The fact is, and as immodest as it may seem to say, independents were repeatedly ahead of the curve on covering the mortgage and real estate bubble and in connecting the dots between vital elements of the bigger story—especially the links between predatory and lending and the metastasizing mortgage-backed securities market.

In 2002, the Nation warned that the mortgage-backed securities market’s bottomless appetite for subprime mortgages was financing an epidemic of destructive lending. In 2003, Southern Exposure exhaustively documented Citigroup’s move into the mass production of high-interest loans designed to drain borrowers' meager wealth. In 2005, Mother Jones assigned me to find out why the streets of Cleveland were lined with vacant houses. A reasonable question, and I found the answers on the Wall Street credit securities market. Indeed, all through this period, alt-weeklies told tales found in living rooms and legal services offices of homeowners who had believed a mortgage broker’s misleading sales pitch and wound up facing foreclosure.

Examining "the fact" that "independent journalists exposed the dimensions of the problem with a depth and timeliness that mainstream news organizations simply and regrettably did not match," Katz thinks "it's not about being better journalists; it is about being tuned to a different audience and set of interests." Read FAIR's magazine Extra!: "Busted Bubble: The Press Fell Down on the Job on Housing Prices" (11–12/08) by Veronica Cassidy.

Apparently, Ben Stein has never heard about global warming. How else can someone interpret this paragraph:

I don't believe we need to do something radical about energy, but even assuming that we do, why do it right now? Do we need to take one of the few sectors that is working like clockwork through the recession--oil refining--and wring its neck by making it pay for pollution "cap and trade" credits? Why attack a healthy industry when so many other sectors are ill? What is all of this anger at Big Oil, which has not done anything blameworthy, all about? Why endlessly beat up the companies that keep the country going?

He then goes on to complain about the Obama administration's efforts to change the laws on foreclosures. This would be a good idea, except the Obama administration is not working to change the laws on foreclosure.

Baker explains that "Stein is opposed to this plan because he is worried that it will further discourage mortgage lending," even though "there is no problem of mortgage lending at present. Mortgage rates are near historic lows and the Mortgage Bankers Association applications index indicates that few people are having trouble getting mortgages." Baker is impressed with how, "once again, Ben Stein distinguishes himself by how many things he can get really seriously wrong in a relatively short column."

David Leonhardt's (February 18 New York Times) discussion of housing bailout plans never seems to consider the possibility that we would just let large numbers of foreclosures occur and let the banks eat their losses. Yes, many, if not most, of the banks will go under. So what? Why should taxpayers support convoluted schemes to protect these bank executives and their shareholders from their own ineptitude. We can protect homeowners by simply giving them the right to stay in their home as renters following foreclosure. It's a simple, costless and bureaucracy-free solution, but it screws the banks. So, the folks in Washington and the media apparently are not interested.

Listen to FAIR's radio show CounterSpin: "Dean Baker on Stimulus Package" (1/30/09)