Monday, September 22, 2008

Obama \ McCain: And the Truth Shall Set You Free

All those political ads are making my head spin. Especially when I hear something in them and say to myself.

"Hey wait a minute, that doesn't sound right!"

I'm sure we've all done that...

Here's a website that reviews all those ad claims and sets the record straight.

Here's an example:
Turns out, our initial postFreddie, Fannie and Barackwas erroneous. We’ve struck out the incorrect sections from our earlier post.

We said originally that Obama was the fourth largest recipient of donations from troubled mortgage giants Fannie Mae and Freddie Mac. That’s wrong. Our post was drawn from data from the Center for Responsive Politics’ Web site, But the data we used were incomplete.

We talked to a spokesperson from the Center for Responsive Politics who told us that looking at all election cycles since 1989 (the first year for which CRP has data), Barack Obama is in fact the second-largest recipient of contributions from employees of Fannie Mae and Freddie Mac, their unemployed spouses and dependent children and both of the FMs’ political action committees.
According to
CRP, Obama’s total contributions from the FMs work out to $126,349. Of that sum, $6,000 comes from the FMs’ political action committees, and the rest from individuals who work for one of the two companies. Obama’s FM contributions account for about 0.03 percent of his total contributions to date. McCain’s FM haul is a smaller $21,550, all from individuals. That’s about 0.01 percent of his total contributions. We stand by our doubts that either candidate will be much swayed by numbers of this size.
... to be fair, one on McCain. After all the truth will set you free...
Confused about whether John McCain really predicted the fall of Fannie Mae and Freddie Mac? We don’t blame you. The McCain-Palin campaign says he did, and as proof, they point to a 2006 speech in which McCain exhorts his colleagues to vote for legislation he cosponsored, legislation that would have regulated the misbehaving mortgage giants. The Obama campaign says he did not and point out that McCain said in 2007 that he didn’t see the crisis coming. Kinda looks like 2006 McCain versus 2007 McCain.

Luckily for you, our colleagues at have financial experts at their fingertips. They’ve sorted through the dueling McCains and found that while he isn’t totally dissembling, McCain is stretching a little bit of fact nearly to the breaking point. (Sept. 17): We give McCain some credit for weighing in on problems surrounding Fannie Mae, even though he got involved after a comprehensive government report issued a loud alarm to anyone watching. However, his attempts to depict those efforts as some sort of early warning that could have lessened the current credit crisis just don’t wash. All McCain was talking about then was the potential fallout of accounting troubles in Fannie Mae and Freddie Mac. He didn’t say anything about a freewheeling climate among creditors that had major financial institutions becoming badly leveraged on bad loans. We rule his claim Barely True.
We recommend reading
PolitiFact’s analysis. We recommend sticking them on your daily reads list, too (along with and The Wire, of course). For the next 46 days, we all need all the facts we can get.

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