‘Racist US bankers’ to blame for credit crisis … that’s what this brit thinks … figures.

 

1. "Equalities Chief”?  The title alone tells me everything I need to know.  Indeed, his arguments lived down to my expectations.

   The accusation of racism has been misused so much that I tend to just tune out anyone who brings that argument up, and I don’t think I’m going to miss anything important or consequential by doing so.

   Posted by Argentium G. Tiger       02/08/2011  at  07:30 AM  



2. He’s trying to swing a two edged sword so that both sides cut on the same stroke.

   Had the government not forced banks to give out tons of mortgages to low income people not otherwise qualified, that would have been racist. Gosh, banks DISCRIMINATING against customers based on their income. But let’s make it a race issue since black people are a larger percentage of the poor. Not a majority, just a larger percentage.

   So the banks gave out those loans. And they were very very high risk. And how do banks, or any other financial companies, deal with high risks? By high interest. Invest in a high risk venture and you can demand high interest as your return. Mortgages are no different.

   But now the claim is that these were racist loans, just because a larger percent of black people happened to be the ones applying for them? BS. That’s not even worth a Nice Try. It’s pure crap based on no more than coincidence. If indeed it is true that more black people applied for sub-prime mortgages than white people did, so what? The white folks may have looked at the interest rates being charged downstream once the variable APR kicked in , and decided that it wasn’t worth it.

   What is this guy angling for, another Pigford style reparations bailout? Pigford is pure crap - brought to you by Senator Obama - and an utterly (reverse) racist fabrication.

   Posted by Drew458       02/08/2011  at  12:01 PM  

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