are minirities to blame for the economic meltdown ??

it is a known fact that acorn and other leftist minority backing community organizers shook down and protested banks and with the lefts community reinvestment act waged war to force banks to make risky loans in in minority communities and now we reap the rewards !!!minorities

Really? Are you referring to G.W.'s speech about minority home ownership and a compliant republican congress??? Here, this should be a credible source for you:
"In a 2002 speech, George W. Bush announced “I set an ambitious goal. It’s one that I believe we can achieve. It’s a clear goal, that by the end of this decade we’ll increase the number of minority homeowners by at least 5.5 million families.”"

White Civil Rights » George Bush Helped Liberals Push Minority Subprime Loans
 
Yep the Banks did. The govt did not force them to package and sell the "junk" securities. And neither did the govt force the ratings agencies to rate them AAA with absolutely no basis for doing so.
Neither did the govt force the banks to make NINJA loans.

I'm becoming more convinced that our govt can do nothing to control what the financial "industry" does. ( other than take kickbacks )

And provide jobs for politicians and their families/supporters.

Seriously--just locate your financial industry wherever is most advantageous and stay one step ahead of the regulators. Never have to hit a lick.
 
The welfare state entitlement mentality is to blame. It drove manufacturing, the making of the things we need, to move where that such mentality does not exist. Yet. Thus went the jobs. Ha ha! TEACH!
 
If loaning was the only cause of the meltdown then individual banks would have failed and that would have been it. The worldwide trading of unsecured bad debt packages with AAA ratings was the cause.
packaged up and sold worldwide !!! they poisoned the well !!

Yep the Banks did. The govt did not force them to package and sell the "junk" securities. And neither did the govt force the ratings agencies to rate them AAA with absolutely no basis for doing so.
Neither did the govt force the banks to make NINJA loans.
I am not saying that the banks do not share some of the blame but the community reinvestment act is the reason bad loans were made !! thanks libbs !!
 
The housing bubble has been largely blamed for the financial crises of recent years. Specifically, it was the minority housing bubble. Because of government pressure, the banks were giving loans to non-whites who weren't qualified for those loans. It's the typical damned no matter what you do with blacks. Give them loans, they won't pay them back. Don't give them loans, you're punished for racial discrimination (even though you went only by non-racial criteria, like income and credit score).

The cost of the Iraq war contributed to the economic crises. The architects of the war were Jews.
 
it is a known fact that acorn and other leftist minority backing community organizers shook down and protested banks and with the lefts community reinvestment act waged war to force banks to make risky loans in in minority communities and now we reap the rewards !!!

No, it's due to Republican deregulation and moving business to China. Republicans, working with the Chamber of Commerce, funded by the Chinese, found their success beyond their wildest dreams moving millions of jobs to China from 2001 to 2008. The beauty of Google. Being able to find the facts. No wonder Republicans hate it so much.

:lol: Thanks.... that actually made me laugh out loud.... seriously.
 
it is a known fact that acorn and other leftist minority backing community organizers shook down and protested banks and with the lefts community reinvestment act waged war to force banks to make risky loans in in minority communities and now we reap the rewards !!!minorities

Really? Are you referring to G.W.'s speech about minority home ownership and a compliant republican congress??? Here, this should be a credible source for you:
"In a 2002 speech, George W. Bush announced “I set an ambitious goal. It’s one that I believe we can achieve. It’s a clear goal, that by the end of this decade we’ll increase the number of minority homeowners by at least 5.5 million families.”"

White Civil Rights » George Bush Helped Liberals Push Minority Subprime Loans

Unfortunately, you thanked rdean for one of his 'stupid of epic proportion' posts... this means you have a serious credibility issue.
 
are minirities to blame for the economic meltdown ??

No, people whose computers don't have spell check yet are to blame.

it is a known fact that acorn and other leftist minority backing community organizers shook down and protested banks and with the lefts community reinvestment act waged war to force banks to make risky loans in in minority communities and now we reap the rewards !!!minorities

No one forced banks to make risky loans.
 
minorities(especially blacks) were the cause of the meltdown but were not the ones to blame!

white civilization has been trying to figure out how to 'fix' blacks for the last 50 years. typically symptoms are mistaken for causation so we go through fads like putting extra books in low performing family's homes even though it is not the books that cause success it is the love of reading.

in the 90's and 00's it was thought that home ownership was the cause of financial responsibility rather than the result of it. therefore standards were lowered so that just about everyone could get a mortgage even if they had no demonstratable means to pay it back.

Freddy and Fanny guaranteed the loans by buying them from the banks who would not have made them in the first place except for govt and low income community pressure.

if we had limited these loans just to blacks we would have been alright. but we lowered the standards for everybody! soon the vultures showed up to make big profits from easy money that was not being watched over by anyone that would suffer if it was lost. in typical fashion the party lasted until the money ran out.

minorities may have been the original cause, and fear of offending minorities may have been used as an excuse for not looking into the extravagant waste and misappropriation, but they are not to blame. blacks as a group are worse off now even though they thought they were getting a good deal by not being expected to be qualified or behave in a responsible manner.

and we will rush headlong into the next fad that seems to present some hope of 'leveling the racial playing field' even if it is ridiculously costly and ineffective. hopefully we have learned to limit the lowering of standards to just minorities so that the scamming will be less pervasive and the generally responsible population at large will have less bills to pay after the latest fad is tossed on the trashheap with the other failed ones.
 
minorities(especially blacks) were the cause of the meltdown but were not the ones to blame!

Wrong.

People handing out loans were the cause of the melt down.

in the 90's and 00's it was thought that home ownership was the cause of financial responsibility rather than the result of it. therefore standards were lowered so that just about everyone could get a mortgage even if they had no demonstratable means to pay it back.

Standards were lowered so banks could make high interest loans.
Freddy and Fanny guaranteed the loans by buying them from the banks who would not have made them in the first place except for govt and low income community pressure.

What's the investment banks' excuse?
 
it is a known fact that acorn and other leftist minority backing community organizers shook down and protested banks and with the lefts community reinvestment act waged war to force banks to make risky loans in in minority communities and now we reap the rewards !!!minorities

The only known fact is that Wall Street found a loophole in the deregulation of derivatives, and believed it would be a lucrative market in selling sub-prime mortgages to those they knew couldn't afford it.

It's a known fact that those who believe in equality fought against red-lining and discriminatory processes in lending.

Show an instance where where ACORN or any leftist community activist advocated giving mortgages to people who they knew wouldn't be able to maintain them, and I'll show you dozens of originators who were either pressured to grant them or decided to take the money and run with them.

What a racist piece of crap thread.
 
it is a known fact that acorn and other leftist minority backing community organizers shook down and protested banks and with the lefts community reinvestment act waged war to force banks to make risky loans in in minority communities and now we reap the rewards !!!minorities

The only known fact is that Wall Street found a loophole in the deregulation of derivatives, and believed it would be a lucrative market in selling sub-prime mortgages to those they knew couldn't afford it.

Loophole?!

I suppose if one defines the law that specifically EXCLUDED the derivatives market from any oversight, one might call that a loophole.

That law was passed under CLINTON, FYI, so those of you DEMS who think BC walks on water might want to reconsider his cannonization, too.
 
Last edited:
it is a known fact that acorn and other leftist minority backing community organizers shook down and protested banks and with the lefts community reinvestment act waged war to force banks to make risky loans in in minority communities and now we reap the rewards !!!minorities

The only known fact is that Wall Street found a loophole in the deregulation of derivatives, and believed it would be a lucrative market in selling sub-prime mortgages to those they knew couldn't afford it.

Loophole?!

I suppose if one defines the law that specifically EXCLUDED the derivatives market from any oversight, one might call that a loophole.

That law was passed under CLINTON, FYI, so those of you DEMS who think BC walks on water might want to reconsider his cannonization, too.

Who cares if scumbags like Armey and Gramm stuck that loophole in a must pass Omnibus bill. The important thing is it became law, and not a single Republican said, WTF. The bottom line is that Wall Street trickled down the idiotic Ponzi scheme of pretending that they could sell mortgages to people who couldn't afford them, and make the scheme work.

Blaming this on people who just wanted a fair deal is a right wing pile of shit.
 

New Topics

Forum List

Back
Top