A Prophet Who'd Rather Not Mention It

We've noted many times that John McCain was one of the prescient legislators who saw the dangers posed by the runaway Freddy Mac and Fannie Mae and tried to do something about the problem. Until now, though, I'd never seen this letter of May 5, 2006, signed by McCain and 19 other Senators, that couldn't have been clearer about the dangers posed by the Democrats' reckless treatment of Fannie and Freddy, and the need to take action to protect the taxpayers and the economy. It's hard to see how any warning could be more spot-on. Click to enlarge: Among the more prescient observations: We are concerned that if effective regulatory reform legislation for the housing-finance government-sponsored enterprises (GSEs) is not enacted this year, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and... [read full story]