Frank Louis
Is John Stossel a well meaning idiot or just being an obedient media employee?
By Frank Louis
February 28, 2011

Recently, I watched a rerun of a program that originally aired on Fox News last fall; "The Battle for the Future," a John Stossel "investigative-report" on our current economic situation. John was, as often, right on target with much of what he reported, and some not so right.

His guests also made all of the dutiful and stereotyped responses and claims as they debated and discussed everything from welfare to the national debt and everything else from education and taxes to the housing crisis.

And, you know what? Not one mention of Americans who were robbed of their life savings in the housing market fraud. And they did not mention that not a single individual has ever had so much as a penny returned to them since the fraud was uncovered. They did mention a theoretical society of "takers" rather than "makers," but I believe they are missing one big point with this analogy.

On another news "flashback" this weekend, I also watched a couple of old PBS "Frontline" programs from late 2009. These were programs in which people like Larry Summers and Alan Greenspan (both who made billions off of the housing debacle) were exposed for unyieldingly inflicting OTC Derivatives with no oversight onto the American and world economy.

You know, the unregulated economic gibberish that ultimately stole several trillion dollars from the American public (in property equity and cash savings) by marketing worthless mortgage backed securities and credit default swaps that were created through fraudulent mortgages often written to straw buyers by criminal real estate industry professionals. Greenspan, on these programs, adamantly defended not investigating fraud potential in these programs. Funny how that all worked out.

No, the media still (just today on CNBC, and on more than one program too) complain about how Americans "used their houses as ATM Machines," bringing the economy, they claim, to a halt they still claim by "over buying" and "over borrowing" real estate.

Boy, are they missing the point! If it weren't for the fraudulently inflated real estate "values" that the banks "created," to produce the securities to sell in the derivatives markets no one would have ever cashed out a penny. Can nobody understand that? We were duped. We invested in the economy. We are now in debt beyond belief.

But back to John Stossel's program. John, I am disappointed in you for not asking about this one thing. Were you told not to? I am beginning to believe that everyone in the media has been instructed not to connect this dot. Not only to not connect it but to ignore it all together.

One of his guests, Mr. Arthur Brooks, who heads the American Enterprise Institute, was discussing the economic system in what appeared to be a very well thought out way by stating that "the fairest system is the one that rewards the makers in society as opposed to rewarding the takers in society." He was discussing the welfare state but I think there is another group of "takers" he too is ignoring. Brooks also wrote "The Battle," which argues that the fight between free enterprise and big government will shape our future. I hope he has included investigating fraud in his book too.

Brooks, on this Stossel program, went on to say: "The way that our culture is moving now is toward more redistribution, toward more progressive taxation, exempting more people from paying anything, and loading more of the taxes onto the very top earners in our society."

Let me ask you, Mr. Brooks: Would you consider people like Larry Summers who knew that the system would fail and made billions shorting the very programs he so adamantly promoted a "maker" or a "taker?" How about Mr. Greenspan who, on the Frontline report said that he discovered that his 18-year economic approach was "flawed." Yep, Mr. Greenspan stated that he "found a flaw in the model' he created. Funny, he made money on his flaw and we lost. I do not remember agreeing to play his game either, actually. Is he a "taker?" John, couldn't you have asked this question?

What about the concept of "redistribution," Mr. Brooks? Would thousands, perhaps millions of Americans loosing tens of thousands of dollars each while gaining hundreds of thousands of dollars in debt by becoming grossly upside-down in their net worth be classified as "redistribution" in your book? Please tell me. You can come on my radio program. I'd like that.

What about the executives in these banking and financial industry giants who made hundreds of millions of dollars each in "bonuses" for bring the system down through fraudulent dealings. Are these people "makers" or "takers" Mr. Brooks? I am curious. I think they are not only "takers" but that they owe the American public trillions of dollars and also need to be in jail. What are your thoughts about that Mr. Stossel and Mr. Brooks? Was their crime just "Too Big To Fail?" Is that how it works?

Just this week, yet another "financial expert" came on yet another "news show" and told us how to take advantage of low interest rates and loosening credit. This "expert" provided "sound advice," like keep your credit cards paid down; don't miss your mortgage payments (even if it was sold to you at fraudulently inflated prices keep on paying it), and save money. Wow. What great insight. Hey expert, we did, we were robbed. How and where do they find these geniuses'? Craigslist?

This person also mentioned that a foreclosure will cost you about 200 points on your credit score. Are these people so blind? Millions of Americans who have been set up did have excellent credit scores before they were defrauded a few years ago. They did not have credit card debt either. They had saved and worked and had amassed hundreds of thousands of dollars in savings which was literally sucked from them because of the likes on Mr. Greenspan, Mr. Summers, and several financial giants backed by our congress and senate. When will anyone in the mainstream media even start asking about this question? When we bring it up, not until then.

Every week I get emails from people regarding these articles and my radio program. Usually, they are in agreement with me but they do not know where to turn. They too want a "short keep." Currently, there is nowhere to turn, not yet! As housing prices continue to fall and as more and more Americans become no longer "credit worthy," Someone will realize what has happened to this nation.

In the meantime, call radio talk shows and ask them about the things you read in my articles. If I am wrong, somebody tell me! Write letters to the editors of your local papers. Demand that the scriptural basis of our Constitution and Bill of Rights no longer be ignored. Stop letting unintelligible gibberish from PhDs and the likes of Greenspan continue to ruin this nation. If you were robbed on a down payment due to the inflated real estate prices that were a result of the fraudulent market, get vocal. Tell them: "I want my money back, I want my good name and good credit back, I want my life back!" You just might get it!

© Frank Louis


The views expressed by RenewAmerica columnists are their own and do not necessarily reflect the position of RenewAmerica or its affiliates.
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Frank Louis

Frank Louis is a print and on-air commentator who offers opinions and solutions on and for the economy, social issues, and the future of this nation. In the Old Testament, Nehemiah 4: 14 instructs us to fight for our houses; something we need to be doing now. Our future generations depend on it!... (more)


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