A little short on time. Meanwhile enjoy these finely crafted links.
The GOP’s Epic Financial Crisis Commission Fail and Analysis: Fannie and Freddie Didn’t Cause the Financial Crisis – The GOP’s ‘pre-buttal’ of the Financial Crisis Commission doesn’t ring true. Some more background from 2008 ( Conservatives hang on to their immoral urban myths as though they were sacrosanct religious dogma) – Did Liberals Cause the Sub-Prime Crisis? – Conservatives blame the housing crisis on a 1977 law that helps-low income people get mortgages. It’s a useful story for them, but it isn’t true.
And For Freddie and Fannie to have even significantly contributed to the sub-prime meltdown most of their loans would have to have been sub-prime, but gosh it turns out they were not.
In theory, this group exists to safeguard the integrity of the multitrillion-dollar market. In practice, it also defends the dominance of the big banks.
The banks in this group, which is affiliated with a new derivatives clearinghouse, have fought to block other banks from entering the market, and they are also trying to thwart efforts to make full information on prices and fees freely available.
About those tax incentives, something for everyone – Tax-cut legislation includes $55 billion in benefits for a host of industries
The group is particularly critical of the ethanol provision, which has cost taxpayers more than $21 billion since 2006. The Government Accountability Office recently concluded that the credit has had little impact in encouraging ethanol use or production, especially since the government already mandates rising levels of ethanol use in gasoline and protects the corn ethanol industry through tariffs.
“This tax credit is really just lining people’s pockets,” Ellis said. “We’re not getting any kind of bang for our buck.”
NASCAR, domestic entertainment production and Microsoft are some of the other recipients. Most of this stuff is not especially egregious except the backdoor ethanol subsidy.
Stuff we already knew – Study Confirms That Fox News Makes You Stupid
In eight of the nine questions below, Fox News placed first in the percentage of those who were misinformed (they placed second in the question on TARP). That’s a pretty high batting average for journalistic fraud. Here is a list of what Fox News viewers believe that just aint so:
* 91 percent believe the stimulus legislation lost jobs
* 72 percent believe the health reform law will increase the deficit
* 72 percent believe the economy is getting worse
* 60 percent believe climate change is not occurring
* 49 percent believe income taxes have gone up
* 63 percent believe the stimulus legislation did not include any tax cuts
* 56 percent believe Obama initiated the GM/Chrysler bailout
* 38 percent believe that most Republicans opposed TARP
* 63 percent believe Obama was not born in the U.S. (or that it is unclear)
This comes from the conservative initiation ceremony where you jam an ice pic into your frontal loop and swirl it around until you can make up your own starry twinkled reality.