You know Neil Cavuto right? He’s the head of “business news” at the Fox “News” Channel and at the Fox” Business” Network.
Here’s what he had to say about the financial crisis when discussing it with Rep. Xavier Becerra (D-CA):
Did you warn or express concern about any things that happened? I’m not saying that one or the other is beyond blame, I’m just saying I don’t remember a clarion call that said Fannie and Freddie are a disaster. Loaning to minorities and risky folks is a disaster? Maybe if you said it, enlighten me.
Original DVD cover.
You can see the clip at the link above.
Seems like the chubby little a$$hole got the talking points. From Adam Serwer at The American Prospect:
Sure, it’s a reflexive conservative technique, but it’s tried and true, and after all, there is a black guy running for president. The easiest way, after all, to obscure the fact that conservative deregulation policies are at the heart of the credit crisis is to blame black folks, and doing so has the added advantage of making the guy running on the other ticket the reason for the meltdown. Investors’ Business Daily sets the tone:
To hear today’s Democrats, you’d think all this started in the last couple years. But the crisis began much earlier. The Carter-era Community Reinvestment Act forced banks to lend to uncreditworthy borrowers, mostly in minority areas.
Age-old standards of banking prudence got thrown out the window. In their place came harsh new regulations requiring banks not only to lend to uncreditworthy borrowers, but to do so on the basis of race.
This line has been echoed by Neil Cavuto and Lisa Schiffren (who you might remember from such racist insanity as “miscegenation is a product of communism”). [...] But even if 100 percent of bad debt had been produced by people of color, the reason for the financial collapse is that debt was chopped up and marketed as mortgage-backed securities to financial institutions all over the world.
But never underestimate the dedication of conservatives to using white resentment as a political tool, or the resolve of the party of personal responsibility in blaming everyone else for their problems.
Of course, all of that doesn’t mean that the Captain Underpants will use race to defend one of their own! From The New York Times:
Senator John McCain’s campaign manager [Rick Davis] was paid more than $30,000 a month for five years as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.
[...] last week the McCain campaign stepped up a running battle of guilt by association when it began broadcasting commercials trying to link Mr. Obama directly to the government bailout of the mortgage giants this month by charging that he takes advice from Fannie Mae’s former chief executive, Franklin Raines, an assertion both Mr. Raines and the Obama campaign dispute.
Incensed by the advertisements, several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000. Some who came forward were Democrats, but Republicans, speaking on the condition of anonymity, confirmed their descriptions.
Asked about the reports of Mr. Davis’s role, a spokesman for Mr. McCain said that during the time when Mr. Davis ran the Homeownership Alliance, the senator had backed legislation to increase oversight of the mortgage companies’ accounting and executive compensation. The legislation, however, did not seek to change their anomalous structure as private companies with federal support.
The spokesman, Tucker Bounds, also noted that the Homeownership Alliance included nonprofit organizations like Habitat for Humanity and the Urban League. “It’s not controversial to promote homeownership and minority homeownership,” Mr. Bounds said. More than a half-dozen current and former executives, however, said the Homeownership Alliance was set up mainly to defend Fannie Mae and Freddie Mac by promoting their role in the housing market, and the two companies paid almost the entire cost of the group’s operations. (emphasis mine)
Oh, those lobbyists and their hearts of gold!