And exactly what it claims about language, the company press, and exactly how we take into account the crisis that is economic
By Elinore Longobardi
“Lousy loans, ” claims Elizabeth Warren, the chairwoman associated with the Congressional Oversight Panel. We agree. And we also just like the expression, particularly since it provides a good counterweight to that particular other double-L phrase, “liar loans, ” which tends at fault the debtor. Warren’s expression is an informal one, needless to say, however in some methods it is best compared to the language the press has had a tendency to used to characterize the origins for the crisis. The truth is, of all feasible terms to describe these lousy loans, the press never ever discovered the best one. And as we’ll see, having less a word—one that is single adjective to include front of this word “loans” or “lending, ” a term that will encapsulate the boiler-room culture that annexed the mortgage industry—cost most of us plenty.
Rather than the right term, the press deployed another word—“subprime”—for reasons which are to some extent understandable, but regrettable however. Unfortunate because “subprime” describes just the debtor, in unflattering terms, and has now no one thing to say concerning the loan provider. Continue reading “What is the real cause associated with the crisis that is financial?”