Wall St Still Lying: It Wasn't US

[boutons_deux]

WSJ Op-Ed Falsely Blames Fannie/Freddie, CRA For Housing Crisis



http://mediamatters.org/blog/201110120002?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MediaMattersForAmerica-CountyFair+%28Media+Matters+for+America+-+County+Fair%29

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VRWC will continually hire stink tanks whores and corporate "journalists" to exonerate the (predatory )lenders who ignored Federal mortgage regulations (which, for awhile, were being followed viciously), servicers, processors, MERS, etc, while criminalizing the borrowers. Which the same kind of revisionism that says slavery and racism had nothing to with the U.S. Civil War.

[boutons_deux]

similarly:

THE SEVEN BIGGEST ECONOMIC LIES

The President’s Jobs Bill doesn’t have a chance in Congress — and the Occupiers on Wall Street and elsewhere can’t become a national movement for a more equitable society – unless more Americans know the truth about the economy.

Here’s a short (2 minute 30 second) effort to rebut the seven biggest whoppers now being told by those who want to take America backwards. The major points:



1. Tax cuts for the rich trickle down to everyone else. Baloney. Ronald Reagan and George W. Bush both sliced taxes on the rich and what happened? Most Americans’ wages (measured by the real median wage) began flattening under Reagan and have dropped since George W. Bush. Trickle-down economics is a cruel joke.

2. Higher taxes on the rich would hurt the economy and slow job growth. False. From the end of World War II until 1981, the richest Americans faced a top marginal tax rate of 70 percent or above. Under Dwight Eisenhower it was 91 percent. Even after all deductions and credits, the top taxes on the very rich were far higher than they’ve been since. Yet the economy grew faster during those years than it has since. (Don’t believe small businesses would be hurt by a higher marginal tax; fewer than 2 percent of small business owners are in the highest tax bracket.)

3. Shrinking government generates more jobs. Wrong again. It means fewer government workers – everyone from teachers, fire fighters, police officers, and social workers at the state and local levels to safety inspectors and military personnel at the federal. And fewer government contractors, who would employ fewer private-sector workers. According to Moody’s economist Mark Zandi (a campaign advisor to John McCain), the $61 billion in spending cuts proposed by the House GOP will cost the economy 700,000 jobs this year and next.

4. Cutting the budget deficit now is more important than boosting the economy. Untrue. With so many Americans out of work, budget cuts now will shrink the economy. They’ll increase unemployment and reduce tax revenues. That will worsen the ratio of the debt to the total economy. The first priority must be getting jobs and growth back by boosting the economy. Only then, when jobs and growth are returning vigorously, should we turn to cutting the deficit.

5. Medicare and Medicaid are the major drivers of budget deficits. Wrong. Medicare and Medicaid spending is rising quickly, to be sure. But that’s because the nation’s health-care costs are rising so fast. One of the best ways of slowing these costs is to use Medicare and Medicaid’s bargaining power over drug companies and hospitals to reduce costs, and to move from a fee-for-service system to a fee-for-healthy outcomes system. And since Medicare has far lower administrative costs than private health insurers, we should make Medicare available to everyone.

6. Social Security is a Ponzi scheme. Don’t believe it. Social Security is solvent for the next 26 years. It could be solvent for the next century if we raised the ceiling on income subject to the Social Security payroll tax. That ceiling is now $106,800.

7. It’s unfair that lower-income Americans don’t pay income tax. Wrong. There’s nothing unfair about it. Lower-income Americans pay out a larger share of their paychecks in payroll taxes, sales taxes, user fees, and tolls than everyone else.

Demagogues through history have known that big lies, repeated often enough, start being believed — unless they’re rebutted. These seven economic whoppers are just plain wrong. Make sure you know the truth – and spread it on.

http://robertreich.org/post/11329289033

[clambake]

not true. darrins boss trickles on him daily.

[DarrinS]

I like how that article says "WSJ Op-Ed Falsely Blames Fannie/Freddie, CRA For Housing Crisis", but never explains why. Reminds me of a lot of posts on this forum.

[DarrinS]

When the govt forces you to grant half of your loans to people with poor credit, is that what's known as predatory lending?

[Winehole23]

Reminds me of a lot of posts on this forum.The ones you don't bother to read in the first place? That doesn't narrow it down very much.

[ElNono]

I like how that article says "WSJ Op-Ed Falsely Blames Fannie/Freddie, CRA For Housing Crisis", but never explains why. Reminds me of a lot of posts on this forum.

Actually CRA loans has been spoken about at length, back when the bailout happened and even not that long ago.

[ElNono]

When the govt forces you to grant half of your loans to people with poor credit, is that what's known as predatory lending?

CRA loans were nowhere near half of the toxic loans. You must have skipped over THOSE posts.

[boutons_deux]

"govt forces you"

YOU LYING SHILL

the govt forced no one, as we see now where the govt can't force banks, etc to along with loan modifications.

predatory lending is, eg, selling (govt insured) mortgages to people who don't meet fed (FHA, F&F) regulations for qualifying for govt-insured mortgages, "liar's loans", "stated income". Now you know.

[baseline bum]

Boutons' point #2 is correlation. Our economy was incredibly strong in those days because the rest of the first world was rubble after the war. Thank having two large oceans protecting us from the rest of the world more than anything for America's rise to being a superpower.

[DarrinS]

6. Social Security is a Ponzi scheme. Don’t believe it. Social Security is solvent for the next 26 years. It could be solvent for the next century if we raised the ceiling on income subject to the Social Security payroll tax. That ceiling is now $106,800.



Gotta call bullshit on this one.


A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation. -wiki

[boutons_deux]

A Ponzi scheme is criminal fraud.

Social Security is not criminal fraud, SHILLING LIAR FULL OF BULLSHIT, SS admins do not use the money for their own purposes. Every industrial country has a similar govt retirement scheme.

[TeyshaBlue]

Lol @ the bot calling anyone a shill.:lmao

[boutons_deux]

TB chimes with ever-intelligent comments. GFY

[TeyshaBlue]

Careful or I'll type something mean in all caps!