Thursday, September 18, 2008

Sub-Prime Crisis Results From Regulation, Congressional Black Caucus and Barack Obama

Saying that the sub-prime crisis is due to insufficient regulation is a demonstrable lie. Rather, it is demonstrably true that it is due to Democratic Party political influence and government intervention in the mortgage market (h/t Larwyn). In this video, taken in 2005, Daniel Mudd, Interim CEO of Fannie Mae, boasts to the Congressional Black Caucus that Fannie Mae has leant more money to minorities than any other institution in history. He calls the Congressional Black Caucus the "conscience of Fannie Mae".

The top three US Senators receiving contributions from Fannie Mae have included Senator Barack Obama (number two or three), even though he was a Senator for a brief four years.

The Democrats are more closely linked to Fannie Mae than are the Republicans. Franklin Raines, a Democrat who left Fannie Mae under a cloud, received a $50 million payout from Fannie Mae. The current sub-prime crisis is attributable to the Democrats and is a product of regulation, political influence on the mortgage market and government intervention. Given that the lie that the sub-prime crisis is due to too little regulation has been repeated on CNN, MSNBC and other Democratic Party propaganda sources, it is evident that the informational value of the American news media is nil. CNN is not news. It is propaganda.

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