Drilling Down on the Facts in McCain’s Speech

[maddezmom]

Drilling Down on the Facts in McCain’s Speech
By Larry Rohter
Speaking in Albuquerque on Monday, Senator John McCain attacked Senator Barack Obama on several fronts that by now have become familiar. But many of his charges relating to the economic meltdown, taxation and health care contained inaccuracies or exaggerations of his own position or Mr. Obama’s.

For instance, Mr. McCain claimed that “as recently as September of last year,” Mr. Obama “said that subprime loans had been, quote ‘a good idea.’” But that quote is taken out of context and reverses the intent of Mr. Obama’s remarks, which were clearly meant primarily as a criticism of practices on Wall Street.

“Subprime lending started off as a good idea helping Americans buy homes who couldn’t previously afford to,” Mr. Obama said in a speech to NASDAQ in September 2007. But, he added, “as certain lenders and brokers began to see how much money could be made, they began to lower their standards. Some appraisers began inflating their estimates to get the deals done. Some borrowers started claiming income they didn’t have just to qualify for the loans, and some were engaging in irresponsible speculation. But many borrowers were tricked into glossing over the fine print.”

more:http://thecaucus.blogs.nytimes.com/2008/10/06/drilling-down-on-the-facts-in-mccains-speech/

[grannylib]

1. "FACT" is the filthiest of all four-letter f-bombs to rePigliCons.

[msallied]

2. Taken out of context? That's being FAR too generous.

That's an out and out LIE. The words "started off as a good idea" pretty much nullify any chance for that. McCain was just LYING. Period.

[maddezmom]

3. McClatchy: Out of Bounds: McCain distorts Obama's words on subprime loans

Out of Bounds: McCain distorts Obama's words on subprime loans
By MARGARET TALEV - McClatchy Newspapers
Throw the flag against: The McCain-Palin campaign.
Call: Clipping.

What happened: In remarks Monday in New Mexico about the economic crisis, Republican John McCain said that "as recently as September of last year" Democrat Barack Obama said that subprime loans had been "'a good idea.' Well, Senator Obama, that 'good idea' has now plunged this country into the worst financial crisis since the Great Depression."

Why that's wrong: Obama did say in a September 2007 speech that "subprime lending started off as a good idea - helping Americans buy homes who couldn't previously afford to." But in the same speech he said that the subprime market was corrupted by lenders and brokers who lowered their standards to see how much money they could make, by appraisers who inflated their estimates, and by some borrowers who claimed false income to qualify for loans.

The overall theme of the speech involved a call by Obama to repair public trust in the markets and increase transparency, honesty and oversight in the lending industry and more oversight of ratings agencies.

"From CEOs to shareholders, from financiers to factory workers, we all have a stake in each other's success," he said. "When the public trust is abused badly enough, it can bring financial markets to their knees."

more:http://www.bellinghamherald.com/campaign08/story/591827.html