McGraw-Hill Tells Kids: "Good Intentions Caused The Financial Crisis"

Looks like someone's been reading a few too many of those Republican talking points on the financial crisis.

You may not have been aware of this, but apparently "good intentions caused the financial crisis." That's the headline of a helpful educational primer for kids on the website of McGraw-Hill, a major provider of school textbooks.

In places, the writeup, which explains the historical background of the push for increased home-ownership, and offers a cogent explication of mortgage-backed securities, is quite helpful.

But it's hard to tell this story properly if, for political reasons, you have to steer clear of any explicit acknowledgment that the deregulation of the financial system -- out of a mix of misguided ideology and fealty to corporate interests -- was a major contributor to the collapse. Nor does the flat-out greed and borderline fraud of many major Wall Street banks enter into McGraw-Hill's telling of the story.

Still, maybe we're being too harsh. After all, everyone tried their hardest.

Bonus note: In case you forgot, we told you last month about how McGraw-Hill pulled out of a book deal with major financial blogger (and TPM friend) Barry Ritholtz, after learning that the book, Bailout Nation, would slam Standard & Poor's, the credit-ratings agency owned by McGraw.

http://tpmmuckraker.talkingpointsmemo.com/2009/03/mcgraw-hill_tells_kids_good_intentions_caused_the_financial_crisis.php

"Good intentions", "In good faith" , "Mistakes were made" (honest ones, that anyone could make, the intent of that statement)

History in America...wheeeeeeee

the crippling debt they have from the 'mistakes' of these times will be laid on us instead of the corporations and their puppet pols who created it all.

And it's not just the criminal debt...the "mistakes made" is about Bush's lie about "bad intel" for going to war and his "bad apples" lie about his torture program...

"in good faith" refers to the excuse for illegal spying, torture, etc..

America's history is shaped by the supplier of text books...and fact..especially ugly fact, is either left off or downplayed

and we wonder why we never learn from our mistakes in this country.

Now pardon me while I take a moment to figure out if I need to laugh or cry.

What's a better or more noble intention than "I want to make a shitload of money while the rest of the country goes to Hell"? Maybe we need more Rand in the curriculum, so that kids get inculcated with the "right" values?

Well, a few anyway.

right?

Damned GOPers.