By Alexis Garrett Stodghill, BlackVoices.com
As the official scapegoats of the capitalist system for centuries, it seems unsurprising that yet again black folks and minorities are being blamed for the actions of the mostly rich, white powerful men who control almost every aspect of this country's financial system. These are the real culprits--the ones in control--who are about to benefit from the bailout plan.Neil Cavuto of Fox News has gone on record as saying "Loaning to minorities and risky folks is a disaster," during discussions of what precipitated our economy's meltdown. And he is hardly the only one singing in this chorus of blame.
In essence, many seemingly intelligent leaders are suggesting that it is not the heads of financial firms who are to blame for the sudden economic crisis. People skilled in financial knowledge and forecasting, who sought new mortgage volume at all costs so that they could bundle these loans to create massive profits for themselves by selling them as securities aren't to blame. No, no, no. Their motives were correct and pure. They are the victims!
It is the fault of the stupid "minority" credit-seekers who strong-armed these entities into giving them money that they knew in their hearts they could not and would not pay back. It was their ignorance of the terms of their loans. The problem wasn't, perhaps, the creation of overly complex mechanisms for lending, that were then intentionally not explained to trusting consumers who believed in the sales techniques of mortgage brokerage firms, which were preached like gospel. These "risky" customers knew that the entire financial system was resting on their shoulders, didn't they? How could they be so irresponsible?
Forget the fact that the officers of financial firms knew better than anyone else what effects on the average consumer their variable financial instruments would have. They knew better than anyone what people of normal means could afford. But the riches acquired by trading bundled mortgages were so great, they seemed to lose their self-control. And, for some reason, government overseers turned a blind eye.
The professionals paid to supervise the system failed to supervise. The financiers who profited from bad lending practices are about to get their bills wiped clean. The ones responsible are not being held accountable. And working class workers, blacks and minorities are being blamed. And people wonder why Rev. Wright has ever spoken badly about America.
Yes, let's blame the average Joe. And more importantly, let's blame the minority, for being stupid, poor and most of all trusting. Trusting that they could responsibly attain the American Dream of home ownership with the financial tools that paid professionals ensured them were within their reach.
More on Crisis from NPR News and Notes:
Comments: (252)
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By: Fierce on 9/26/2008 1:29PM
Bullsh!t!
This is so typical! The big guys screw up & blame the little guy.
1. 9/11, that wasn't CIA's failure, it’s the poor airport handlers who couldn't speak English! They let the terrorist go in with box cutter, which was absolutely legal then, by the way. That fat cat idiot Tennet got a Medal of Honor. Can you say "fu@k me HARD?"
2. Now this whole housing crisis is the victim's fault? These fraudulent predator lenders threw all the fundamental principles of any decent, unscrupulous, ethical business out the window. These fundamentals are Good Faith, Fair Dealing, Full Disclosure.
These pigs screwed people over without any due diligence, proper assessment & mitigating of the risk they took. Risk & reward go hand in hand. They only wanted the reward, but "risk, what risk?"
Well on behalf of all the victims, I say (with pleasure) "Fu@K YOU hard."
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By: HABITANTLOBBYIST on 9/26/2008 1:34PM
Of course it is necessary whilst that should tell you how far the folks will go with what has gone wrong since civilization. Naive today me and you carry the burden of its institutionalise of racism rather unless they themselves find solution to make sense. Abreast of civilization stand a put that even Political Thinkers and Economist are evening sweating their greediness off.
Yesterday cousin Nesto did not suspend his campaign rather play the chip attitude that when you need me will be there. The folks have to make it right and stop daily ignorance that Tax Payers are the risk to wipe their sins.
We are not only making history on what has gone wrong rather we seek to let them get away for their own safety whilst I thought me generation we were closing down on the little whispers which has blended and fooled civilization.
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By: HABITANTLOBBYIST on 9/26/2008 1:34PM
Of course it is necessary whilst that should tell you how far the folks will go with what has gone wrong since civilization. Naive today me and you carry the burden of its institutionalise of racism rather unless they themselves find solution to make sense. Abreast of civilization stand a put that even Political Thinkers and Economist are evening sweating their greediness off.
Yesterday cousin Nesto did not suspend his campaign rather play the chip attitude that when you need me will be there. The folks have to make it right and stop daily ignorance that Tax Payers are the risk to wipe their sins.
We are not only making history on what has gone wrong rather we seek to let them get away for their own safety.
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By: Fierce on 9/26/2008 1:40PM
See when you throw shit in the air, it falls right back on your face. I am not being ficitious when I say what I say. I know these investment bankers & how they think, I work with them!
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By: SMH on 9/26/2008 1:43PM
The lending institutions saw the credit ratings and information on applicants and knew the risks and still made the decision to loan the money anyway - bless their heart.
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By: alexis smith on 9/26/2008 3:07PM
that's just like the rich not to take the blame for their own actions
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By: Coach white on 9/29/2008 7:53AM
I am not offended. I am black my bills are caught up. Oh and i believe in paying on time and i forgot to mention i have experience some life struggles along the way. But in GOD i still trust. Let them put the blame wherever. If you give the money to them who's fault is it. Both. The one who cant pay and the one who gave it. All the credits checks they do. You can buy gum without them saying we have to do a credit check. But they got greedy and gave the money away.
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By: anthony thomas on 9/29/2008 9:50AM
if they were so successful and educated in the mortgage business, why didn't they see these problems far out before they came, and second i personally think that the corruption capital is deteriorating along with financial scandals they were all in and the poor workers have to suffer with loss of jobs while the rich build new homes and go on trips. listen people: "it's easier for a camel to go through the eye of a needle, than for a rich man to get in heaven."__Jesus
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By: anthony thomas on 9/29/2008 9:51AM
Don't let none of these things happening now surpise you or get you upset. These are the end times and so let's just get ourselves right for the rapture.
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By: Jeff on 9/29/2008 10:54AM
First and formost to a previous poster, People on welfare DO NOT want to be there. There's no glamour in being on welfare, it does not compare to how these fat cats are living. And just one other thing, tell me how much you love the "greatest country in world". While you have been business noting our differences, the powers that be have been looting this country.
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