Monday, October 13, 2008

Dear Adam Lynch,

If you are going to call out someone, you might want to get his name right. Factchecking. Its. Not. That. Hard.

"Conservatives have a new scapegoat to take the blame for the economic meltdown over the last few weeks. Syndicated columnist and supply-side advocate Lawrence Kudrow summed it up during a Sept. 18 morning news talk show.
“It’s time for the Congress, Republicans and Democrats to stop encouraging, exhorting and forcing banks to make low-income loans with no documentation. Stop (the regulation) that literally pushed these lenders to make low-income loans,” Kudrow announced on Joe Scarborough’s MSNBC morning news analysis show, “Morning Joe
.”
http://www.jacksonfreepress.com/index.php/site/comments/a_new_blame_in_town_100808/

By the way, the rest of that story was very poorly researched and written as it's pretty obvious you were out of your depth. Don't feel too bad, I consider Hannity and other CRA critics clueless as well, if it makes you feel any better.

10 comments:

Anonymous said...

He can't help it. He has a fixation on Lisa Kudrow from "Friends" and of course he would be confused......

Anonymous said...

Here goes Kingfish pretending to be a journalist again...

Kingfish said...

Never claimed to be one dumbass. I'm not the one who claims to be an expert on journalism while never working at a newspaper.

I'm going to write something about CRA this week and it will be pretty clear that Lynch didn't do the right research and he and his boss don't know what the hell they are talking about.

Anonymous said...

Here goes Kingfish pretending to be a journalist again...

Here you go pretending that you are superior.

Anonymous said...

Why is being right "pretending to be superior?" Does the truth hurt?

Kingfish said...

I'm not the one pretending to be something I'm not. That post was just a little rattling of his cage, nothing personal. If the guy would contact me, I'd actually give him good useful information to use on this stuff as I've done with other reporters.

Truth be told, there are about 8-10 factors that came together that made this a perfect storm. Adam is wrong in what he wrote as the CRA was used as an excuse by CLinton in 95 to implement new regulations and by Cuomo in 99 to lean on Fannie to get into subprime.

However, the conservative critics screw up when they blame CRA because if I had to rank the reasons for why this happened, that would be near the bottom of the list. Its easy to miss though because unless you know how the industry works, its easy to fall into the trap of your ideology, left or right. Adam and Donna are doing it by immediately defending minorities when no one has really criticized them on this issue (although they DID sign THREE different disclosures that told them PROMINENTLY they were getting an ARM) and the Conservatives do it by blaming CRA as they see it as big government leaning on business and forcing them to go broke.

Both are completely wrong

Anonymous said...

Why is being right "pretending to be superior?" Does the truth hurt?

What truth did you provide? I missed it though your asshole-ness came through loud and clear.

Kingfish said...

correct spelling maybe.

And anyone who is educated on this subject knows CRA was used by Clinton Administration to browbeat Banks and Lenders into poorer quaility loans.

The CRA itself wasn't that big of a deal. really wan't. It was the reinterpreting of it by the Clinton admin in 95 as it rolled out much tougher regulations that focues on how many loans a bank made, not how ethical or fair it had been in its process. However, that didn't affect the housing industry that much in the scheme of things. Cuomo leaning on Fannie in 1999 did ALOT more damage and was what really started this mess. Then raines and his bunch cooked the books while the Dems ran interference. Fannie and other lenders offered crazy programs, appraisers cooked their work as well, then in 2004 SEC took away the 12:1 ratio limit on credit default swaps. That is probably the leading cause of the problem (leading by a hair over several others). I'm waiting for Hannity to start criticizing the SEC for this but frankly, I don't think he's smart enough to understand it.

Jane said...

I notice they are advertising for a business reporter.

Anonymous said...

One well versed on taxation, specifically paying taxes, would provide a major boost to that operation. Too bad they have to pay in t-shirts and extra passes to the 'best of' parties.

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