Liberal ‘60 Minutes’ Silent on Government Role in Financial Crisis
“He dug into the idiocy and negligence that produced the worst financial crisis since the Great Depression,” Steve Kroft opened a segment of the March 14 CBS “60 Minutes,” featuring author Michael Lewis’ latest work - “The Big Short: Inside the Doomsday Machine.”
If Lewis “dug into the idiocy and negligence,” he did so selectively - or that’s what viewers could conclude from the long “60 Minutes” report, which concerned itself with how “some of Wall Street’s smartest minds managed to destroy $1.75 trillion of wealth in the sub-prime mortgage markets.” Somehow, in a 24-minute report about the sub-prime mortgage meltdown, nobody ever said where all the bad loans originated.
Lewis told Kroft that the financial crisis was “a story of mass delusion.”
“How can they not look at the numbers?” Kroft asked. “How can Wall Street be selling all these, buying all of these mortgages and repackaging them and not realizing they are not very good mortgages?”
(Excerpt) Read more at newsbusters.org …
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