As the House prepares for a new vote on the bailout plan, Americans are sitting at home wondering how this managed to even happen. While a lot of people are shaking their heads at the government, and cursing Bush out, guess who is secretly getting blamed for this mess?
If you were thinking the heads of these financial firms, the ones that somehow managed to still walk away from this crisis with their money still secure, well you guessed wrong. That would be the obvious choice. However, some people seem to think that Blacks and minorities are the ones to blame.
Neil Cavuto of Fox News has gone on record as saying "Loaning to minorities and risky folks is a disaster," during discussions of what precipitated our economy's meltdown.
So people are suggesting that the efforts to increase home ownership among minority borrowers contributed to financial problems.
Take a look at what The Young Turks Blog had to say, and what Fox had to say:
The basic point that Neil seemed to be making, was that it was irresponsible for people ever to think it was smart to loan to minorities. And as a result of this ignorance, it has contributed largely to the financial crisis.
I think this it is sad that the blame is again being took away from the Bush Administration, and the wealthy white people that run this country. But of course they would do this, it is a lot easier to blame the people that would want to give minorities a chance to achieve the American dream and own homes.
Although some of the risk taken by these financial institutions, including to some minorities, were not smart decisions, and in some ways affected our financial crisis, it is not in any way the main reason why our country is suffering. But if we had to blame someone is the situtation of the loans, it would have to be the heads of these institutions that knew the risk, but failed to care, not the minorities.
It seems to me that Fox pointed this out to attack Obama's economic plan that tailors toward the middle class. Basically stop trying to look out for them, they are the problem.
Another problem I have with Neil, is that instead of saying that these institutions should have been more careful with lending to people that might have presented a risk, he said lending to minorities was a disaster. So now all minorities are a risk?
What will Fox say next? God please bless America. We need it more than ever.
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7 comments:
Ha! That's funny! I actually had the opportunity to do an in-depth presentation on the mortgage crisis and adjustable rate mortgages. Minorities are not to blame. Greed is to blame. These loans were profitable. Many issuers saw this disaster coming, but they were making money so they didn't stop throwing out mortgages and liar loans (loans withlittle or crappy documentation)like hotcakes.
There are a bunch of different types of mortgage loans, and borrowers should do their homework. Nevertheless, issuers are educated on the product and should explain risks to customers. Why would you give a loan to someone when you know damn well that they can't repay it?
C'mon now.
LMAO, you have to find humor in the ignorance...
...the only way to keep your cool.
FOX news at this Neil Cavuto are just incredibly ridiculous and they both need to get off the air ASAP. Fox just can't help but be racist for whatever reason. They just say the most outlandish and ignorant things possible. I just wonder how this stuff is even allowed on television. I fail to see any logical reasoning behind any of their arguments.
Its like someone aloud them to be the only ones that have the right to be outwardly racist. Someone told me that in 2008 you can just say what you want.
As mentioned above. The truth of this crisis resides in the GREED of the credit system. This collapse of the market is just a cry out from the people who have been taken advantage of for far to long. The whole credit system needs a complete restructuring, but the truth of the whole situation is that GREED will win once again.
The bailout plan is complete disguise, which is being forced just like the war on Iraq. When the money is gone it will be to late and then we will hear I'm sorry from the new president because it will fall on his plate. Imagine being a new minority President with the biggest expectations on your shoulders and the majority of the Caucasian populations looking for an excuse to say you are unfit. This bill will have long implications which our economy will feel and the true men of GREED i.e. the Federal Reserve will have complete control. It is said that the individuals who control the money supply controls the nation. For many of you who didn't know the Federal Reserve is a private company. With that being said look between the lines and you will see that they are forcing NEO to take blue pill (matrix).
Be Safe and Blessed
Love the blog.
P.S.
www.mahoganygrove.com Coming soon
Please stick with the facts.
The current crisis is the result of lending institutions being forced to make loans in certain areas. These areas are occupied primarily by minorities. This comprises the bulk of the sub-prime loans. This is not the fault of the minorities living in these areas, nor is it the fault of the lenders. It is the fault of Congress, and two Democrat Presidents: Jimmy Carter and Bill Clinton.
There were very few home loans in these areas. Organizations such a ACORN are responsible for pressing for legislation to force these lending institutions to carry a certain percentage of their portfolios from these areas, along with the relaxed mortgage rules of no money down, etc. These are the people defaulting on their loans. The banks are not at fault, nor are the minorities living in the areas.
If the companies had kept their lending criteria the same before being forced to make the loans, two things would have happened: No mortgage crisis, and very few minorities in houses.
With that said, it is racist to assume that the rich, greedy white man is responsible. The facts are what they are.
On the flip side, only 20% of the homes are in default, and that means a hell of a lot of minorities own houses they would never have been able to get before.
It is dangerous to even watch FOX news. you definitely cannot believe what they say. The banks are to blame for running wild loaning money to unqualified people. There are countless minorities who are qualified and continue to pay their mortgages. We get lost in the shuffle. As a real estate agent and investor, real estate is still the best way to grow your long term wealth. Don't let FOX news scare you into not going for your piece of the American Dream!
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