I doubt that McCain predicted the housing crisis. At least the bill going around the internet supposedly proving he did is a bunch of Bull. Here’s an analysis I found:
“First off, the original bill was sponsored by Hagal. It was co-sponsered by Sununu, and Mrs. Dole. MC was not listed on the original 2005 co-sponsor list. It shows that MC joined, as a co-sponsor, in Jan 2007.

It does NOT say that the bill was killed by the Dem’s. It says it was introduced. It was never scheduled for debate (not yet it says). Not yet put up for a vote by the senate. Not yet put up for a vote by House. Not yet signed by the President.
From 2005 to 2007, the House and the senate were majority Repub’s. It was in Jan 2007 that the Dem’s took over.

Such a long bill. What I am gathering from this bill, is they wanted to change WHO was overseeing the regulations to a Corporation. If you want to really go nuts reading the entire bill (I only skimmed through). There is section that the employees that worked for Committee on Banking, Housing, and Urban Affairs, would not be let go. they would be guaranteed a job with the new Corp…….LOL. So in essense, it would be the same people running it with a different name. [Think you can find this fact towards the bottom of the long so long bill written.]

Check the bold. EXCLUDES FROM SECURITIES REPORTING REQUIREMENTS.
Now click “show co-sponsors”. This will bring down those who co-sponsered this bill. It shows MC joined as co-sponser in Jan 2007. The others that are listed in “show co-sponsors”, were already co-sponsors on the bill before as shown on the original bill.
If MC just joined as co-sponsor on Jan 2007, show me where he, or even the other sponsors of this bill tried to get it to a vote.

So who ever said that the Dem’s killed this. The guy who wrote the article, or who ever. Either didn’t check his facts, or is ..well……….”

Here’s the link so you can check these claims yourself: http://www.govtrack.us/congress/billtext.xpd?bill=s109-190

So basically this bill was not sponsored by McCain, was not blocked by the democrats, and did not regulate the market in any significant way that would have made a difference. It probably would have made things worse!

Perhaps McCain did predict it. Certainly Obama has a so called “plan” to prevent it in 2007. It probably wouldn’t have worked either, but it’s not like he didn’t think about it. McCain probably has tried too. But neither pushed very hard. And besides by late 2007 it ought to have been obvious to EVERYONE. But nobody wanted to rock the boat.

But Ralph Nader predicted this stuff 6 years ago or more and more accurately. So did Ron Paul. Lots of people have been warning shrilly about what is going to happen including good economists for many many years. But they’ve all been ignored and pushed to the sidelines.