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When African-American net worth was invested four fifths into home equity, the rug was pulled out from under them. The results were devastating to those who could pay their mortgages and those who couldn’t. Subprime mortgages had been heavily marketed even to well-off minorities who didn’t need them. As home values fell, those who had the most at stake also had the most to lose.
African-American subprime losses may reach as high as a 100 billion, and as many as one in ten may be facing foreclosure. This is having a devastating effect on their already shaky position in the middle-class… and that is the perversely brilliant part of this scheme.
Not only did the left shamelessly loot the system by dressing up their crony capitalism as social justice, but they also profited from ripping off the very minority borrowers on whose behalf they were gouging taxpayers and banks—with the end result that the minorities who are their voting base are kept out of the middle-class and remain a reliable plantation vote with no hope for anything but government benefits.
Think of a con artist who uses his mark to rip off five other strangers, then rips off his mark, and tosses him a penny, to keep him on the leash for the next round of cons. This is what the left’s crony capitalism venture did. This is what Barney Frank was covering up for when he insisted; “I do not want the same kind of focus on safety and soundness … I want to roll the dice a little bit more in this situation towards subsidized housing.”
Barney Frank and friends weren’t rolling the dice for subsidized housing over safety because they genuinely cared about minorities– but because they cared about all the money flowing through the subsidized housing Ponzi scheme. And if that isn’t the crime of the century, that’s only because the century is still new.
The poverty pimps still weren’t done. Foreclosures had a ripple effect in minority neighborhoods as abandoned houses destroyed the property values of neighboring homes and turned back the clock on entire neighborhoods which had been moving forward. A slow African-American exodus began from northern blue states to southern red states as another layer of the scheme unrolled.
And there in the eye of the storm, Barney Frank, the Chairman of the House Committee on Financial Services, sat overseeing a three ring circus promoting the Community Reinvestment Modernization Act. The CRA had helped take down the economy and CRMA would extend the CRA’s provisions mandating low income lending by banks to every financial institution in America.
Frank who had bullied and covered up for the unholy marriage of banks, government and ACORN as long as he could– now wanted to extend the troika everywhere to consolidate the destruction of the African-American middle class for the benefit of the professional left. The subprime mortgage crisis was the new slavery and its end result is an African-American electorate more enslaved to the Democratic Party than ever before.
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