CNN Blames Lenders For 'Credit Crisis'
In debt? Donât worry, you wonât be blamed by CNNâs âIn the Moneyâ team.
On March 10, the CNN show featured an interview with James Scurlock, maker of the new documentary âMaxed Out,â but left out hard questions and company representatives.
âWhat if the credit crisis really isnât your fault at all?â CNNâs Ali Velshi asked as he introduced Scurlock.
The filmmaker explained that he assumed people were irresponsible, but he talked to individuals who had âdone everything rightâ and still had terrible credit scores.
âThey had no credit cards. If they wanted something they saved up and paid cash for it,â said Scurlock. But Scurlock didnât say, and none of the âIn the Moneyâ reporters asked him, why these people had terrible credit.
Scurlock asserted that âthere a lot of people who have been taken advantage ofâ and referred to sub-prime mortgages that he said âare really designed to fail.â 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 Scurlockâs charge.
The filmmaker also discussed credit cards calling the companies âhuge profit machines,â but âIn the Moneyâ didnât include a single representative from a credit card company.
Scurlock blamed personal debt and bankruptcies on unstoppable life situations, saying, âThe only real solution is to never go to the hospital, never get divorced and never lose your job, which I donât think is that realistic.â No one disagreed.
Wastler, an âIn the Moneyâ regular, brought up recent congressional hearings about credit card practices and called company promises for more transparency âmalarkey.â
âOther people say donât have credit cards, pay for everything in cash that seems impossible as well. Pay your monthly bill on time â okay, well that isnât always practical. But so what else can you do?â Young asked Scurlock.
Sometimes you can call the companies and negotiate with them for a lower interest rate, Scurlock answered.