Obama maligns truth yet again

At a Campaign Rally in North Carolina Obama stated, "We're now seeing the disastrous consequences of this philosophy all around us on Wall Street as well as Main Street. And yet, Senator McCain, who candidly admitted not long ago that he doesn't know as much about economics as he should, wants to keep going down the same, disastrous path."

What Obama doesn't tell his followers is that he's second to Chris Dodd for the amount received in Campaign Contributions from Freddie Mac and Fannie Mae, over $125,000 reported on Bloomberg's news service.

Why do the Campaign Contributions matter?

Freddie Mac and Fannie Mae were involved in a series of accounting scandals. In 2005, the Senate Banking Committee created a Bill that would have provided regulatory oversight on the $388 Billion that Freddie and Fannie managed.

Alan Greenspan told Congress in 2005 that if Freddie and Fannie "continue to grow, continue to have the low capital that they have, continue to engage in the dynamic hedging of their portfolios, which they need to do for interest rate risk aversion, they potentially create ever-growing potential systemic risk down the road."

However, despite the warning from Alan Greenspan, despite the fact that regulatory powers over Freddie and Fannie could have averted the Economic turmoil we're now facing, Democrats opposed this Bill along Party lines.

Does Obama tell his followers what he did? No, of course not, he attacks John McCain as 'out of touch.' Does Obama tell his followers that McCain was one of the first co-sponsors of the Senate Banking Committee Bill that would have provided regulatory oversight on Freddie and Fannie? No, of course not, it's an inconvenient truth.

This is the second time Obama has maligned truth in order to make himself look better. The first being his political attack ad linking McCain to out of context comments from Rush Limbaugh.