Fox News and "The Cost of Freedom"
December 15th 2007 19:40
In Going through the channels this morning I stopped by good old Faux News, and spent a few minutes taking in the drivel that seems to always be available there. They have a Saturday morning show called the "The Cost of Freedom" which also includes segments like "Bulls and Bears," "Cashin' in," and "Forbes on Fox." While I don't have a stomach nearly strong enough to sit through the whole neo-con/big business love fest, I did hear some startling comments. And I'm sorry, each topic I write about doesn't have direct quotes to individuals, as I just really don't care who all the mouthpieces are. Sure, they have a token liberal - with about the same credibility as Hannity's sidekick, Colmes.
Both last week and this week they talked about the housing market. Seems the thought process for most of the analysts there is screw the borrower, and let the chips fall. They seem to think that the entire crisis has been brought on by people wanting more house than they can afford. To a degree, their right - good old American greed. Keeping up with the Joneses and all. They fail to point out that egregious and misleading lending practices are also in play, and every bit as much to blame. There seemed to be a shared sentiment that to help sub-prime borrowers in trouble would hurt the housing market. I've got news, the market is already hurting. Not to brag, but I predicted this market two years ago. And I predict the downside will deepen. How much depends on a few factors, like if the American electorate is stupid enough to elect another neo-con.
But that aside, what about the current downturn? This week the wiz kids at Faux think that the way to stop it in it's tracks is another tax cut. "Right now." one said. Idiotic fiscal policy is a good part of what got us into this mess. If rampant deficit spending had not been hammering the dollar, most of the sub-prime ARM's wouldn't be adjusting upward. And a Coke wouldn't cost five bucks in Europe. What the Faux "advisers" didn't say was that tax cuts, especially those of the neo-con brand, mostly benefit the rich. Sorry, but I don't think it's the people who spent a couple of million on a second house who are in trouble in the sub-prime market. The upper echelons of the market aren't where the crisis is. Further weakening the dollar by giving another handout to the wealthy would only hurt.
Of course, most of the pundits on Faux have no problem with big deficits. One particularly astute guy even said that the "tax cuts are working now," and he expected the deficit to be erased and there to be "a surplus by 2009." Huh? With the deepening hole the Bush boys have dug? There may be a surplus by 2012, but it will take another Clinton (or other Dem) to do it. Like Daddy Bush's deficits were handled by Bill.
Face it, the housing crisis isn't going away. That said, the damaging effects can be mitigated. Don't allow Bush to attack Iran, and begin to draw down Iraq. End the handouts (oops.."tax cuts") to the rich. Provide relief to homeowners who were duped. If they simply were being greedy and knew what they were getting into, let them default. But help those who were used as pawns to enrich others. And do not, under any circumstances, elect another neo-conservative blunderbuss to the highest office in the land.
Both last week and this week they talked about the housing market. Seems the thought process for most of the analysts there is screw the borrower, and let the chips fall. They seem to think that the entire crisis has been brought on by people wanting more house than they can afford. To a degree, their right - good old American greed. Keeping up with the Joneses and all. They fail to point out that egregious and misleading lending practices are also in play, and every bit as much to blame. There seemed to be a shared sentiment that to help sub-prime borrowers in trouble would hurt the housing market. I've got news, the market is already hurting. Not to brag, but I predicted this market two years ago. And I predict the downside will deepen. How much depends on a few factors, like if the American electorate is stupid enough to elect another neo-con.
But that aside, what about the current downturn? This week the wiz kids at Faux think that the way to stop it in it's tracks is another tax cut. "Right now." one said. Idiotic fiscal policy is a good part of what got us into this mess. If rampant deficit spending had not been hammering the dollar, most of the sub-prime ARM's wouldn't be adjusting upward. And a Coke wouldn't cost five bucks in Europe. What the Faux "advisers" didn't say was that tax cuts, especially those of the neo-con brand, mostly benefit the rich. Sorry, but I don't think it's the people who spent a couple of million on a second house who are in trouble in the sub-prime market. The upper echelons of the market aren't where the crisis is. Further weakening the dollar by giving another handout to the wealthy would only hurt.
Of course, most of the pundits on Faux have no problem with big deficits. One particularly astute guy even said that the "tax cuts are working now," and he expected the deficit to be erased and there to be "a surplus by 2009." Huh? With the deepening hole the Bush boys have dug? There may be a surplus by 2012, but it will take another Clinton (or other Dem) to do it. Like Daddy Bush's deficits were handled by Bill.
Face it, the housing crisis isn't going away. That said, the damaging effects can be mitigated. Don't allow Bush to attack Iran, and begin to draw down Iraq. End the handouts (oops.."tax cuts") to the rich. Provide relief to homeowners who were duped. If they simply were being greedy and knew what they were getting into, let them default. But help those who were used as pawns to enrich others. And do not, under any circumstances, elect another neo-conservative blunderbuss to the highest office in the land.
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