Rich Noyes from Newsbusters.org has an excellent story on the failure of the media to cover the Fannie Mae and Freddie Mac scandal despite their obvious trouble for the last half-decade. The bottomline is no surprise: Old Media were covering for both for political reasons. As the credibility of the Old Media declines, they mean less and less to more and more. And these are the people many Americans depend on to provide them with the information needed to vote intelligently. Thank Goodness for the New Media.
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Fannie and Freddie were/are the largest lobbyists in the country. Check it out http://webutante07.blogspot.com/2008/09/on-freddie-and-fannie-and-housing.html