CBS Touts Report Blaming Financial Crisis on Lack of Government Regulation...Authored by Democrats
On Wednesday's CBS Evening News, anchor Katie Couric proclaimed: "The federal commission that investigated the financial meltdown has reportedly concluded it could have been avoided. The New York Times says a report due out tomorrow finds plenty of fault to go around, including mismanagement by corporations and lax regulation by the government."
Couric made sure to point out: "The report also says that contrary to popular belief, the government's push to increase home ownership in this country was not a major contributor to the meltdown." What she failed to mention was that New York Times article also explained: "The partisan nature of the findings, however, could undermine its impact. Of the 10 commission members, only the six appointed by Democrats...attended the news conference [publicizing the report]." It went on to add: "The four Republican commissioners have prepared two separate dissents; three of them planned to hold a conference call Thursday afternoon."
On Thursday's Early Show, business and economics correspondent Rebecca Jarvis made a slight note of the report's partisan leanings: "This was a panel, chaired by Democrats, looking into the causes behind the financial crisis." However, like Couric, she touted the findings as authoritative: "They found that excessive risk taking, a lack of regulation, was the basic blame behind the crisis."
In their dissenting report, the Republican commissioners concluded: "By focusing too narrowly on U.S. regulatory policy and supervision, ignoring international parallels, emphasizing only arguments for greater regulation, failing to prioritize the causes and failing to distinguish sufficiently between causes and effects, the majority’s report is unbalanced and leads to incorrect conclusions." Something evidenced by CBS's slanted coverage.
— Kyle Drennen is a news analyst at the Media Research Center. You can follow him on Twitter here.
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Comments
A report authored by the
Submitted by Edhenry on Thu, 01/27/2011 - 6:22pm.
A report authored by the culprits, that doesnt blame the culprits?
Reported to us incompletely by the BSmedia
I am shocked, shocked!!
CBS
Submitted by bkeyser on Thu, 01/27/2011 - 6:28pm.
and Katie Couric are apparently running for the "hide the bias" award in 2011. I think I prefer the MSNBC approach better; tell your audience that there's another side and then call them kooks -at least you're not left completely ignorant. But CBS would rather leave out anything that doesn't fit their narrative, which says more about what they think of their audience then it does about their own views. MSNBC is vulgar and distasteful; CBS is deceitful. Of the two, I can deal with vulgarity but I utterly despise deceit.
Wasn't it rumored that Couric's tenure was short?
Submitted by Galvanic on Thu, 01/27/2011 - 6:41pm.
The longer CBS keeps her on the job, the more their ratings will slip.
Even NPR To The Right Of CBS
Submitted by Boil It Down on Fri, 01/28/2011 - 3:29am.
It seems remarkable to me that NPR is so much more balanced and less partisan than CBS in reporting the conclusions of the Financial Crisis Report. NPR noted that it was a divided commission as were the conclusions. Their headline was "Financial Crisis Report Seen As Too Little, Too Late and included some of the Republicans arguments. Couric baselessly framed the report as having some sort of value to the debate. The fact that the reasons for the crisis have been out there for us to study and don't match up with the Democrat's conclusions show a lack of honesty on CBS's part. How can they think further misdirection will add to their argument?
Bet CBS ignored "Slaughter of the Innocents" on housing crisis
Submitted by Gary Hall on Thu, 01/27/2011 - 7:59pm.
Bet CBS ignored Peter Wallison's (Wallison was on the recent Financial Reform Commission), "Slaughter of the Innocents" on the causes of the housing crisis.
What caused the financial crisis?
The reality is that, in pursuit of a social policy to increase homeownership, the U.S. government became a willing buyer of an unprecedented number of subprime and other high-risk mortgages. This created a housing bubble of unprecedented size and duration, but only the taxpayers were taking the risks necessary to create this financial disaster.
Here's the context of Wallsion's outlook:
Last November, two highly respected Brookings Institution scholars, Martin Neil Baily and Douglas J. Elliott, published a paper entitled “Telling the Narrative
of the Financial Crisis: Not Just a Housing Bubble.”1 It is an important paper for two reasons.
First, it recognizes that a narrative—a story that explains an event—influences the legislation or other public policy actions that follow. Second, as implied
by the title of their paper, Baily and Elliott developed their own narrative for what caused the financial crisis, and they use it to argue that the crisis was not
caused by government housing policies.
2. This Outlook considers whether the Baily-Elliott narrative is a better explanation of the financial crisis than the housing policies of the U.S. government.
Also, I'd note that not only did, "the U.S. government became a willing buyer of an unprecedented number of subprime and other high-risk mortgages," during the mid to late 1990's [Clinton era] HUD was pushing regulations that not only lowered lending standards to below ground level; HUD simply ordered up that tens of millions of poor minority folks would be pushed into leaving their financially safe rental environment, and moved into the R/E market.
And, of course, community organizing groups like ACORN were waiting in the fold to spread the great new society to them.
Imagine how orders like these affect supply and demand economics.
Oct. 31, 2000 - HUD ANNOUNCES NEW "REGULATIONS" TO PROVIDE $2.4 TRILLION IN MORTGAGES FOR AFFORDABLE HOUSING FOR 28.1 MILLION FAMILIES
Obviously in my mind, Wallison wins, hands down - Couric is pushing lies to the audience.
Perhaps she should ask President Obama a bit more about the root cause. As he tried to explain to NBC's Brian Williams in 2007:
Sept. 17, 2007 –
Williams: Who are what do you feel is to blame for this current mortgage and credit crisis? uh.. who do we see about that?
Obama: Well, I uh, think there are a lot of folks who have to take some responsibility. The original idea was a good one, which was that let's see if we can distribute this more broadly and make it easier to provide loans to people who otherwise might be-- not be able to get a mortgage loan
Well, obviously the original idea was not a good one - this wealth distribution plan.
(;~/ gary
PS - It wasn't lack of "regulations; rather, it was HUD's "regulations" that led to the crisis.
There's always "enough blame
Submitted by the struggler on Thu, 01/27/2011 - 8:02pm.
There's always "enough blame to go around" when Libs are caught in their crooked ways.But they don't claim the same when they say "Bush lied."You could fill two pages with quotes of Democrats saying the same things.Enough blame to go around?...crickets...
from 2004.....
Submitted by xyzzypoofs on Fri, 01/28/2011 - 12:10am.
http://www.youtube.com/watch?v=_MGT_cSi7Rs
.......................................
Any "commission" findings that do not include blubbering Barney Frank is a pile of cr@pola.
Goto the FCIC.gov website and search for Barney Frank --- one document will be found.... it is <not> surprising that that document does not mention much about what that $cumb@g was really up to.
With this gang of idiots, government's never at fault!
Submitted by Mary Louise Turner on Thu, 01/27/2011 - 8:35pm.
This is so obnoxiously typical of the make believe media these days. With this gang of idiots, government is always good, never at fault for anything, especially with their god Ears in charge. Of course, when the GOP was in the White House, it was always government's fault...
You'd think at some point & time
Submitted by dirtydan64 on Thu, 01/27/2011 - 11:35pm.
in your adult life you eventually grow up and stop and smell the roses and say this is BS I'm not going to screw my Country any more !!! But I guess some adults never really grow-up do they, and just to think, some lucky Bastard will have to deal with there kids in one form or another in some capacity weather it's in School, college or some peon Job where your going to have to kiss there Ass because of who there Daddy is or Mother is. What a crying shame this will continue on for God knows how F$%^king long I'm tired of the BS !!! Someone should really tell Couric to read the Glass-stengel Act Demcorats undid and toyed with for many many years while accpeting bribe after bribe from Cater on up to Obama who screw with Banks, and the Banks in the end screw us just so unfortunate person or family can have the home of their dreams of which they can't afford or never could afford.
Couric is an idiot
Submitted by Dave. on Thu, 01/27/2011 - 11:50pm.
This entire meltdown was mostly caused by government regulation, as have just about all economic downturns that have taken place since this nation was founded.
And the center of this one was occupied by Barney Frank, Chris Dodd, and Maxine Waters.
I worked in a closely realated industry, and I saw this mess coming in early 2006.
-Dave
Vote for the American in November
Do they tout the you-tube
Submitted by Cowboy on Fri, 01/28/2011 - 12:37am.
Do they tout the you-tube videos of Democrats vehemently and sarcasticly telling us in 2005 that there was no risk to Fannie/Freddie or the taxpayers?
...
Submitted by Wesley Mcgranor on Fri, 01/28/2011 - 8:09am.
Self-government means nothing: if Government has to manage individuals from credit fraud.
Oddly I agree, we do need
Submitted by Willis_Leon_Johnson on Fri, 01/28/2011 - 10:20am.
Oddly I agree, we do need more government regulation.
We NEED to regulate the regulators into staying within the bounds set forth by The Constitution of The United States of America.
And the PEOPLE in each State need to put laws into place that provide extremely harsh penalties for any government bureaucrat at any level of government that exceeds those limitations for any reason.
They also need to place limits on political ads that blatantly LIE about opposing candidates or the policies they profess.
In other words, The People need to require honesty and integrity from their public servants.
End 'gun violence in America' - Require training and MANDATORY "Shall Carry" by every Citizen.
If harry reid is the best person to lead the senate, what does that say about the other 99 senators?
Oh, where to begin? Here an
Submitted by Hunter12 on Fri, 01/28/2011 - 11:07am.
Oh, where to begin? Here an article from some psychics in 2000. Then how about:
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
Or maybe because sometimes love will make you do things you shouldn't.
And finally, because she says it all and looks very good while doing it, read Nicole M's comments in the blog at Sodahead, with a timeline of all the Democrat's stonewalling.
PS: I can't go away without a mention of the raping Democrat appointees did at Fannie and Freddie while they were in charge.
Fannie Mae reported paying the following executive bonuses in 1998: chairman and chief executive James A. Johnson received $1.932 million; Franklin D. Raines, chairman-designate, received $1.11 million; Chief Operating Officer Lawrence M. Small received $1.108 million; Vice Chairman Jamie S. Gorelick received $779,625; Chief Financial Officer J. Timothy Howard received $493,750; and Robert J. Levin, an executive vice president, received $493,750.
Raines and Howard were ousted by the Fannie Mae board in December after the chief accountant of the Securities and Exchange Commission agreed with OFHEO's criticism of the company's accounting, including the 1998 bonus maneuver. He directed the company to correct financial statements, a move that could wipe out $9 billion in reported profit dating to 2001.
Sweetness and Light was the source for some of this material. I cut out the middle man to highlight the links I wanted.
"An appeaser is one who feeds a crocodile, hoping it will eat him last." - Sir Winston Churchill
The government was at the core of the meltdown
Submitted by JLin on Fri, 01/28/2011 - 11:11am.
... and elected officials and bureaucrats should be prosecuted for it, along with their Wall Street cronies. No more immunity, unaccountability or free passes for criminal or incompetent behaviour. By any reasonable estimation, jail time is in order for this disaster.
Katie is that dumb
Submitted by hbnolikeee on Fri, 01/28/2011 - 12:35pm.
She is one of the fools that believes if she read it, it must be true. Hey Katie I just read cows can fly? Should I start looking out the window or buy a heavy duty umbrella?
Plus, dumbo, have you heard of cooking the books?