Last Tuesday Sean Hannity told an abject lie, That the housing crisis was caused by President Barak Obama. Are you fracking kidding me? I don’t know what’s more offensive, memo driven news, or the contempt FOX (in this case) executives must have for their own viewers. I understand the economic collapse was complicated; in fact the legalese in which it was penned was designed to make understanding the whole affair rather hard.
Even now, when I bring up the topics of Credit Default Swaps and Mortgage Backed Securities, I can visibly see the eyes of my fellow shop officers glaze over until it’s their turn to hit back with insipid, easily refutable, talking points.
But for the record, The Economist, first started warning about the bursting mortgage crisis in June…2005. Nearly 4 years before Obama was elected.
According to Bloomberg, housing prices were crashing in July 2007. For those who care, This American Life (an amazing NPR program) in conjunction with Planet Money have put together hours of reporting on what really happened.
So sure thing Mr. Hannity, Obama caused this crisis because the alterative would be that your network will report damn near anything if it raises anti-incumbent sentiment. But we can’t reasonably expect anything better from NewsCorp and its continuing decent into hacking and ethics scandal. It sure wasn’t an honest mistake as several organization have petitioned for a retraction, which I am sure will be printed any day now.
P.S. Several of the comments on my old blog pointed out that Clinton passed several laws that set the conditions for the trouble. Which misses my point is that legislation is nasty buisness, just blaming the president (whoever he may be) white washes the effects of lobbies, congress, regulators, and other independant actors.