certain Freedoms.

A Completely free Society without LAWS to GOVERN would be CRIME RIDDEN, ruining our standard of living.

If American Markets were Completely Free Markets Corruption would RUN WILD.
For most of our history AMERICA PRIDED ITSELF IN FAIR MARKETS.

But in the last 8 YEARS we have SEEN AN EXPERIMENT WITH FREE MARKETS and AMERICA IS IN CRISIS.

Therefore, like Society, our Markets need a Robust set of Rules and Regulations to reduce corruption and apply punishment to those violating those laws.

[timberdoodle]

Get real how could McCain warn about a problem that he thought was a mental problem and the masses were just a bunch of whiners!!!!!!!

All these instances have to categorized and put out to the public along with McCains other lies and gaffs just so people can get a handle on just how diminished his faculties are at his advanced age.

[gladys46]

Real is he helped his namesake Bu$h ... most probably in the applause crowd .... "changed the rules to simplify the forms" ... applause ... small print gets itzy, bitzy .... applause ... hence, liar loans ... ownership society ... you're on you own:


http://www.whitehouse.gov/news/releases/2003/12/20031216-9.html

[fran-pan]

could it be that his memory is failing???

[wazzucoug]

McCain lie! You've got to be kidding.

[crazybarney]

The fact is that sleezy loans advocated by "community activists" are the root of this problem. After Mario Cuomo arranged that lenders MUST give 50% of their loans to low income applicants, it was all downhill. These lenders now had to meet their quota and turned to no down payment and interest only loans to do it. Knowing they had bad paper, these sleezeballs bundled sold and resold the crap. All the oversight in the world couldn't have stopped the root cause - housing at any cost. Throw in high fuel costs, high food and other staple costs and you have the perfect storm. The people conned by these loans can't make their mortgages. With housing prices down, no more flipping for profit. We have a failed president, a failed congress, a failed Secretary of the Treasury and a failed banking commission that now says the answer is to give 700 BILLION dollars to a bunch of failed companies - and what's more - no waiting, it's a limited time offer, do it now.

[wbwbruce]

Phil Gramm. Eight years ago, as part of a decades-long anti-regulatory crusade, Gramm pulled a sly legislative maneuver that greased the way to the multibillion-dollar subprime meltdown. [Anyone remember ENRON] Yet has THIS A OLE Gramm been banished from the corridors of power? Reviled as the villain who bankrupted Middle America? Hardly. Now a well-paid executive at a Swiss bank, Gramm cochairs Sen. John McCain's presidential campaign and advises the Republican candidate on economic matters. He's been mentioned as a possible Treasury secretary should McCain win. That's right: A guy who helped screw up the global financial system could end up in charge of US economic policy. Talk about a market failure. McCain is a walking disaster for this country.

[emptyc]

perhaps you are right... the facts SHOULD be checked. in 2005, McCain sponsored a bill called "The Housing Enterprise Regulatory Act" in 2005 which recognized the problems which were coming. perhaps he did claim to have no idea this was coming, but in politics (for some reason), it can be beneficial to plead ignorance until there is a solid plan of action.

i don't support McCain over Obama, but it's irresponsible articles like this that are misguiding the general public who believe everything they read. and what we need now, more than any other time i can remember, is the truth to be displayed in it's entirety so the people can start helping themselves, rather than letting a group of profiteers run their lives.

www.govtrack.us bill s-190

[KNadine]

I don't care what the bill says. I saw McCain say out of his mouth in the latter part of 2007 that he did not see the housing crisis coming. He seemed very aloof.

[cabledave]

Maybe McHoover could keep track of what he believed in or said if he wasn't lying non-stop.

Just a suggestion.

[SHORTYJR05]

Did you read`this
The Congressional Record is the official journal of Congress's daily proceedings.

Though often a transcript of the debates on the House and Senate floors, like C-SPAN transcripts, the Congressional Record can be significantly modified by Members of Congress after the fact. Entries in the Congressional Record can reflect the edited, prepared versions of statements actually made on the floor, and on very rare occasions can contain seeming entire debates between Members of Congress that never took place.

Only floor proceedings are a part of the Record, and so committee meetings are not available this way
So we do not know ifnthis is what McCain really said that day or the transcripts were altered sometime later

[sandpiper1]

Did you read the full transcript or just the summary...it would have said amended if it was.

[SHORTYJR05]

Did you read`this
The Congressional Record is the official journal of Congress's daily proceedings.

Though often a transcript of the debates on the House and Senate floors, like C-SPAN transcripts, the Congressional Record can be significantly modified by Members of Congress after the fact. Entries in the Congressional Record can reflect the edited, prepared versions of statements actually made on the floor, and on very rare occasions can contain seeming entire debates between Members of Congress that never took place.

Only floor proceedings are a part of the Record, and so committee meetings are not available this way
So we do not know ifnthis is what McCain really said that day or the transcripts were altered sometime later
I know whay yhis says but I also hearld what he said on the video. Please wakeup and smell the coffee

[whatevertoo]

Have you bothered to read that Act. That act would have cause more corruption, and CEO's of financial institutions to get richer. It Excludes the Federal Home Loan Banks from certain securities reporting requirements and Abolishes the Federal Housing Finance Board.

[sandpiper1]

It seems to me Hagel, McCain and Dole wanted to create another level of Gov. which would have no or little regulation and get rid of the current board. Smells rotten.
Obama's bill S-2880(109th) STOP FRAUD ACT introduced on Feb.14/06 might have been better, but it went to committee on Banking, Housing and Urban Affairs and died I guess.

[Gary47]

Get the ads out NOW!

[arthur2008]

John McCain's tired old Cold War rhetoric and his inability to let go of decades-old discredited economic policies show that he has not had a fresh idea since back in the days when Henry Kissinger was a stud about town.

[emr3857]

youre right about that and thats not change we need

[nccp1870]

McCain has proven himself unworthy of the Presidential office when he did nothing to improve his knowledge or behavior after the Keathing Five Scandal of the 1980s. In that one, 5 Senators were a part of the savings and loan scandal that brought down that financial system and resulted in a huge bailout like this one.

He might have claimed lack of foresight, knowledge and experience for getting involved with Charles Keating and all those lobbyists, but here it is, a quarter of a century later, and he still knows almost nothing about economics, finance, etc.

He simply is not the best choice for the country at this time. And his Vice-Presidential choice really brings his judgement into question.

[Obamlatina]

WHAT A LIARRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR! UNBELIEVABLE THIS MAN IS LOSING IT SERIOUSLY!!!!

[sueno]

McCain has been in the Senate for 26 years and he still
does not know what he is talking about.
You would think that after the Keating 5 fiasco
McCain would be an expect on the economy!

[timberdoodle]

McCain has constantly proven over and over again that he is moraly bankrupt and will do or say anything to get elected. They even lied about not having a person representing Obama in McCain's preparation for the debate. That alone just shows the incompetence of the entire campaing of lying when the truth would fit better.