Journalism, Lies and Elections

[Archergal]

@Zoe

At any rate, please correct me if I am mistaken, but didn’t Greenspan testify just yesterday that he had been somewhat wrong in his insistence on deregulation?

You’re not mistaken.

Greenspan softened his longstanding opposition to many forms of financial market regulation, acknowledging in an exchange with Waxman that he was “partially” wrong in his belief that some trading instruments, specifically credit default swaps, did not need oversight.

Waxman cited a series of public statements by Greenspan saying the market could handle regulation of derivatives without government intervention.

“My question is simple: Were you wrong?” Waxman asked.

Greenspan said he was “partially” wrong in the case of credit default swaps, complex trading instruments meant to act as insurance against default for bond buyers.

I stopped reading Orson Scott Card (ANY OSC) a while back. He’s lost all credibility with me. Fannie Mae and Freddie Mac are NOT to blame for the crisis. They actually held back on the kind of loans that caused problems till they started losing market share. I believe Congress urged them to take on more, riskier loans.

Listening to the Planet Money Podcast from NPR or reading their blog will get you some good solid up-to-date info on the current money mess.

[The_Flying_Dutchman]

@tomndebb

Their is a modicum of truth that the initial impetus for some less than secure loans were the result of the actions of Congress to provide more housing to more people.

Why Modicum? What about the statement isn’t true.

This is not to say that Democrats and the news media are innocent victims, but they were as blindsided by events as the financial institutions that took the losses.

Weren’t Republicans blind sided as well.

Claims that the Republican really wanted to do the right thing, but were blocked by the Democrats contain no more truth. Everyone involved bears some measure of culpability.

I could be totally wrong, I admit, but from what I’ve gathered,from the McCain campaign, McCain attempted to reign in Fannie Mae and Fannie Mac a couple of years ago, against the opposition of both Democrats and Republicans. However I’ve never heard this claim confirmed or busted by the news media which does make me somewhat suspicious of everyone involved including the media.

[Archergal]

@The_Flying_Dutchman

I could be totally wrong, I admit, but from what I’ve gathered,from the McCain campaign, McCain attempted to reign in Fannie Mae and Fannie Mac a couple of years ago, against the opposition of both Democrats and Republicans. However I’ve never heard this claim confirmed or busted by the news media which does make me somewhat suspicious of everyone involved including the media.

From FactCheck.org

And while Democrats really did fight McCain-cosponsored regulations of the FMs, McCain himself signed on to the bill just two months before the housing bubble popped.

And another quote from the same site:

[A McCain ad] says that the crisis “didn’t have to happen,” because legislation McCain cosponsored would have tightened regulations on Fannie Mae and Freddie Mac. But, the ad says, Obama “was notably silent” while Democrats killed the bill. That’s oversimplified. Republicans, who controlled the Senate at the time, did not bring the bill forward for a vote. And it’s unclear how much the legislation would have helped, as McCain signed on just two months before the housing bubble popped

It’s election year rhetoric.

[Euphonious_Polemic]

In my opinion, Card is a lying sack of shit who would say or do anything to get a Republican elected. He likes war, loved Bush and thinks McCain is just the bees knees. He’s an asshole.

Pretty good S.F. writer though. However, I refuse to buy any more of his books due to his odious politics.