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Dec 23, 2008

I'll be the first to admit that economic policy is not my strongest suit. That's why I was pleased to see the New York Times put out an article explaining the causes of our current financial crisis. The kicker:

There are plenty of culprits, like lenders who peddled easy credit, consumers who took on mortgages they could not afford and Wall Street chieftains who loaded up on mortgage-backed securities without regard to the risk.

But the story of how we got here is partly one of Mr. Bush’s own making, according to a review of his tenure that included interviews with dozens of current and former administration officials.

The White House issued a statement "On Irresponsible Reporting" the same day, saying: "The Times' 'reporting' in this story amounted to finding selected quotes to support a story the reporters fully intended to write from the onset, while disregarding anything that didn't fit their point of view." They followed this up with a statement on the "Three Most Egregious Claims" in the article.

In both of these statements, however, the White House is spending less time denying the main points of the Times' claims and more time using rhetorical flourishes to shift the blame to Congress and other parties.

Care2's friends at I Am Progress (part of the Center for American Progress Action Fund) have set up a great microsite, How Did This Happen?, that explains the causes of the financial crisis. Check it out, then sign the petition urging Bush to take full responsibility for his actions that led to the financial crisis!

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Posted: Dec 23, 2008 4:59pm

 

 
 
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LiAnna D.
, 1
San Francisco, CA, USA
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