Doomed! Because (again) Lies Rule!
Stupid, defined: If you rely on Fox News as a primary source of information (as opposed to watching pathologies going crazy), you’re stupid, or at least deeply ignorant. (Link.)
We should have realized that the modern Republican Party is utterly dedicated to the Reaganite slogan that government is always the problem, never the solution. And, therefore, we should have realized that party loyalists, confronted with facts that don’t fit the slogan, would adjust the facts.
Which brings me to the case of the collapsing crisis commission.
Instead, however, the commission has broken down along partisan lines, unable to agree on even the most basic points.
It’s a straightforward story, but a story that the Republican members of the commission don’t want told. Literally.
Last week, reports Shahien Nasiripour of The Huffington Post, all four Republicans on the commission voted to exclude the following terms from the report: “deregulation,” “shadow banking,” “interconnection,” and, yes, “Wall Street.”
When Democratic members refused to go along with this insistence that the story of Hamlet be told without the prince, the Republicans went ahead and issued their own report, which did, indeed, avoid using any of the banned terms.
That report is all of nine pages long, with few facts and hardly any numbers. Beyond that, it tells a story that has been widely and repeatedly debunked — without responding at all to the debunkers.
In the world according to the G.O.P. commissioners, it’s all the fault of government do-gooders, who used various levers — especially Fannie Mae and Freddie Mac, the government-sponsored loan-guarantee agencies — to promote loans to low-income borrowers. Wall Street — I mean, the private sector — erred only to the extent that it got suckered into going along with this government-created bubble.
It’s hard to overstate how wrongheaded all of this is. For one thing, as I’ve already noted, the housing bubble was international — and Fannie and Freddie weren’t guaranteeing mortgages in Latvia. Nor were they guaranteeing loans in commercial real estate, which also experienced a huge bubble.
Beyond that, the timing shows that private players weren’t suckered into a government-created bubble. It was the other way around. During the peak years of housing inflation, Fannie and Freddie were pushed to the sidelines; they only got into dubious lending late in the game, as they tried to regain market share. (Link.)
So, an example: Why should the fact that India tortures Kashmiri be kept secret? It per se is known to those to whom it matters e.g. Kashmiris. What’s the problem with the leaks, then? Embarassment? And other than embarassment? Nothing. And so it goes with just about every leak so far.
Dunno who’s worse — the self-promoting hypocrite or her media enablers. And don’t know that it matters who’s worse…. Is this a great country or what?
This punk suicide is a front page story? Says more about the mediocrity of the editors of the Times than anything…. Me, I’m underwhelmed by his problems, nothing newsworthy there. Only thing newsworthy is when his wealth gets taken away to give to the victims (if in fact there are any true victims).