Today, while John McCain was easing off laying blame on Barack Obama for the Bailout’s failure, his campaign team was busy dirtying up the airwaves via an ad release doing exactly that.In an effort to substantiate the message relayed in this ad, McCain’s campaign put out a corresponding press release (the “Ad Press Release”) that attempts to describe McCain’s efforts in the past to regulate Fannie Mae or Freddie Mac. Below are the three paragraphs that are relied upon in the Ad Press Release to try to convince the American public that McCain fought for regulation. In 2006, John McCain Said Fannie Mae And Freddie Mac Were “Deeply In Need Of Reform.” “Mr. President, the OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.” (Office Of U.S. Senator John McCain, “McCain Statement On Co-Sponsorship Of The Federal Housing Enterprise Regulatory Reform Act Of 2005,” Press Release, 5/26/06) John McCain Cosponsored The Federal Housing Enterprise Regulatory Reform Act Of 2005. “‘Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal. … I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation.” (Office Of U.S. Senator John McCain, “M...