"I do think that McCain and Palin ought to identify that the source of this contagion, the thing that started these dominoes going down was the misbehavior of Fannie and Freddie, who I would remind you are the biggest part of the bailouts."
Rove also specifically brought up former Fannie Mae executive Frank Raines' name to use as a catalyst for the guilt-by-association game:
"Remember in 2003 and 2004, Raines was one of the people at Fannie and Freddie. He was the head who said our financial statements are untrustworthy. These people have not been able to put out trustworthy financial statements for the better part of the decade."
The very next day, McCain released a new attack ad. In it, he said Frank Raines is an Obama housing adviser and cited the mismanagement that occurred at Fannie Mae under Raines' leadership. Never one to let truth get in the way, McCain simply ignored the fact that Raines isn't an Obama adviser. Obama has only briefly met Raines once at an event - which I guess is equal to the number of times McCain met Palin before offering her the VP spot. When Raines caught wind of the ad campaign, he emailed top McCain adviser Carly Fiorina, former CEO of Hewlett Packard:
"Carly: Is this true? I am not an adviser to the Obama campaign."
According to Ranies, she didn't respond but The Associated Press was given a copy of the e-mail.
In his desperation to gain traction and defile his opponent, McCain has stooped to flat-out lying with the guidance of none other than Karl Rove. Sometimes when you get too low in the gutter, you can't see your way out -- that's where McCain is now.