McCain Would Have Averted Financial Crisis

John McCain co-sponsored a 2005 Senate bill to rein in Fannie Mae and Freddie Mac, in a way that would have prevented the current economic crisis.   It would have given a regulator power to crack down, and would have required Fannie and Freddy to eliminate their investments in risky assets, specifically, in subprime mortgages.

Democrats united to kill it, including, Barack Obama, Hillary Clinton and Chris "Countrywide" Dodd.   Each received substantial contributions from the two companies over the years.