Oh, the Irony....

Last week, John McCain ran ads that argued Obama possessed ties to the mortgage crisis as the McCain camp argued Franklyn Raines, the former Chief Executive of Fannie May, advised the Obama campaign.

Well, it turns out that Rick Davis, the campaign manager and longtime adviser for McCain, is the real problem here. According The New York Times, Davis, helped "Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000." Further,

“The value that he brought to the relationship was the closeness to Senator McCain and the possibility that Senator McCain was going to run for president again,” said Robert McCarson, a former spokesman for Fannie Mae, who said that while he worked there from 2000 to 2002, Fannie Mae and Freddie Mac together paid Mr. Davis’s firm $35,000 a month. Mr. Davis “didn’t really do anything,” Mr. McCarson, a Democrat, said.

There is guilt by association and then there is guilt by association. Why does John McCain have any credibility left?