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. Joe Regis

    The free market will decide what will suceed and not.

    Interferring in the free market will only postpone the pain.

    It is the Bush economic policy that failed America.

    The Democrats and Obama will fix things.

    Go Obama go!

    Obama 08 & 12.

    July 10, 2008 01:23 pm at 1:23 pm |

    More pandering for votes. Shame Shame Shame

    July 10, 2008 01:23 pm at 1:23 pm |
  3. jen

    I think this new strategy is working just great for the McCain Camp. They have made remarks so off the wall even CNN could not ignore them.

    July 10, 2008 01:23 pm at 1:23 pm |
  4. Patrick Henry's Ghost

    Leadership begins with recognizing something is wrong. Blaming the press and the public for their growing concerns that we are in the midst of tumultous economic transition in our nations history–and the two political parties in control appear clueless of how to push us to the next level.

    Despite the fact that institutions we have all percieved as benchmarks of stability and fiscal responsibility–appear to be in on rocky ground under the spotlight of reality. While our political leadership in their Washington citadel–stumble ridiculously, blame everyone, and are devoid of reality based, logical corrective measures.

    We don't have a mental attitude problem–we folks in the United States have a leadership problem.

    Perhaps we do need a third political party in our country. It would be an alternative for those disgusted with the current regime–and a reminder to future leaders that they are elected to serve the desires of their constituents–not their party.

    July 10, 2008 01:23 pm at 1:23 pm |
  5. @HusseinIsAmerican2

    McShame makes two-bits sentences that are not relevant to the question asked; he looks aloof, incoherent, lost, and totally absent-minded....this guy needs to be checked into a mental institution.

    It will be a disaster to put McSame in the white House at the rate he is going....we need a president who can articulate a point of view and understands what americans are going through at this time.

    McBush is NOT THE ANSWER!!!!!!!!!!!!!!!!!!!!!!!!!!

    July 10, 2008 01:24 pm at 1:24 pm |
  6. TheTruthHurts

    I'm not voting for him, but he's right in that the government would try to save them. With over of 1.6 TRILLION of debt, we'd have to destroy the dollar to save them if they really went under.

    July 10, 2008 01:24 pm at 1:24 pm |
  7. Mike from Westchester

    McCain is right, but stating the obvious, as the failure of Fannie Mae or Freddie Mac would be catastrophic to our economy. I find it very scary that we are even considering entrusting the future of our country to someone who said “The issue of economics is not something I’ve understood as well as I should.” This after a couple of decades in the Senate? What has he been doing for 20 years? He topped that off by referring to economic statistics as "confusing".

    Yah, we shouldn't spend too much time focusing on those pesky and confusing economic statistics. But heck, according to the McCain team the whole problem is really just in our heads, anyway.... and we should vote for this guy exactly why?

    July 10, 2008 01:25 pm at 1:25 pm |
  8. Republicans are out of touch

    He could care less and we all know it.

    July 10, 2008 01:25 pm at 1:25 pm |
  9. Shahere

    Please!!!!!!!!!!!! Just stick to the issues.

    July 10, 2008 01:26 pm at 1:26 pm |
  10. John from FL

    Saad from NJ the muslim is a known McCain operative posing as a blogger. Hey Muslim return to Iran and tell them we cannot print more money because as supply increases, price decreases. All other things being equal, the value of the dollar goes down. Go McCain!

    July 10, 2008 01:27 pm at 1:27 pm |
  11. Nick

    Before his advisors told him otherwise he probably thought Freddie and Frannie was a hippie band
    Obama 08

    July 10, 2008 01:27 pm at 1:27 pm |
  12. Obama-Junkie, IL

    Old man yells at clouds!

    "Fannie and Freddy, yeah I knew of this flowre-power couple back in the 1960s" is what McCain was thinking when asked about Fannie Mae and Freddie Mac.

    July 10, 2008 01:27 pm at 1:27 pm |
  13. Becky

    McCain didn't really give a straight answer at the end of this article. He should change the name of his bus.

    July 10, 2008 01:32 pm at 1:32 pm |
  14. Dennis

    I thought McCain had plans. Doesn't his campaign usually accuse Senator Obama of having nothing but beautiful words? Why is Senator McCain afraid to unveil his plans to keep these institutions from failing? Is it going to involve the use of taxpayer money? Will it require raising taxes? Or, is it possible Senator McCain doesn't have a plan to save those institutions, or there is one, but he doesn't understand it?

    July 10, 2008 01:33 pm at 1:33 pm |
  15. Mike, Syracuse NY

    Why should people who entered into mortgages that they couldn't afford get a government bailout? No one forced them to sign on the dotted line. Can I go buy a Porshe and get a bailout?

    July 10, 2008 01:34 pm at 1:34 pm |

    Think it over

    July 10, 2008 01:35 pm at 1:35 pm |
  17. Dave From Philly

    Is it Obama or Clinton who is willing say and do anything to get elected. I don't know if it is possible, but Sen. McCain could be worst then Bush as president.

    I guest that means the budget will not be balanced any time soon.

    July 10, 2008 01:36 pm at 1:36 pm |
  18. Manny Mota of

    "McCain has voted against Senate measures that sought to require insurance companies to cover birth control medication."

    Of course. The GOVERNMENT should not be in the bedroom.
    They should not " REQUIRE" a company to provide things that the Government itself should not be involved in.
    CHOICE means CHOICE.
    Leave us alone to choose what we want, don't mandate.

    July 10, 2008 01:36 pm at 1:36 pm |
  19. James Hussein, SC

    More straight talking.

    July 10, 2008 01:37 pm at 1:37 pm |
  20. Unempressed

    Freddie Mac and Fannie Mae 'will not fail' because McCain loves America and he is a POW – perfectly legit McCain answer to me!

    Democrat '08

    July 10, 2008 01:38 pm at 1:38 pm |
  21. Farrell, Houston, Tx

    Give McCain a big "F" for failure. McCain cannot and will not ever be able to understand anything that he knows nothing about and time is not on his side to learn.

    July 10, 2008 01:39 pm at 1:39 pm |
  22. Major Michael Lorton, Virginia

    That's right McCain.........bail out Freddie Mac and Fannie Mae.......all at the taxpayers expense.

    July 10, 2008 01:40 pm at 1:40 pm |
  23. SAGG

    Sounds like government bailout talk to me. Blasted corporate welfare. Hypocritical, McSame is...

    July 10, 2008 01:40 pm at 1:40 pm |
  24. Tim

    Answer a question by not answering it!!! Way to go McSame!!!!

    July 10, 2008 01:41 pm at 1:41 pm |
  25. kim hussein taylor portland, oregon

    AMERICANS, i am so sick of this!! why is mccain being treated like a king by our SO-CALLED "liberal media" (now THAT'S an oxy-MORON!!)

    the man is SERIOUSLY flawed, and VERY VERY dangerous!

    when is mccain gonna be held accountable for all the things he has NO CLUE about-like the economy, the middle east, who we do and dont export products to....

    and for all the horrible things he's said, like the other day when FIRST LEARNING we export products to iran. mccain's repsonse to LEARNING just the other day that we export CIGARETTES to iran--"that's how we'll kill 'em!" and as if THAT wasnt sick enough, he then said "i was just joking". that's just HILARIOUS, you madman!!!! why dont you go to tehran-that's the capital of iran, btw, mcCON--and sing your sweet little "BOMB IRAN" ditty at the top of your lungs!!

    and his anger issues.

    and for being absolutely surrounded by lobbyists, who care about us little guys about as much as dick cheney does-aka, NOT AT ALL!!!!

    the guy is a horrible disaster of a human being, and CANNOT become POTUS, or we will wake up one day to realize our country has become just like Cuba or venezuela or...

    July 10, 2008 01:41 pm at 1:41 pm |
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