Blaming a bunch of bad mortgage loans at US institutions Fannie Mae and Freddie Mac for the whole worldwide financial crisis is rather simple-minded. The main cause are loans made between investment banks all over the world, in most cases totally unregulated by any of the governments involved.
Now that makes sense! The peoples of Europe certainly don't blame fred and fanny for their financial crisis! McCane seems to be the only one that uses this simpleton argument.