The Ol’ Perfesser’s daily ransom note to intellectual honesty, pasted together with the block letters of others’ thoughts, brings us today to this lovely bit of flim-flammery from gun-porn vendor Orson Scott Card:
Would the Last Honest Reporter Please Turn On the Lights?
By Orson Scott Card… 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.
This is either really, really true … or not. Pray continue, Mr. Card:
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.
They end up worse off than before.
This was completely foreseeable and in fact many people did foresee it. One political party, in Congress and in the executive branch, tried repeatedly to tighten up the rules. The other party blocked every such attempt and tried to loosen them.
Damn that other party! Damn them straight to Mormon hell! Card doesn’t list all the rules that were loosened by Republicans, but here’s a nice summation. Mr. Card?
Isn’t there a story here? Doesn’t journalism require that you who produce our daily paper tell the truth about who brought us to a position where the only way to keep confidence in our economy was a $700 billion bailout?
Yes! The repeal of Glass-Steagall, Greenspan’s total inaction when it counted on the inflationary spiral in housing, the waiving of broker/dealer net-capital leverage rules — all these ingredients for the current disaster should be exposed! You go, Orson!
These are facts. This financial crisis was completely preventable. The party that blocked any attempt to prevent it was … the Democratic Party. The party that tried to prevent it was … the Republican Party.
Oh. Um … okay, not sure where you’re going with this.
Yet when Nancy Pelosi accused the Bush administration and Republican deregulation of causing the crisis, you in the press did not hold her to account for her lie. Instead, you criticized Republicans who took offense at this lie and refused to vote for the bailout!
What? It’s not the liar, but the victims of the lie who are to blame?
Blaming the victims is so not cool. And as Card says, ‘If you who produce our local daily paper had any personal honor, you would find it unbearable to let the American people believe that somehow Republicans were to blame for this crisis.’
Okay, let’s go with this. Real journalists with personal honor would be pointing out that the real victims of this economic crisis are Republicans and mortgage lenders … victimized by the poor people who’ve lost their homes and their Demoncrap enablers who LITERALLY FORCED lenders to leverage mortgage papers 15, 20 and even 40 times … held a gun to their head and said, ‘Take this couple billion dollars worth of risky paper to the securities market and convert it into $60+ trillion of imaginary Ponzi money, thus causing the subprime meltdown and the current economic crisis!
Why, I recall this scene at my local Countrywide branch, circa 2005:
Angry Black Man: Gimme my loan!
Terrified Banker: Please calm down, sir. I can’t punch in the numbers when my hands are trembling from fear.
ABM: Shut up, bee-yatch! You best type in dat numberology and get me dat money!
TB: It’s done, sir. Your loan is approved.
ABM: Damn straight, muh-fuggah. Now listen up, white boy, and listen good! While you at it, you best be swapping derivatives based on the outstanding debt package I’s just provid-o-lated you wif, and den you kin jus’ leverage dem addition-a-mated paper holdings anutha couple dozen times just to be sho’ you getting all de cash-money juice you can while da gettin’s good, so’s we all happy in this here financialical trans-mogrifa-taction!
TB: But … but, sir! That would be a most irresponsible dereliction of this firm’s fiduciary duties! And it would likely lead to economic disaster!
ABM: Honkey, you best be doing what I done tol’ you to do wif regards to yo fiducia-malogical duties, or I will have B-Frank Da Funky Fixah on yo’ gofay ass like white on rice!
TB: I see. Well, excellent advice, sir! Will you be requiring a $100,000 credit line today, too?
ABM: Casper, please! Hells yeah I be needing that credit line!
An honorable media would be reporting the above scene a thousand-fold.







