Today, the Huffington Post reports Sarah Palin’s first gaffe; on the economy.
Speaking before voters in Colorado Springs, the Republican vice presidential nominee claimed that lending giants Fannie Mae and Freddie Mac had “gotten too big and too expensive to the taxpayers.” The companies, as McClatchy reported, “aren’t taxpayer funded but operate as private companies. The takeover may result in a taxpayer bailout during reorganization.”
Economists and analysts pounced on the misstatement, saying it demonstrated a lack of understanding about one of the key economic issues likely to face the next administration.
“You would like to think that someone who is going to be vice president and conceivable president would know what Fannie and Freddie do,” said Dean Baker, co-director of the Center for Economic and Policy Research. “These are huge institutions and they are absolutely central to our country’s mortgage debt. To not have a clue what they do doesn’t speak well for her, I’d say.”
The Palin misstatement comes as Fannie and Freddie are set to be placed under control of the Federal Housing Finance Agency, created by President Bush in late July to help regulate the two housing giants.
This adds on to McCain previously admitting that he doesn’t know much about the economy, but that he has read Alan Greenspan’s book. The exact quote:
“The issue of economics is not something I’ve understood as well as I should,” McCain said. “I’ve got Greenspan’s book.”
Talk about on-the-job training. Do we really want OTJ training for both our President and Vice President when our economy is in such tatters? Take a look at the educational and political backgrounds of each of the four candidates for President and Vice President and tell me who YOU want running this country?