Subprime Accusations, Russia’s Energy Politics and ACORN’s Shady History
Rep. Barney Frank (D-MA) plays the race card in the debate over subprime mortgages.
Russian officials play politics with energy supplies throughout Eastern Europe.
Law enforcement officials raid the offices of the leftist activist group Association of Community Organizations for Reform Now (ACORN).
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1. POLITICS
Rep. Barney Frank (D-MA) plays the race card in the debate over subprime mortgages.
CEI Expert Available to Comment: Special Projects Counsel Hans Bader on the real cause of the mortgage crisis:
“Even the reliably-liberal BBC says that deregulation wasn’t the cause of the financial crisis. Other liberal journalists like Washington Post columnist Sebastian Mallaby have made the same point. The government-sponsored mortgage giants Fannie Mae and Freddie Mac played a big role in spawning the mortgage crisis. Lawmakers like Rep. Barney Frank blocked crucial reforms that might have reined them in. Now, Frank is trying to change the subject, claiming that critics of Fannie and Freddie are, you guessed it, racist. (Fannie Mae also engaged in fraud and political bullying).”
2. ENERGY
Russian officials play politics with energy supplies throughout Eastern Europe.
CEI Expert Available to Comment: Energy Policy Analyst William Yeatman on why Russia has Europe over a barrel:
“Two decades of stringent environmental regulations have made Germany, Europe’s largest economy, increasingly dependent on natural gas from Russia, the world’s largest exporter. Of course, economic leverage translates seamlessly into political power, and Russia’s sway over German foreign policy has been conspicuous as the recent imbroglio in Georgia has continued to play out.”
3. LEGAL
Law enforcement officials raid the offices of the leftist activist group Association of Community Organizations for Reform Now (ACORN).
CEI Expert Available to Comment: Special Projects Counsel Hans Bader on ACORN’s shady history.
“ACORN is a radical left-wing group with ties to liberal politicians that will receive taxpayer subsidies through the Congressional mortgage bailout legislation…ACORN hid massive embezzlement for years in an attempt to prevent public scrutiny of its finances and in order to prevent the embezzler, the brother of its founder, from being prosecuted. ACORN helped spawn the mortgage crisis by promoting ‘liar loans.’ ACORN also engages in voter fraud intended to benefit liberal politicians.”
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