March 11, 2009

Economics Made Simple—and Self-Serving

What caused the financial crisis, according to an online educational primer from textbook publisher McGraw-Hill? “Good Intentions,” i.e., the government encouraging banks to make loans to low-income homebuyers.

What did not cause the financial crisis, according to McGraw-Hill? Bogus estimates of credit risk issued by ratings agencies like Standard & Poor’s, owned by McGraw-Hill.

See Extra!: “Scapegoating Minorities for Failure of Banking” (1/09) by Mary Kane.

Jim Naureckas

Jim Naureckas is the editor of FAIR.org, and has edited FAIR's print publication Extra! since 1990. He is the co-author of The Way Things Aren’t: Rush Limbaugh’s Reign of Error, and co-editor of The FAIR Reader. He was an investigative reporter for In These Times and managing editor of the Washington Report on the Hemisphere. Born in Libertyville, Illinois, he has a poli sci degree from Stanford. Since 1997 he has been married to Janine Jackson, FAIR’s program director.

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Doug Latimer
March 11, 2009 at 3:28 pm
I guess you could call this a textbook case of corporate convolution of reality …
So I will.

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