Which Way’s Up?

Fox finds itself in another epic struggle with the facts

Fact checking has quickly become a media favorite, but some news outlets with a passing familiarity with facts have struggled with this concept.  Fox News put together this admirable effort that uses both hands and a professional train packer to shove words in Obama’s mouth instead of you know, checking the facts.  Here’s a taste:

OBAMA: “We have already identified $2 trillion in savings over the next decade.”

THE FACTS: Although 10-year projections are common in government, they don’t mean much. And at times, they are a way for a president to pass on the most painful steps to his successor, by putting off big tax increases or spending cuts until someone else is in the White House.

Obama only has a real say on spending during the four years of his term. He may not be president after that and he certainly won’t be 10 years from now.

What fact did you check exactly?  The fact that presidential terms last 4 years.  The “fact” that Obama is putting off huge tax increases and painful steps?  What about the $2 trillion?  Is he pulling it out of his ass?  Or has Obama pointed to spending decreases and Fox doesn’t believe him? 

OBAMA: “Regulations were gutted for the sake of a quick profit at the expense of a healthy market. People bought homes they knew they couldn’t afford from banks and lenders who pushed those bad loans anyway. And all the while, critical debates and difficult decisions were put off for some other time on some other day.”

THE FACTS: This may be so, but it isn’t only Republicans who pushed for deregulation of the financial industries. The Clinton administration championed an easing of banking regulations, including legislation that ended the barrier between regular banks and Wall Street banks. That led to a deregulation that kept regular banks under tight federal regulation but extended lax regulation of Wall Street banks. Clinton Treasury Secretary Robert Rubin, later an economic adviser to candidate Obama, was in the forefront in pushing for this deregulation.

Yes, this is entirely true.  It was under the Clinton Administration that the financial regulations and markets were liberalized.  It was with a Republican Congress.  There’s blame on both sides.  So where did Obama say that only Republicans were to blame.  To me the overreaction here is more telling than the fact checking.  The Republicans were in power for so long that their mantra is well know by all and is clearly being tested today.  Therefore, Obama doesn’t even need to accuse them of anything.  It’s the old detective trick.  Tell the suspect that the victim was brutaly bludgeoned and wait for them to deny vehemently that they even own any bludgeoning tools.  ”I don’t even know how to properly throw my wait behind a 10 lb sledgehammer.”  To which the detective coyly responds, “I didn’t say anything about Republicans profiting from an economic meltdown.” 

Here’s what a real fact check looks like.  What do you think?  Are you planning on enjoying the right squirm for at least the next 2 years?  Hoping that Bobby Jindal makes it to a debate with Obama?

whichwayisup Politics Economic Meltdown, housing, Obama, Politics, Republicans