This was first posted in September of 2008.
This video made it to the Mainstream Media. New Media, the internet, and American citizens, are doing the legwork and investigative reporting so lacking in the Mainstream.
I’m not sure what version of the video this is, but what about this attempt to shut this video down? More strong arm tactics? That freedom of speech really does rub some people the wrong way. And we sure don’t want them in the White House. (Too late now)
ALERT 09/30 15:00 pm ET: YouTube has now taken down not only the first version of the Burning Down the House video produced by TheMouthPiece, but has also taken down versions 2 (9/27) and 3 (9/29). The version directly below is now removed.
HERE’S THE NEW VERSION BELOW:
The current mess would never have occurred in the absence of ill-conceived federal policies. The federal government chartered Fannie Mae in 1938 and Freddie Mac in 1970; these two mortgage lending institutions are at the center of the crisis. The government implicitly promised these institutions that it would make good on their debts, so Fannie and Freddie took on huge amounts of excessive risk.
Worse, beginning in 1977 and even more in the 1990s and the early part of this century, Congress pushed mortgage lenders and Fannie/Freddie to expand subprime lending. The industry was happy to oblige, given the implicit promise of federal backing, and subprime lending soared.
This subprime lending was more than a minor relaxation of existing credit guidelines. This lending was a wholesale abandonment of reasonable lending practices in which borrowers with poor credit characteristics got mortgages they ere ill-equipped to handle.