Richard Zombeck exposes the hypocrisy of Wednesday’s Wall Street Journal editorial, the typical WSJ
butt-kissing hard-hitting expose, full piece here.
AG Coakley’s lawsuit isn’t delaying the foreclosure process in Massachusetts. The law is delaying the process. Cases such as Ibanez and Bevilacqua, ruling that banks must prove ownership before foreclosing have all made their way to the Massachusetts Supreme Judicial Court.
Foreclosures are ruining the economy on their own, not the backlog of foreclosure cases. Foreclosures cost hundreds of thousands of dollars, break up communities, threaten public safety, destroy property values, and are the cause of mental and physical illness. The editorial is intentionally misleading by putting this on Coakley, who is quite simply doing her job by following the law.
Recently, Danny Schecter wrote a piece for Al Jazeera English, titled, “The year’s top story is not getting coverage” in which he chastised the American press for their shoddy coverage of the financial crisis and those culpable in creating it:
“… The barely exposed chain of criminality that started in some salon of securitization and then rippled across the world, bringing down countries and economies. It has its origins in Wall Street, where three industries colluded as a cabal to sell fraudulent sub-prime loans and then transfer fees and foreclosures from poor and middle class Americans to themselves.”
The WSJ editors (the piece had no byline) seem to think that in order for things to get better, we should excuse the big banks from breaking the law and wreaking havoc on American families. Maybe we should excuse murderers and bank robbers as well, because their mothers would miss them.