Quote: (09-19-2012 04:27 PM)choichoi Wrote:You can keep blaming poor blacks and civil rights for our current state of affairs at this point, but the problem is a lot bigger. I sold motorcycles during the peak of the housing boom. Poor blacks weren't the only ones spending like drunken sailors.
I'm reading "Architects of Ruin: How a Gang of Radical Activists and Liberal Politicians Destroyed Trillions of Dollars in Wealth in the Pursuit of Social Justice" right now by Peter Schweizer and he seems to be pointing to a different source which would be, public interest and civil rights groups such as ACORN and vague laws such as Community Reinvestment Act which were grossly abused by those groups and their members: Pres. Barack Obama, Rev. Jesse Jackson, and Bill Clinton to name a few.
The housing bubble, as he has pointed out up the point that I've stopped, was brought about by groups like ACORN twisting the interpretation of the CRA to a point where banks were accused of blatant racial discrimination in the form of "redlining"; literally drawing out poor, often, black sections of town which were deemed un-creditworthy, and then, forced by law to lend to people who had poor credit who oftentimes happened to be ethnic minorities such as African Americans. Many banks had done this in the past so I'm not excusing them, but there came a point where too many false claims were being made against unbiased statistical data- a lota black folks had jacked up credit histories. The cumulative effect of these defaults is the result of decades of pressuring from community interest groups.
So was this housing bubble really the result of predatory lending or predatory race baiting and self-destructive embezzlement?
But keep blaming government. I doubt anyone will change your mind.