The Peculiar Case of the AP's Missing Paragraphs

When an article by Beth Fouhy of the AP actually made it to the funny papers, it was curiously missing several paragraphs critical of Barack (name redacted) Obama. Compare and contrast the original with the version that hit the streets.

Key: I've colored the paragraphs that went missing in purple for the slower-witted liberals progressives out there. And I've bolded Fouhy's advertorializing for the Obama camp.

McCain says Fed should stop government bailouts By BETH FOUHY

GREEN BAY, Wis. (AP) — Republican John McCain said Friday the Federal Reserve needs to stop bailing out failed financial institutions. The Republican presidential hopeful said the Fed should get back to "its core business of responsibly managing our money supply and inflation" and he laid out several recommendations for stabilizing markets in the financial crisis that has rocked Wall Street and commanded the dialogue in the presidential campaign.

McCain made little mention of the massive proposal being crafted by Treasury Secretary Henry Paulson that could amount to a $1 trillion taxpayer bailout of the mortgage industry. McCain said simply that leaders should put aside partisan differences and "any action should be designed to keep people in their homes and safeguard the life savings of all Americans."

The Fed engineered an $85 billion takeover of insurance giant AIG this week after seizing control of housing giants Freddie Mac and Fannie Mae. McCain said that to help return the U.S. to fiscal solvency, the powerful central bank should instead focus on shoring up the dollar and keeping inflation low.

"A strong dollar will reduce energy and food prices," McCain said to applause from the Green Bay Chamber of Commerce. "It will stimulate sustainable economic growth and get this economy moving again."

In the speech and later at a boisterous rally in Minnesota, McCain sharply criticized Democratic rival Barack Obama for ties to Freddie Mac and Fannie Mae and for advocating tax increases McCain said would "turn a recession into a depression."

Obama has said he would raise taxes on people making over $250,000 a year and would cut taxes on the middle class. McCain restated his claim that Obama had voted to raise taxes on people who make just $42,000 a year — a claim that has been widely debunked by nonpartisan fact check organizations.

McCain noted the Illinois senator had taken large campaign contributions from both Fannie Mae and Freddie Mac and that the one-time head of Obama's vice presidential search team, Jim Johnson, had received a $21 million severance deal after stepping down as Fannie Mae CEO. McCain's campaign released a new television ad Friday hitting Obama for his connection to Johnson.

The Arizona senator neglected to say that some of his closest advisers had ties to or lobbied for the home loan giants.

McCain is correct when he says Obama is the No. 2 recipient of campaign money from employees of Fannie Mae and Freddie Mac. Obama has collected $126,349 from those sources, according to a compilation by the Center for Responsive Politics, second only to Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., who has received $165,400. The ranking covers the period since 1989.

In Minnesota, the mention of Johnson's severance deal brought loud chants from thousands of McCain supporters who filled an airport hangar. "Give it back! Give it back!" they shouted.

Gee, I wonder why they cut out the stuff in purple?

As for the important ties between the Obama camp and the Fannie Mae debacle that threatens to melt our financial system down? How about the two disgraced Fannie Mae CEOs and Obama advisers (who, between 'em, ripped off taxpayers for around $111 million in compensation in six years) Franklin Raines and Jim Johnson?

• The Washington Post, 7/16/08: “In the four years since he stepped down as Fannie Mae’s chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case’s D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.”
• The Washington Post, 8/28/08: “In the current crisis, their biggest backers have been Democrats such as Senate Banking Committee Chairman Christopher J. Dodd (Conn.) and House Financial Services Committee Chairman Barney Frank (Mass.). Two members of Mr. Obama’s political circle, James A. Johnson and Franklin D. Raines, are former chief executives of Fannie Mae.“

Hat tips: Hot Air's Ed Morrissey, Fausta and Larwyn.