Las Vegas Sun

May 25, 2019

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Letter to the editor:

McCain warned us of financial debacle

Saturday’s Las Vegas Sun brought a letter from Margaret Feinblatt, telling us she is voting for Barack Obama and that John McCain “voted over and over again to deregulate Wall Street and is surprised at corporate greed and mismanagement.”

Perhaps Ms. Feinblatt should consider other parts of the picture. McCain also gave repeated warnings on the Senate floor that regulations were being blithely overlooked, especially in the case of Fannie Mae and Freddie Mac. In return for “looking the other way,” roughly 340 members of Congress accepted monetary contributions from Fannie/Freddie employees over a nine-year period.

Although he was in the Senate for only a fraction of those nine years, Obama ranks No. 3 in terms of such contributions. Ms. Feinblatt seems to be in favor of regulations, but what good are regulations if the regulators are more interested in being bought off than in doing their job? Ms. Feinblatt says things were great under Clinton, but many of those in upper management at Fannie/Freddie (Franklin Raines, Jamie Gorelick, Jim Johnson, etc.) date to the Clinton administration.

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