[Belated welcome to Instapundit readers. Have been away from the computer for several hours. Thanks for the link, Glenn.]

In a famous scene from “Animal House” Otter consoles Flounder after his car is ruined by telling him, “You bleeped up. You trusted us.” (If you want to see the uncensored version, go here. It’s at the 1:13 mark.)

Well, that’s what The Washington Post has told the McCain campaign today. Based on more than one assertion by the Post that Franklin Raines, former Fannie Mae head, was an Obama campaign economic adviser, the McCain campaign produced a TV ad saying as much, and criticizing Obama for consorting with a man who took millions out of Fannie Mae while mismanaging it.

In a “Fact Check” piece today, the WaPo essentially says believing us was your first mistake. In an act of monumental chutzpah, the paper adds that McCain is “clearly exaggerating wildly” in the commercial. If that’s so, what was the WaPo doing when it reported on August 28:

Two members of Mr. Obama’s political circle, James A. Johnson and Franklin D. Raines, are former chief executives of Fannie Mae.

UPDATE: Will the WaPo expend any energy at all to point out the “wild exaggerations” in this Obama ad? I doubt it.