Danny Schechter - ColdType

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Congress that this should be seen as “bumps” along the road
of market innovation.
So a quick Google search unearthed a MarketWatch story,
reporting on Senate testimony by Bernanke. Not only did it
have the estimate I so fondly recalled, but it had doozies like
this:
“Federal Reserve Chairman Ben Bernanke said Thursday
that there will be ‘significant losses’ associated with subprime
mortgages but that these losses should be regarded as
“bumps” along the road of market innovation...”
He was challenged by Senator Richard Shelby of Alabama:
“We have been told the problem is largely isolated and
contained, but I am concerned that it may not be,” Shelby
said…”
It wasn’t. Bernanke had drunk his own Kool-Aid. Like many
officials, he downplayed the seriousness of a crime when it was
unfolding He saw the massive foreclosures coming but did
nothing at the time to stop them.
When I started making my film on the subject, a colleague
warned me that the issue might be too obscure to rate media
coverage. “No one likes to talk about money,” said a producer
friend. “This could be such a downer.”
I wasn’t the only one running into a wall of media refusal to
acknowledge what was going on.
Financier Peter Schiff, a supporter of Congressman Ron
Paul’s libertarian politics focused on government responsibility
not corporate complicity and yet was also treated with
hostility.
He told me “… every time I would find myself in that venue
where I was on television surrounded by other supposed experts
on economics in the market. They would completely dismiss
what I was saying … They would laugh it off; they would snicker,
you know. CNBC would start calling me Dr. Doom.”