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Have you seen the McCain ad, or read the Internet postings claiming that ex-Fannie Mae Chief Franklin Raines is an economic advisor to the Obama campaign?

Don't believe it -- more Republicon lies.

Here's a link to a 20 September Washington Post article that reveals the facts behind this smear:


The McCain TV ad says:  

"Obama has no background in economics. Who advises him? The Post says it's Franklin Raines, for 'advice on mortgage and housing policy.' Shocking. Under Raines, Fannie Mae committed 'extensive financial fraud.' Raines made millions. Fannie Mae collapsed. Taxpayers? Stuck with the bill."

In fact, here's what Franklin Raines says:

"I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters."

According to the Post article, a minor official in the Obama campaign spoke with Raines on the telephone twice and asked him for comments on general economic matters.  Someone reported this fact in a Wash. Post editorial, the Republicons picked up on it, and suddenly Raines becomes an "economic advisor" to Obama.

Meanwhile, John McCain continues to employ "Foreclosure Phil" Gramm as a real, day-to-day economic advisor and it's reported that Gramm is in line to be McCain's Treasury Secretary.

Read about Foreclosure Phil here:

Originally posted to Old Redneck on Sat Sep 20, 2008 at 04:22 AM PDT.

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Comment Preferences

  •  McCain has spent more time . . . (4+ / 0-)
    Recommended by:
    housesella, davidkc, irate, Floande

    developing a media strategy, than thinking about the issues at stake with this crisis.

    I expect we'll hear more about the Fannie and Freddie thing.  It's important to push-back.  

    McCain not only was in the Senate when Phil Gramm completely changed the rules regarding investment banks getting into the mortgage industry -- he signed onto the legislation that made this all possible.

  •  CNN debunked it this morning (4+ / 0-)
    Recommended by:
    housesella, davidkc, irate, Floande

    CNN is running a morning fact or fiction segment on statements the candidates are saying.  Most examples are proving McCain wrong and Obama citing the facts.

    "Man's life's a vapor Full of woe. He cuts a caper, Down he goes. Down de down de down he goes.

    by JFinNe on Sat Sep 20, 2008 at 04:54:51 AM PDT

    •  BO's campaign will have good amunition to (1+ / 0-)
      Recommended by:

      push back against the ad b/c journalist are calling it BS. Raines even sent an e-mail to the McCain campaign calling them out and stating that the assertion is false. The Obama campaign has a copy of the e-mail and are showing reporters.

  •  My two cents is that this IS racist (0+ / 0-)

    But of course Obama can't claim that, because that's just what McCain would love.  But I can see no other logical reason why they tried to make a connection between Obama and Raines that did not exist.

  •  For some bizarre reason (2+ / 0-)
    Recommended by:
    irate, Floande

    repubs think this is some kind of big whoop de do.

    First, as the the article diarist links to points out, Raines is an Obama supporter, not an adviser.

    Second, so what if he was?  I'm sure Raines could offer valuable advice.  In the four years since being canned at Fannie Mae, Mr. Raines(who committed no crimes, BTW)has greatly rehabilitated  his image.  While his actions were unethical, I'm sure he understands how financial institutions work.  More importantly, failures often provide better examples to learn from than successes.

  •  "Foreclosure Phil" (2+ / 0-)
    Recommended by:
    davidkc, irate

    Great line had never heard it before

    I am an ex pat, lifelong Republican voting for Obama, that works in The City. .

    by Libertarian Friend on Sat Sep 20, 2008 at 05:07:35 AM PDT

  •  We Should Be OUtraged That Sarah Pallin is Allowe (2+ / 0-)
    Recommended by:
    Floande, lostinamerica2711

    to get away with not answering any questions from the Media, Sunday Shows, etc., that we are unable to make an informed choice because we do not know what she reallly thinks on many issues or even if she has a grasp of them.  How many of us are calling the media to complain that they are not getting proper access to her and they too are just accepting this affront.  We have to get involved, we have to ge more proactive.

  •  HuffPo has a Time Mag Article that reports (1+ / 0-)
    Recommended by:

    that this ad is race bating. Worth reading.

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