Monday, December 22, 2008

Coverage or Coverup?

Glen Reynolds notes somehting "The New York Times managed to write about the mortgage crisis and not even mention Dodd. Or Barney Frank. Are they covering the news there, or just covering?"

Roger Kimbal goes into more detail.

Bottom line? [The Community Reinvestment Act] forced banks to issue something on the order of $1.5 trillion in sub-prime mortgages.

$1.5 trillion, i.e., one and a half thousand billion dollars in sub-prime,i.e., risky, mortgages, in order to push this latest example of social engineering.

But wait: how did it force banks to do this? Easy. Introduce a federal requirement that banks make the loans or face penalties.

He then goes into details showing how the Democrats are reaping rewards from the very crisis they allowed to happen due to incompetence and corruption.

Read it all and see how the Democrats and the media are working a giant coverup to use a crsis they're responsible for to jsutify taking even more of your money to make the government larger and more intrusive.

Oh and don't hold your breath on them fixing the problem. For that to happen they'd have to admit how it was caused.