July 10th, 2008
12:00 PM ET
10 years ago

McCain: Freddie Mac and Fannie Mae 'will not fail'

McCain campaigned in Michigan Thursday.

McCain campaigned in Michigan Thursday.

LIVONIA, Michigan (CNN) - Responding to the sinking share values of mortgage giants Fannie Mae and Freddie Mac, John McCain said Thursday: “They will not fail. We cannot allow them to fail.”

"Those institutions, Fannie and Freddie, have been responsible for millions of Americans to be able to own their own homes," McCain told reporters Thursday after a retail stop at a local diner. “They are vital to Americans' ability to own their own homes and we will do what's necessary to make sure that they continue that function.”

Asked if that meant he supported federal intervention to bail out the two mega-lenders as they cope with the housing slump, McCain re-iterated his position.

“I think that Freddie and Fannie have a vital role to fulfill and that they cannot and will not fail,” he said.

Filed under: John McCain
soundoff (144 Responses)
  1. Ken

    Hey, all you fact-challenged right-wingers, doesn't this just sound like more [R]-sponsored socialism?

    July 10, 2008 12:51 pm at 12:51 pm |
  2. Will-South Dakota

    So, let them fail. Might bring about REAL CHANGE...oh wait McBush doesn't want that......status quo and the good ole boys system at work.

    July 10, 2008 12:54 pm at 12:54 pm |
  3. Peter E

    If we're going to call everyone who disagrees with Obama 'racist' can I call everyone who mentions McCain's age as 'agist?'

    July 10, 2008 12:54 pm at 12:54 pm |
  4. Mandy

    Yeah? Why should anyone believe him? This is the same man who said just a couple weeks ago that the fundamentals of the economy are sound and that Americans are better off than they were eight years ago....

    July 10, 2008 12:55 pm at 12:55 pm |
  5. Brendan H., San Antonio, TX

    Slightly off-topic, but when does Cindy McCain release her tax return statements?

    July 10, 2008 12:57 pm at 12:57 pm |
  6. Bob Indianapolis, IN

    Keep bailing that sinking ship, pal...Next stop...Davy Jones' Locker!

    July 10, 2008 12:57 pm at 12:57 pm |
  7. Cynthia

    Obviously from what you all wrote in the article he does not support federal intervention and offered no plan to ensure that Freddy Mac & Fannie Mae does not fail those who need it.

    July 10, 2008 01:00 pm at 1:00 pm |
  8. Obamaniac

    They have already failed McBush..... they already failed..

    July 10, 2008 01:03 pm at 1:03 pm |
  9. Peter E

    I notice CNN was very quick to cut off comments on other articles once they realized thinking people, people not necesserily zombified by Obama's so-called 'message' are posting. Their filter was overwhelmed.

    July 10, 2008 01:05 pm at 1:05 pm |
  10. The Surly Scholar

    "Asked if that meant he supported federal intervention to bail out the two mega-lenders as they cope with the housing slump, McCain re-iterated his position. 'I think that Freddie and Fannie have a vital role to fulfill and that they cannot and will not fail,' he said."

    *Sigh* Okay, see, there's another McCain answer for you. Asked to elaborate, he simply parrots. There's not a lick of substance to be found in McCain's politics.

    July 10, 2008 01:06 pm at 1:06 pm |
  11. proud army and navy mom

    So freddie and frannie shouldn't be allowed to fail but the average americans who are forced to leave their own homes should? oh, and by the way they shouldn't whine about it either. Nice!

    why would anyone vote for the senile liar? oh, only ignorant and prejudice people who would cut off their noses just to spite their faces.

    July 10, 2008 01:08 pm at 1:08 pm |
  12. Stephanie

    George failed us, and John will fail us. America has to look at the Democratic party to bring us out of this nightmarish hell hole.

    McCain is a good soldier and politician, but that's it. Let him retire, and live off his wife's millions. The rest of us have a job to do, like putting our country back together.

    Obama 08

    July 10, 2008 01:09 pm at 1:09 pm |
  13. Scott L

    Do NOT bail anyone out. Tired of government handouts to people. What is this, Russia? Whaaaaaaaaa we lost our shirts....whaaaaa....serves you right for your previous actions.

    July 10, 2008 01:10 pm at 1:10 pm |
  14. Deanie

    Let's see do I want something different, new and fresh, or a warmed up version of George Bush's policy.

    It's a no brainer–Barack is my choice.


    July 10, 2008 01:10 pm at 1:10 pm |
  15. Bulldog

    Did McCon come up with that statement on his own or was it Phil Graham in his earpiece. The same Phil Graham, McCains economic advisor, who said today "America is a bunch of whiners and our horrible economy is all mental and is actually doing very well". The same Phil Graham who is responsible for the Enron Loophole that has much to do with our outrageous oil, gas, and food commodity prices because deregulated the markets so corrupt financial market thugs could go in and manipulate the market. This is the same Phil Graham that John McCain now calls his top economic advisor.

    McCain is the elitest. He has his sugar momma and never had to learn anything about the economy because he is set for life. And he wants to run America's economy with this wonderful Phil Graham giving him advise.

    July 10, 2008 01:11 pm at 1:11 pm |
  16. Brianna, NM

    You don't get to be THE WORST PRESIDENT IN MODERN HISTORY overnight. And now we have a president in training. GW will teach JM to be the same way. Then GW will not be the worst, but the second worst president in modern history.

    Obama 08 and 12.

    I'm loving it.

    July 10, 2008 01:12 pm at 1:12 pm |
  17. Mrs.L

    His Role in the Bush administaton help them fail.
    He doesnt believe government should help this system.
    Here he goes talking out both sides of his neck.

    July 10, 2008 01:12 pm at 1:12 pm |
  18. No Bush Third Term

    How like McYou'reOnYourOwn.... avoid answering a direct question by referencing his past answer rather than actually repeat that answer...

    because he can't remember? Oh, wait... he's waiting for someone to tell him what he said 6 months ago. Or WHICH answer he gave in the past.

    Whatever. A vote for this guy is a vote for Bush's third term.

    Come'on American, say it with me: NO BUSH THIRD TERM!


    July 10, 2008 01:12 pm at 1:12 pm |
  19. Obama2

    failed? they still seem to be trading on the stock market...

    July 10, 2008 01:13 pm at 1:13 pm |
  20. vick

    mcbush mcbush

    July 10, 2008 01:14 pm at 1:14 pm |
  21. Peter E

    I continue to notice that noone talks about Obama's economic plan and record. You know why? Because he doesn't have one!

    July 10, 2008 01:14 pm at 1:14 pm |
  22. Nicole in NE

    CNN must not be wanting very many comments today.

    July 10, 2008 01:16 pm at 1:16 pm |
  23. karen-phoenix

    Toooo old!!! Out of touch with middle America!!!!! How about Cindy bailing out the morgage mess the republicans got this country into!!!

    July 10, 2008 01:18 pm at 1:18 pm |
  24. Peter E

    Typical Obama supporter post... a summary:
    'Ooo, I'm such a genius! I can put 'Mc' in front of other words and names and think I'm making an argument! And I am such a testament to Obama's positive message of hope and change by name-calling his opponents! I am so creative, so clever! I can even combine my 'Mc' phrases with pundit talking points! And I am soooo thinking for myself by doing that!'
    You know, you're not helping your candidate win votes with name-calling. It just undermines his message of 'change.' If you're the embodiment of the 'change' Obama is bringing, then no thanks, I'd rather vote for Ron Paul!

    July 10, 2008 01:19 pm at 1:19 pm |
  25. Bayou Joe

    Cindy McCain is not a candidate, she does not have to release her tax returns. Just like you have the right to not release yours, next question.

    Keeping drinking the Obama Kool-aid. Judging by his followers comments on these blogs it is obvious that he appeals to those that seek to destroy our great nation.

    You Obammites spew nothing but hatred and vile comments about McCain or his family. Try some respect.

    July 10, 2008 01:20 pm at 1:20 pm |
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