The Deal executive editor Yvette Kantrow writes about how the business media performed in explaining the implications of the federal government’s bailout of lenders Fannie Mae and Freddie Mac to average readers.
“Alas, that’s not what most newspapers were saying, including The New York Times, which in its page 1 story on what-the-bailout-means-for-you-dear-deadbeat noted that ‘the emerging consensus is that the government takeover will help stabilize rates’ or, if we’re lucky, rates ‘might even fall a quarter of a percentage point or so.’
“For its part, a widely disseminated Associated Press report pegged the possible rate decline at as much as half a percentage point but warned that ‘continued investor wariness and a depreciating housing market will keep rates from dropping further.’ Bummer.”
Read more here.
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