The following is a great article, from greensboro.rhinotimes.com , about the root cause of the meltdown in the mortgage market and the deliberate misreporting of the truth by the mainstream media. The facts in this article are exactly in line with what I have been hearing on most all conservative talk radio programs that I listen to. These facts and names are blatantly missing from most mainstream media reports, and also, surprisingly missing from John McCain's talking points that I have heard in his stump speeches and debates with Obama.. Only once did I hear McCain implicate Congressman Barney Frank [D] (Chairmen house banking committee) and Senator Chris Dodd [D] ( chairman, Senate committee on banking) , in this financial meltdown. This was in response to an irate supporter at a McCain rally, who demanded that McCain tell the truth about the root cause of the meltdown in the mortgage market and demanded that McCain name names. McCain also conspicuously omits speaking about his own role in pushing for legislation to reign in the out of control GSEs (Government Supported Enterprises), of Fannie Mae and Freddie Mac, two years ago. It seems to me that McCain actually wants Obama to win the election. It is clear to me that the mainstream media, and even John McCain himself, are influencing this election in favor of the Democrats.
Would the Last Honest Reporter Please Turn On the Lights?
by Orson Scott Card
October 20, 2008
An open letter to the local daily paper -- almost every local daily paper in America:
I remember reading All the President's Men and thinking: That's journalism. You do what it takes to get the truth and you lay it before the public, because the public has a right to know.
This housing crisis didn't come out of nowhere. It was not a vague emanation of the evil Bush administration.
It was a direct result of the political decision, back in the late 1990s, to loosen the rules of lending so that home loans would be more accessible to poor people. Fannie Mae and Freddie Mac were authorized to approve risky loans.
What is a risky loan? It's a loan that the recipient is likely not to be able to repay.
The goal of this rule change was to help the poor -- which especially would help members of minority groups. But how does it help these people to give them a loan that they can't repay? They get into a house, yes, but when they can't make the payments, they lose the house -- along with their credit rating.................
Click here for the link to the entire article by Orson Scott Card.