WASHINGTON,, Oct. 8 Financial-crisis-ad
American Issues Project highlights Senator Chris Dodd and Senator Harry Reid's intimate involvement with the American economic meltdown.
WASHINGTON, Oct. 8 /PRNewswire-USNewswire/ -- American Issues Project is launching the second phase of a major television advertising campaign today spotlighting the role congressional liberals played blocking oversight and reform of Fannie Mae and Freddie Mac, which spurred the housing bubble and led to the failing economy. The initial ad buy is one million dollars and will begin running today on FOX News, CNN and CNN Headline News.
"Our ad seeks to set the record straight and let the American people know who is responsible for this $700 billion catastrophe," said Ed Martin, the organization's president. "While liberals and some in the media try to affix blame to the Bush Administration for the housing crisis and resulting financial meltdown, this is one case where the real impetus for all these troubles is crystal clear. It was not the free market but government supported and propped-up institutions Fannie and Freddie that are the root cause. All roads for this failure lead back to liberals and their close ties to these two government institutions."
The ad further describes campaign contributions and sweetheart mortgage deals for Senate liberals and their connection to the economic meltdown.
American Issues Project's ad examines Senator Chris Dodd's efforts to kill reform at the same time he received more political contributions since 1989 from Fannie and Freddie combined than any other politician. In August 2007, despite warnings from the housing market and the Bush Administration, Dodd blocked efforts to regulate the mortgage powerhouses, while securing for himself a below-market mortgage through which he personally saved an estimated $75,000 on payments for two homes.
Liberal senators, particularly Senate Majority Leader Harry Reid, are targeted in the ad for their previous involvement in fighting against regulation of Fannie Mae and Freddie Mac and even wanting an expanded role for the institutions. Yet since 2004, liberals in Congress have been aware of regulators accusing Fannie Mae of fraud by concealing expenses to make its profits look bigger.
"Having exposed Barack Obama's connection with domestic terrorist, William Ayers, American Issues Project will continue to highlight a broad range of issues important to American voters but ignored or avoided by the mainstream media," said Martin. "When the American public recognizes the close connection between corporate greed and liberal politicians' personal agendas, we believe it will move the American people to use their voices and their votes to demand real reform in Washington."
The ad will air for a week beginning on Wednesday. An electronic version of the ad and full documentation of all statements made are available at American Issues Project's website: http://www.americanissuesproject.org.
The full script of the ad follows below:
Narrator:
"Meltdown.
What happened?
Harry Reid and Senate liberals protect corrupt mortgage giants.
Chris Dodd takes big money from Fannie and Freddie.
Dodd kills reform
-- and secures a sweetheart mortgage for himself.
Fannie Mae and Freddie Mac commit extensive financial fraud.
And need to be bailed out with $200 billion in taxpayer money.
...The economy spirals into chaos
Who should you trust on the economy?
Paid for by American Issues Project."
About American Issues Project
American Issues Project is a 501(c)4 organization representing a coalition of conservative activists committed to raising important issues that deserve deeper examination given their impact on policy and politics. In accordance with federal law, American Issues Project only solicits and accepts contributions from individuals and not from any business corporation. For more information, visit: http://www.americanissuesproject.org.
SOURCE American Issues Project
