Out of Bounds McCain distorts Obama's words on subprime loans

[Nambe]

Source:

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. ...

Read more: http://news.yahoo.com/s/mcclatchy/20081006/pl_mcclatchy/3065206

[spelldmilk]

1. Repub's: 15 yard penalty: very nice. n/t

[Demit]

2. Thanks, McClatchy! "Why that's wrong..." Straightforward & informative. More like this, please!

[Roland99]

3. The McCain campaign stooping to disgusting lows? I don't believe it!

[redqueen]

4. When McCain says "Straight Talk"

he apparently means, "I know you're too stupid to figure out the truth, so I'll just lie."

[Supersedeas]

5. McCherrypicker exposed again as a Dishonorable Rovian Fraud

[OakCliffDem]

6. McCain is a liar, what else is new?