Wednesday, June 18, 2008

CNBC: Housing collapse the fault of African-Americans, Latinos and minorities

Chris in Paris, Larry Kudlow and his Mini-Me (Jerry Bower) on CNBC have blamed just about everyone for the housing crisis/credit crunch except for the people who were responsible for creating the failed plan, Wall Street. Minorities are always a fine target for right wingers who can't accept responsibility and now that Obama is the Democratic candidate, there is more race-baiting than usual from this group. Clearly there's a gap in reality with this group who simply can't admit that despite their education and cushy positions, they helped create one of the greatest losses ever on Wall Street including the first ever financial losses for Wall Street houses that remained profitable through the Great Depression.
However much they try to push this problem away, it just keeps coming back to them. Even now, it's not the minorities that are walking away with $61 million when things go belly up as they did with Bear Stearns. Do slightly veiled racist arguments like this really deserve to be promoted by CNBC?
LSB: Yes, let's blame everyone but those in charge of this mess - that's the Republican Way!

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