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Tuesday, February 3, 2009
Ruddy Defends Wall Street, Repeats Stimulus Falsehood
Topic: Newsmax

Defending Wall Street is not exactly a popular move these days, but Newsmax's Christopher Ruddy does it in a Feb. 2 column:

I am not going to defend Wall Street excesses. It is unclear to me if these bonuses are excessive. But let’s put all of this into perspective.

America’s economy is the engine of the global economy. We represent less than 5 percent of the world’s population and a disproportionate 25 percent of the world’s GDP. We remain the reserve currency of the world.

Wall Street has played a major role in American capitalism. Its executives should be well compensated.

I am not angry at Wall Street because the current economic crisis was not caused by Wall Street. And Wall Street is not prolonging the pain.

Our economic problems have emanated from Washington and from the Federal Reserve.

Ruddy's Newsmax also operates a financial news website and sells newsletters to investors, which might explain his fealty toward Wall Street.

Ruddy goes on to attack President Obama's stimulus plan, claiming that "Even illegal aliens can collect checks of up to $1,000."

That's false. As we've noted, the Associated Press, which first reported the claim and attributed it to an anonymous " top Republican congressional official," now points out that "the measure indicates that Social Security numbers are needed to claim tax credits of $500 per worker and $1,000 per couple. It also expressly disqualifies nonresident aliens."

Posted by Terry K. at 11:18 AM EST

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