The Washington Post is running a front page story that reads as an Obama press release. It is the worst piece of agenda journalism masked as news that I have yet seen. The story, "McCain Embraces Regulation After Many Years of Opposition," is explicitly premised on the latest Obama talking point that McCain is out of touch, vacilating on regulation of industry, and just now coming out in favor of greater regulation in the wake of the fall of AIG.
AIG is the insurer whose fiscal woes are wholly predicated on the sub-prime crisis and the fall of Fannie Mae and Freddie Mac. Nowhere in Shearer's piece does he note that it was McCain who co-sponsored legislation in 2005 to tighten regulation of Fannie Mae and Freddie Mac. You can read here McCain's remarks in support of that bill and warning of the crisis that is now upon us.
McCain's bill died in committee under the leadership of Chris Dodd, the Senator who was the greatest recipient of largesse from Fannie and Freddie. He is also the same Senator who got below market mortgages from Countrywide, an institution that was tied at the hip to Fannie and Freddie. There is not a single mention of any of this in Mr. Shearer's article.
I said in the post below, McCain needs to come out swinging on the issue of the Fannie / Freddie meltdown and its reverberations thoughout our economy. This was a Democratic debacle from day 1, and it was Democrats who protected Fannie and Freddie against stringent regulation proposed by the Bush Administration and then McCain, quite literally creating the current fiscal crisis. Obama didn't propose or co-sponsor any of that legislation - he was busy at the bank cashing checks from Fannie and Freddie. This absolute piece of fantasy on the front pages of the Washington Post is part of a concerted effort to paint McCain and the Republicans with the sins of the Democrats. If the Democrats are allowed to rewrite history on this, it could be a game changer. And as this tripe from WaPo shows, the Democrats have the full support and complicity of the MSM.
And as a final aside, this ridiculous article seems to take the position that all regulation is good while deregulation is a bad. To call this piece anti-capitalist in its bent would be a fair assessment. Indeed, it could have been penned by Karl Marx himself.