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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: charles on 10/02/2008 7:35AM
Now this is a very stupid way of thinking. If Blacks are the cause of the meltdown, then why are white the greatest numbers in foreclosures. Blacks consist of a very low approval rating for home ownership. Most minorities have used USDA, loans and FHA. However, the meltdown on Wall Street and high gas, and 10 billions going to the war each month, will continue are the hardship created upon this country. The foreclosure rates are very high among whites than blacks. Because of the lost of income, people lose homes. People with this thinking are trying to get a pay check at the expense of trash people. Watch a book, deal is coming next. Its the oldest trick in the book, but thats a can a worms I welcome him to open, then it will be exposed how Black were being denied loans with the same credit rating and income that whites were being approved. Stupid guy keep singing and justice will come for the same minorities you are trying to trash.
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By: Darryl R. Gaston on 10/02/2008 7:29AM
God would not be pleased with human beings taking advantage of others.Greed is a terrible thing !
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By: jj on 10/02/2008 7:32AM
I have read most of your comments. No one has any real clue about statistical information. You dont like the idea of people of your race being responsible, and you in turn start blaming other races, huh, thats contradictory wouldnt you agree. Research it, if you can prove information that says blacks arent fully or partially responsible, post the info, show the proof to beat the guy who said this stuff about minorities, not just rambling words about your feelings!
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By: Thomas Crandall on 10/02/2008 7:42AM
Well in this day and time there is always a lot of blaming going on. Well money seeking greedy investors are getting their hands slapped now and paying the price. We all know that the ones with the top salaries at the top would never take any blame, but know that they cannot skim the cream off the top too much and still call it milk. Fix the problem from the beginning and cap the upper salaries of the large investment groups and corporations and fill in the gapping tax loop holes.
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By: ally on 10/02/2008 8:06AM
I am not surprised at these accusations. Who would have the guts to make a statement like this.
You know, I see this all the time, blaming things on Black people? What is the world coming to? If its a white crime, its always the Black person's fault. Some Whites have blamed Black people for their crimes, killing ones's children, but guess what the white mother did it.
This FINANCIAL CRISES is white collar crime and the higher officials who are getting feedback know it. Admit it, it was all greed and carelessness to get money in your pockets. By the way, I have the best credit in the world, I still don't get the best rates. So go figure for yourself.
Try refinancing your property, they stick all these hidden fees in and if your mortgage is now down to $80,000 it will ending being $90,000+ with getting any money out. You are trying to get a cheaper rate, but the commission is enormous for the Agent. By the way, my housenot jump up $70 this year and earlier years it only went about $30.00 per year. I could go on and on.
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By: Sid on 10/02/2008 8:04AM
While one's race is not as big of a factor in becoming educated as it once was, it is STILL in many cases a factor in obtaining EMPLOYMENT. Somehow, the kind of jobs that allow a person to buy a home or get a loan of any other kind continues to elude many well educated minorities. No matter how well educated, a minority in this country is often still considered as "lacking something". This does not, however, remove from the minorities the desire to have a tiny piece of the American pie. And when minorities do try to get a piece of the pie, they are often paid wages that are too low to afford even the basic things in life that make people happy and feel successful. In an economy where minorities are struggling just to keep electricity in their homes or food in their refrigerators, it is easy to blame them for a lack of spending in the economy and defaulting on loans with constant changing conditions. In a true system of equal employment opportunities, there is a level playing field and nobody can be singled out when the economy goes sour.
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By: ben on 10/02/2008 8:07AM
thats nonsense have you heard of johhny carsons side kick ed mchon He owned a million $ house and hes white and it went into foreclosure when he was ill.they mail out people 5-10 credit card applications,and charged them with late payments high interest and get rich .then they want to blame minorities please ,with misleading and liar to get people to sign.its there own practices and fault this crisis came on
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By: MICHELLE FRANKLIN on 10/02/2008 8:36AM
REMEMBER THIS! " WHAT YOU DO TO ANOTHER ...YOU DO TO YOURSELF. THAT'S WHY WE DON'T NEED TO GIVE WALL STREET ,GEORGE W RETARD BUSH OR THE REST OF THEM BASTARDS A DAMN DIME.
THEY CREATED THIS MESS! ...NOW CLEAN IT UP! ...AND DON'T TRY TO USE MY MONEY TO DO IT. I REMEMBER WHEN THE OLD FOLKS USE TO SAY " IF YOU THINK RACISM IS OVER YOU ARE TOTALLY MISTAKEN... WHAT THEY ARE GOING TO DO IS ATTACK YOU WITH THE PENCIL". AND THEY DID. BUT LETS NOT BLAME FOLKS,LETS JUST LEARN FROM OUR MISTAKES AND CALL IT LESSON # 57,888. ALWAYS READ THE FINE PRINT! AND IF IT SOUNDS TOO GOOD (2500) A MONTH MORTGAGE, THEN YOU WERE SUPPOSE TO ASK THE BIG QUESTION "WHAT IS THE MAXIMUM THAT MY MORTGAGE COULD GO TOO" 5000 WAS THE ANSWER.SO YOU WERE SUPPOSE TO SAY "WE CANT AFFORD THAT" SO ITS PARTLY OUR FAULT FOR NOT READING THE FINE PRINT. THE DEVIL WAS IN THOSE DETAILS. SO NOW WE KNOW ,AND NOW WE ARE RENTING ...OH WELL! NO TAXES, NO INTEREST, JUST MONEY SAVING STRATEGYS SHOULD BE PRACTICED NOW.THESE PEOPLE INTENTIONALLY ROBBED THE COUNTRY AND ARE NOT REMORSEFUL.BUT THEY TAUGHT US A VALUABLE LESSON...STAY PUT! WERE EVER YOU ARE NOW IN LIFE STAY PUT! BLACK FOLKS WE KNOW HOW TO MAKE SOMETHING OUT OF NOTHING .THEY ARE GOING TO BE SUFFERING ...AND WHEN THEY DO, THEY WILL START TRYING TO ACT AS IF WE ARE THE BEST OF FRIENDS AND WILL WANT US TO HELP THEM OUT. THAT'S WHY ALL THE WHITE GIRLS ARE TRYING TO GET WITH YOU...THEY THINK (KNOW)WE ARE GOING TO BE THE SAVIOR FOR THIS MESS. BUT BLACK FOLKS...SAVE YOURSELF!!!!!! YOU WILL SEE WOMEN TRYING TO HANG AROUND YOU . AND THE MOST POPULAR MOVE THEY HAVE NOW,IS TO PICK YOU! YES THAT'S RIGHT THEY WILL JUST COME UP AND START TALKING TO YOU AS IF YOU WERE BEST FRIENDS. SO MEN BEWARE! THEY WILL ACT AS IF THEY JUST LOVE YOU SO MUCH , THAT MEANS "NIGGA CAN YOU SAVE ME" BUT CHARITY STARTS AT HOME! BE WATCHING HOW MANY WHITES REALIZE THAT THE GOVERNMENT MEANT TO F*CK UP OUR SH*T BUT GOT THEIR ASSES TOO..."WHAT YOU DO TO ANOTHER YOU DO YOURSELF. BLACKS GOT A ACE IN THE HOLE,GRAMMA NEM,AND THEY OLD SCHOOL WAYS DON'T SEEM SO BAD AFTER ALL!
I REMEMBER GRAN SAYING " GO OUT THEIR AND BRING IN A LETTUCE AND 2 SQUASH AND A TOMATOES FROM THE GARDEN " SO GUESS WHAT? GET YOUR ASS A GARDEN AND STAY OUT OF THEIR STORES BUYING THAT SH*T THAT MAKES THEM RICH AND BEFORE YOU KNOW IT THEY WILL BE IN THE SOUP LINE RIGHT NEXT TO GEORGE BUSH!
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By: Harold Carmichel on 10/02/2008 10:25AM
What is typical is the response of the readers on this site. It is the same response as the article. Everyone wants to believe that it is not the little guy or minority that has caused the problem. It is the "rich white guys" that made the poor take these loans.
It is not the rich white guys that made us take these loans out. It is our responsibility to pay these loans back and make the correct decission to get them. Our community is part of this problem and we need to face it.
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By: Mimi on 10/02/2008 8:40AM
NEIL BUSH, MCCAIN, CHENEY AND THE BUSH FAMILY ARE RESPONSIBLE FOR THIS SCAM. THE SAVINGS AND LOAN SCANDAL OF THE LATE 80'S....THE MAJOR PLAYERS ARE STILL AROUND AND THEY ARE IN THIS CURRENT ADMINISTRATION.
NEIL BUSH IS GEORGE BUSH'S OTHER BROTHER. THE ONE THEY DON'T TALK ABOUT. THE SAME ONE WHO WAS INVOLVED IN THE SAVINGS AND LOAN SCANDAL OF THE LATE 8O'S. THE SAME THING HAPPENED IN THE LATE 80'S. IT'S THE SAME SCAM ALL OVER AGAIN JUST WIDESPREAD AFFECTING EVERYONE...NOT JUST MINOIRITES....EVERYONE.
THE BUSH FAMILY WAS INVOLVED. GOOGLE SAVINGS AND LOAN SCANDAL AND DO YOUR OWN RESEARCH.
JOHN MCCAIN WAS ONE OF THE ORIGINAL KEATING FIVE MEMBERS. MCCAIN IS THE ONLY SENATOR IN OFFICE FROM THE ORIGINAL KEATING FIVE. GOOGLE KEATING FIVE DO YOUR RESEARH. THE KEATING FIVE - NAMED AFTER CHARLES KEATING A MAJOR PLAYER ALONG WITH NEIL BUSH IN THE SAVINGS AND LOAN SCANDAL.
GOOGLE NEIL BUSH, JOHN MCCAIN, CHARLES KEATING AND THE BUSH FAMILY IN CONNECTION WITH THE SAVINGS AND LOAN SCANDAL. DO YOUR RESEARCH AND YOU WILL FIND THAT THE SAME PLAYERS ARE STILL AROUND TODAY.
ALL OF THE LOANS GIVEN TO PEOPLE WERE NOT JUST FOR PURCHASING NEW HOMES. A LOT OF PEOPLE REFINANCED THEIR EXISTING MORTGAGES WHITE PEOPLE INCLUDED. WHEN SOMEONE APPLYS FOR A MORTGAGE, WHO KNOWS BETTER THAN THE LENDING AGENCY ABOUT HOW MUCH THE HOME OWNER CAN AFFORD. THEY DID NOT JUST LOAN MONEY TO PEOPLE WHO DID NOT HAVE THE MEANS TO PAY IT BACK. THEY CHECK YOUR CREDIT OVER AND OVER AGAIN. THEY KNOW WHAT YOU CAN AFFORD. THE PROBLEM WITH THE HOUSING CRISIS (SCANDAL OR SCAM IT'S ALL THE SAME) IS THE RISE IN THE INTEREST RATE. THEY DID NOT OFFER 30 YEAR CONVENTIONAL MORTGAGES TO PEOPLE WHO COULD AFFORD THEM. WHAT THEY OFFERED WERE MORTGAGES AT TEASER RATES SUCH AS 5.75% WHICH YOU COULD HAVE FOR 5 TO 7 YEARS. AFTER THAT TIME YOU COULD REFINANCE TO KEEP YOU RATES LOW. THE PROBLEM IS WHEN IT CAME TO REFINANCING THE RATES WERE NOT AVAILABLE. SO OF COURSE YOUR LOAN PAYMENTS WOULD HAVE INCREASED. THEY COULD HAVE EASILY OFFERED A REASONABLE FIXED RATE AT 30 YEARS CONVENTIONAL... BUT THEY FAILED TO DO SO.
FOX NEWS IS VERY RACIST....AND ANYONE WITH AN OUNCE OF BRAINS KNOWS THAT. I DON'T WATCH FOX NEWS BECAUSE I KNOW THEY ARE A BUNCH OF LIARS AND ILLITERATES.
THE ONLY PEOPLE TO BLAME FOR THIS CURRENT HOUSING SCAM IS THE SAME PLAYERS FROM THE ORIGINAL SAVINGS AND LOAN SCANDAL. THOSE SAME PLAYERS ARE STILL AROUND TODAY AND ONE OF THEM IS RUNNING FOR PRESIDENT....JOHN MCCAIN.
VOTE JOHN MCCAIN...THE ORIGINAL MAVERICK OF THE KEATING FIVE....MCSHAME!!!!MCSHAME!!! SUCH A SCAM ARTIST.....MCSHAME!!!MCSHAME!!!
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