Minorities: The Bailout Scapegoat?

"Loaning to minorities and risky folks is a disaster." ~ Neil Cavuto, host of Fox News' Your World

"When federal regulators demanded parity between racial groups in lending, the only way to achieve a quota would be to begin making intentionally bad lending decisions." ~ Drew Zahn a pundit on WorldNetDaily

“Loans started being made on the basis of race, and often little else” ~ Rep. Michele Bachmann, a Republican who represents Minnesota’s 6th District

Washington Mutual, Inc., one of the nation’s leading banks for consumers and small businesses, has once again been recognized as a top employer by Hispanic Business magazine and the Human Rights Campaign. Hispanic Business magazine recently ranked WaMu sixth in its annual Diversity Elite list, which names the top 60 companies for Hispanics. The company was honored specifically for its efforts to recruit Hispanic employees, reach out to Hispanic consumers and support Hispanic communities and organizations. The Human Rights Campaign, the largest national gay, lesbian, bisexual and transgender (GLBT) civil rights organization, also awarded WaMu its second consecutive 100 percent score in the organization’s 2009 Corporate Equality Index (CEI), which measures progress in attaining equal rights for GLBT employees and consumers. WaMu joins the ranks of 259 other major U.S. businesses that also received top marks in the annual survey. The CEI rated a total of 583 businesses on GLBT-related policies and practices, including non-discrimination policies and domestic partner benefits.In both surveys, WaMu earned points for competitive diversity policies and programs, including the recently established Latino, African American and GLBT employee network groups, all of which have a corporate executive sponsor and champion. ~ Mark Krikorian, in an article on National Review Online titled CAUSE AND EFFECT (Dated Sep 26, 2008 the day after Washington Mutual was sold to JP Morgan).

So now it’s minorities’ that placed America’s Economic Fortunes in a tailspin? People that had no business getting credit were buying homes, which later on, they would not be able to afford. Someone had to have known that the numbers didn’t add up? They should not have even been able to get credit from Old Navy.

Sure there were individuals that gamed the system but not everybody was trying to get over. Some people were just trying to have the American Dream. The same American Dream that is advertised on television with blond hair girls, apple pie and vacations to Disney World. Still, someone should have been there to put a stop to the process.

This is bigger than Tyrone, Keisha, Hector or Rosalina trying to live in a decent house with a backyard. This is about Chip and his friends wearing thousand dollars suits and making decisions out of greed. Wall Street, Banks, Mortgage Companies, and New Housing Developments all were turning a blind eye in hopes of a quick payoff. There is enough blame to go around but how typical it is to blame White America’s standard fall guy. If people would take the time to wake up, they would realize that we are all in this together.