Media propagandists continue to advance the Democratic Party line.
(Page 3 of 3)
Lynch argues in his Bloomberg article, “The Community Reinvestment Act can’t explain why house prices in the U.K., Ireland, Spain and France doubled earlier this decade and almost doubled in Australia. All have suffered steep losses since then, with Ireland’s home prices dropping 38 percent by December 2010 from the 2006 peak.”
But this fails to recognize that the Fed managing the world’s reserve currency effectively exported its weak currency policy globally. Other countries loosen their monetary policies to avoid the negative short term trade implications of appreciating currencies relative to the dollar. Moreover, the dollar’s weakness masks the looseness of their monetary policies, misleading them into even looser policies. Their loose policies pumped up their own real estate bubbles.
Lynch argues further that federal housing policies can’t explain the bubble in commercial real estate, which also contributed to the housing crisis. But the Fed’s low interest rate, loose monetary policies would have the same effect in creating a bubble in commercial real estate that it had in housing.
Lynch adds that, “Losses on subprime mortgage-backed securities didn’t start shaking financial institutions until 2007, three decades after the CRA was introduced and 15 years after affordable housing goals were established for Fannie Mae and Freddie Mac.” But this fails to recognize that the CRA was not expanded into a real problem until the Clinton years, and even then it was only one factor in creating the crisis. The regulation carrying out Clinton’s undeniable federal policy of trashing traditional mortgage standards was much broader, greatly exacerbated by the Fed’s cheap dollar policies as well. This is why the problem extended well beyond CRA regulated institutions, which Lynch also fails to understand.
The crisis in American media now goes well beyond media bias. The real problem is now outright ideological partisanship and activism. Far too much of America’s self-professed media are not journalistic enterprises at all. They are political activist organizations posing as journalistic enterprises. In this crisis, Bloomberg News is just another part of the problem.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?