What if McCain had warned Congress ahead of time?

I am hoping that John McCain will win the upcoming presidential election. But with the current economic woes, many of the American electorate are turning away from John McCain. Well over half of the American public say that they trust Obama more than McCain in economic matters.

Imagine with me, if you will, what it would mean in the minds of the American public had John McCain warned Congress in stern tones that if they did not reign in Fannie Mae and Freddie Mac economic disaster may result.

Imagine if McCain had sent a letter to the Majority Leader that said:

We are concerned that if effective regulatory reform legislation for the housing-finance government sponsored enterprises (GSEs) is not enected this year, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole....

With the fiscal challenges facing us today (deficits, entitlements, pensions and flood insurance), Congress must ask itself who would actually pay this debt if Fannie or Freddie could not?...

It is vitally important that Congress take the necessary steps to ensure that these institutions benefit from strong and independent regulatory supervision, operate in a safe and sound manner, and are primarily focused on their statutory mission. More importantly, Congress must ensure that the American taxpayer is protected in the event either GSE should fail. We strongly support an effort to schedule some time this year to debate GSE regulatory reform.

But you don't have to imagine. This letter was written, signed by John McCain and 19 other senators, and sent to Majority Leader Frist and Chairman Shelby on May 5, 2006—more than two years ago.

This letter was not signed by Barack Obama or any other Democrat. And you don't have to imagine because here it is in PDF format. Read it for yourself—and vote accordingly.