Mar
11
2009

Economics Made Simple–and Self-Serving

What caused the financial crisis, according to an online educational primer from textbook publisher McGraw-Hill? "Good Intentions"–i.e., the government encouraging banks to make loans to low-income homebuyers.

What did not cause the financial crisis, according to McGraw-Hill? Bogus estimates of credit risk issued by ratings agencies like Standard & Poor's–owned by McGraw-Hill.

See Extra!: "Scapegoating Minorities for Failure of Banking" (1/09) by Mary Kane.

About Jim Naureckas

Extra! Magazine Editor Since 1990, Jim Naureckas has been the editor of Extra!, FAIR's monthly journal of media criticism. He is the co-author of The Way Things Aren't: Rush Limbaugh's Reign of Error, and co-editor of The FAIR Reader: An Extra! Review of Press and Politics in the '90s. He is also the co-manager of FAIR's website. He has worked as an investigative reporter for the newspaper In These Times, where he covered the Iran-Contra scandal, and was managing editor of the Washington Report on the Hemisphere, a newsletter on Latin America. Jim was born in Libertyville, Illinois, in 1964, and graduated from Stanford University in 1985 with a bachelor's degree in political science. Since 1997 he has been married to Janine Jackson, FAIR's program director. You can follow Jim on Twitter at @JNaureckas.