John Moore from CFRB is a national treasure. Here's his latest wake-up call to the usual idiots who infest the airwaves:
It's a Great Story But.....
A segment of talk radio has developed a kind of alternative universe over the last twenty years. Hosts trade in what I call "bed time stories" or fables. These are alternate versions of history that when repeated enough start to sound convincing.
This morning one of these fables surfaced during the Free For All Roundtable One; the infamous story of how the entire melt down of 2007-2008 can be pinned on Jimmy Carter. You see, Carter introduced something called the Community Reinvestment Act in 1977. It was created to get lenders to widen the definition of who would qualify for home mortgages because at the time lenders would only provide money to people who already had it which is a bit like a health insurance program that only insures people who never get sick.
Read the rest of the article here.
It's a Great Story But.....
A segment of talk radio has developed a kind of alternative universe over the last twenty years. Hosts trade in what I call "bed time stories" or fables. These are alternate versions of history that when repeated enough start to sound convincing.
This morning one of these fables surfaced during the Free For All Roundtable One; the infamous story of how the entire melt down of 2007-2008 can be pinned on Jimmy Carter. You see, Carter introduced something called the Community Reinvestment Act in 1977. It was created to get lenders to widen the definition of who would qualify for home mortgages because at the time lenders would only provide money to people who already had it which is a bit like a health insurance program that only insures people who never get sick.
Read the rest of the article here.
