Matt Taibi (Rolling Stone) v. Byron York (National Review) on what caused the credit crisis

[BurtWorm]

:popcorn:


http://nymag.com/daily/intel/2008/10/matt_taibbi_and_byron_york_but.html

...

B.Y.: Are you suggesting that critics of Fannie and Freddie are talking about the default of a single homeowner?

M.T.: No. That is what you call a figure of speech. I'm saying that you're talking about individual homeowners defaulting. But these massive companies aren't going under because of individual homeowner defaults. They're going under because of the myriad derivatives trades that go on in connection with each piece of debt, whether it be a homeowner loan or a corporate bond. I'm still waiting to hear what your idea is of how these trades work. I'm guessing you've never even heard of them.

I mean really. You honestly think a company like AIG tanks because a bunch of minorities couldn't pay off their mortgages?

B.Y.: When you refer to "Phil Gramm's Commodities Future Modernization Act," are you referring to S.3283, co-sponsored by Gramm, along with Senators Tom Harkin and Tim Johnson?

M.T.: In point of fact I'm talking about the 262-page amendment Gramm tacked on to that bill that deregulated the trade of credit default swaps.

Tick tick tick. Hilarious sitting here while you frantically search the Internet to learn about the cause of the financial crisis — in the middle of a live chat interview.

B.Y.: Look, you can keep trying to make this a specifically partisan and specifically Gramm-McCain thing, but it simply isn't. We've gone on for fifteen minutes longer than scheduled, and that's enough. Thanks.

M.T.: Thanks. Note, folks, that the esteemed representative of the New Republic has no idea what the hell a credit default swap is. But he sure knows what a minority homeowner looks like.

B.Y.: It's National Review.

...

[unpossibles]

1. lol.

snap!

[MadMaddie]

2. I love Matt Taibi

He is in their face and he is not ashamed to call bullshit!

Minorities are not the only ones that got these loans and I wish people would talk about that and debunk this myth!

[KittyWampus]

3. the point is, it isn't about the loans. It's the paper/interest that were packaged seperately

[MadMaddie]

12. Oh I know it's not about the loans!

The Republicans have picked on the easiest target not the complicated truth that they created!

[sandnsea]

4. thank god somebody gets it

Now how do we get him on every channel, 24-7, until it breaks through to the general public.

[frylock]

5. nice beatdown..

we need to see more of these. expose these idiots for the racist ignoramuses that they are.

[Narkos]

6. HOLY SHIT THAT WAS AWESOME!!!!!

Byron just got his dick slapped HARD!!!!!!

[Cassandra]

7. Byron York shouldn't worry.

I'm sure that the New Republic can find a compatible berth for him.

[Guy Whitey Corngood]

8. Byron Roach meet Mr Flashlight. I love how he scattered as soon as it started getting too bright n/t

[BurtWorm]

9. kick

[Coexist]

10. Oh, Damn...

[asdjrocky]

11. Matt Taibi is the political writer for our time.

My favorite current Matt Taibi quote?

Regarding the RNC- "Only 21st century Americans can walk through a metal detector 6 times in an hour and still think they're at a party."

[Coexist]

13. ,