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t0
Velociraptor
Joined: Mar 24, 2008
Posts: 473
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 Posted: Wed Oct 08, 2008 11:29 am Post subject: Newsweek: Are Minorities to Blame for the Subprime Mess? |
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http://www.newsweek.com/id/162789
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The right blames the credit crisis on poor minority homeowners. This is not merely offensive, but entirely wrong.
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Meowpurr
Sea Gull
Joined: Sep 04, 2008
Posts: 208
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| Posted: Wed Oct 08, 2008 12:27 pm Post subject: Re: Newsweek: Are Minorities to Blame for the Subprime Mess |
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| t0 wrote: | http://www.newsweek.com/id/162789
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The right blames the credit crisis on poor minority homeowners. This is not merely offensive, but entirely wrong.
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Oh yes, it's all the minorities fault. Not the banks fault at all!   |
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demeus
Raven
Joined: Jul 25, 2007
Posts: 109
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| Posted: Wed Oct 08, 2008 12:37 pm Post subject: |
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The article may be offensive but it is partially true. The CRA was used to force banks to make loans that they would not make (helped along by by Obama actually) but the greed that the banks practiced was allowed because the right removed regulations that kept the banks on a tight leash.
Personally, I could not explain this in a forum due to all of the working parts. To be honest though, all of the parties are at fault because at any point they could have stopped the madness that lead to this problem. |
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Inventor
Phoenix
Joined: Feb 16, 2007
Posts: 2822
Location: New Orleans
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| Posted: Wed Oct 08, 2008 12:40 pm Post subject: |
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| All the money from the Treasury and Wall Street is missing, has anyone seen Warsie? |
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nirrti_rachelle
Go Tigers!
Joined: Jul 22, 2005
Age: 33
Posts: 1187
Location: The Dirty South
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| Posted: Wed Oct 08, 2008 1:04 pm Post subject: |
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| Inventor wrote: | | All the money from the Treasury and Wall Street is missing, has anyone seen Warsie? |
The money's stashed away in my giant piggy bank. I might give Warsie his cut....if I feel like it. 
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"There is difference and there is power. And who holds the power decides the meaning of the difference." --June Jordan |
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DW_a_mom
Phoenix
Joined: Feb 23, 2008
Posts: 1251
Location: Northern California
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| Posted: Wed Oct 08, 2008 1:33 pm Post subject: |
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Did you all READ the article?
http://www.newsweek.com/id/162789%20
It is, on it's whole, a COMPLETE REBUTTLE to those who want to blame the crises on a push to lend to minorities and lower income buyers. It goes point by point through why that theory, which I've heard espoused on this forum, is INCORRECT.
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monty
Phoenix
Joined: Sep 05, 2007
Posts: 2507
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| Posted: Wed Oct 08, 2008 5:40 pm Post subject: |
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Yes, it is a well written article that shows that poor people with darker skin are not the reason our entire financial is locking up.
Unfortunately, the fact that it is true is trumped by the fact that it appeared in the Mainstream Media. Conservatives are not going to read that; they are going to read Ann Coulter's "A Less Qualified Minority Took Your Mortgage." |
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