The media elite are worried the false narrative they've crafted about Wall Street causing the crisis is starting to crumble. Instead of fessing up, they blame us.
'One group has been especially vocal about shaping a new narrative of the credit crisis and economic collapse," economic pundit Barry Ritholtz wrote in the Washington Post.
He condemned this rogue element for having the temerity to blame Washington. "These people are engaged in an active campaign to rewrite history," he complained. "They are winning."
Ritholtz throws IBD in that camp, citing on his blog our past editorials plus a recent front-page article documenting how banks came under siege by regulators to cut standards and lend more to boost minority homeownership in the crisis run-up.
Ritholtz calls this the "Big Lie." But it is Ritholtz who is intellectually dishonest. In trying to refute government's central role in the mess, he recites the same shopworn arguments about "unregulated financial instrument(s)" and "Wall Street bundling mortgages."
No analysis of the crisis would be complete without mentioning Fannie Mae and Freddie Mac, the toxic twins that by 2008 held or guaranteed almost half the bad mortgages in the system and drove demand for subprime securities. Ritholtz mentions neither.