Black People are to Blame for Financial Crisis?

Neil Cavuto of (yes you guessed it) FOX News amazingly shifting responsibility for the financial crisis not on the idiots in his own party (i.e. President Bush), not even the typical FOX/GOP move and blame the Democrats. He blames Black People. I can’t make this stuff up.

If you can not view this video, please click here.

Rep. Michele Bachmann (R-MN) Yesterday in a House hearing on the financial crisis, spoke on what caused the situation. To make her point, she read from an article called “How a Clinton-Era Rule Rewrite Made Sub-prime Crisis Inevitable,” written by Terry Jones in the right-wing publication Investor’s Business Daily.

The article criticizes the Community Reinvestment Act (CRA) for pushing “Fannie and Freddie to aggressively lend to minority communities.” Jones goes on to say that Clinton was misguided to push “homeownership as a way to open the door for blacks and other minorities to enter the middle class.

So I’m the blame for the financial crisis. WOW I didn’t know that.

I pay my mortgage, I understand the terms of an Adjustable Rate Mortgage (ARM). I actually am very suspicious of credit card companies and refuse to use one unless it’s my bank card. But I didn’t know that the color of my skin, not the characters who conducted these deals on Wall Street that is the blame.

Well I guess I need to tell BOSS Ids down understand all those fancy money stuff. Do you want me to apologize for being Black?

With this philosophy I can assume that because I’m Black I couldn’t be smart enough to graduate Magna Cume Laude from an Ivy League school. I’m Black.

With this philosophy I can assume that because I’m Black I should be viewed with suspicion and second guessed if I have the audacity to aspire for loftier goals. I should expect to be called “Uppity” by Congressman or accept being called “Boy” even if I’m over the age of 21. I’m Black.

With this philosophy I can assume that because I’m Black it’s alright that some will support and vote for someone not qualified and less educated because the color of their skin while angrily arguing against Affirmative Action. I get it, it’s because I’m Black.

With this philosophy I can assume that because I’m Black it’s strange or out of place for my church to be considered apart of a moral majority although it has been The Church who has influenced the morals of the majority of Black people in the community it’s in.

Black People are to Blame. Latinos are to Blame. Muslims are to Blame. It’s never your perversion of reality and social insecurities that is to blame. With this philosophy I can assume that because I’m Black I am to blame.

Should Blacks be concerned that Wall Street executives will form a “Rosewood-like” attack on minorities in the future? Perhaps denying me a business loan or student loan. What about setting a different set of rules for minorities trying to obtain a public office? I know you will not physically attack me, but nothing is there to stop you from some other action.

I’m not a person that would curse, but I can actually think of a few words that just fit this type of thinking.

If I was to accept this foolishness as truth or fact you could call me a ______, because I would have adopted an ignorant philosophy and view of people. But this Uppity _____ as you would call it is not afraid to say something or “sass you”. This is ridiculous. If you subscribe to this crap then you are as stupid as Neil Cavuto and the drones at FOX News.

Thank you Rep. Keith Ellison (D-MN) for standing up for truth. Thank you reading this who is equally outraged at this type of nonsense that still goes on.

Reference Sources:

Think Progress – 09/26/08 “Bachmann Blames President Clinton, Blacks and Other Minorities for current Financial Crisis

Star Tribune – 09/25/08 “Michelle Bachmann: How we got into this mess

The Atlantic – 09/28/08 “When all else fails blame the Negroes

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8 thoughts on “Black People are to Blame for Financial Crisis?

  1. Excellent post – really enjoyed it.

    Ralph Nader was on Real Time a few days ago and managed to get a good word in about the CRA and how its participants have the highest repayment rates!

    ‘Perhaps denying me a business loan or student loan.”
    If belts start to tighten in credit and loans, I wonder how much easier that could make it for lenders to discriminate – in every way.

  2. This is another example of the closet racism that still exists here in the States. It is ridiculous to blame people who were trying to get a piece of the American Dream. We should be blaming the deregulation, lies, and predatory lending that takes place.

    We should also pull out the blame blanket for those cowardly banks who don’t even have the guts to have branches in poor neighborhoods so that the only way people can get paid is through gouging check cashing institutions and pay day loans.

    We should also be aware of the mistake that people of all ethnicities make and continue to make and that is trust a salesman.

  3. You have no understanding of the economy. Its NOT the blacks that are to blame, its the government who allowed the loans to blacks based only on their skin colors. In other words, a white person would have to prove first that is capable of repaying the debt, a black person didnt. This rule is responsible for the current situation in the USA.

  4. Don’t you love it when someone doesn’t read the entire article or the comments of the 2 people before them.

    Read the entire post before commenting.

    The title of the article is outrageous on purpose. I was pointing out how ridiculous it is. I’m not an economist, but I know about the economy enough to have worked in a bank years ago.

    The point of it was to point out what Neil Cavuto of FOX News and the congresswoman said. The video even explained that.

    Why would I as a Black person blame a race of people? If it was my Uncle Chuck that caused it I would have said, “Uncle Chuck is the Blame for the financial crisis”.

    Thanks for the comments, but read the entire article next time.

  5. An unconscionable comment by Cavuto. Fiscal responsibility extends to every segment of the population–from families balancing their checkbooks to the government balancing its budget. I can accept the fact that responsibility should be pinned on many different groups of people, but to revert to the lowest common denominator and blame minorities is wholly unbecoming of a “news” anchor. I’m surprised he didn’t go so far as to blame immigrants for taking American jobs; or women for working outside the home and depriving men of jobs.

  6. I think you’re way off base here. She wasn’t criticizing the motivation – but the practicality of these laws. It has nothing to do w/ black/white/hispanic. It has every thing to do with mindsets. As a mortgage broker I can honestly say that the tools set in motion to prevent racial discremination in fact enable it. Why should race even be documented on mortgage applications? Why don’t we let credit scores, savings, employment history and income be used as the only means to qualify someone. Her point and mine as well is that w/ these laws in place they are required to lend to a certain amount of borrowers who are below lending standards b/c of their income and their race. To say the least I think its a double standard to say on one hand b/c your black you shouldn’t be lumped together w/ blacks who don’t pay their mortgage then on the other hand say well b/c we’re black these laws should be in place to protect us. If you look at the default rates amount racial statistics they show that certain ethnicities are more likely to default. The root problem behind this isn’t lending practices but problems in our country that need to be addressed. At the same time however it is unfair in a capitalistic society to tell a company that they have to lend to a certain ethnicity as a percentage of their total portfolio. Requirements are ignored and standards are lowered increasing the risk for the lender.

  7. It’s amazing how some people don’t read. I get that Matt. It’s called satire, being sarcastic, pointing out the absurd. If you read what I’m saying like the others you will get that. Obviously some do not read before commenting. I appreciate those who do.

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