Glenn Beck talks with McCain about ACORN

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GLENN: We have Senator John McCain on with us now. Welcome, Senator, welcome to the program. How are you, sir?

SENATOR McCAIN: I'm just fine, Glenn. How are you?

GLENN: I'm very good. I noticed today, breaking news, that in Florida ACORN has registered Mickey Mouse. I'm wondering if you are going to go for the mouse vote.

SENATOR McCAIN: Well, frankly some people, having worked in congress for some period of time, I prefer Goofy. But the fact is this ACORN thing is something that's been done before in the 2004 elections and 2006 elections and other elections, and it needs a full and complete investigation, and Senator Obama's ties to ACORN need to be known to everybody as well.

GLENN: In the House and the Senate, the President signed it, a bill over the summer actually gives now 4% of our mortgages. If you sign a new mortgage, 4% goes to fund ACORN. How did this happen?

SENATOR McCAIN: The way these things happen, I don't know if you recall but when this first rescue plan or bailout bill, whichever one you call it, was first developed before I came back from Washington, ACORN was going to get something like 20% of the additional funds that would eventually be raised thanks to Chris Dodd and the Democrats who had protected Fannie and Freddie and have been advocates of this forcing banks to extend home loan mortgage money to people that couldn't afford to pay it back. That's one of the major, the major factors in this housing crisis which then, of course, led to this meltdown. People, the pressures, enormous pressure from congress, the Community Reinvestment Act which basically set corridors for lending money to people that couldn't afford to pay it back and mortgages which were sooner or later going to go under. Meanwhile their executives, as you know, took 10, 20, 30, $50 million in compensation. It's one of the great scandals in American history.