"A number of banks involved in the crash, including Lehman Brothers and Royal Bank of Scotland, were over reliant on toxic subprime loans. Trevor Philips, the boss of the Commission for Equalities and Human Rights, (the government's biggest quango) added: ‘The American financial crisis was precipitated at least in part by racial prejudice. Why were so many minority families taking these expensive loans? Because discrimination left them with no choice. THE RAPID GROWTH OF THE SUB-PRIME MARKET IN THE PAST DECADE PROBABLY OWED MORE TO THE HISTORY OF RACIAL DISCRIMINATION THAN ANY OTHER FACTOR'."Right then Trev, let's have a look at the 'racists' behind sub-prime who, for some reason or other, you don't bother to name, shall we?
Well, the boss of Lehman brothers, whose sub-prime and trough-gobbling shenanigans precipated its demise, was Dick Fuld. Alan Greenspan was the boss of the Federal Reserve, the most powerful banking institution in the world, for nineteen years immediately before the credit crunch and the world-wide recession and, for all of that time, he promoted the laissez-faire culture that led up to the catastrophe. Ben Bernanke was at the helm when the proverbial hit the fan.
Robert Rubin was Bill Clinton's top financial advisor and, during his tenure, he saw to it that the Glass-Steagall Act was repealed. This act was put in place in 1934 after the Wall Street Crash. This to protect the little people from the depradation's of the market's biggest beasts.
The massive criminality of the $50 billion dollar fraudster, Bernard Madoff, was exposed when the sub-prime, credit crunch chickens came home to roost.
A gentleman by the name of Roland Arnall was, before his death, known as 'the father of sub-prime' and James H. Simons was the world's leading hedge-fund manager in 2008, earning $2.5 billion, when the rest of the financial world was falling down around OUR ears.
As we all know, Fred ‘the shred’ Goodwin was the boss of RBS and Sir Victor Blank, (knighted at Tony Blair's behest) Lloyds TSB's top man, bought RBS and blew his own bank out of the water as a result. Lloyds is now part-nationalised because of Blank's inexplicably inept management.
Now here's the thing, Trev: Fuld, Goodwin, Greenspan, Bernanke, Rubin, Arnall, Simons, Blank and Madoff are all Jewish. Is that why you didn't want to name your 'racists'? So you wouldn't be, yourself, accused of anti-Semitism? Never mind, my son, As you can see, I've saved you the bother.
Oh, and Gordon Brown’s top financial advisor, Sir Ronald Cohen, 'the father of British venture capital' and the fourth largest financial contributor to New Labour, is an Egyptian Jew.
Whilst we’re on the subject, two of the three who contributed more to New Labour, Lord Sainsbury and Lord Hamlyn (Paul Wolfgang Hamburger) are Jewish also. Both of these were knighted at Tony Blair’s behest. Sir Christopher Ondaatje, also knigted on Blair’s say-so, was the second largest contributor. He's Sri Lankan.
Anyway, there is this one last thing I feel I ought to mention, Trev. On 8 September 2008, The Guardian informed us that the Bush administration had been forced to nationalise the two biggest US mortgage companies, Fannie Mae and Freddie Mac. These were the companies that were dishing out mortgages to your 'minority families'.
Thing is, Franklin Raines, the boss of Fanny Mae (the biggest home loan company) when all the dodgy lending to the 'minority families' began, IS A BLACK MAN! Was he being 'racist' when he loaned the money to black folks who couldn't pay it back?
Let's have a look at what the US business magazine, Investor’s Business Daily, told us on 16 September 2008:
"It was the Clinton administration, OBSESSED WITH MULTICULTURALISM, THAT dictated where mortgage lenders could lend, and originally HELPED CREATE THE MARKET FOR THE HIGH-RISK SUBPRIME LOANS... TOUGH NEW REGULATIONS FORCED LENDERS INTO HIGH-RISK AREAS WHERE THEY HAD NO CHOICE BUT TO LOWER LENDING STANDARDS to make the loans that sound business practices had previously guarded against…Wikipedia has this to say about Franklin Raines:
President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed TO ENCOURAGE MINORITY HOMEOWNERSHIP. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only GREEDY BUT ‘PREDATORY.’ Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But THE SEED WAS PLANTED IN THE '90S BY CLINTON AND HIS SOCIAL ENGINEERS…
As soon as CLINTON CRONY, FRANKLIN DELANO RAINES, TOOK THE HELM IN 1999 AT FANNIE MAE, FOR EXAMPLE, HE USED IT AS HIS PERSONAL PIGGY BANK, LOOTING IT FOR A TOTAL OF ALMOST $100 MILLION IN COMPENSATION BY THE TIME HE LEFT IN EARLY 2005 UNDER AN ETHICAL CLOUD… Raines was accused of overstating earnings and shifting losses so he and other senior executives could earn big bonuses.
In the end, FANNIE HAD TO PAY A RECORD $400 MILLION CIVIL FINE FOR SEC AND OTHER VIOLATIONS, while also agreeing as part of a settlement to make changes in its accounting procedures and ways of managing risk…
Raines had reportedly steered Fannie Mae business to subprime giant Countrywide Financial, which was saved from bankruptcy by Bank of America. At the same time, the Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households.
The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists, resulted in today's nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens of billions of dollars." The Real Culprits in this Meltdown
"Raines, while Chairman and CEO, (of Fannie Mae) began a pilot program in 1999 TO ISSUE BANK LOANS TO INDIVIDUALS WITH LOW TO MODERATE INCOME, AND TO EASE CREDIT REQUIREMENTS ON LOANS THAT FANNIE MAE PURCHASED FROM BANKS. RAINES PROMOTED THE PROGRAM SAYING THAT IT WOULD ALLOW CONSUMERS WHO WERE ‘A NOTCH BELOW WHAT OUR CURRENT UNDERWRITING HAS REQUIRED’ TO GET HOME LOANS. THE MOVE WAS INTENDED IN PART TO INCREASE THE NUMBER OF MINORITY AND LOW INCOME HOME OWNERS. Franklin RainesLooks like Franklin is, according to your definition, just about the biggest 'racist' on the block, doesn't it, Trev?