We’ve noted on this blog repeatedly that the Wall Street Journal does an erratic job of covering the credit markets, sometimes reporting stories as late as a full month after they have appeared either at Bloomberg or the Financial Times. And we’ve also repeatedly caught the Wall Street Journal putting a positive spin on news stories, with the Financial Times taking a more detached view (the latest instance occurred this weekend).
So what do we make of today’s lead story in the Journal, “U.S. Mortgage Crisis Rivals S&L Meltdown“? There isn’t a news hook for this article; the severity of this problem has been under discussion for some time.
Gee, might the timing have something to do with the FOMC meeting scheduled for Tuesday? No wonder the Fed has trouble trying to fend off demands from market participants.