The McCain campaign is working overtime to tie the nation's financial troubles to Barack Obama.
But the facts point the other direction. McCain has a long and consistent record as a financial deregulator and is closely allied with former Sen. Phil Graham, the Godfather of financial deregulation.
Now we learn that lobbyist Rick Davis, McCain's campaign manager, has been part of the Freddie Mac lobbying machines to the tune of $15 Big Ones a month. Though he hasn't been paid directly, his firm has been profiting handsomely for months. Here's part of the story from the New York Times:
WASHINGTON — One of the giant mortgage companies at the heart of the credit crisis paid $15,000 a month from the end of 2005 through last month to a firm owned by Senator John McCain's campaign manager, according to two people with direct knowledge of the arrangement.
The disclosure undercuts a statement by Mr. McCain on Sunday night that the campaign manager, Rick Davis, had had no involvement with the company for the last several years.
Mr. Davis’s firm received the payments from the company, Freddie Mac, until it was taken over by the government this month along with Fannie Mae, the other big mortgage lender whose deteriorating finances helped precipitate the cascading problems on Wall Street, the people said.