NewsBusters contributor Jeffrey Lord laid out the facts about the origin of the housing market collapse of 2008, on CNN’s America’s Choice 2016 primary coverage Tuesday night. “You've got people out there saying that the Clinton housing policy helped cause the housing crisis in the first place,” Lord stated, after being asked if it was smart for Hillary Clinton to attack Donald Trump for his comments about the bubble poping. Former Philadelphia Mayor, Michael Nutter had a bone to pick with Lord over his facts.
Nutter wanted to blame the collapse, not on bad government policy, but solely on Republican President George W. Bush:
You may have missed this. This was 20-some years ago. I think the housing crisis was caused. I was Mayor at the time. When the economic crisis took place, I think that was of more recent tenure.
Lord shot back, “It was set in motion in the 1990s.” Nutter couldn’t seem to keep up with Lord’s line of reasoning. He instead chose to argue that the right was going to try to blame “every bad thing” on Hillary.
“Their policy was to force the government to give mortgages to people who couldn't afford to pay them back and it caused the economy to collapse,” Lord continued, not letting up. “That was 20 years ago,” Nutter responded again, “At that time, George Bush was president of the United States of America when this was all going on.” Lord shot back yet again by reiterating that the policy that forced the banks to give loans to people was signed by then President Bill Clinton.
Author S.E. Cupp lamented that the current nature of this political cycle did not permit a proper debate like the one Lord and Nutter were having, “You know, this is actually a substantive debate that I wouldn't mind having. The problem is, [the candidates are] not actually having this debate.”
Transcript below:
CNN
America’s Choice 2016: Washington Primary
May 24, 2016
10:18:23 PM Eastern
JEFFREY LORD: One of the problems they're starting to have is that every argument she makes, the housing crisis, it said, when she talked about that today. You've got people out there saying that the Clinton housing policy helped cause the housing crisis in the first place. So when they go back and they say these different things, there's always somebody who can come up and say, “Here’s what you did on this, here's what you did on that.” And there are people that counteract the argument right there. That's even before you get to Donald Trump.
JAKE TAPPER: Clinton supporter, former Philadelphia Mayor, Michael Nutter. You're looking at Jeffrey Lord quizzically.
LORD: [Laughter] Not for the first time.
MICHAEL NUTTER: You may have missed this. This was 20-some years ago. I think the housing crisis was caused. I was Mayor at the time. When the economic crisis took place, I think that was of more recent tenure.
LORD: It was set in motion in the 1990s.
NUTTER: And then we had banks and subprime mortgages, et cetera, et cetera. So, if the argument is going to be, every bad thing that ever happens in life is going to be the responsibility of Hillary Clinton—
LORD: or Donald Trump?
NUTTER: -- this is going to be very interesting election. Well, his language was, I hope the economic crisis happens. I make a lot of money when the markets are down. That's –
LORD: And their policy was to force the government to give mortgages to people who couldn't afford to pay them back—
NUTTER: That was 20 years ago. Currently –
LORD: --and it caused the economy to collapse.
NUTTER: At that time, George Bush was president of the United States of America when this was all going on.
LORD: But the policy was set in motion in the 1990s.
S.E. CUPP: You know, this is actually a substantive debate that I wouldn't mind having. The problem is, they're not actually having this debate.
