Last night, an image quickly surfaced on Facebook of two quotes on the housing bubble, one from Herman Cain in 2005 and one from Ron Paul said to have been in 2001.
I asked my friend John Jay Myers, one of the first people I saw to post the pic, to provide evidence of Cain’s quote, and he got it to me today.
First, here’s the image in question:
And here is the relevant passage from Herman Cain in 2005. The full piece can be seen here. The passage is the 7th-9th paragraphs (the emphasized bits are in the image):
While none of the newscasters said the sky was falling, they did their best to pretend. When Fed Chairman Alan Greenspan came out and said the economy was strong, CBS did man on the street interviews to pretend the opposite was true. On May 3, ABCs Betsy Stark predicted the new job numbers would be out soon and the only question was how bad a hit the economy would take. When those numbers came in higher than predicted, nobody at ABC seemed to recall the networks cloudy crystal ball.
I wish that was all. Its not. You could write a book just on how poor the coverage has been of the alleged housing bubble. The media have been foretelling a massive bust in housing prices for months now. On May 19, ABCs Elizabeth Vargas said: The run up in housing prices is now beginning to look something like the boom in Internet stocks, and we know what happened there. That kind of ignorance makes homeowners fear that their most expensive possession could turn worthless overnight.
That wont happen. No matter how much the media compared Bush to Herbert Hoover last year, this is not the Great Depression. Now theyve given up on that failed comparison, but their coverage of the president has gotten worse.
Wouldn’t want to be accused of using “misleading or inaccurate” statements about Herman, now would we?