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Where's Cavuto's Outrage About a Possible Government Bailout of Mortgage Lenders?

Reported by Melanie - August 3, 2007 -

When it comes to you and me, i.e. "the purchasing class," Neil Cavuto toes the Republican line as to what our responsibilities are. Corporations can produce whatever kind of fattening, processed food they want but it's our job to resist eating it. If we get fat or sick, it's our fault. If we get lured into buying a house with no money down and an adjustable rate mortgage and it adjusts up such that we can't afford it, tough. We were stupid to do it and it's our responsibility to get ourselves out of it. If we live hand-to-mouth and end up on the street because we lose a job, tough on that one too. I could go on and on with examples but no matter what, whatever happens, it's our fault and our responsibility.

But when it comes to the government possibly stepping in to help some of the lenders who are losing their butts because they bought or made loans that can't be repaid (the subprime mortgage crisis), Cavuto doesn't raise an eyebrow. As a matter of fact, he brought it up twice today (August 3, 2007), as if it might be a good thing.

In a roundtable discussion about the drop in the Dow, Cavuto wondered how the "average investor" should play this market and casually said, and "now you hear talk that the federal government might step in to help mortgage lenders." Later, in a discussion with a mortgage lender and a homebuilder, he said that earlier today a lender, "who saw his shares drop dramatically, I think close to 20% today, was talking to Senator Chris Dodd who had suggested, 'do you need any help," or, I think saying, 'look, what can the government do?' Is it time for the government to get in and offer some help? Bailout might be too strong a word but what?" The homebuilder said a rate cut might be nice but instead of expressing outrage, like he did a few weeks ago during a segment about the state of New York establishing a loan program to help homeowners who are getting squeezed as a result of this crisis, Cavuto lamented that Freddie Mac and Fanny Mae may be hesitating because, "It would make it look like a crisis." Whereas in the discussion about the New York loans (that's l-o-a-n-s folks), he was outraged that some people were getting a "handout" while other people (the "good people," was his insinuation), were doing what was expected of them -- working hard, paying their bills and not expecting "the nanny state" to take care of them.

One thing can be said for culture warrior Cavuto: he excels at hypocrisy.