If there was ever an obvious conflict of interest in economic reporting, this may very well qualify.
NBC chief foreign affairs correspondent Andrea Mitchell evaluated the housing crisis solution proposals of both Democratic presidential hopefuls Sens. Barack Obama (Ill.) and Hillary Clinton (N.Y.) on the March 25 "NBC Nightly News."
"Clinton was the first of the two to sound alarms about the subprime mess with a plan a year ago," Mitchell said. "Obama followed a week later with a call for a summit. Since then both have gotten more specific."
However, she ignored some of the policy decisions that made these subprime mortgages possible in the first place. There are some who blame Mitchell's famous husband, former Federal Reserve Chairman Alan Greenspan, for getting us into the "subprime mess."
During Greenspan's tenure as Fed chief, Greenspan cut the Fed funds rate to 1 percent and held it there for more than a year. Greenspan even advocated that consumers take advantage of subprime adjustable rate mortgages according to a story in the June 23, 2004, USA Today.
Republican presidential hopeful Sen. John McCain's (Ariz.) has a different idea about the housing crisis and NBC covered that as well. He explained his position in a speech earlier the same day.
"I will not play election-year politics with the housing crisis," said McCain. "It's not the job of government to bail out and reward those who act irresponsibly, whether they're big banks or small borrowers."
















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This gives me an
March 26, 2008 - 17:49 ET by mattmThis gives me an idea:
If B. Hussein beats Hillary (not literally of course), maybe she could get a news anchor job and report objectively about political topics!
Is that a great idea or what?
Krugman on Greenspan - today.
March 26, 2008 - 18:05 ET by Gary HallGoodness. Even Paul Krugman spilled the beans today Andrea.
Over on his "The conscience of a Liberal' blog:
Ms. Andrea
March 26, 2008 - 18:19 ET by bigtimerMs. Andrea Greenspeak...hard at work.
"Never murder your opponent when he is committing suicide." ~ W. Churchill
allan greenspan
March 26, 2008 - 19:31 ET by DontabPutting Allan greenspan on the commission, Gee isn't that like putting Jamie Gorlick on the 911 commission!
Dt... LOL...Bingo! "Neve
March 26, 2008 - 19:40 ET by bigtimerDt...
LOL...Bingo!
"Never murder your opponent when he is committing suicide." ~ W. Churchill
Greenspan delivered
March 27, 2008 - 07:51 ET by sarcasmoExactly what he forecast in 1966, if you think about it. Not that either Andrea Mitchell or the average partisan Republican statist is likely to agree with my/Alan's take. The Constitutional truth about the nature of money has not changed amid all the modern Fed dishonesty...
JMR
(Wright-insurance disclaimer: Gary North has said some nutty things in the past, and when he did so I made fun of him. Mercilessly.)
A corruption-story the TV media will-not cover.
3 WORDS...
March 27, 2008 - 08:41 ET by danybhoyConflict of interest...
Andrea Mitchell should be smart enough to stay the hell away from these sorts of stories involving Greenspan. I would also add that NBCnews should have people smart enough to notice this as well, but then again, this is NBC. They have no standards.
"Some of us are wise, some of us are otherwise" Mark Levin
Alan Greenspan was/is a boob
March 27, 2008 - 13:25 ET by YahooWatcherIn the late 90's, interest rates needed to be jacked up to cool off the the dot.com bubble, but Greenspan did nothing. Then you have the most recent mess where after 9/11 rates went to about zero, and Greenspan sat on them again. This time though it is killing us in the value of the dollar and oil prices.