I guess you’re a comedy site and have no intention of discussing the immanent financial apocalypse we find ourselves in, but you are also one of the few places in hipsterdom that dares to give another take on things.

I guess you’re a comedy site and have no intention of discussing the immanent financial apocalypse we find ourselves in, but you are also one of the few places in hipsterdom that dares to give another take on things.

Why not discuss what nobody else will say about all this, that it comes from the idea that Hispanics must own homes? Some say this is racist and they point out the stats on foreclosures basically reflects the ethnic diversity of our country but those stats are almost ten years old. Everything changed radically since then. Total mortgage lending dollars to Hispanics (new home purchases and refinancing) septupled or more from 1999 to 2006 and quintupled for blacks. The increase for the more prudent Asians was smaller because they didn’t jump on board the subprime express, and for whites least of all. In 2005-2007, half of all subprime dollars went to minorities. Get it?

This whole thing began when politicians (both Democrats and Republicans) decided Hispanics needed homes. First the Clinton administration decided to enforce affirmative action when it came to loaning. Here’s a clip of Cuomo admitting it proudly.

To be clear, I am not mad at the Mexicans. If someone offered me a deal I couldn’t afford I’d take it. There have been minority loans before that said they would charge 0% interest to the borrowees. Those people would be dumb not to take it, stick it in the bank, take the 3% the banks gave, and pay it back when necessary – keeping the profits for themselves. Worse than some irresponsible minorites are the banks who leapt on this legislation and built pyramid schemes with it.

However, the biggest assholes, in all this, are the politicians who started it. They meddled in the free market, enforced some kind of communist ideal, and now we’re being taxed to the hilt to justify it. Isn’t that what ended Russia?

The funny thing about this bailout is it assumes this will be the last time. The real estate bubble was just one in a series of huge lies we all fell for. Remember the dot com boom? That was going to make us all rich. Then it was real estate. Then that popped too. Next will be the green movement. There will always be snake oil salesmen to tell us a hard day’s work is not the best way to pay your bills. Don’t fall for it again. Please.

Sincerely,

Another angry Libertarian

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