Jerome Corsi's Revisionist History of Financial Crisis Topic: WorldNetDaily
Jerome Corsi serves up a factually dubious account of the financial crisis in a Sept. 4 WorldNetDaily article:
In the current narrative presented by Democratic Party operatives, the banking industry collapse of September 2008 was caused by tax cuts under George W. Bush and supply-side economics tracing back to the era of Ronald Reagan.
The narrative, however, ignores the personal responsibility Barack Obama and Democratic Party operatives played in creating the subprime mortgage market, beginning with the passage of the Community Reinvestment Act of 1977.
In fact, financial experts agree that the CRA "was not a significant factor in subprime lending or the crisis" -- the subprime crisis was mostly driven by mortgage lenders who were not subject to the CRA.
Corsi also misleads about what the CRA does:
The Community Reinvestment Act, or CRA, was signed into law by President Jimmy Carter in 1977 with the goal of forcing banks to provide credit to businesses and homeowners with poor credit.
The CRA’s purpose was to stop banks from “red-lining,” or refusing to lend to people in low-income areas because the risk of the loan not being repaid was too high.
Even though lending to people with poor credit is inherently risky, the Carter administration was intent on forcing banks to accept a social responsibility to provide credit to homeowners and businesses in low-income neighborhoods.
In fact, redlining was the practics of denying, or charging more for, banking services in certain neighborhoods due to their racial makeup, not because of the actual riskiness of the loan. Ellen Seidman, who headed the Office of Thrift Supervision in the late 1990s, points out that the CRA does not either encourage or condone bad lending; further, CRA enforcement became a lower priority in the early 2000s, around the time that CRA-covered entities wandered deeper into "higher priced loans."
A study by the Federal Reserve Bank of Kansas City found the following:
Nearly all institutions, including those with more profitable programs, loosened their credit standards on CRA loans relative to standards on their conventional loans. These institutions did so without appreciable increases in loan losses. Further, nearly all indicated that credit risk on CRA loans is manageable.
Corsi even gets his facts wrong about a notable lending-discrimination case:
Obama himself played a role as an activist lawyer in Chicago, representing ACORN in the 1994 case Buycks-Roberson v. Citibank Federal Savings Bank. In the case, ACORN pressed Citibank to make more loans to marginally qualified African-American applicants “in a race neutral way.”
Corsi is selectively quoting the ruling to mislead about what it did -- and it wasn't about making "more loans to marginally qualified African-American applicants." The full quote from the Civil Rights Litigation Clearinghouse item on the case Corsi links to:
The parties settled the case on May 12, 1998, with an agreement that provided for waiver of some fees for class members, should they reapply for a loan, and also for various procedures to ensure that Citibank followed its own loan policies in a race neutral way.
Unless Corsi is saying that it was Citibank's longstanding policy to issue loans to "marginally qualified" non-white people, he's lying about what the lawsuit accomplished.
Which means that Corsi has demonstrated that he can lie about more than birther conspiracies. Of course, Corsi's been lying about this for years.
Newsmax Declares No 'Bounce' For Obama From Convention -- Before Obama Gives His Speech Topic: Newsmax
The top of Newsmax's front page is an article carrying the headline "Obama Fails to Get Convention Bounce, Enthusiasm."
Never mind that at the time Newsmax posted that headline, President Obama had yet to give his keynote address at the Democratic National Convention.
In other words, Newsmax is reporting something that has not happened and may not happen.
The article, by the way, is an Associated Press article with an original headline of "Obama eager to sketch path forward for nation." The "bounce" reference fromwhich Newsmax apparently manufactured its headline comes from the eighth paragraph in a quote from David Axelrod that "You're not going to see big bounces in this election."
Farah's column was promoted on the WND front page with a picture of the target in question, Current TV's Cenk Uygur.
The first thing most people will think of when they see the words "holocaust denier" is that the person in question is denying the mass killings of Jews and others by the Nazis during World War II -- indeed, the word "holocaust" is shorthand for Nazi genocide.
But you would be wrong, which means that Farah and WND have told yetanotherlie.
Farah devotes his column to attacking Uygur for allegedly denying the Turkish genocide of Armenians in the early 20th century.
We do not know enough about the history of the incident or Uygur's position on it to make an informed judgment about whether Uygur is a "denier." We do, however, know lies and deception when we see it, and we know Farah just can't stop lying, which makes any pronouncement he makes immediately suspect. Even if Farah is correct, he has so undermined his own credibility that anything he says simply cannot be believed (just like his WND employee Jerome Corsi).
Because Farah's goal is to smear and not to inform, he has overplayed his hand yet again -- thus further beclowning himself and his website.
CNS' Starr Desperately Trying To Manufacture Another Controversy Topic: CNSNews.com
CNSNews.com's Penny Starr is desperately trying to smear Michelle Obama, but sadly for her, nobody seems interested.
Starr -- who's best known for her manufactured controversy over a gay-themed art exhibit -- tried to manufacture another one over Michelle Obama's stint as a "guest editor" at the women-oriented website iVillage.com.
Why is Starr so faux-outraged by this? Because iVillage, according to her Aug. 22 CNS article, "offers sexually explicit material, including graphic sex tips from prostitutes, '20 kinky things you SO can do,' and a list of 'naughty' apps for mobile devices."
It seems that Starr has some issues with sex that perhaps shouldn't be played out in public as she's doing. And she's still outraged even though she concedes that "the first lady herself does not discuss sex."
When that story didn't get enough attention for her, Starr rewrote it for a Sept. 4 article with the hook that "Michelle Obama tweeted and shared a link to iVillage on Monday," using the opportunity to again rehash her manufactured outrage over the site's "sex tips from prostitutes." Again, Starr offered no evidence that Obama provided sexual content.
It's clear, however, that Starr's manufactured controversy has been a failure -- so much so that Starr is begging her Twitter followers to promote. In a Sept. 5 tweet linking to her article the day before, she let out the anguished cry, "WHY is this story not getting more attention???"
Um, because it's obviously written by an Obama-hater trying to manufacture a controversy? Starr seems not to have considered that her politically motivated wolf-crying is making people tune her out.
Oh, and iVillage is not a "sexual explicit" website -- it's an news, advice and "conversation" website for women that occasionally discusses sex because, hey, women have sex. Starr never explains why talking about sex is so horrible.
WND's Hypocritical Concern Over Nazi Name-Calling Topic: WorldNetDaily
On Wednesday, WorldNetDaily promoted on its front page a (stolen) article from another news source under the headline "Dem compares GOP guv to Hitler's mistress."
WND's sudden concern over Nazi insults is rather laughable -- after all, WND publishes them on a regular basis when the target is a Democrat in general or President Obama is particular:
WND called the Clinton administration's "third way" political strategy "the original brainchild of Adolph Hitler," likened Monica Lewinsky to Hitler's mistriess, likened Bill Clinton to Joseph Goebbels, liken AmeriCorps to the Hitler Youth, and likened Al Gore to Hitler.
WND not only regularly smeared Obama as Nazi-esque, it defended the idea of doing so because ""The cult of personality and hysteria for a charismatic orator are frightening parallels between Obama and Hitler."
WND's champion of Nazi smears was the late Hilmar von Campe, unsurprisingly a former Hitler Youth who purportedly repented of his Nazi ways. Yet he embraced Nazi-esque "Big Lie" techniques to liken Obama to Hitler.
MRC Can't Stop Taking Obama Out of Context Topic: Media Research Center
The Media Research Center takes its deliberate misrepresentation of President Obama's "you didn't build that" remark to new heights of lameness by sending videographer Dan Joseph to a street festival in Charlotte and asking vendors if they got any governmnet help in building their businesses.
Needless to say, Joseph never fully identifies himself as a partisan right-winger to any of the vendors he's ambushing, and he includes the deceptively edited "you didn't build that" clip of Obama.
And, thus, the MRC continues its work as the media arm of the Mitt Romney campaign.
Another Deceitful WND Headline Topic: WorldNetDaily
WorldNetDaily adds to its recent streak of falseheadlines with a Sept. 3 article by Bob Unruh, carrying the headline "Obama lawyer warned against certifying eligibility."
The headline's clear implication is that a lawyer for President Obama is making that statement. But in fact, it's failed lawyer Larry Klayman, who is most definitely not working for Obama. The "Obama lawyer" Bob Bauer is the receipient of the "eligibility" message, not its sender.
Klayman continues his record of factually inaccurate birther ranting in his letter to Bauer that Hawaii State Registrar Alvin Onaka "undeniably failed to verify that the image posted at whitehouse.gov 'is a true and accurate representation of the original record.'" But Onaka was not required to do so; as indicated by the state law that Klayman quotes in his letter, Onaka is required only to provide verification of the existence of a certificate, which is exactly what he did.
Klayman goes on to rant that "no one can state with any legal certainty that candidate Obama is even old enough to be president, much less that he meets the exclusively high bar of ‘natural-born citizen’ status, required by Article II, Section I, Clause 5."
It's hard to take seriously an unsolicited letter from a failed attorney with a personal grudge against the president and whose law license is on administrative suspension in at least one state, but that's what WND and Unruh want us to do.
Newsmax's Kessler Turbocharges His Romney-Fluffing Topic: Newsmax
How far in the tank is Newsmax's Ronald Kessler for Mitt Romney? He's now making outlandish predictions about how big Romney will win.
Kessler's Sept. 4 column carries the headline "Why Mitt Romney Will Win Decisively." He kicks things off with his usual Obama-bashing:
In the last presidential election, the press hoodwinked Americans into thinking Barack Obama was the messiah.
The press never reported that Obama had no significant achievements. As a community organizer, his only success was removing some of the asbestos from one Chicago apartment project.
After whining yet again about Rev. Wright, Kessler cranks up his Romney-fluffing jets:
Polls cannot measure how many will actually show up to vote for one candidate or the other. Now that Paul Ryan has been added to the Romney ticket, conservatives are fired up. The crowds of students supporting Obama on college campuses are now nowhere to be seen. Blacks who have borne the brunt of Obama’s dismal employment record are far less enthusiastic about him than they once were. Independents who favored Obama now support Romney.
For months before he was elected, Ronald Reagan was behind Jimmy Carter by double digits in the polls. In the end, Reagan won by 10 percentage points.
Romney and the Republican National Committee have more money than Obama. They are starting to flood the country with ads that portray Obama’s failure and replay his comment that businessmen are not responsible for their own success.
The ads portray Romney as the decent man he is: With the exception of some in the press, almost everyone at the GOP convention in Tampa teared up as they heard from members of his church recounting how Romney took the time to visit and comfort their dying kids.
Kessler concludes: "I have faith in the American people and their ability this time to see Obama for what he reveals himself in his own memoirs to be: a pitchman. My prediction is that Romney will win by 10 to 12 percentage points."
Kessler might want to tone down the fluffing a bit.
Chutzpah: WND's Liars Accuse Others of Lies Topic: WorldNetDaily
It takes more than a little chutzpah for documented liars to complain about the lies that others are allegedly telling.
The latest edition of WorldNetDaily's Whistleblower magazine has the theme “DISINFORMATION AGE: How America’s news media have become ‘useful idiots’ for Marxists, sociopaths and tyrants.” Among the articles in it is one called "The lie launderers" by WND managing editor David Kupelian, which claims to be "an in-depth and eye-opening report documenting why and how spreading disinformation has become business as usual for America’s elite media."
Kupelian could have started his research a little closer to home -- specifically, down the hall at WND headquarters to the office of his boss, Joseph Farah, who has no apparenly moral qualms about telling lie after lie after lie to his readers.
Meanwhile, Mychal Massie began his Sept. 3 WND column by asking, "Does Obama really have such disrespect for the people of America that he believes he can just say anything at all and people will believe it?" Massie would do much better asking that same question of himself. LIke Farah, Massie also spews lie after lie, in the apparent belief that his obsessive hatred of Obama justifies the lies.
Are Kupelian and Massie really that blind and self-unaware, or are they simply craven deceivers who have sold their souls in a desperate bid to destroy Obama? We report, you decide.
CNS Portrays DNC Caucus Meetings As 'Division,' Ignores Actual RNC Division Topic: CNSNews.com
Under the headline "While Republicans Stressed Unity, Democrats’ Convention Schedule Already Shows Division," Susan Jones writes in a Sept. 3 CNSNews.com article that Michelle Obama "will address -- separately -- several key Democratic constituencies as they divide themselves into smaller groups based on race, ethnicity, gender or sexual preference." By contrast, Jones wrote, 'Speaker after speaker at the Republican convention ... are racial or ethnic minorities who stood up to celebrate the values and dreams they share with all Americans."
Of course, caucus groups are not the same as intra-party "division," no matter how much Jones and CNS would like it to be. Further, Jones failed to mention one actual division at the Republican convention -- an attempt to change the rules of how delegates are selected that, in the words of CNN, pitted establishment Republicans against "the likes of Sarah Palin, Michele Bachmann and grassroots activists."
Jones offered no evidence of that kind of actual division at the Democratic convention.
Obama has been anything but truthful about his real intentions, but for those who are willing to factually assess what he has done thus far, his intentions are crystal clear.
Those leftists who believe themselves to be wise and all-knowing have spread the Neo-Leninist “America is evil” lie as they espouse views critical of our capitalist free-market economy and foment class warfare.
All of this being said, I believe Obama aspires to accomplish three primary objectives: fundamentally change America, collapse America’s economic system to the point that we fall under a world rule, and redistribute America’s wealth in the way and manner that pleases him, consistent with his Neo-Leninist philosophy.
What I’ve said may be difficult for some to believe, but that makes my assertions no less true.
Obama didn’t start America’s love for free stuff. But, Brother, what a follow-up artist! Obama has made us comfortable with Marxism. At least the real Communist countries never seemed to worry about any national debt.
It was Communism that made Richard Nixon president, first as vice president because of the good job he did exposing Alger Hiss as a traitor. I remember when the Communist scare was so acute, if you got called down to the “security office” of a government bureau over a lost glove, your co-workers wouldn’t sit with you at lunch any more.
And now we’ve got a Communist Party in America and their preferred candidate: Barack Obama!
Is Obama really a Marxist? Yes. He’s 100 percent Marx – 50 percent Karl and 50 percent Groucho.
There is no room in this column to point out all of the obvious defects in Mr. Obama’s transparently forged “birth certificate.” I have summarized them in a briefing for my Peers. Get it from www.moncktononline.com. Forgery has been committed. The fraudsters should be locked up forever.
But the real criminals are those in high office who know Mr. Obama’s birth certificate is a forgery but willfully, sullenly do absolutely nothing about it.
Now, back to reality, including the possibility that what we could be facing after Nov. 6 is not Romney-Ryan tinkering around the edges, but, rather, a permanent Der Fuhrbama dictatorship. So voters have to decide whether they prefer quick death or slow, agonizing death. What a great choice.
I indicated earlier that I am decidedly skeptical when it comes to polls that show President Obama in this supposed dead heat with Romney. I predicted that biased polling and duplicitous respondent data would substantially affect poll results, and that the press was going to report Obama as ahead up until Election Day, even if Romney winds up winning by a landslide. Some of these factors have been challenging to members of the conservative base and newly galvanized independents, who understand how vitally important it is that Obama is defeated in November. Considering the decades of plotting and subterfuge in which the far-left machine has engaged, they tend to perceive it as a juggernaut that could run roughshod over the electorate, ensuring another term for this dangerous and criminal administration.
“There is one experience which most sincere ex-Communists share,” wrote Whittaker Chambers in his classic conversion narrative “Witness,” and that is the epiphany, the road-to-Damascus moment, the instant they realize the life they have been living is a lie.
Chambers memorably quotes one young woman about her father’s Damascus moment: “He was immensely pro-Soviet … and then – you will laugh at me – but you must not laugh at my father – and then – one night – in Moscow – he heard screams. That’s all. Simply one night he heard screams.”
Barack Obama has never heard those screams. He has written two books – or at least put his name on two books – and not hinted that he ever had anything like a Damascus moment.
Barack Obama is going to war with Mitt Romney. He isn’t fighting this war alone. He is fighting it with some women. Not just any women, he has a brigade of women who cannot or will not think for themselves.
They pick their president the way a 7-year-old picks her Barbie Doll. They think Obama is cute and swoon over meaningless phrases like “hope and change.” They have bought into his class-warfare rhetoric, the old zero-sum game. I am poor (or not as comfortable as I’d like to be) because someone else is rich. Obama has promised to punish the rich, and these women believe the rich deserve it.
I had another analogy, a parable, for the choice we made four years ago:
You’re seated comfortably in a brand new Boeing 777 Stratoliner for its maiden flight. As it begins to taxi out to the runway, a friendly voice announces, “This is your captain speaking. Welcome aboard the first flight in this magnificent aircraft. Sit back and relax, you’re in good hands. I’m Captain Barack Hussein Obama, and I promise you I’m going to fundamentally transform the whole experience of flight for you! I’ve never flown this particular craft before. To be honest, I’ve never actually flown any plane before … but I can figure out how all these buttons and switches and gauges work as we go. Don’t worry about a thing, I’m the captain, and I’m in charge.
“Now, let’s see … how do you start this thing?”
In this parable, I see virtually every passenger clawing at the windows and rushing the exit doors, screaming to be let off! And that pictures just one aircraft – the reality it represents is the largest economy, the strongest nation and military, the most complex and successful government on the planet, handed over to a charming man who had absolutely no experience managing any of those things, or anything like them!
MRC Keeps Up the Hypocrisy on Taking People's Words Out of Context Topic: Media Research Center
The Media Research Center lets its hypocrisy on taking people out of context show again.
A Sept. 1 NewsBusters post by Rusty Weiss carries the headline "Liberal Media Takes Quote Completely Out of Context to Paint Romney as Out of Touch." Weiss complained that a quote of Mitt Romney telling Hurricane Isaac victims could "go home and call 211" "has been taken grossly out of context."
But the MRC complains only when conservatives and Republicans are taken out of context and actively works to take liberals, and especially President Obama, out of context -- most recently Obama's "you didn't build that" remark.
That happened again in an Aug. 29 MRC TimesWatch item by Clay Waters that ridiculed a New York Times writer for doing what Weiss did -- put words in their proper context.
Waters complained that the Times writer accurately described Obama's remarks as being "selectively edited" by Republicans and that Obama was actually talking about "roads and bridges." Waters responded by playing the grammar card he has previously played: "If eloquent Obama meant 'roads and bridges,' why did he employ the plural 'those' instead of the singular 'that'?"
Slate's David Weigel has previously shot down the grammar-police argument, which requires, yes, putting Obama's words in their full context.
NEW ARTICLE: Joseph Farah's Pack of Lies Topic: WorldNetDaily
If the founder and editor of WorldNetDaily thinks he can get away with peddling falsehoods, why should anyone trust the rest of his website? Read more >>
Another Reason Larry Klayman Sucks As A Lawyer Topic: WorldNetDaily
Larry Klayman's record as an attorney in recent years has been one of continual failure. He keeps it up in his Aug. 31 WND column, which begins:
The Constitution is as clear as the nose on your face. According to Article II, Section 1, to be eligible to be president or vice president of the United States one must be a “natural born citizen.” That means born in the United States to two American citizen parents.
Um, no, it doesn't. As even WND has admitted, the Constitution does not define what "natural born citizen" means, and the Supreme Court has never weighed in on the issue as it applies to presidential eligibility.
Thus, what Klayman is stating about the definition of "natural born citizen" is an opinion, not a fact. His apparent inability to tell the two apart is further evidence of his incompetence as an attorney.
Since this is Klayman, he offers even more libelous attacks on the president:
Obama can claim all he wants to be a patriotic Christian American, but anyone with half a brain and who is not comatose knows better. He is the Muslim version of the “Manchurian Candidate,” in effect an Islamic mole who – aided and abetted by communists, socialists, radical gays, lesbians and feminists, Muslims, white-haters and others on the subversive fringe of American society – defrauded his way into the White House. As a result, after four years of what in effect is Obama’s “reign of terror,” we find ourselves not only on the precipice of economic disaster, but living the nightmare of having a charlatan “Muslim” socialist impostor as the head of the greatest nation on earth. The framers are more than turning in their hallowed graves.
MRC Misleads on GM Plant Closing, What Obama Said About It Topic: Media Research Center
The Media Research Center has its Republican marching orders on criticism of Paul Ryan's claims about the General Motors plant in his hometown of Janesville, Wis.: 1) The plant closed in 2009, not 2008, and 2) President Obama promised to keep it open. Both claims are either misleading or false.
Here's how the MRC has forwarded these talking points:
An Aug. 30 NewsBusters post by Matt Vespa asserted that "the plant closed in June of 2009" and that "Obama promised to keep the plant open, but then shut it down."
An Aug. 30 post by Ken Shepherd asserted that "assembly line operations ceased in the spring of 2009," citing a Janesville Gazette article stating that "about 100 employees" were still on the job at the time. Shepherd also declared that "campaigning on hope and change, then-Sen. Obama optimistically held forth that a government bailout would save the Janesville plant. Alas, the government bailed out GM, but GM didn't save the plant from being shuttered."
An Aug. 30 CNSNews.com article by Matt Cover declared: "Ryan is in fact correct. The Janesville GM factory stopped production of SUVs in December 2008 and closed its doors for good in 2009 – less than one year after Obama promised to keep it open for another hundred years."
An Aug. 31 MRC item by Kyle Drennen asserted that Ryan made an "accurate claim that President Obama promised to keep open a GM plant that closed in 2009."
All of these writers take great pains to ignore the fact that the vast majority of the plant was shut down, and the vast majority of its workers laid off, in December 2008 -- before Obama took office. From the Janesville Gazette article that Shepherd cites:
SUV production ended in Janesville on Dec. 23, a little more than five months after the plant lost a second shift of production.
More than 2,000 hourly and salaried GM workers were laid off as a result of the production cuts. Supplier companies laid off another 1,200 people.
The plant's main purpose was to build SUVs. That line shut down in December 2008, laying off nearly all of the 2,000 workers hired by GM to build them. The 100 or so employees who remained between December 2008 and mid-2009 were not building SUVs for GM but, rather, medium-duty trucks for Isuzu under contract with GM. Thus, the plant was, for all intents and purposes, closed in December 2008. It's dishonest for the MRC to take a binary approach by insisting that because a handful of workers remained until 2009, Ryan is correct to claim that the plant was "open."
CNS' Cover did concede that "the Janesville plant shut down the majority of its production in December 2008," but it's buried in the second-to-last paragraph of his article, and it comes several paragraphs after his assertion that "Ryan is in fact correct."
On the second point, Obama never actually promised to keep the plant open. As PolitiFact points out, Obama "had pledged to help keep the Janesville plant and others like it 'viable.' That's not quite the same thing as pledging keep the Janesville plant open."
Shepherd tried to skirt that, claiming that "Ryan did not directly blame the plant's closing on President Obama."
The MRC also largely ignored the fact that Obama made his statement in February 2008, but GM didn't announce that the plant would close until June 2008 -- again, before Obama became president.
Further, as former auto czar Steve Rattner noted, the auto companies that were bailed out by government -- not the government itself -- decided which plants stayed open:
“In this case the government, we aren’t really equipped to make those decisions,” he said. “We go to management and say, ‘Give us a plan, show us what you’ll do and what your business will look like.’ We look at the numbers and say whether we think it works, or if it needs more or fewer plant closings. But beyond that we have no expertise to decide whether a plant in Janesville should be kept open versus one in Wilmington, Del., or Tennessee or anywhere else.”
No MRC item mentioned Rattner's statement.
UPDATE: NewsBusters' Noel Sheppard joins the misleading parade in a Sept. 3 post, declaring that "if the plant remained open 'through late spring 2009,' Ryan's right." Sheppard quotes only from a quick summary debunking the claim by Washington Post fact-checker Glenn Kessler, ignoring a more detailed piece by Kessler pointing out that "The plant was largely closed in December 2008 when production of General Motors SUVs ceased — before Obama was sworn in."