February 20, 2009
Fooled All Them Smartypants Peoples
Who’s to blame for the mortgage crisis? I’m working on an essay now that examines some of the rhetorical tactics used by pundits and talking-head experts dating back before the crisis became a crisis. Here’s an interesting example:
Purely personal reaction: One wonders how it is all those people who couldn’t afford mortgage loans managed to persuade lenders to give them loans in the first place. I’m sure their vast understanding of finance allowed them to fool the financiers.
You might enjoy this!
http://www.crisisofcredit.com/
Tim… Excellent. Thanks for the link. One interesting note: The representation of the sub-prime family in this presentation is exactly what my essay is about.
The rhetoric used to describe the subprime borrower is important to understand in the current economic debate.
For example, NPR said the typical subprime borrower is someone refinancing their home to pay down credit-card debt.
The “subprime crisis” is a part of the “housing crisis” which is a part of the “credit crisis.”
If we don’t understand the problem, resulting in majorities re-defaulting on their mortgages, we’ll waste billions of dollars on ineffectual legislation.
That cartoon “subprime family” jumped out at me as well – it reminds me of Kirstie Alley imagining a future, fat John Travolta and a roomful of snotty kids in “Look Who’s Talking.”
Here’s a great read from an industry insider.
Sven and Tim… Thanks for the links!
Today’s “losers” were the “winners” during the 90s and 00s market bubble and housing bubble.
What role did kairos play in the “winners” rhetoric then?
Tim… Good question. That will make a good follow-up.