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Nov. 23, 2009
JWisdom.com: Actually, it really is all about you with Rabbi Lawrence Hajioff
Nov. 20, 2009
Rabbi David Aaron: How to make every second of your life come first
Caroline B. Glick: Whither American Jewry
Nov. 19, 2009
Binyamin L. Jolkovsky: Please Listen to this Godcast (5 minutes)
Jonathan Tobin: ADL Crosses the Line with Report Bashing Obama Critics
Nov. 18, 2009
Rabbi Yonason Goldson: What Judaism has to say about the secret of the Mona Lisa's smile
JWisdom.com: The (Jewish) Dating Game with Rabbi Lawrence Hajioff (8 minutes)
Nov. 17, 2009
Steven Emerson: How Does the 4th Amendment Impact Terror Finance Investigations?
JWisdom.com: If Frank Sinatra married Edith Piaf with Rabbi Y.Y. Rubinstein (2 minutes) Life lessons from what would be regarded as the most inappropriate lyrics ever sung
Nov. 16, 2009
The Jewish Ethicist by Rabbi Dr. Asher Meir : When borrowing is stealing
JWisdom.com: Deconstructing faith with Rabbi Warren Goldstein (9 minutes)
Nov. 13, 2009
JWisdom.com Sarah's subjective reality with Rabbi Sroy Levitansky ( 6 minutes)
Caroline B. Glick: Obama's failure, Netanyahu's opportunity
Nov. 12, 2009
The Kosher Gourmet By Marialisa Calta : A sweet sweet potato treat
JWisdom.com Does God get tired? with Rabbi Harvey Belovski ( 5 minutes)
Nov. 11, 2009
Rabbi Avi Shafran: Jews and money: When anti-Semitism isn't
JWisdom.com Marriages are not made in Heaven with Rabbi Lawrence Hajioff (VERY fast 15 minutes)
Nov. 10, 2009
Michael Doyle: Author of book exposing CAIR ordered to remove supporting documents from Web
JWisdom.com If the creation so loudly shouts the existence of the Creator, why aren't more people believers? with Rabbi Naftali Brawer (9 minutes)
Nov. 9, 2009
Mark Steyn: Shooter exposes hole in U.S. terror strategy
JWisdom.com It's never too late to have a happy childhood with Sarah Chana Radcliffe (5 minutes)
Nov. 6, 2009
Rabbi Berel Wein: Choosing to hear
JWisdom.com Zero to 1/60th: How to Empower An Hour with Gavriel Aryeh Sande (7 minutes)
Caroline B. Glick The mullahs' big week
Suzanne Fields A Fallen Wall for Fallen Man
Nov. 5, 2009
The Kosher Gourmet: Three scrumptious -- but simple -- butternut squash dishes
JWisdom.com Hidden Hints: Unlocking Faith & Prayer with Rabbi Jay Yaacov Schwartz (10 minutes)
Nov. 4, 2009
Tom Hamburger and Kim Geiger: Should prayers be covered?
JWisdom.com When God played peacemaker With Rabbi Sroy Levitansky (5 minutes)
Nov. 3, 2009
Martin Peretz: Beware, Barack. Beware, Rahm. Beware, Axelrod
JWisdom.com Are you are closet idolater? With Sara Yoheved Rigler (10 minutes)
Nov. 2, 2009
Paul Greenberg: The Holocaust is now on Facebook
JWisdom.com Abraham's Strange Change With Rabbi Yitzchok Fingerer (5 minutes)
Oct. 29, 2003
Mortimer B. Zuckerman: Graffiti On History's Walls (MUST-READ!)

Jewish World Review Dec. 25, 2008 / 28 Kislev 5769

Publishing fakes

By Bob Tyrrell


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http://www.JewishWorldReview.com | The decline of The New York Times continues, alas and egad. On Monday, the Times was duped by some scoundrel who sent the newspaper's Web site a rude e-mail about Caroline Kennedy. It supposedly was signed by Bertrand Delanoe, the mayor of Paris. Now the Times has had to admit: "We posted a letter that carries the name of Bertrand Delanoe, the mayor of Paris, sharply criticizing Caroline Kennedy. This letter was a fake. It should not have been published. Doing so violated both our standards and our procedures in publishing signed letters from our readers."


Well, I, for one, would like to take a look at the marmoreal tablets proclaiming the Times' "standards." I do not doubt that the journalists there hold to some sort of standards, but frankly I doubt their standards have much to do with journalism or with objectivity. Just the day before being duped by a phony French mayor, the newspaper again duped itself and its readers. On its front page, it ran an interminable report on the provenance of the housing bubble and the subsequent nationwide credit freeze. For months, serious scholars have been laying the blame on government housing policy that originated in the 1977 Community Reinvestment Act and became really dangerous during the Clinton administration. After that, the bubble ballooned and, in 2007, burst.


Yet the Times, in the thousands of words it spilled out claiming to explain the crisis, hardly mentioned the Clinton administration. Instead, it laid total blame on the Bush administration — poor old George, in particular. So Mayor Delanoe's letter was the second "fake" to appear in the Times this week. Yet I have read no apology. Do the editors at the Times believe their tendentious work will engender a great debate about the origins of the 2008 recession?


The American Enterprise Institute's Peter Wallison is perhaps the country's foremost authority on the housing bubble. He has been writing about it and speaking out for months. In the Times' report, neither he nor his thesis is even mentioned.


In the next issue of The American Spectator, Wallison will explain: "Two narratives seem to be forming to describe the underlying causes of the financial crisis. One, as outlined in a New York Times front page story on Sunday December 21, is that President Bush excessively promoted growth in home ownership without sufficiently regulating the banks and other mortgage lenders that made the bad loans. The result was a banking system suffused with junk mortgages, the continuing losses on which are dragging down the banks and the economy. The other narrative is that government policy over many years — particularly the use of the Community Reinvestment Act and Fannie Mae and Freddie Mac to distort the housing credit system — is what underlies the current crisis."


Wallison supports the second narrative and has no difficulty winning his case. Most devastatingly, he cites the Times' own published chart from Dec. 21. It shows American homeownership growth since 1990. In 1993, homeownership stood at 63 percent. By the end of the Clinton administration, it had grown to 68 percent. Through all the Bush years, it grew by but 1 percent. Equally devastating, Wallison recalls a 1999 news story from the Times reporting that the Clinton administration was importuning on Fannie Mae and Freddie Mac to relax standards and extend lending to low-income homebuyers. What Wallison is too gentlemanly to add is that in this 1999 story, the Times quotes a housing expert who warns that the Fannie and Freddie policies might require a government bailout. The housing expert's name is Wallison.


So revealing the fakery of this news report is not difficult. But what is also worth mentioning is that the Times, in its ambitious partisanship, has created another political controversy that need not have been created. The origin of this bubble and credit freeze is clear. How to resolve it and prevent similar crises is the question to be addressed today. Instead, the Times wants — so to speak — to throw shoes at George Bush. The Times is not only unreliable but also uncouth.

Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

JWR contributor Bob Tyrrell is editor in chief of The American Spectator. Comment by clicking here.

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