Monday, October 13, 2008
"As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.
Commentators say that's what triggered the stock market meltdown and the freeze on credit. They've specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie's and Freddie's financial problems.
Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis..."Read the full article: Private sector loans, not Fannie or Freddie, triggered crisis
From the piece:
We could go on and on with evidence that the Chicago Annenberg Challenger was a rather vanilla charitable group. For example, under the deal with Annenberg every dollar from him had to be matched by two from elsewhere. The co-funders were a host of respected, mainstream institutions, such as the National Science Foundation, the John D. and Catherine T. MacArthur Foundation, the W.K. Kellogg Foundation and the Chicago Public Schools.
In short, this was a mainstream foundation funded by a mainstream, Republican business leader and led by an overwhelmingly mainstream, civic-minded group of individuals. Ayers' involvement in its inception and on an advisory committee do not make it radical – nor does the funding of programs involving the United Nations and African-American studies.This attack is false, but it's more than that – it's malicious. It unfairly tars not just Obama, but all the other prominent, well-respected Chicagoans who also volunteered their time to the foundation. They came from all walks of life and all political backgrounds, and there's ample evidence their mission was nothing more than improving ailing public schools in Chicago. Yet in the heat of a political campaign they have been accused of financing radicalism.
McCancer has run out of rope...