Count the Lies #128: McCain's Subprime Attack Out of Context

The Democratic National Committee today updated the Count the Lies counter after CNN flagged John McCain for taking Barack Obama's words about subprime loans "out of context." As CNN notes, McCain criticized Obama for allegedly saying subprime loans are "a good idea" when in fact the speech McCain cited "actually was criticizing abuses in the subprime sector."

Since John McCain locked up his party's nomination and promised to run a respectful campaign in February, at least 128 independent, non-partisan fact checks have to debunked McCain campaign lies. Visit www.democrats.org/CountTheLies to see the updated Count the Lies counter.

CNN: McCain's Subprime Lending Attack is "Misleading," Takes Obama's Words Out of Context. "In a campaign speech Wednesday, October 8, in Bethlehem, Pennsylvania, Republican presidential candidate Sen. John McCain questioned Democratic opponent Sen. Barack Obama's foresight on the role of the troubled subprime lending sector in the recent financial crisis. 'As recently as September of last year, he said that subprime loans had been -- quote -- 'a good idea,'' McCain said. McCain is citing a statement Obama made during a September 17, 2007, speech in New York. While the words he quotes are technically accurate, McCain is taking them out of context from a statement that actually was criticizing abuses in the subprime sector…. The Verdict: Misleading. Obama did say subprime lending 'started off as a good idea,' but he was criticizing abuses in the sector. Based on his statements, he did not think they were a good idea last September, as McCain suggests." [CNN.com, 10/8/08: http://politicalticker.blogs.cnn.com/2008/10/08/fact-check-did-obama-say-subprime-loans-a-good-idea/]