LOU DOBBS MAKES A WEDGE ISSUE?

(Via Nicole at Crooks & Liars)

I'm not referring to his anti-immigrant talk, which can get pretty far removed from the facts, but his discussion of the current economic crisis. Many in the GOP's base think immigration is a HUGE issue and I'm pretty sure they watch Lou Dobbs. Dobbs' attack on Free Market Fairy Tales may turn these immigration-cons against the money-cons. Here's some of what Dobbs and his guests had to say on 1/22/08.

DOBBS: Robert Kuttner is referring to the collateralized debt obligations, more securitized debt, the misapplication of which Professor Siegel we have seen the ramifications for just about 30 years in this country. Why in the world aren't the regulators in this marketplace, why aren't they regulating these institutions? And why in the world is this government, in both political parties, permitting this kind of unadulterated, unfettered capitalism to rape this country?

DOBBS: Where are the free marketeers now? Where are those faith-based economists who said let Mr. Market smile and everything will be fine?

DOBBS: We talked about the structural issues here. Lord knows we need the stimulative package because we have people in this country hurting. And to the degree that this president and this democratic leadership and congress moved money in direct form -- and I frankly don't care what form it takes so long it gets to the families and the men and women who need this money to stimulate the economy -- that's all well and good. But what are we going to do about the failure to regulate? What are we going to do about the massive debt that has been run up here? And when are we going to see these presidential candidates, Professor Siegel, if I may start with you, when are we going to see them start addressing the real issues? A debtor nation in perpetuity, is that what we're going to be?

KUTTNER: This is not about the business cycle. This is about the regulator throwing away the rule book and virtually inviting sub- prime lenders to make 100% loans to people with bad credit histories. Congress passed a law in 1994, the home equity protection act, prohibiting this and Greenspan refused to do this. He was an enabler of this.

DOBBS: An absolute enabler and Professor Siegel, let's come back and we're going to talk about these so-called free markets and the role in country's history and how far we've gotten from both our history and our national values.