Monday Blame Game: The Mortgage Fiasco is the MEDIA’s Fault!

Published: December 17, 2007, 11:56 am

Tags: economy, mortgage musings, poor borrowers blame game real truth mortgage markets credit quality subprime fun time inclination fiasco tacit permission emotion period of time cr baseline bonds people with bad credit banks sympathy hell loans

Monday’s Blame Game: The Media I wonder how much in my life I have the wrong facts because the media gets it dead wrong. They sure as hell have missed things in covering this conversation The media caused more problems with this mortgage mess than any other group I’ve blamed so far. By confidently reporting on the fiasco without first getting a baseline understanding of mortgage markets, the forth estate has The Banks Aren’t Winning Either! Story of the week: big bad degenerate banks have lured low income people into a trap. The low income people eventually can’t pay because their ARMS change. The big bankers win when they get the opportunity to foreclose on their house–somehow profiting from this exchange. The little guy loses, again. Well, in this case, banks were stupid–not corrupt. The demand for bonds in a post 9/11 world caused radically eroding credit quality. This caused banks to lend to people that never, ever, showed any

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