ARE WE STILL STUCK IN OCTOBER?…. Watching conservatives talk about the economic crisis, the arguments start to have a certain “Groundhog Day” quality.
On MSNBC, Pat Buchanan perpetuated the myth that government efforts to expand affordable housing to underserved communities caused the financial crisis, a charge that has frequently taken the form of attacks on the Community Reinvestment Act. In fact, as Fed chairman Ben Bernanke has stated: “Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties.”
Karl Rove blasted President Obama on Fannie and Freddie from 2005. Phil Gramm insisted he’s not to blame, but CRA and Fannie/Freddie are. Last night, Bill O’Reilly blasted Rep. Barney Frank (D-Mass.) for “pumping it that poor people ought to be given mortgages ’cause everybody has a right to a house.”
All of these arguments, from just the past few days, are obviously wrong. But more importantly, these are the same arguments the same characters were making in October, when they were also debunked and proven baseless.
When I saw Media Matters’ item noting Pat Buchanan blaming “minority communities” for the financial crisis, I had to triple-check the date to make sure it wasn’t a piece from last year.
Didn’t we already have this debate? Isn’t it already clear that the conservative talking points were wrong in October, and haven’t improved with age?
I suspect most of these conservative media personalities know their arguments are wrong, but haven’t quite come up with anything new yet. So, they recycle the old talking points, discredited though they may be.
It’s kind of sad, really.