Blue Mass Group

Reality-based commentary on politics.

Government Lies; There is no CREDIT CRUNCH!

By

Fresh off the presses; Enjoy!

http://www.forbes.com/home/200…

“Everyone knows that U.S. banks have virtually stopped lending, deeply slashing their loans to U.S. consumers and firms. As is so often the case, however, what everyone knows is probably not true.”

“Contrary to many comments, consumer and industrial loans actually increased in the latest week. Troubled giant banks have cut back on lending, but smaller banks have picked up the slack. Consumer and real estate loans dipped insignificantly through Sept. 17, remaining much higher than they were a year earlier.”

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  2. … that the MSM have decided on a storyline here.

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    Washington Post business columnist Steven Pearlstein has spent the week insisting that only gross ignorance could account for opposition to the Paulson bailout.  After the House rejected the bailout plan on Monday, he wrote a column — entitled “They Just Don’t Get It” — arguing that bailout opponents simply “don’t understand the seriousness of the situation.” He scoffed at the idea that any well-informed person could question — let alone oppose — the specific Paulson bailout plan Steve Pearlstein favors.

    Today, in a chat Pearlstein had with readers, one reader voiced extremely reasonable and well-informed objections to this specific bailout plan:

    You are correct in your piece yesterday that ‘we don’t get it’. I don’t get the fact that millions of admittedly reckless homeowners are losing their homes but we only worry about bailing out big banks. . . . Well, I don’t have confidence in the people who authored this ‘bailout’ and give them absolutely zero credit for the job they have done so far. I ask again what I asked you last week: Why not buy out the bad mortgages of the ‘subprime’ borrowers? The lenders will get their money and the government might get its money back in the future. Why not bail up instead of bail down?

    Pearlstein responded by boasting that he had won the Pulitzer Prize:

    Nobody has been more critical of the practices of banks and Wall Street and brokers than I have, probably long before you were even focused on this issue, so I certainly don’t owe you any apology on that one. If you want to check, you’ll see I won a certain prize for that.

    Another reader then objected: “No, Mr. Pearlstein, it’s you who doesn’t get it. . . .Bail out the people who need — and deserve — our help keeping up the payments on their homes. If we do that, Wall Street’s bad mortgage debt will take care of itself.” That prompted this outburst from Pearlstein:

    The left wing bloggers are out in force on this one — they see this as a seminal issue, like the Iraq war vote and the vote on warrantless searches. But other than not really understanding the problem and not really having studied the proposal, you guys are doing just great! Thank God there is a mainstream media out there that actually does reporting and has people who understand thing [sic], because if the flow of information and news to the American people were left solely to bloggers, we’d be in a big mess.

    Where to begin? Oh how we long for the Glory Days when the Steve Pearlsteins had their Supreme Wisdom honored and never had to hear anyone talking back:

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    p>Glenn follows with a pretty devastating point by point response (worth a read).

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