HOME



Digby's Hullabaloo
2801 Ocean Park Blvd.
Box 157
Santa Monica, Ca 90405



Twitter:
@digby56
@DavidOAtkins

emails:
Digby:
digbysez at gmail
David:
isnospoon at gmail
Dennis:
satniteflix at gmail








Infomania

Salon
Buzzflash
Mother Jones
Raw Story
Huffington Post
Slate
Crooks and Liars
American Prospect
New Republic
Common Dreams
AmericanPoliticsJournal
Smirking Chimp
CJR Daily
consortium news

Blog-o-rama

Eschaton
BagNewsNotes
Daily Kos
Political Animal
Driftglass
Firedoglake
Taylor Marsh
Spocko's Brain
Talk Left
Suburban Guerrilla
Scoobie Davis
Echidne
Electrolite
Americablog
Tom Tomorrow
Left Coaster
Angry Bear
oilprice.com
Seeing the Forest
Cathie From Canada
Frontier River Guides
Brad DeLong
The Sideshow
Liberal Oasis
BartCop
Juan Cole
Rising Hegemon
alicublog
Unqualified Offerings
Alas, A Blog
RogerAiles
Lean Left
Oliver Willis
skippy the bush kangaroo
uggabugga
Crooked Timber
discourse.net
Amygdala
the talking dog
David E's Fablog
The Agonist


Saturday Night at the Movies by Dennis Hartley review archive

01/01/2003 - 02/01/2003 02/01/2003 - 03/01/2003 03/01/2003 - 04/01/2003 04/01/2003 - 05/01/2003 05/01/2003 - 06/01/2003 06/01/2003 - 07/01/2003 07/01/2003 - 08/01/2003 08/01/2003 - 09/01/2003 09/01/2003 - 10/01/2003 10/01/2003 - 11/01/2003 11/01/2003 - 12/01/2003 12/01/2003 - 01/01/2004 01/01/2004 - 02/01/2004 02/01/2004 - 03/01/2004 03/01/2004 - 04/01/2004 04/01/2004 - 05/01/2004 05/01/2004 - 06/01/2004 06/01/2004 - 07/01/2004 07/01/2004 - 08/01/2004 08/01/2004 - 09/01/2004 09/01/2004 - 10/01/2004 10/01/2004 - 11/01/2004 11/01/2004 - 12/01/2004 12/01/2004 - 01/01/2005 01/01/2005 - 02/01/2005 02/01/2005 - 03/01/2005 03/01/2005 - 04/01/2005 04/01/2005 - 05/01/2005 05/01/2005 - 06/01/2005 06/01/2005 - 07/01/2005 07/01/2005 - 08/01/2005 08/01/2005 - 09/01/2005 09/01/2005 - 10/01/2005 10/01/2005 - 11/01/2005 11/01/2005 - 12/01/2005 12/01/2005 - 01/01/2006 01/01/2006 - 02/01/2006 02/01/2006 - 03/01/2006 03/01/2006 - 04/01/2006 04/01/2006 - 05/01/2006 05/01/2006 - 06/01/2006 06/01/2006 - 07/01/2006 07/01/2006 - 08/01/2006 08/01/2006 - 09/01/2006 09/01/2006 - 10/01/2006 10/01/2006 - 11/01/2006 11/01/2006 - 12/01/2006 12/01/2006 - 01/01/2007 01/01/2007 - 02/01/2007 02/01/2007 - 03/01/2007 03/01/2007 - 04/01/2007 04/01/2007 - 05/01/2007 05/01/2007 - 06/01/2007 06/01/2007 - 07/01/2007 07/01/2007 - 08/01/2007 08/01/2007 - 09/01/2007 09/01/2007 - 10/01/2007 10/01/2007 - 11/01/2007 11/01/2007 - 12/01/2007 12/01/2007 - 01/01/2008 01/01/2008 - 02/01/2008 02/01/2008 - 03/01/2008 03/01/2008 - 04/01/2008 04/01/2008 - 05/01/2008 05/01/2008 - 06/01/2008 06/01/2008 - 07/01/2008 07/01/2008 - 08/01/2008 08/01/2008 - 09/01/2008 09/01/2008 - 10/01/2008 10/01/2008 - 11/01/2008 11/01/2008 - 12/01/2008 12/01/2008 - 01/01/2009 01/01/2009 - 02/01/2009 02/01/2009 - 03/01/2009 03/01/2009 - 04/01/2009 04/01/2009 - 05/01/2009 05/01/2009 - 06/01/2009 06/01/2009 - 07/01/2009 07/01/2009 - 08/01/2009 08/01/2009 - 09/01/2009 09/01/2009 - 10/01/2009 10/01/2009 - 11/01/2009 11/01/2009 - 12/01/2009 12/01/2009 - 01/01/2010 01/01/2010 - 02/01/2010 02/01/2010 - 03/01/2010 03/01/2010 - 04/01/2010 04/01/2010 - 05/01/2010 05/01/2010 - 06/01/2010 06/01/2010 - 07/01/2010 07/01/2010 - 08/01/2010 08/01/2010 - 09/01/2010 09/01/2010 - 10/01/2010 10/01/2010 - 11/01/2010 11/01/2010 - 12/01/2010 12/01/2010 - 01/01/2011 01/01/2011 - 02/01/2011 02/01/2011 - 03/01/2011 03/01/2011 - 04/01/2011 04/01/2011 - 05/01/2011 05/01/2011 - 06/01/2011 06/01/2011 - 07/01/2011 07/01/2011 - 08/01/2011 08/01/2011 - 09/01/2011 09/01/2011 - 10/01/2011 10/01/2011 - 11/01/2011 11/01/2011 - 12/01/2011 12/01/2011 - 01/01/2012 01/01/2012 - 02/01/2012 02/01/2012 - 03/01/2012 03/01/2012 - 04/01/2012 04/01/2012 - 05/01/2012 05/01/2012 - 06/01/2012 06/01/2012 - 07/01/2012 07/01/2012 - 08/01/2012 08/01/2012 - 09/01/2012 09/01/2012 - 10/01/2012 10/01/2012 - 11/01/2012 11/01/2012 - 12/01/2012 12/01/2012 - 01/01/2013 01/01/2013 - 02/01/2013 02/01/2013 - 03/01/2013 03/01/2013 - 04/01/2013 04/01/2013 - 05/01/2013 05/01/2013 - 06/01/2013 06/01/2013 - 07/01/2013 07/01/2013 - 08/01/2013 08/01/2013 - 09/01/2013 09/01/2013 - 10/01/2013 10/01/2013 - 11/01/2013 11/01/2013 - 12/01/2013 12/01/2013 - 01/01/2014 01/01/2014 - 02/01/2014 02/01/2014 - 03/01/2014 03/01/2014 - 04/01/2014 04/01/2014 - 05/01/2014 05/01/2014 - 06/01/2014 06/01/2014 - 07/01/2014 07/01/2014 - 08/01/2014 08/01/2014 - 09/01/2014


 

This page is powered by Blogger. Isn't yours?

Hullabaloo


Wednesday, September 24, 2008

 
Back to Africa

by digby


Perlstein deconstructs the racist subtext of the prevailing right wing trope about the cause of the mortgage meltdown:

...let me write about the sewer through which are right-wing friends are navigating to try to win this election. Specifically, this: the right-wing crusade to blame the Negroes for the financial meltdown continues apace.

And by now, it's getting into Protocols of the Elders of Zion territory.

Watch this clip of Fox's Neil Cavuto. See him sandbag Hispanic congressman Xavier Becerra, pinning upon him and his swarthy fellows responsibility for the collapse of America's financial system by "pushing for more minority lending." Why didn't people like him warn that "loaning to minorities and risky folks is a disaster"?



[...]

The pattern being drawn across the right—the Big Lie so notorious it's hard to believe they'd even dare it—is that this financial mess is something black people have done to white people.




They've been saying this for a while now. Here's a post of mine from almost a year ago:

Just in case any of you have the mistaken impression that the housing meltdown (what Atrios refers to as "Big Shitpile") has anything to do with rapacious lenders and a bunch of greedheads who made sick profits using complicated financial instruments that even they didn't understand, think again. Guess whose fault it is?

Last week's 360-point drop in the Dow was fueled by the announcement of NYAG Andrew Cuomo that he is subpoenaing Fannie Mae and Freddie Mac for information on all mortgages they had bought from Washington Mutual as part of a general investigation into mortgage loans. Fannie Mae stocks fell 10 percent, Freddie Mac 8.6 percent, and Washington Mutual a whopping 17 percent, turning what was already a bad day into the worst drop in over a year. Cuomo has decided that the reason for the mortgage meltdown is -- you guessed it -- big-time fraud.

All this is just a search for scapegoats. The reason we're in a mortgage meltdown is this. For years the federal government and everyone else has done everything possible to encourage people to buy their own homes. One of the biggest liberal criticisms of the market was that low-income people -- particularly blacks and Hispanics -- were excluded from ownership through "blackballing," "red-lining," and other forms of discrimination.

So the banks and mortgage markets responded. They invented "sub-prime" loans for high-risk customers and tried to spread the risk by bundling them into broader financial instruments. Eventually the market became overextended and we're all suffering the consequences. Only demagogues like Andrew Cuomo think this has anything to do with legerdemain.


See? The banks and mortgage markets were just trying to help out the blacks and the Mexicans like the liberals kept telling them to and this is the thanks they get for it. Now everybody's blaming them when the lazy blacks and Mexicans refuse to pay their bills ... as usual. (Try to do someone a favor...)

This is why we need to deport all the illegal immigrants and get "tough on crime" like the Republicans are urging us to. This crass exploitation of the poor banking and mortgage industry has got to stop. It's costing real Americans their homes!


Here's one just today from The Corner:


I have no way of judging whether the Wall Street bailout is a necessary evil or an impending disaster. But we're in this mess, ultimately, because our political elites thought it was good social policy to encourage banks to give mortgages to uncreditworthy people, resulting in what Sailer months ago called the "Diversity Recession" (if this doesn't work, make that the Diversity Depression). In other words, if poor people in general, or blacks or Hispanics in particular, were less likely to be approved for a mortgage, the only possible reason was racism or classism or whatever. Thus "creditworthiness" was an illegitimate, dead-white-male concept, like middleclassness. Because, after all, isn't everyone entitled to credit? Therefore, I propose any bailout bill start with these words: "It is the sense of Congress that credit is not a civil right."


It's hard to believe they can say this stuff with a straight face considering the pending trillion dollar bailout of their rich friends, but shame isn't part of their personal reality. Perlstein points out the particularly breathtaking hypocrisy of this line with this observation:

And you know what makes this whole conservative hustle all the more brazen? They spent the entire 2004 Republican Convention bragging about their supposed triumph in increasing minority homeownership.
They even had a cute little name for it: the ownership society.

At moment like these it's always important to remember the biggest bastard liberal black man of them all:

WASHINGTON — Federal Reserve Chairman Alan Greenspan said Monday that Americans' preference for long-term, fixed-rate mortgages means many are paying more than necessary for their homes and suggested consumers would benefit if lenders offered more alternatives.

In a standing-room-only speech to the Credit Union National Association meeting here, Greenspan also said U.S. household finances appeared generally sound, despite rising debt levels and bankruptcy filings. Low interest rates and surging home prices have given consumers flexibility to manage debt, he said.

"Overall, the household sector seems to be in good shape," Greenspan said...

"American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage," Greenspan said.


All those poor people who were promised they could afford their homes and adjusted rate mortgages because the housing market was going to go up, up, up, and they'd be able to refinance in a couple of years, should have known that their crazy Old Uncle Alan was just kidding. It's all their fault.


.

Search Digby!