A Good Old-Fashioned Beat-Down
Any journalist who, after reading this, does not feel shamed enough to burn his ACLU membership card, and plunge to his death by jumping from the height of his own ego… well, he should probably join the New York Times with other like-minded hoors. (H/T: HotAir)
An open letter to the local daily paper — almost every local daily paper in America:
I remember reading All the President’s Men and thinking: That’s journalism. You do what it takes to get the truth and you lay it before the public, because the public has a right to know.
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.
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Furthermore, Freddie Mac and Fannie Mae were making political contributions to the very members of Congress who were allowing them to make irresponsible loans. (Though why quasi-federal agencies were allowed to do so baffles me. It’s as if the Pentagon were allowed to contribute to the political campaigns of Congressmen who support increasing their budget.)
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? Aren’t you supposed to follow the money and see which politicians were benefiting personally from the deregulation of mortgage lending?
I have no doubt that if these facts had pointed to the Republican Party or to John McCain as the guilty parties, you would be treating it as a vast scandal. “Housing-gate,” no doubt. Or “Fannie-gate.”
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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.
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?
You might think he had made his point—and most persuasively—but he was just getting started:
Now let’s follow the money … right to the presidential candidate who is the number-two recipient of campaign contributions from Fannie Mae.
And after Freddie Raines, the CEO of Fannie Mae who made $90 million while running it into the ground, was fired for his incompetence, one presidential candidate’s campaign actually consulted him for advice on housing.
If that presidential candidate had been John McCain, you would have called it a major scandal and we would be getting stories in your paper every day about how incompetent and corrupt he was.
But instead, that candidate was Barack Obama, and so you have buried this story, and when the McCain campaign dared to call Raines an “adviser” to the Obama campaign — because that campaign had sought his advice — you actually let Obama’s people get away with accusing McCain of lying, merely because Raines wasn’t listed as an official adviser to the Obama campaign.
You would never tolerate such weasely nit-picking from a Republican.
If you who produce our local daily paper actually had any principles, you would be pounding this story, because the prosperity of all Americans was put at risk by the foolish, short-sighted, politically selfish, and possibly corrupt actions of leading Democrats, including Obama.
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.
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Your job, as journalists, is to tell the truth. That’s what you claim you do, when you accept people’s money to buy or subscribe to your paper.
But right now, you are consenting to or actively promoting a big fat lie — that the housing crisis should somehow be blamed on Bush, McCain, and the Republicans. You have trained the American people to blame everything bad — even bad weather — on Bush, and they are responding as you have taught them to.
If you had any personal honor, each reporter and editor would be insisting on telling the truth — even if it hurts the election chances of your favorite candidate.
Because that’s what honorable people do. Honest people tell the truth even when they don’t like the probable consequences. That’s what honesty means . That’s how trust is earned.
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So I ask you now: Do you have any standards at all? Do you even know what honesty means?
Is getting people to vote for Barack Obama so important that you will throw away everything that journalism is supposed to stand for?
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If you want to redeem your honor, you will swallow hard and make a list of all the stories you would print if it were McCain who had been getting money from Fannie Mae, McCain whose campaign had consulted with its discredited former CEO, McCain who had voted against tightening its lending practices.
Then you will print them, even though every one of those true stories will point the finger of blame at the reckless Democratic Party, which put our nation’s prosperity at risk so they could feel good about helping the poor, and lay a fair share of the blame at Obama’s door.
You will also tell the truth about John McCain: that he tried, as a Senator, to do what it took to prevent this crisis. You will tell the truth about President Bush: that his administration tried more than once to get Congress to regulate lending in a responsible way.
Ready to hold your breath, people?
Oh, and if you think this is another Limbaugh-like screed… not so much:
Editor’s note: Orson Scott Card is a Democrat and a newspaper columnist, and in this opinion piece he takes on both while lamenting the current state of journalism.
We’ve covered this ourselves, needless to say, but I had to tip my cap to the honesty the writer employs in skewering his political and professional colleagues. You will be well rewarded by reading even those very few words I managed to excise.
No one will ever be able to say (not honestly anyway) we were not warned.
Joe White said,
October 23, 2008 @ 7:29 pm
RIGHT ON! This is a great piece of true journalism - why do I say that, seeing as how I am not a journalist who would know anything? I know this because the evidence that you presented is true and out there for anyone to read. Not reporting these facts as you did is evidence of criminal activity within the very news systems upon which Americans should trust and depend - but can’t anymore. Why not - too much lying and deception? One thing I despise mor than anything else - it’s hypocracy - and that is what the media has turned into - hypocrits - rather than news reporters. News is not reported anymore by the media - only their version of what they want the American to think is the true news. I admire your courage to report the facts of the news and identify the truth of this catostrophic crash of our capitalistic economy, which though probematic, is the best in the world. Thanks and best regards. Joe
Zane Safrit said,
March 9, 2009 @ 9:25 am
You’ve hit upon a great truth, a great story. But I think you do it disservice by the hyperbole in your post. Greed and short-sighted vision isn’t particular to one party, regardless of our partisan stripe.
And the liberalization of banking regs in the 90’s was more comprehensive than just issuing a requirement that banks invest in loans to low income, no income and unqualified borrowers.
Owning a home has been the essential, tangible metric, for reaching the American Dream. And that dream has been marketed and pushed by both parties. That’s why the mortgage interest deduction remains one of the last remaining deductions for individual tax payers. It’s why so much of our economy has been built around the housing industry in the 90’s and 2000’s.
But part of the banking deregs issued in the 90’s also included allowing the major banks to cross the lines into these profitable and risky areas like CDOs, swaps and investment banking. That’s where all the fees were made in financing loans these experts knew weren’t loan worthy.
And then with the cutbacks in regulatory support in the 2000’s, the momentum that was built in the 90’s turned into a flood of debt that’s landed on our shores today.
There’s blood on everybody’s hands.
What I’m not clear on from your post is are you saying we should return to a more regulated financial industry? Wasn’t this move to an unregulated banking industry, free-market principles for all, the direction we see encouraged now by the GOP? All that was done in the 90’s was to remove governmental regulations prohibiting commercial banks from acting as investment banks. And the price for doing that was these same banks had to makes loans to the people who at that point had the American Dream not yet trickle down to them from the policies of the Reagan administration. And left unfettered with regulations and regulators and auditors and the ability to bundle these bad loans into secret piles of…something they foisted on unsuspecting banks to generate fees in lieu of assets (that didn’t exist) and interest income that was boring, we have a mess with plenty of blame to share, certainly enough for both parties.
Bloodthirsty Liberal said,
March 9, 2009 @ 11:33 am
Zane,
Thanks for writing such a thoughtful comment, first of all. I wouldn’t ordinarily answer a comment on a post five months old, but you put a lot of thought into your questions.
I’m just not sure your questions are for me. The author of the piece I quoted is Orson Scott Card. I actually added very little.
But while I would of course agree that there’s blame enough for both sides, I would have to ask why you don’t mention the efforts by the Bush administration to reform Fannie and Freddie, only to be rebuffed by Barney Frank, among others?
The inclusion of home ownership in the American Dream is also common to both parties—but only one, it seems to me, treated it as a right. The Democrats.
Capitalism is the best engine for creating wealth. But it has no soul. Regulating free markets is necessary—not a necessary evil. The only argument is how much, and to what end? I would argue for the least possible, and for the purpose of making the playing field level. When capitalism is steered toward any goal but wealth creation, it usually founders.
I hope you read our more recent offerings, and feel free to comment again.
BTL