Dean Baker, Debunker
During last night's debate, Senator McCain blamed the housing market meltdown on Fannie Mae and Freddie Mac's lending practices. While Fannie and Freddie, as huge actors in the mortgage market, certainly contributed to the bubble, it is absurd to point to them as principle culprits. Their market share actually fell as the bubble grew to ever more dangerous levels, dropping from 50.1 percent in 2002 to just 34.8 percent at the peak of the bubble in 2006.
Much of last night's presidential debate centered on "Joe the Plumber," Joe Wurzelbacher, a plumber who Barack Obama met while campaigning in Ohio. According to the New York Times, Mr. Wurzelbacher says that he is planning to buy a plumbing business that has profits of between $250,000 and $280,000 a year.
I always think it's cute when Dean Baker says that he thinks the press should do its job. By cute, i might mean 'depressing'. And i love the snark about the hypothetical border gaffe; we all know who really made that gaffe and who got away with it.
Also note the part that i italicized. People often don't realize that with our graduated tax scales, it's only the part of your income over the threshold that is taxed at the new level.
By fnord12 | October 16, 2008, 11:47 AM | Liberal Outrage