CNN Blames Lenders For 'Credit Crisis'
In debt? Donâ€™t worry, you wonâ€™t be blamed by CNNâ€™s â€śIn the Moneyâ€ť team.
On March 10, the CNN show featured an interview with James Scurlock, maker of the new documentary â€śMaxed Out,â€ť but left out hard questions and company representatives.
â€śWhat if the credit crisis really isnâ€™t your fault at all?â€ť CNNâ€™s Ali Velshi asked as he introduced Scurlock.
The filmmaker explained that he assumed people were irresponsible, but he talked to individuals who had â€śdone everything rightâ€ť and still had terrible credit scores.
â€śThey had no credit cards. If they wanted something they saved up and paid cash for it,â€ť said Scurlock. But Scurlock didnâ€™t say, and none of the â€śIn the Moneyâ€ť reporters asked him, why these people had terrible credit.
Scurlock asserted that â€śthere a lot of people who have been taken advantage ofâ€ť and referred to sub-prime mortgages that he said â€śare really designed to fail.â€ť His statement went unchallenged by the CNN team of Velshi, Allen Wastler and Jen Young, and there was no lending expert on the show to provide an answer to Scurlockâ€™s charge.
The filmmaker also discussed credit cards calling the companies â€śhuge profit machines,â€ť but â€śIn the Moneyâ€ť didnâ€™t include a single representative from a credit card company.
Scurlock blamed personal debt and bankruptcies on unstoppable life situations, saying, â€śThe only real solution is to never go to the hospital, never get divorced and never lose your job, which I donâ€™t think is that realistic.â€ť No one disagreed.
Wastler, an â€śIn the Moneyâ€ť regular, brought up recent congressional hearings about credit card practices and called company promises for more transparency â€śmalarkey.â€ť
â€śOther people say donâ€™t have credit cards, pay for everything in cash that seems impossible as well. Pay your monthly bill on time â€“ okay, well that isnâ€™t always practical. But so what else can you do?â€ť Young asked Scurlock.
Sometimes you can call the companies and negotiate with them for a lower interest rate, Scurlock answered.