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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: longnshort who wrote (768168)	9/28/2008 1:59:52 AM
From: DuckTapeSunroof	Respond to of 769670

...But even that wasn’t the top political threat McCain faced last week. Bigger still was the mounting evidence of the seamless synergy between his campaign and Fannie Mae and Freddie Mac, the mortgage monsters at the heart of the housing bust that set off our current calamity. Most of all, it was the fast-moving events on that front that precipitated his panic to roll out his diversionary, over-the-top theatrics on Wednesday. What we were learning — through The New York Times, Newsweek and Roll Call — was ugly. Davis Manafort, the lobbying firm owned by McCain’s campaign manager, Rick Davis, had received $15,000 a month from Freddie Mac from late 2005 until last month. This was in addition to the $30,000 a month that Davis was paid from 2000 to 2005 by the so-called Homeownership Alliance, an advocacy organization that he headed and that was financed by Freddie and Fannie to fight regulation. The McCain campaign tried to pre-emptively deflect such revelations by reviving the old Rove trick of accusing your opponent of your own biggest failings. It ran attack ads about Obama’s own links to the mortgage giants. But neither of the former Freddie-Fannie executives vilified in those ads, Franklin Raines and James Johnson, had worked at those companies lately or are currently associated with the Obama campaign. (Raines never worked for the campaign at all.) By contrast, Davis is the tip of the Freddie-Fannie-McCain iceberg. McCain’s senior adviser, his campaign’s vice chairman, his Congressional liaison and the reported head of his White House transition team all either made fortunes from recent Freddie-Fannie lobbying or were players in firms that did. By Wednesday, the McCain campaign’s latest tactic for countering this news — attacking the press, especially The Times — was paying diminishing returns. Davis abruptly canceled his scheduled appearance that day at a weekly reporters’ lunch sponsored by The Christian Science Monitor, escaping any further questions by pleading that he had to hit the campaign trail. (He turned up at the “21” Club in New York that night, wining and dining McCain fund-raisers.).... nytimes.com