This is signed by 19 other senators. Obama, nor did any other Democrat sign this letter. How things may have been different.
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{ 2 comments… read them below or add one }
We should also keep in mind that on May 5, 2006, the Republicans ruled over Congress. And when I say “ruled” I mean they kept Democrats from participating in Conference Reports where the final version of the bill under debate is written; Democratic amendments were often stripped from bills in these reports, even when they received broad bi-partisan support. So it wouldn’t have made any difference if any Democrats signed this letter or not. Besides, it is obviously a Republican-only communication, and I would be surprised to learn if Democrats were even invited to sign it.
By the time McCain signed this letter and signed on to the corresponding bill in the Senate (S.190, which eventually died before ever reaching the Senate floor despite passing in committee and having a GOP majority) the housing market had already peaked. The measure was too little, too late. The GOP had been tripping over their own feet since 2003 trying to get legislation passed and despite majorities in both houses through two consecutive sesions of Congress, they couldn’t get ther act together and get new oversight on FM/FM signed into law.