Rich Guys Caused The Economic Collapse, Not Poor Minorities

1:15 am EST March 15th, 2010 | Economy | 7 Comments

This 60 Minutes report with Michael Lewis goes into the details, again. No, it wasn’t poor minorities getting mortgage loans via the Community Reinvestment Act as conservatives keep lying/believing. It was rich guys on Wall Street, enabled by conservative deregulation (under Clinton and Bush) and a sense of superiority to us ants, that caused this mess.

The Big Short: Inside the Doomsday Machine

Background
Myths and falsehoods about the purported link between affordable housing initiatives and the financial crisis

Did Liberals Cause the Sub-Prime Crisis?

Topic: ACORN, Michael Lewis

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7 Responses to “Rich Guys Caused The Economic Collapse, Not Poor Minorities”

Rheinhard says:

March 15, 2010 at 1:31 am

I was thinking about this when hearing former governor of NM, Gary Johnson, on Bill Maher last Friday. He blathered at one point about the need for “free market” solutions for health care, and something in me kinda snapped. It’s about damn time we start agressively pushing back against this “common knowledge” (actually propaganda) that the “free market” is better for everything. Over my lifetime nearly every major initiative to “deregulate” and “privatize” government functions because everyone just knows the “free market” will do it better have been unmitigated failures…

That asshole Reagan deregulates banking and what did we get? The savings and loan debacle, which until the current Wall Street crisis was the biggest taxpayer bailout of banks.

California deregulates and privatizes its energy market and what did we get? Rolling blackouts fueled by the “smartest guys in the room” at Enron.

Texas deregulates its energy market and TX utility rates nearly triple in many markets, not go down as we’re told they always always do with more “competion”…

Many states have tried “free market” experiments with charter schools (again “more efficient” because they’re run as “corporations”, which I have some direct knowledge of here in NJ, have been total failures. They suck millions of dollars out of the public schools and every SINGLE ONE in this state has gone out of business, losing schools and students millions.

And on and on and on…

We need to drill home the message that every time some asshole is on TV preaching about the vurtues of the “free market”, what he is really saying is “Hey middle class, bend over some more so we can shove this free market d*ck in your *ss!” (apologies to George Carlin)
jr says:

March 15, 2010 at 1:58 am

“MAYBE YOU’D LIKE TO LIVE IN A COMMUNIST COUNTRY LIKE NORTH JAPAN”-Matt Drudge
akelly says:

March 15, 2010 at 8:52 am

Well I guess that post got eated. I guess I shouldn’t include links?

OK, I’ll try again. Do one of those innerweb searches for Traiger & Hinckley LLP. On the front page of the law firm’s site, look for the list of studies this firm has completed. The two of interest here:

The Community Reinvestment Act of 1977: Not Guilty

The Community Reinvestment Act: A Welcome Anomaly in the Foreclosure Crisis
White Whale says:

March 15, 2010 at 12:15 pm

This is why I love 60 minutes.
Connie says:

March 15, 2010 at 1:40 pm

I remember being offended when they were actually in the heyday of reporting the lie that minorities were responsible for the economic crisis because of the Community Reinvestment Act. The mantra, “They were given loans that they couldn’t handle;” and, “Not everyone should be able to, nor can own a home or property” was touted more often than a tea-bagger has said, “Obama is a socialist.” And it was discussed as such on all of the cable, and mainstream news stations. The implication was that paying a mortgage was outside of the comfort zone of the “minority homeowner.” Their diabolical intent did not escape me, particularly since I paid less as a homeowner than I did in rent, with a tax benefit on the interest for the first five years.” Why is there, I asked myself an attempt to stymie land ownership and the rights of a property owner to a “minority”. I knew that somehow that dirty word that offends so many white people even if it’s whispered, “Racism” somehow played a part in it, but what, and why? And then it hit me like a sack of freshly picked cotton! Girl…no actually GURL..remember that African/African-American slaves were considered “property,” therefore, how can “property” own property. That mindset is as deeply engrained, and akin to racism in American. It’s a subtle attempt to keep the “minority” on the proverbial “plantation” in a manner of speaking.

Since the Obama Administration there has be a systematic approach to demonize people of color, particularly brown people, that I haven’t seen since the beginning of the Civil Rights era. I knew that Barack Obama would be the “Jackie Robinson” of the Executive Office, but I am still stunned as to the extent of the lies, and how it goes unchallenged both in the political arena and the media. The fact that FOX gets a virtual “pass” to singlehandly try and bring down the Administration is mind-boggling to me; and I’m a cynic! I try and wrap my head around how the lies regarding HCR works. How can people who would benefit from reform, even if it’s not perfect, would try and prevent it’s passing? These same people, they don’t want to be denied health insurance because they have a preexisting condition. They are paying premiums percentages in their paychecks, but complain about buying into a system (the public option) that would lower that percentage, and yet they still refuse it. They are able to sell that “pig in the poke,” because of the underlining message, “do you really want to take care of those lazy blacks and illegals [latino)? If not, you better make sure that you kill this Bill. Your taxes will increase because you are going to have to pay for THEM!” That message is even more insidious than just making sure that Obama “fails”. It’s to maintain the “white supremacy” hierarchy that American was founded on and built upon, it goes back to Columbus.

My mother, God rest her soul, used to say to me “Connie, now don’t cut your nose to spite your face.” And, that’s exactly what is being done here. It’s a deep sense of inferiority, accompanied by a heightened sense of superiority. It’s really very tragic, very tragic indeed. We have the potential to be so much greater, if we would just seriously and earnestly deal with America’s greatest sin, ‘RACISM’. I’m just sayin’.
timmy says:

March 15, 2010 at 2:25 pm

How dare anyone make foxnews conservatives out to be dupes for the plutocrats! It is an Obama Recession caused by The Left, the MSM, and postmodernism. More regulation will only cause communism controlled by the colored people (CCCP). And that’s bad!
Lawnguylander says:

March 15, 2010 at 4:36 pm

Oliver, you know that PUMA idiot dakinikat that called you out a few days ago? She was pushing this bullshit explanation of the financial crisis too. Just in case you weren’t sure of what kind of person you were responding to.