An Open Letter to PolitiFact Oregon
November 18, 2011
Dear PolitiFact Oregon:
Please fact check a statement in today's Oregonian that wrongly places blame for "one of the greatest upheavals in American business history." The story headlined N17 action against Portland banks may start a new chapter for Occupy Portland stated:
The industry bashing comes at a time the financial sector is still trying to regain its footing after one of the greatest upheavals in American business history.
On Wall Street, some of the nation's biggest banks drove themselves to the brink of ruin selling and buying mortgage-backed securities of dubious value. At a local level, banks bet big on the housing market devoting huge shares of their loan portfolios to developers and builders.
Congress enabled it all by pushing the industry to make more mortgage loans to people of more meager financial means.
No one, including The Oregonian’s news desk, should be above being fact checked by your team, especially when making claims on some of the most important political-economic developments in recent U.S. history.
I look forward to seeing the result of your investigation.