Monday, February 23, 2009
Kotz / Media / The Economy Revisionist History: Negroes Are to Blame for Collapsed Economy!
Posted by Pete Kotz on Mon, Feb 23, 2009 at 5:40 AM
Sowell, the newspaper world's token black conservative, says the collapse was caused by the federal government, which forced banks into an affirmative action program where they had to write home mortgages for unworthy blacks. In short: race-based do-gooderness prompted all that ails us today. Writes Sowell:
"Quotas were imposed--and if some people didn't meet the standards, then the standards had to be changed. Both HUD and the Department of Justice began bringing lawsuits against mortgage bankers when a higher percentage of minority applicants than white applicants were turned down for mortgage loans."
It's a very weird theory, considering that it defies all we know about the housing crisis. Banks jumped into the subprime market for the simple reason that it was hellaciously profitable. For a brief window, they discovered that people with poor credit made much better customers, since they could be drilled excess fees and loanshark interest. They just didn't acknowledge the back end -- that these loans would never be paid off.
But since the initial and nastiest rounds of predatory lending occurred in black neighborhoods, where the victims were easily painted as deadbeats, conservative are now pointing to them -- and government do-gooders who aided them--as the culprits for our misery.
Which just goes to show: Blaming the black guy never goes out of style.
Comments (4)
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Sowell, the newspaper world's token black conservative ....
Well, if you forget about Armstrong Williams, Alan Keyes, Juan Williams .... This is a very good time to be a black conservative pundit, now that the country has an African American Democratic president and the GOP is struggling to, er, "un-whitewash" its image as a party hostile to ethnic minorities. Ann Coulter better watch out, no one in the GOP wants the skinny white chick opening her yap.
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The late Jeff MacNelly had a two panel cartoon of Justice Clarence Thomas saying in the first 'Blacks should not expect a hand out to get ahead'. The second panel shown Justice Thomas posing as one of those jockey statute posts for horse bridles on the White House lawn.
No matter who or what color is in the 'White' House, everyday mainstream black aspirations and ambitions will most likely remain on the outside next to the horse dung within smelling distance of the Justice Thomas holding post.
If one accepys your premise, why would people sign the dotted line for loans THEY knew THEY could not afford? If the lender knew these loans would never be paid, why didn't the borrower know they could repay? Why would an individual sign a Note for 30 years with a payment they could not afford to pay? And before you start, should a loan be made to someone that doesn't know the meaning of adjustable?
This is a non-racial question.
