When Obama bragged about the Chicago Annenberg Challenge

The Obama campaign and its media friends prefer to send his role in the Chicago Annenberg Challenge fiasco down the memory hole. It highlights his ties to William Ayers, and it was a colossal flop,  wasting $150 million dollars.

But once upon a time, when Obama was running (unsuccessfully) for Congress after just one term in the Illinois State Senate, he touted his experience with CAC as a qualification for high office. Check out this newly-discovered video:

Hat tip: D Phistry

Update -- transcript courtesy of Doug Ross:

Interviewer: One of the criticisms that arises in connection with your candidacy is you simply haven't been in the Senate very long, the State Senate. You have a limited track record in terms of time, what is your argument based on the one term that you've served so far? What makes you prepared for the Congress?

Obama: Well, I'm in my second term, but it's true that certainly both Senator Trotter and Congressman Rush have been in elected office longer than I have. I can't deny that. I would argue, though, that my experience previous to elected office equips me for the job. I have a background as an attorney, I've represented affordable housing organizations to build affordable housing, something that's a major issue in the district.

I've chaired major philanthropic efforts in the city like the
Chicago Annenberg Challenge, that gave fifty million dollars to prompt school reform efforts throughout the city.