For the Record: Brown People are NOT the Root of the Problem Here. Alt-A Borrowers Are THE Problem, Not Subprime Borrowers!

I am tired of hearing that brown/black people are the root of the meltdown of Wall Street.  Really now, you want the world to believe that uneducated, underemployed brown/black people hoodwinked the wall street bankers.  This is preposterous!  Certainly, many brown/blacks actively pursued home ownership under the loose or non-existent regulatory oversight of and non-adherence to reasonable lending standards.  Take a moment to do some research on industry specific sites about the soon to be snowball of the Alt-A mortgage crisis.  For those of you who are not in-tune with this aspect of the mortgage crisis, the Alt-A loans are basically the white, professional version of sub-prime loans for low income borrowers.  Alt-A borrowers, although they had higher credit scores, anyone’s control. “Those people” recklessly took out loans that they too could not afford and are now unable to pay back. 

Mark my words, as soon as the foreclosure crisis adversely impacts the white, professional class (it is currently happening and will ramp up in Q1 2009) the language about irresponsibility, negligence and fraud will be softened.  At that point in time, the conversation will shift from borrowers motivated by greed, criminal wrongdoing and trying to get something for nothing to compassion, rescue and the sense of urgency to rescue “american familiespursuing the American Dream” from such a tragic circumstance, beyond their control.  When this happens, the narrative will switch to American Families being swindled.  Mark my words.  I am appalled at the way in which this bailout of wall street has been characterized as something that was caused by brown/black people who somehow outwitted the ivy league educated wall street robber barrons who are now waiting to be paid twice for their greed and ill gotten gains.  This country deserves everything that it gets.