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McCain Campaign Manager Huge Lobbyist for Fannie Mae & Freddie Mac

September 23rd, 2008

What I wanted to head up my blog page for today: the reason why the McCain camp scrambled to accuse the media of being “in the tank” for the Obama campaign.

The NY Times reported that McCain campaign manager Rick Davis earned $2 million as a lobbyist for Fannie Mae and Freddie Mac. In this role, Davis fought for deregulation of the industry–exactly what was responsible for the whole debacle.

In other words, McCain’s campaign manager was one of the worst black hats responsible for the current mortgage crisis. The McCain camp’s explanation for this? Get ready: Davis didn’t lobby for Fannie Mae and Freddie Mac, he just ran the lobbying organization. Which, of course, makes it all good.

Frankly, this Davis news should be a major story that the media should focus on: if McCain is so fired up to kick SEC Chairman Christopher Cox’s ass out the door for being “responsible” for the crisis, then how come McCain’s own campaign is being run by a multi-million-dollar lobbyist for the two worst and biggest players in the crisis? When will McCain fire Rick Davis? Probably not until absolutely forced to, as such a move would be equivalent to confirming that McCain’s campaign has been directed by someone at least in part responsible for hundreds of thousands of Americans losing their homes and costing the taxpayers close to a trillion dollars in bad debt, driving the economy into the toilet.

At this time, none of the major news sites has this story on their front page. So much for being “in the tank” for Obama.

Meanwhile, Faux Noise is trying to distract viewers with accusations that Democrats are responsible for the current mortgage crisis because they supposedly encouraged ending money to minorities, euphemistically called “risky folks.” Already a controversial charge, it is hampered by the small fact that it was McCain campaign manager Rick Davis who was lobbying for more loans for minorities–and not to help minorities.

Financial news of the day: the market dives and oil prices spike.

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