A Court Case to Define the Meltdown Narrative

On Monday, a district judge in Los Angeles will be asked to dismiss the S.E.C.’s case against Angelo Mozilo, the former CEO of Countrywide Financial and the eponymous hero of the “Friends of Angelo” program, which provided favorable loans to people in high places . So reports Peter J.

Henning of the New York Times in “The Subprime Mortgage Crisis on Trial.” It will be a case worth following. In particular, it will be interesting to see how assiduous the media are in linking Mozilo with his political patrons, such as Senator Christopher Dodd of Connecticut. Interesting, too, will be the extent to which journalists point out Mozilo’s attempts to exploit the thuggish “diversity” agenda that has violated the rights of mortgage lenders for decades. As I noted a few days ago , Larry Ribstein says this trial will be an attempt to use the justice system to define the narrative of the financial meltdown . For that reason alone, it is a case that pro-capitalists cannot leave to the anti-business journalists.

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