Activists Angered by Blame for Crisis
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Darryl Fears and Carol D. Leonnig, Washington Post, October 3, 2008
The head of the National Urban League is calling on Treasury Secretary Henry M. Paulson Jr. to refute statements by conservative politicians and pundits that subprime mortgages provided to minorities led to the financial crisis and a $700 billion federal rescue of Wall Street.
In a strongly worded letter to Paulson this week, Marc H. Morial said Paulson has “an obligation to correct the misinformation that is spread concerning the root cause of the current financial crisis.”
{snip}
On the House floor, on cable network television and in Internet blogs in recent days, conservative politicians and commentators have traced the problem to the Community Reinvestment Act, or CRA, enacted in 1977 to extend loans to minorities who were historically denied homeownership.
Rep. Michele Bachmann (R-Minn.) lashed out against the act, reading from an from Investor’s Business Daily article that said banks made loans “on the basis of race and little else.” Neil Cavuto, a business news anchor on Fox News, recently made a similar statement. In an exchange on television with Rep. Xavier Becerra (D-Calif.), Cavuto noted that the congressman pushed for more minority lending to “folks who heretofore couldn’t get mortgages” and asked, “Are you totally without culpability here? Are you totally blameless?”
{snip}
  Mark Morial. |
(Posted on October 7, 2008)
Frank Says GOP Housing Attacks Racially Motivated
Glen Johnson, AP, October 6, 2008
Rep. Barney Frank said Monday that Republican criticism of Democrats over the nation’s housing crisis is a veiled attack on the poor that’s racially motivated.
The Massachusetts Democrat, chairman of the House Financial Services Committee, said the GOP is appealing to its base by blaming the country’s mortgage foreclosure problem on efforts to expand affordable housing through the Community Reinvestment Act.
{snip}
“They get to take things out on poor people,” Frank said at a mortgage foreclosure symposium in Boston. “Let’s be honest: The fact that some of the poor people are black doesn’t hurt them either, from their standpoint. This is an effort, I believe, to appeal to a kind of anger in people.”
{snip}
Comments
let’s see; the mortgages that are sinking into worthless paper were taken out by working couples who made 200,000 per year, attend a Roman Catholic church, and are descendents of immigrants from the late 19th century. No? I wonder who the deadbeats are then?
Posted by feller at 6:28 PM on October 7
Ironically, it is Barney Frank that is racially motivated. What do you expect this toad to say now that he has got caught (again) over a barrel? His constitutency is disproportinately black and brown even though they make up less than half the population.
Posted by Jack-In-The-Box at 6:40 PM on October 7
Being called a racist for daring to expose the truth is getting old. We spend too much time trying to defend ourselves and not enough on the offensive. I for one will not be painted into a corner by being called a racist. If they wish to use that term, let them do so until it’s meaning is rendered worthless.
Posted by Douglas at 6:42 PM on October 7
Boo hoo. Let’s play the idiotic race card to take all the focus away from the real issue: that is, this mess IS a racial issue.
All the social engineers were obsessed with equality of results in home ownership and it blew up in their faces.
Posted by RJS at 6:45 PM on October 7
I don’t know what percentage of subprime loans went to whites but I can guarantee you of program to give loans to unqualified people would never have been created if the recipients were primarily white. Oil play a large role in the financial crisis, too, because many of these people could have made payments if oil companies hadn’t sucked all the money out of everybody’s pockets.
Posted by Civilized Neighbor at 6:57 PM on October 7
Is any of this surprising, liberals and Democrats playing the race card to stifle criticism?
Posted by RHG at 6:58 PM on October 7
Of course the Community Reinvestment Act is at the root of all this financial disaster. It’s not the ONLY cause, but it’s a major one. People like Marc Morial are just trying to play the race card, as usual, to dodge responsibility for their own shortcomings. It’s the same tack they take when they insist that so many blacks are in prison not because they commit a hugely disproportionate amount of U.S. crime, but because of “discrimination” against them by police and prosecutors.
There used to be a saying, “Banks only lend money to people who can prove they don’t need it.” That was always intended as ironic, but since all this blew up we’re finding out why there was a large kernel of truth in it. The Community Reinvestment Act in effect pulled the legal basis out from under banks’ natural tendency to be frugal with their customers’ money. You see the disastrous path it has led us down. Not all the people who got those subprime mortgages were black or Hispanic, but a very significant portion were — and the act was passed specifically to help them. If the shoe fits, wear it.
Posted by Wayne Engle at 7:28 PM on October 7
It’s vitally important now, when it looks like we may be saddled with Afro-liberal government, that as many Whites as possible know who did what. After the Bush-Gore election, the Democrats dragged things out in court, not just in hopes of winning, but to build up rage among their followers. White nationalists, whether they call themselves by that name or not, need to know who to blame, and to spread the word around their friends and acquaintances. We WN are mostly underground lest we lose our jobs, but we can point out that the sub-prime loan crisis was set off by sub-prime, i.e., minority loans.
Posted by OBAMA/BIn laDEN at 7:32 PM on October 7
Only 10% of subprime mortgages went to Whites and the default rate on black loans was 4 times the average of Whites. There are black fingerprints all over this financial crisis that has now spread from the US to Europe to Asia.
Posted by at 8:19 PM on October 7
Anybody got a racial breakdown of mortgage defaulters? I’m sure we won’t get one from either the AP or from the Washington Post, especially if it confirms that non-whites are disproportionately represented.
Posted by Gringo_Malo at 8:23 PM on October 7
“In a strongly worded letter to Paulson this week, Marc H. Morial said Paulson has “an obligation to correct the misinformation that is spread concerning the root cause of the current financial crisis.””
Are you asking him to lie? Put that in your crack pipe and smoke it.
Posted by at 8:24 PM on October 7
We got one of those high risk loans in 2005 and worked our butts off to get our credit back together to get a regular loan. We did and now have a normal mortgage. Do not believe the garbage that these people were somehow duped into high interest adjustable rate mortgages. It is clearly stated on the paperwork that you sign at closing that it is an adjustable rate mortgage.
Posted by Spartan24 at 8:26 PM on October 7
Yes, indeed. This is a bitter time of reckoning for many, but the truth always stands.
Morial knows. Paulson knows. Rep. Bachmann knows. Neil Cavuto knows. Rep. Becerra knows. McCain knows. Barakc Hussein Obama knows. Everyone knows.
America’s collapse happened when it came to look like Africa. Then, the government decreed in the “Community Reivestment Act” that those who have proven through their collective behavior time and time again that they are completely untrustworthy and irresponsible should be entrusted with keys to new homes and mortgages.
Of course, the predictable happened. Blacks behaved like they usually do and defaulted at highly disproportionate rates. Today, Whites have been handed the bills amassed by Blacks; Bills that even their great-great-great grandchildren will not be able to pay off.
Through arrogance, egalitarianism, and an altruistic worldview, many Whites thought they were superior enough to balance their own responsibilities and also take the moral and financial responsibility for Blacks, all the while pretending that Blacks could actually pass as responsible and adhere to the standards of civilization.
This ended badly, of course, as I’ve predicted for years. Now, we have the aftermath, which will only grow worse as America becomes the next Portugal and South Africa in the annals of history — and the transition is well underway.
People should remember the reasons for America’s collapse when they examine their 401ks and stock portfolios in the days and years ahead.
White American citizens did this to themselves through their arrogance, altruism, egalitarianism, and wheel-barrows full of pretense. Meanwhile, a select few Whites on Wall Street and in the Federal Government orchestrated and capitalized on the entire collapse.
Posted by at 8:51 PM on October 7
“Rep. Barney Frank said Monday that Republican criticism of Democrats over the nation’s housing crisis is a veiled attack on the poor that’s racially motivated.”
Why are criticisms like this always called “attacks?” How is anyone being attacked, racially or otherwise?
In any case what Frank thinks of anyone’s motives is beside the point. Criticisms of the subprime mess and Frank’s role in it are either true or false. That’s all that matters.
Posted by Cassiodorus at 8:59 PM on October 7
There is a silver lining to this dark cloud. Everyone now
knows the truth: we are a poor country. There is absolutely no
rationale for any more foreign aid to places like Africa. And
individuals aren’t going to have much to spare either. The Left
can froth at the mouth all they want. But the Charity/Non Profit
Industry is going to go belly up. This may spell opportunity for
our hard pressed brothers in South Africa.
Posted by Freyr at 9:59 PM on October 7
If you watched c-span before the first bailout vote and debate, you had to ask yourself, ‘why are the Democrats so eager to bailout Wall Street?’ Congressman Frank was pleading that they pass the bailout plan.
Frank knows full well what, who, and how the mortgage crisis happened and he desperate to keep the money flowing to HUD and ACORN and HOME and everyone else being funneled money. He also doesn’t want anyone to question the Community Destruction, sorry, REINVESTMENT Act.
Posted by sbuffalonative at 10:25 PM on October 7
This is a no-brainer. The sub-prime was created SPECIFICALLY to “correct deficiencies” in the “equitable dispersement” of loans to “minorities” who were “suffering” under what “civil leaders” labeled “loan apartheid.”
Posted by P Norman at 10:36 PM on October 7
We need to concentrate on the REAL problem and that is the FEDERAL Reserve system, and the central bankers death grip on our nation.
It has lead to us all being slaves, and waking up in this marxist socialist PC nightmare.
The Founding Fathers warned of central banks.
Please visit http://www.endthefed.us/
We need to fight the real powers that be.
Posted by at 10:59 PM on October 7
What many leftists fail to realize or mention is that such affirmative action plans bring about a lowering of standards for everybody. Even though the original intent was to increase minority home ownership, what ended up happening is that they compromised standards even for whites - because they couldn’t sit there and say only blacks qualify for those mortgages or only Hispanics or what have you. I personally benefited from those mortgages even though I’m not a recognized minority. Similarly we find police forces and fire departments accepting less qualified recruits not just among blacks and Hispanics but also among whites and Asians. The affirmative action rot has gone so deep that people can’t even distinguish between healthy and blighted sectors of the economy.
Posted by jewamongyou at 11:06 PM on October 7
So the CRA of 1977 was an affirmative action program as applied to real estate mortgages. There goes the U.S. as a meritocracy. Multiculturalism is clearly the road to communism. A system those most often naturally on the bottom would prefer.
Posted by at 11:30 PM on October 7
Yea, and here is another example. I just minutes ago watched the evening news and the local news station interviewed a black woman complaining of the cut back on credit taking place. She said that credit is what she and others use to purchase “extra” food and items, and that is “how” they do it. So it just isn’t right for the credit card companies to cut back on the amount of credit extended to someone! Typical minority response—- hasn’t a clue! Maybe we all should purchase what we can only truly afford for a while! But blacks having to do so would be “racially” motivated!!!!
Posted by Trisket at 11:31 PM on October 7
I hope that Whites can be persuaded to understand that this epic disaster,caused by nonstop pandering to our precious “Minorities”, has just cost them their material well being. The pension system, both public and private, has lost 2 trillion $, and that was before today. The old age pensions and 401K plans that we were counting on have effectively been flushed down the toilet by the likes of Barney Frank. The spoiled, rotten, moralizing ivy league bred know it alls that took over in the 60’s have finally destroyed our country and they still have the audacity to play at being morally superior to the rest of us. As I’ve said before, welcome to the Diversity Depression. The silver lining to this is that all of the dinosaur institutions that these modern day Cromwells use to deceive and bully us are in serious danger of going down. The liar media, the universities, pubic schools etc. require serious quantities of money just to tred water. I hope the left and it’s rotten institutions all drown.
Posted by Betty Zane at 12:27 AM on October 8
Minorities will be lucky if they aren’t all forced into their respective enclaves in the west and south and then abandoned (with a militarized border between us). It would be the easiest, most effective way to solve most social problems.
I could EASILY see it happening. Not succession but the reverse. Sorry….we can no longer afford you, so you’re free to be your own country now.
Posted by at 12:47 AM on October 8
I remember when our Democratic Leaders started forcing banks to give loans to the “under-served” (minorities). I also remember thinking this will blow up in their faces when the banks go bankrupt, and I laughed to myself. Little did I know that the Bankers were too smart for that. Since the Bankers were forced to throw away sound financial accountability, and would have gone bankrupt early in the game, they devised out a way to bundle these “bad” loans up, along with some good loans, and sold them to investment companies,Wall Street, and the world. This worked so well at “hiding” the affects of disastrous consequences, that they extended this to “all” people who even had a pulse.
With help from mass immigration of these “under-served” parasites from the 3rd World over the past decade or so, White people fled for their lives. To get away from the abomination that had moved across the street from their nice home, they too (Whites), purchased homes they could not afford, which inflated the house prices throughout the country … so much for affordable housing.
At first there were only a few toxic loans in the package, but after 13 years, there were too many; enough to bring the whole financial system to a halt. Now those same “under-served” parasites who purchased homes they could not afford, will get them at a fraction of the purchase price as our government, you and I, buy their debt. What better way to spread the wealth from the middle class to the impoverished than through the housing crisis.
Remember what I have been saying for years now about proven Communist tactics:
“Create a Crisis to Implement Change. From those according to their abilities, to those according to their needs.”
Any of you think this is all just an accident? Don’t kid yourself …
Posted by Rande at 1:51 AM on October 8
This is truly ironic in that the “experts” and various talking heads across the media spectrum were pointing to this sub-prime debacle as a root-cause of this “crisis” long before any of us naughty race-realists, right-wingers or the like ever said a word on the topic that I can recall. Most of them just didn’t make the “minority” connection right away.
What strikes me about this whole economic drama is not so much the direct connection to the typical minority flim-flam applied to lending, but the mind-set that drives this suicidal foolishness! Exactly who in this country believed that blacks and hispanics were suddenly so flush with money, so responsible, so fiscally solvent overnight, that they were suddenly prepared to realize this elusive “American dream” that even many whites never achieve? Why the Government and their complicit propaganda machine we call the media, of course. Lies upon lies, all backed-up by an utter fantasy world of “equality” at all costs. And in this case, the cost is very, very high to all Americans - and most deserve it for praising all these “diversity” shenanigans all along!
Posted by HH at 2:17 AM on October 8
It is worthwhile to note that Marc Morial was the incredibly corrupt mayor of New Orleans for a long time, after his father, Dutch.
The rule of the Morials coincided with the deterioration of New Orleans. The roots of their despotic and nepotistic regime still run very deep in the city’s administration.
Posted by Boudreaux at 5:08 AM on October 8
Minorities can’t take partial blame for a problem they helped create. I say partial because if it was not for whie politician race traitors in the 70s, 90s and he Bush era. We would not be in this problem, and that is fact.
I don’t blame this problem soley on non-whites or their race hustleing pimp organizations. There are some whites who also helped cause this crisis. I also blame it on greedy Jewish, Black and White sell outs who saw money first and the stability of country last. These minorities will try to re-write history like always. But that time is over we already know where his problem stems. It stems from greed and political correctness.
Posted by thoughts of another era at 6:15 AM on October 8
White “Racism” is the new McCarthyism.
With one exception. At the time of McCarthyism communists WERE actively trying to subvert the American government.
Posted by Tiffany Epiphany at 8:13 AM on October 8
The worst part is that it was/is caused by the democrats and the republicans are taking the blame. The democrats will probably win the whitehouse because of the mess they created. The timing of this crisis is perfect for them,,, could they or some of the really rich radical liberal democrats like Soros have behind the scenes created this crisis???? KF
Posted by kingfish at 9:39 AM on October 8
“correct the misinformation “
more stalinist thought control. If you say or think certain things, you will be punished!
Posted by at 11:32 AM on October 8
Well, this article is redundant. They’re black, whitey got ‘em down, ergo, they’re angry. There’s nothing new or newsworthy here…
Hts
Posted by hts at 11:52 AM on October 8
Whites are the minority now, look around and you will see. How many asians are there in the whole wide world???? How many muslims are there???? How many blacks, browns (Indians from India) are there???? Many billions!!! Then count all the whites on earth…..do the math….then you will know. If something isn’t done, in say, ten years, there will not be many of US left!
Posted by lucylou at 2:22 PM on October 8
Trisket’s comment is quite interesting, in which she describes a black woman complaining her line of credit had been cut.
This would have only made a difference in that woman’s life if she had been carrying a balance on her credit cards. If you pay of your credit card at the end of every month and carry no balance, credit cutbacks are largely irrelevant. Moreover, you never pay any interest charges. The woman being interviewed appears to not know how to manage a household budget. Perhaps she should buy her kids less-expensive shoes, and start cooking meals from scratch instead of relying on more expensive convenience foods.
Posted by Michael C. Scott at 2:52 PM on October 8
This is the whole problem with minorities. They never take the blame for anything. The word PERSONAL RESPONSIBILITY are not in their vocubulary. The only word they know when something doesn’t go their way or they are to blame for something is RACISM by the evil white majority.
In their defense, it could be argued that the banks and federal government took advantage of their ignorance. Do you think when the banks gave them those mortgage loans, they it even crossed their mind that they couldn’t afford them? Maybe. But as has been the popular agenda for the past 40 years, give them anything they want and if they can’t afford it, give it to them anyway.
For all of their complaining though, I don’t see any of them leaving the country anytime soon. They’d rather destroy it first which begs the question - maybe that’s what they intended all along.
Posted by Gayle Sollenberger at 3:36 PM on October 8
“The head of the National Urban League is calling on Treasury Secretary Henry M. Paulson Jr. to refute statements by conservative politicians and pundits that subprime mortgages provided to minorities led to the financial crisis and a $700 billion federal rescue of Wall Street.”
There’s not one single black failing or legigimate blame they have ever failed to deny.
If they have a large nunmber of black criminals in jail, because of committing crimes, they don’t announce that they must work to bring law and order to the black community they instead charge that more blacks than whites go to prison….percentagewise….and they blame it on white racism. Everything they do wrong and everytime they reveal incompetence, it is because of slavery or racism, even while they’re denying the charges.
I can’t think of a single thing they’ve admitted was their fault when it unequivocally was without doubt.
Along with their propensity for crime and violence, their lack of impulse control, and their lack of intelligence, they reveal an inability to tell the truth, making them about the biggest liars on the planet, bar none.
Blacks are the curse of white America.
Posted by ice at 3:39 PM on October 8
Kingfish wrote: “The worst part is that it was/is caused by the democrats and the republicans are taking the blame”.
Actually, kingfish, the Republicans, especially Nixon, bear a huge amount of responsibility for affirmative action and for setting the tone for what we now have.
Posted by jewamongyou at 3:46 PM on October 8
Before the neo-Bolshevik line was concocted on this issue you can
read how the impeccably leftist New Yorker clearly blamed the crisis on subprime mortgages. And we know who got those mortgages.
http://www.newyorker.com/talk/financial/2008/04/21/080421ta_talk_surowiecki
Posted by icr at 4:11 PM on October 8
The truth always hurts, and minorities and pc police will continue to try and suppress it. Our economy is in the toilet today, because minorities who could not afford houses, and could not pay their monthly fees, were still allowed to become homeoners. All the resulting foreclosures, has devastated the housing market. And no taxpayers are going to be forced to help bail them out. This is reality, and reality is what minorities and the pc police go out of their way to hide from it, and to keep us from discussing it. They want the public to remain in a blind state of blissful unawarness, even when we are on the verge of an economic depression.
Posted by at 4:43 PM on October 8
When you look at the cries of racism in this and compare the minority default rates something very disturbing surfaces in my liberal mind. I can’t reconcile it no matter how hard I try. Therefore, it must all be lies and deception. I want the FBI to investigate these so called black borrowers because I think they’re Whites showing up at lending institutions in blackface. I want the results of this investigation revealed to Congress along with the American public.
Posted by at 6:10 PM on October 8
I don’t know about the rest of my brothers and sisters that post here regularly,but I’ll bet dollars to doughnuts that you will agree when I say “I’M SICK OF PAYING TAXES!”.Seriously folks I really am.It’s getting totally out of hand.We give billions and billions of hard earned dollars to these idiots
in DC and what happens? We get screwed over and over.It’s a joke but it’s not funny anymore.When will the last straw be cast.I foolishly thought Barney and his gay lover at Fannie mae would do it.nope.700 billion $ bailout? nope.I work hard every day for my damn paycheck,and struggle just to keep my head above water.I don’t hold my hand out for anything that I don’t earn.All I ask is that I compete on a level playing field.It’s time folks to send a clear message to DC.We’re mad as hell and we’re not gonna take it any more! No more handouts no more freebies.I’m really getting tired of the same old game (race card) being played on us anytime we criticise about anything. Shut up white man and just keep paying your taxes like a good little boy and we’ll leave you alone.If I’m wrong I would please ask that someone set me straight.Thanks for letting me vent.Teach your children well.
Posted by MM at 7:18 PM on October 9