The WSJ called out Mitt Romney for repeating the Big Lie in the CNBC Presidential debate:
“Markets work. When you have government play its heavy hand, markets blow up and people get hurt,” Mr. Romney said, blaming Democrats for rules that he said force banks to make ill-advised loans.
Some conservative academics have said that Fannie Mae and Freddie Mac fueled the financial crisis because they had to meet federal quotas to finance low- and moderate-income homeowners.
But academic research has shown that those mandates didn’t spur the types of exotic lending at the heart of the subprime-loan crisis. Many of the worst mortgage lenders weren’t banks and weren’t subject to federal regulation. (emphasis added)
-Debate on Economics Turns to Character, WSJ, November 10, 2011
An honest debate is possible only if we maintain a pressure on key parties to stay reality based, avoid false narratives, and stop pandering to the lowest common denominator.
Kudos to the WSJ.
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