Been waiting for this! He should have seized the opportunity earlier, but still smart thing to do.
McCain shifted gears in Iowa today and reminded voters in Cedar Rapids that he predicted the outcome of the credit crisis two years ago, and few bothered to act. McCain also aggressively painted Obama as a prime example of do-nothing politicians co-opted by lobbyist money. His speech pointed out the amount of money Obama has received from Fannie/Freddie donors and the advisers he uses that helped create the crisis :
We need reform in Washington and on Wall Street. The financial markets are in crisis. Times are tough. Enormous strain is being put on working families and individuals in America. I know that the events unfolding can be difficult to understand for many Americans. The dominos that we have seen fall this week began with the corruption and manipulation of our home loan system. The reason this crisis started was the abuses that took place within our home loan agencies, Fannie Mae and Freddie Mac and within our home loan system.
Two years ago I warned this Administration and Congress that regulations for our home loan agencies, Fannie Mae and Freddie Mac, needed to be fixed.
But nothing was done.
Senator Obama talks a tough game on the financial markets but the facts tell a different story. He took more money from Fannie and Freddie than any Senator but the Democratic chairman of the committee that regulates them. He put Fannie Mae's CEO who helped create this disaster in charge of finding his Vice President. Fannie's former General Counsel is a senior advisor to his campaign. Whose side do you think he is on? When I pushed legislation to reform Fannie Mae and Freddie Mac, Senator Obama was silent. He didn't lift a hand to avert this crisis. While the leaders of Fannie and Freddie were lining the pockets of his campaign, they were sowing the seeds of the financial crisis we see today and enriching themselves with millions of dollars in payments. That's not change, that's what's broken in Washington.
Now McCain NEEDS to quickly make this into commercials. We need people emailing his campaign to do so ASAP.