Saturday, October 3, 2009

Did the African American community cause the mortgage meltdown as Glenn Beckkk and his teabaggers insist?

I have all but given up on journalism in America.Maybe it is because journalist were never all that accomplished to begin with.Just flunkies who could not make it in business,science,academics ect.Time and time again you see bloggers doing their jobs for them.Bloggers have nothing to lose.The blog thread is the writing on the wall.This big monster no one can control or silence.The journalist in America particularly the Black Journalist have turned coward one too many times.Back in the days it was known that White philanthropic charities gave money to certain black newspapers in return for shaping the views of the black community.Those black journalist who defended the community were seen as uppity,radical,ect.The one million dollar question the Kalagenesis is asking is"WHERE THE HELL ARE THE PEOPLE WHO USE TO FIGHT FOR US??????The simple answer is there are none.Tavis Smiley has a show but he is no more that a glorified stock boy for Walmart,and a lot attendant for Exxon/Mobil.The reason I say this is because why are the right wing getting away with slander in accusing our community of the mortgage meltdown?Where are those big mouths who cant get enough of calling themselves spokemouths for us until they have to go against powerful white media people and they don't want to seem like a troublemaker.
The Following is a reply to an ignorant Tea Bagger
.The housing issue did not happen as a result of the community reinvestment act.Why do I even reply to your uneducated racist ignorant classless ass?Be that as it may let me school you to the fact.The community reinvestment act came in the late 70's I believe in 1979 under former President Jimmy Carter.The act was necessary to rebuild neglected areas in all cities in America.The act allocated funds to contractors and developers to build housing in areas that had old abandoned buildings.The plan also gave backing to banks to lend money to low income people so they can buy house in those redeveloped housingThe program was very successful and the federal,state,and local governments got tax revenue from the new home owners.This is how you see communities that had blight come back to life.
The problem came later when the Federal government under a deregulation provision in 1998 by Senator Phil Graham and signed by President Bill Clinton allowed for the community reinvestment act to relax standards in lending.Now this was 20 years after the act was passed so please get your facts together.
Toxic assets caused the meltdown
I know the simple minded white trash will never understand this but let me try.Now instead of the community investment act being for low income people to purchase homes in modest low income areas.The relaxed regulations allowed banks to use the act to makerisky loans to unqualified buyersThey did this not because of the government making them it was greed!!!!!!!!!!!!
CDO'S were the culprits in the scandalCDO stands for collateral Debt Obligation.I do expect ant Tea bagger to understand this it is over their heads.Again I will try.What CDO's do is splice mortgages in many pieces so when the utility like Bear Sterns,Freddy Mac Bought them were able to hide the debt with the liquid assets.This covered losses and everyone was making billions of dollars because investors would buy the stocks seeing no losses only gains.Now the bankers should be in jail for making loans to people they know were not able to pay.The community reinvestment act was only for housing within the income means of the applicant.The banks during this time period did not bother to follow the guild lines because thanks to Republican Phil Graham the regulations were laxed.The same thing happened in the Eron scandel and Soncom and several energy companies.Remember Ken Lay?Of course you don't it is easier to follow Hannity,Beckkk, AND BLAME POOR BLACK PEOPLE.

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