Out of Bounds! McCain distorts Obama's words on subprime loans

[cal04]

Margaret Talev
http://www.mcclatchydc.com/251/story/53564.html

Throw the flag against: The McCain-Palin campaign.

Call: Clipping.

What happened: In remarks Monday in New Mexico about the economic crisis, Republican John McCain said that "as recently as September of last year" Democrat Barack Obama said that subprime loans had been "'a good idea.' Well, Senator Obama, that 'good idea' has now plunged this country into the worst financial crisis since the Great Depression."

Why that's wrong: Obama did say in a September 2007 speech that "subprime lending started off as a good idea — helping Americans buy homes who couldn't previously afford to." But in the same speech he said that the subprime market was corrupted by lenders and brokers who lowered their standards to see how much money they could make, by appraisers who inflated their estimates, and by some borrowers who claimed false income to qualify for loans.

(snip)
Penalty: Knock McCain's credibility back 15 yards for distorting his opponent's words.

[Zenlitened]

1. John McCain has trouble remembering things.

Voters are right to question whether he is mentally fit to be president.