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ShockediSay Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-24-11 11:19 AM
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Great description of how the Right Wing Propaganda Machine operates

The Big Lie

You begin with a hypothesis that has a certain surface plausibility. You find an ally whose background suggests that hes an expert; out of thin air, he devises data. You write articles in sympathetic publications, repeating the data endlessly; in time, some of these publications make your cause their own. Like-minded congressmen pick up your mantra and invite you to testify at hearings.

Youre chosen for an investigative panel related to your topic. When other panel members, after inspecting your evidence, reject your thesis, you claim that they did so for ideological reasons. This, too, is repeated by your allies. Soon, the echo chamber you created drowns out dissenting views; even presidential candidates begin repeating the Big Lie.

Thus has Peter Wallison, a resident scholar at the American Enterprise Institute, and a former member of the Financial Crisis Inquiry Commission, almost single-handedly created the myth that Fannie Mae and Freddie Mac caused the financial crisis. His partner in crime is another A.E.I. scholar, Edward Pinto, who a very long time ago was Fannies chief credit officer. Pinto claims that as of June 2008, 27 million risky mortgages had been issued and a lions share was on Fannie and Freddies books, as Wallison wrote recently. Never mind that his definition of risky is so all-encompassing that it includes mortgages with extremely low default rates as well as those with default rates nearing 30 percent. These latter mortgages were the ones created by the unholy alliance between subprime lenders and Wall Street. Pintos numbers are the Big Lies primary data point.

The Right Wing Propaganda Machine funded by One Per Centers
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ellenfl Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-24-11 11:30 AM
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1. no surprise here. eom
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Enthusiast Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-26-11 12:10 AM
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2. I am happy to see this here.
Edited on Mon Dec-26-11 12:10 AM by Enthusiast
However I do have criticism for Democratic Party officials that have never taken the initiative to correct this unholy Republican meme. It has been full time, "The economic collapse was caused by Barney Frank, Fanny May and Freddy Mac."

The last time the Republicans caused a great depression they rightfully got the blame. This time, not so much. Democrats deserve much blame for not aggressively promoting the truth in the media. I guess they didn't pursue their own meme because it would have implicated their DEAR Wall Street friends and allies. :grr:
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