The new Big Racist Lie

The reactionaries who control this country have developed a new Big Lie, and it's subtle so you might have missed it. They're claiming that the current crisis in banking and credit is the result of lending to minorities, and specifically the result of Demon-crats forcing banks to lend to minorities. This is bullshit. But it's bullshit being given legitimate play in mainstream media: check out the liars on cable news, liars on public radio, liars in syndicated editorials and liars in national op-eds, and a liar in John McCain campaign commercials (not that that last is very surprising).

The details on the new Big Lie are here, but the top line for ethical Americans is simply to be aware of the lie and be on the lookout for it. The counterpunches are:

• The Community Reinvestment Act did not require anyone to lend to anyone.
• Yet CRA loans are on average more secure and provide a higher return than mortgages in general.
• The suggestion that the banking business's current problems are the fault of minorities and those who support equality for them is vile and evil and should be denounced.