While I may be starting to sound like a broken record on the background of these major failures on Wall Street, there is a greater failure in our national media.
The frustration so many feel over this financial mess is directly related to how little they understand about it. While macro economic financial policy and regulation seems a bit heady to lead the evening news with, good reporters and journalists know how to make complicated stories discernable to the average readers.
The core of this problem is really very simple and most people are capable of understanding it.
Bu the larger media finds the stories of corporate greed in the tale of Enron much sexier than disclosing the fallacy of policies designed to put people in homes they could not afford. Not only did the news provide minimal coverage of the misdealing of Fannie Mae several years ago when it was uncovered, but they have failed to disclosed the true source of the problem today while we are on the precipice of a financial meltdown.
I was impressed to see a Fox News report on the true origin of this mess in the House and Senate Banking Committees and how warnings from Greenspan and others were ignored. Yes, there were a few stories in the Wall Street Journal and even in the New York Times but the stories are largely absent from most media outlets.
Yet we see plenty of clips of Pelosi and Obama blaming it all on Bush’s policies and government deregulation; mindless mantras, old fashioned scapegoating, and devoid of any truth. It is sort of like blaming the holocaust on the Jews.
The larger media has no problem running endless stories on the pending doom of global warming, which is still debatable and uncertain, but they have neglected to given any meaningful coverage of the greatest financial crisis in my lifetime in spite of clear reliable warnings from very reliable sources for nearly a decade.
The failure of the major media outlets to report this story accurately is as big a crime as what Congress, Fannie Mae and the Wall Street cohorts perpetuated on the American people.