Blaming people of color instead of multinational financiers

Pundits (Coulter, Cavuto, Dobbs, etc.) have been pointing the public's attention away from banks and financiers as the US and world economies continue to flounder. they have targeted the Community Reinvestment Act (1977) as the point of origin for the mortgage crisis and are blaming everyone from Barack Obama to work-a-day folks who "have[] a good jump shot" (Ann Coulter's words...). wonder what she was coding there!

these conservative free-marketeer pundits have a lot in common with the financial experts and advisors who have run the 'developing world' into massive, generational debt. if the favored financial system is ruining a country, they seem to suggest, then blame the poor dark-skinned people, not the financiers.

Ed Morales, at The Progressive, answers back:


Bailout blame game unfairly targets minorities

But that line of thinking is extremely flawed.

First, since the Community Reinvestment Act was crafted over 30 years ago, why is it that only now subprime mortgages have created a crisis?

Second, most of the disastrous subprime loans were made by mortgage brokers and disreputable lenders unregulated by the Community Reinvestment Act.

Third, white and affluent borrowers took out 58 percent of higher-cost loans, with blacks and Latinos accounting for 18 percent each, according to data from the Home Mortgage Disclosure Act