Housing and Financial Crisis: Will the Right Blame at the Rich?

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It’s always good advice to not believe anything coming from the noise holes of Glenn Beck, Rush Limbaugh, Sean Hannity, or Bill O’Reilly, especially when they’re accusing struggling lower- and middle-class families for the nation’s economic woes. Today’s fact in point: the rich default on their mortgages at a higher rate than any others.

From the New York Times piece “Biggest Defaulters on Mortgages are the Rich”:

“Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.”

Republicans and the right-wing have consistently been hurling insults at struggling lower- and middle-class families, blaming them for getting homes they couldn’t afford. Meanwhile, millionaire Republican Ron Johnson in his latest ad thinks government debt somehow caused people to lose their homes, while conveniently ignoring a REAL cause of the financial crisis: the Republicans’ Gramm-Leach-Bliley Act.

Government debt didn’t cause people to lose jobs, Republican economics did.

The right has always let off the hook banksters on the other side of the contract and now we’ll watch as they ignore the uber-rich for defaulting on mortgages too.

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Cody currently oversees online communications, web development, and graphic design at One Wisconsin Now & the Institute, having served previously as Deputy Research Director.