John McCain For President: "Rein"

Producer: Foxhole Productions

Running Time: 01:00

Debut Date: 09/30/2008

Ad Buy: nationwide

Cost: not available

Summary: McCain blames Obama and congressional Democrats for the failure of Fannie Mae and Freddie Mac.

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Script of "Rein" (TV)

ANNOUNCER [v/o]: John McCain fought to rein in Fannie and Freddie.

(Text on screen: "...deeply in need of reform..." -- John McCain, 5/26/06; McCain Statement on Co-Sponsorship of the Federal Housing Enterprise Regulatory Reform Act of 2005)

The Post says: McCain "pushed for stronger regulation" ... "while Mr. Obama was notably silent."

(Text on screen: Washington Post, 9/19/08)

But Democrats blocked the reforms.

(Text on screen: "How Washington failed to rein in Fannie, Freddie..." -- Washington Post, 9/14/08)

Loans soared.

(Text on screen: "...eases credit to aid mortgage lending" -- New York Times, 9/30/99)

Then the bubble burst.

(Text on screen: "...blind to housing risks" -- The Associated Press, 9/8/08)

And taxpayers are on the hook for billions.

Bill Clinton knows who is responsible.

BILL CLINTON [in interview]: I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president to put some standards and tighten up a little on Fannie Mae and Freddie Mac.

ANNOUNCER [v/o]: You're right, Mr. President. It didn't have to happen.

(Text on screen: JohnMcCain.com)

JOHN MCCAIN [v/o]: I'm John McCain, and I approve this message.

(Text on screen: Country First; Paid for by McCain-Palin 2008)

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