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Reply #32: The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To -- [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 08:35 AM
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32. The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To --
http://www.alternet.org/teaparty/153217/the_absurd_zomb... /

The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To -- And Why It's Totally Wrong

Wall Street turned a few million home-loans into what Warren Buffet called "economic weapons of mass destruction," cratered the global economy and then, when the bubble burst, turned around and insisted on a massive bailout courtesy of the American tax-payer.

That rightly infuriated most Americans, but it has nonetheless become something of an article of faith among conservatives that Wall Street bears little blame for the Great Recession. The dominant narrative on the right today is that "big government" is ultimately responsible for the crash. In the words of one of Andrew Breitbart's bloggers, Democratic lawmakers like Barney Frank and Chris Dodd brought down the banking industry by forcing banks to give loans to people who couldnt afford them.

That such a ludicrous claim could gain such wide traction is a testament to the intellectual debasement of modern conservative discourse. No bank was ever forced or coerced or incentivized by the government in any way to make a bad loan.

But the claim falls apart even before one digs into the particulars, for the simple reason that people's mortgages didn't bring down the banking system in the first place.
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