The Hispanics and the Blacks Broke the Economies of the Entire Worlds!!111!!

[redstate_democrat]

I was listening to Faux Radio today and they were going bonkers. Some local generic hosts and Laura, Hannity et al were trying to blame Blacks and Hispanics for the credit crisis, claiming that all of these bad loans were made by "the minorities" who are broke and shouldn't have gotten a loan in the first place. :wtf: So, these folks are really trying to say that Blacks and Hispanics have caused a world-wide economic crisis? What proof is there that the bulk of these loans made were by minorities, or people who couldn't afford the homes in the first place? Isn't it just as plausible that these folks were suffering from situational poverty as a result of Bush's economic and trade policies?

Why not place the blame where it belongs? The credit crisis is a result of bad business decisions, banks who were highly leveraged, exotic mortgage backed securities that went unregulated and were overvalued, high speculation, and the erratic psychosis of greedy speculators.

Gosh. I'm tired of Blacks, Hispanics, Muslims, and the poor being blamed for every damn thing in this country. :mad:

[muntrv]

1. Yep. Cuz' we all know that white Christians NEVER go into foreclosure!

:sarcasm:

[musette_sf]

2. this is the moronic and bigoted meme

that the Bu$hie dead-enders are pounding. i just thrashed some @sshat on another board that i post to for the same BS.

in one of the deregulation acts, i forget at the moment which one, the Dems wouldn't play along unless there were some concessions given to the Community Redevelopment Act.

ergo = All The Dems' Fault

ergo = Loans To Minorities Are The Whole Problem.

of course if one compared the $$$$ of deep doo we are in due to Masters of the Universe playing with Other People's Money, against whatever small percentage of defaulted mortgages went to minorities, we know where the real problems are.

[Blondiegrrl]

3. They're not even trying to hide their racism anymore.

Regardless, hypothetically, let's pretend the idiots are right and that "minorities" took out loans they couldn't pay. Wouldn't the brunt of the blame be on the lenders who approved loans knowing there was a good chance they wouldn't be able to pay?

Geez. Those poor banks ... always getting taken advantage of by the poor people! :sarcasm:

[JustAnotherGen]

4. I'm not surprised

I'm not disheartened, it is what it is.

If you were a young black female in 1994 - you were the class of 1994's a la Contract on America's victim. I'm one of them. Will never forgive them.


Now isn't it funny - we have a black man for a Presidential Candidate - and they make black ='s fiscally irresponsible argument?

I know I know - get out my tin foil hat. But I won't. You can't make this shit up.

[Cali_Democrat]

5. Racist attacks usually go up in a time of economic recession

Uneducated folks will take their anger out on blacks and hispanics. They will blame affirmative action for job losses. They will blame blacks and hispanics for the mortgage crisis.

This time it will be worse because we have Faux News to fan the flames of anger.

[ProgressiveEconomist]

6. This is another R lie. Rs want to blame people in special Community Reinvestment Act,

FHA and VA mortgage programs for high default rates, because these programs were started or expanded most under Presidents Carter and Clinton.

Yet these programs do not offer the high-risk "option ARM" mortgages that have sky-high default rates (see page 26 at http://www.gao.gov/new.items/d0878r.pdf ). "Subprime FRM" (fixed rate mortgages) offered by these programs actually have auite low default rates (see page 10 of http://www.frbsf.org/publications/federalreserve/annual/2007/2007annualreport.pdf ).

Also, Rs repeatedly use the term "Subprime" to encompass not only true subprime loans but also low-documentation "alt-A" loans used by speculators. This is partly a data problem, because "National Delinquency Survey" data do not distinguish alt-A but lump most of them together with subprime, but IMO most Rs who talk about the credit crisis know about this data issue and actually consciously exploit it.

From http://www.gao.gov/new.items/d0878r.pdf

"Page 2 GAO-08-78R Default and Foreclosure Trends

The primary mortgage market has several segments and offers a range of loan products:

The prime market serves borrowers with strong credit histories and provides the most competitive interest rates and mortgage terms. In 2006, the prime market segment accounted for about 58 percent of mortgage originations (in dollar terms).

The Alt-A market (accounting for about 16 percent of mortgage originations) generally serves borrowers whose credit histories are close to prime, but the loans often have one or more higher-risk features such as limited documentation of income or assets.

The subprime market (about 24 percent of mortgage originations) generally serves borrowers with blemished credit and features higher interest rates and fees than the prime market.

Finally, the government-insured or -guaranteed market (about 3 percent of mortgage originations) primarily serves borrowers who may have difficulty qualifying for prime mortgages but features interest rates competitive with prime loans in return for payment of insurance premiums or guarantee fees. The Federal Housing Administration and Department of Veterans Affairs operate the two main federal programs that insure or guarantee mortgages.

Across all of these market segments, two types of loans are common: fixed-rate mortgages (FRM), which have interest rates that do not change over the life of the loans; and adjustable-rate mortgages (ARM), which have interest rates that change periodically based on changes in a specified index.

One of the main sources of information on the status of mortgage loans is the Mortgage Bankers Association�s (MBA) quarterly National Delinquency Survey (NDS), which represents about 80 percent of the mortgage market.

Page 3 GAO-08-78R Default and Foreclosure Trends

The NDS provides national and state-level information on mortgage delinquencies, defaults, and foreclosures back to 1979 ...

NDS data do not separately identify Alt-A loans but include them among loans in the prime and subprime categories."

[Liberal_in_LA]

7. LA radio also...looks like they all got the talking points: Maxine Waters, Acorn, & Obama crashed

the financial system.

[TheDonkey]

9. my black republican family members have been using this meme. "The hispanics!!"

and of course Clinton.

[bevoette]

8. wonder if they're laying the groundwork...

for an all out OVERT race-clash right before the election...trying to bring it to a head?

let the market crash
blame the minorities
then...break out Rev. Wright again, and all that bs

desperate times, desperate measures...would they go that far, honestly??

[PerfectSage]

10. What did you expect from stupid, F##king racists?

[Median Democrat]

11. I Thought The GOP Was Blaming The Jews For Skipping Out Of Town

For the holidays.

[Tutonic]

12. Have they taken a ride out into the Heartland? Rustbelt? Those aren't

blacks and Hispanics being forced out their homes. I'd vote for Obama if for no other reason than to reinstate the Fairness Doctrine. I know that he supports it and will see to it that the Democratic controlled House and Senate pass new legislation to limit these wrong-wing clowns.