Bold Colors Blog

Stickin’ it to the libs, one day at a time

Stop the presses! The New York Times got it wrong

Posted by Liberty on December 23, 2008

From Newsbusters:

New York Times Blames Housing and Financial Crisis on Bush

The New York Times published a story the other day blaming the mortgage market crisis solely on President George W. Bush.  I clicked on the headline, skimmed the first page of the article [it was six pages long], determined it was as biased and inaccurate as the New York Times generally is and moved on.  I’ve decided to revisit that article because, for once, The President is defending himself from attack.  Here’s the NYT hit piece:

White House Philosophy Stoked Mortgage Bonfire

“Today, millions of Americans are facing foreclosure, homeownership rates are virtually no higher than when Mr. Bush took office, Fannie and Freddie are in a government conservatorship, and the bailout cost to taxpayers could run in the trillions.”

And here’s a Fox News story about the response from the White House:

 White House Fires Back at Times Over Housing Meltdown Story

“The White House is pushing back hard against a New York Times article that essentially blamed President Bush for the sub-prime mortgage mess and the Wall Street collapse by linking those crises to a policy goal he stated more than six years ago. 

That goal? 

‘We want more people owning their own home,’ as Bush said in December 2003.”

The Times goes on to claim that Bush encouraged sub-prime lending to lower income and minority families as a way to win more voters.  The Times is conveniently ignoring the complicity of Democrats, including Jimmy Carter, Bill Clinton, Chris Dodd and Barney Frank.

“…the Times made no mention over the weekend of President Clinton’s aggressive deregulation of the financial services industry, which empowered banks, brokerage firms and insurance companies to engage in some of the very practices — such as credit default swaps — that contributed most to the current fiscal crisis. 

While the Times mentioned that mortgage bankers and brokers donated almost $850,000 to President Bush’s 2004 re-election campaign, the newspaper omitted the fact that the top three recipients of campaign contributions from Fannie Mae and its sister organization Freddie Mac over the last two decades were all Democrats. 

Connecticut Sen. Chris Dodd, head of the Senate Committee on Banking, Housing and Urban Affairs; President-elect Barack Obama; and Bush’s 2004 opponent John Kerry all benefited from Fannie and Freddie.”

And, as Noel Sheppard points out in the Newsbusters article:

“housing policies encouraging lax lending standards have existed in this nation since Jimmy Carter signed the Community Reinvestment Act in 1977. This required financial institutions to make loans to lower-income individuals in the communities they served. Non-compliance with this Act would prevent a bank or savings and loan from being able to expand within the states it was currently in and beyond.”

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One Response to “Stop the presses! The New York Times got it wrong”

  1. […] details: Stop the presses! The New York Times got it wrong […]

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