George Will Spreads Some Lies About the Economic Crisis | Beat the Press
It really is incredible to see such a concerted effort to rewrite history in front of our faces. There is not much ambiguity in the story of the housing bubble. The private financial sector went nuts. They made a fortune issuing bad and often fraudulent loans which they could quickly resell in the secondary market. The big actors in the junk market were the private issuers like Goldman Sachs, Citigroup, and Lehman Brothers. However, George Will and Co. are determined to blame this disaster on government "compassion" for low-income families.
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That's the start of Dean Baker's demolition of George Will's latest Tory pontificating in the Washington Post.
1 comment:
"The first culprit is the Community Re-investment Act (CRA). Supposedly the government forced banks to make loans against their will to low-income families who did not qualify for their mortgages. This one is wrong at every step."
Indeed it is. I said so here:
http://deflationwatch.wordpress.com/2011/01/28/financial-crisis-inquiry-commission-dissenter-wallisons-dubious-theory-of-root-of-financial-collapse/
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