I have been wanting to write an article to this affect for some time but haven't had the skill. The market fundamentalists are looking for a scapegoat quick as their last barricade (really big government and Central Banks) bails them out by, uhm... market fundamentalists? It's been quite a sordid few months as Newt, McCain and the business press on down (some of the Right WIng blogs have become quite Hitlerish) have tried to pin the tail on the Donkey and minorities given that they worked so hard for the last 30 years to create the system that we now have. Not that the Donkey has not been part of the problem (overthrowing Glass-Steagall, cheering on Alan Greenspan's negative interest rates and ARM plans as well as protecting Fannie and Freddie) but blaming poor people and minority home owners for the meltdown of the financial system is like blaming a raindrop for the flood. It seems an extremely transparent ploy to divert attention from the roller coaster that is capitalism towards minorities and "big government" re. the part of government, in our case, that helps the poor and the oppressed as the culprits in the collapse.
Subprime Suspects
THE RIGHT BLAMES THE CREDIT CRISIS ON POOR MINORITY HOMEOWNERS. THIS IS NOT MERELY OFFENSIVE, BUT ENTIRELY WRONG.
Read the entire article.
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