Cornyn Blames Clinton, Dems for Economy | KERA News

Cornyn Blames Clinton, Dems for Economy

Dallas, TX – Hours before former President Clinton holds tonight's rally with Senate candidate Rick Noriega in Dallas, Republican Incumbent John Cornyn took aim. Cornyn blamed the Clinton administration for much of our current financial crisis as KERA's Shelley Kofler reports.

Before speaking to a group of Dallas Republicans, John Cornyn told reporters it's ironic Rick Noriega would campaign with Bill Clinton saying it was Clinton, former director of the Office of Management and Budget, who advocated financial abuse at Fannie Mae.

Cornyn: I'm saying in 2005 to 2007 Fannie Mae and Freddie Mac embarked on a mission to try to sell mortgages, force lenders to loan money to people with no credit. Fannie Mae under Franklin Raines, Bill Clinton's OMB director, got rich off this practice while taxpayers are being asked to pick up the tab.

Cornyn went further, charging Democratic leaders have resisted reforms.

Cornyn: A large part of what got us into this mess was the resistance of Democrats Barney Frank and Chris Dodd, Chuck Schumer and you go down the list including President Clinton.

Noriega Communications Director Martine Apodaca said Cornyn is grasping at straws.

Apodaca: John Cornyn must live in some kind of land of make believe because he likes to pretend he wasn't there for the past six years. This is a guy who supported the failed policies of the Bush administration and the guy who took $4 million from the financial companies who drove the economy into the ditch.

Noreiga has billed his appearance with the former President at a rally for Texas families. Thursday at 8 p.m. the candidates will square off over the economy and other issues in a live debate to be televised from KERA.