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What’s the real cause of this economic crisis?

What’s the real cause of this economic crisis?

And exactly just what it claims about language, the business enterprise press, and exactly how we take into account the crisis that is economic

By Elinore Longobardi

“Lousy loans, ” says Elizabeth Warren, the chairwoman associated with Congressional Oversight Panel. We agree. And then we just like the expression, particularly as it provides a good counterweight compared to that other double-L expression, “liar loans, ” which tends the culprit the debtor. Warren’s expression is a laid-back one, of course, however in some real means it is far better compared to the language the press has tended to used to characterize the origins regarding the crisis. Truth be told, of all possible terms to explain these lousy loans, the press never ever discovered the correct one. And as we’ll see, having less a word—one that is single adjective to set up front side of this word “loans” or “lending, ” a term that will encapsulate the boiler-room culture that took over the mortgage industry—cost many of us plenty.

Rather than the right term, the press deployed another word—“subprime”—for reasons which are to some degree understandable, but regrettable however. Unfortunate because “subprime” describes only the debtor, in unflattering terms, and it has nothing to even say concerning the loan provider.

That brings us to a second expression: the less frequent but a lot more interesting “predatory financing. ” Interesting us closer to the heart of the problem, putting the focus on the lender, and yet still falls tragically short because it both gets. Its rhetorical punch has trained with endurance but in addition has hindered its broader acceptance because of the press—leaving area for “subprime” to slide into more and more common use and finally to take over the discourse. Continuer la lecture de What’s the real cause of this economic crisis?