{"id":1784,"date":"2007-12-20T18:47:41","date_gmt":"2007-12-21T01:35:41","guid":{"rendered":"http:\/\/lukeford.net\/blog\/?p=1784"},"modified":"2007-12-20T19:37:51","modified_gmt":"2007-12-21T02:25:51","slug":"covering-the-watchdogs","status":"publish","type":"post","link":"https:\/\/lukeford.net\/blog\/?p=1784","title":{"rendered":"Covering The Watchdogs"},"content":{"rendered":"<p><a href=\"http:\/\/www.cjr.org\/the_audit\/sleeping_watchdogs.php?page=all\">Dean Starkman writes<\/a>:<\/p>\n<blockquote><p>The business press has written about the mortgage crisis as <a href=\"http:\/\/www.businessweek.com\/magazine\/content\/06_52\/b4015147.htm?chan=search\">a predatory-lender<\/a> problem, a na&iuml;ve borrower problem, a <a href=\"http:\/\/www.portfolio.com\/news-markets\/national-news\/portfolio\/2007\/08\/13\/Moody-Ratings-Fiasco#page1\">compromised rating-agency problem<\/a>,  an irresponsible debt-buyer problem, and, first and foremost, <a href=\"http:\/\/money.cnn.com\/magazines\/fortune\/fortune_archive\/2007\/11\/26\/101232838\/\">a problem manufactured on Wall Street<\/a>, which fueled the subprime expansion with loans to front-line borrowers, sold the bad paper into the global markets&mdash;and, to keep the fee-engine going, bought much of its own product.<\/p>\n<p>If the business press has a blind spot, it is that it failed to understand the crisis for what I think it really is: a regulatory failure of mammoth proportions.<\/p>\n<p>Now comes <em>The New York Times<\/em> this week with a devastating account of regulatory failure, under the headline: &ldquo;Fed Shrugged as Subprime Crisis Spread&rdquo;<\/p>\n<p>The <a href=\"http:\/\/www.nytimes.com\/2007\/12\/18\/business\/18subprime.html?hp\">piece<\/a> is strong. It effectively pulls together material that had been in the public record and advances an equally strong piece from last May, and other work over the summer, by <em>The Wall Street Journal<\/em>.<\/p>\n<\/blockquote>\n<p><!--adsense--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dean Starkman writes: The business press has written about the mortgage crisis as a predatory-lender problem, a na&iuml;ve borrower problem, a compromised rating-agency problem, an irresponsible debt-buyer problem, and, first and foremost, a problem manufactured on Wall Street, which fueled &hellip; <a href=\"https:\/\/lukeford.net\/blog\/?p=1784\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[162],"tags":[],"class_list":["post-1784","post","type-post","status-publish","format-standard","hentry","category-economics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1784"}],"version-history":[{"count":0,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1784\/revisions"}],"wp:attachment":[{"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lukeford.net\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}