May 15, 2009

Planet Janet re-orbits and the last word on The Monthly

Guy rundle takes aim at Janet Albrechtsen, The Monthly and Melanie Phillips.

Guy Rundle — Correspondent-at-large

Guy Rundle


Planet Janet Albrechtsen was back in orbit this week, returning to the conservatives’ most desperate measure — to try and blame the current financial squelch on excessive regulation and a social policy encouraging home ownership for low income families. Pinging off an article by noted housing economist Claudio Veliz — oh no that’s right he’s a humanist as much at sea in technical economics as the rest of us – Planet returned to the Tories new fetish objects, the 1977 Community Reinvestment Act (which addressed discrimination in lending), and the home ownership extension policies, to which Fannie Mae and Freddie Mac became subject.

Let’s deal with the CRA accusation once and for all. As the Chicago economist and Fed governor Randall Krozner noted in that lefty rag the Wall Street Journal, the proportion of toxic mortgages purchased under explicit CRA criteria and funds accounted for drum roll — two per cent — of the total of the bad debt that brought the system down last September.

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One thought on “Planet Janet re-orbits and the last word on The Monthly

  1. AR

    Mad Mark often gleefully told, in the Speccie, how Lord Blackheart of Coldharbour or Lord Cold of Blackheart, rescued him from obscurity of theatre reviewing (“.. to which I’ll happily return once Clinton is out of office..”) to write political polemics coz he’d done so well with “Clintons bl*wj*b jokes”. With such experience why couldn’t he become global content provider to the world, if the world were composed of uptight aemrikans.

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