Malkin just can't control her racism. Blames Latinos for the mortgage crisis
By John Amato Sunday Sep 28, 2008 8:45amConservatives like Malkin will go to the ends of the earth to blame brown people for all the problems in the world.
It's no coincidence that most of the areas hardest hit by the foreclosure wave - Loudoun County, Va., California's Inland Empire, Stockton and San Joaquin Valley, and Las Vegas and Phoenix, for starters - also happen to be some of the nation's largest illegal-alien sanctuaries. Half of the mortgages to Hispanics are subprime (the accursed species of loan to borrowers with the shadiest credit histories). A quarter of all those subprime loans are in default and foreclosure.
Regional reports across the country have decried the subprime meltdown's impact on illegal-immigrant "victims." A July report showed that in seven of the ten metro areas with the highest foreclosure rates, Hispanics represented at least one third of the population; in two of those areas - Merced and Salinas-Monterey, Calif. - Hispanics comprised half the population. The amnesty-promoting National Council of La Raza and its Development Fund have received millions in federal funds to "counsel" their constituents on obtaining mortgages with little to no money down; the group almost succeeded in attaching a $10-million earmark for itself in one of the housing bills past this spring...read on
The National Review should be ashamed to print this garbage, but we all know their history on racial issues. This is why Latino voters need to turn out in huge numbers this November.
I'd say more, but Digby spells it out for Michelle.
I guess Malkin has never heard of something called "No Doc" loans which mean No Income, No Asset, No employment Verification. It's got nothing to do with immigration.
And, like most racists, she forgets herself from time to time and forgets to distinguish between illegal immigrants and Mexican Americans. It makes no difference to her, of course, but they are usually a bit more scrupulous in their obfuscation.
The idea that the trillion dollar credit crunch was caused by illegal immigrants is so ludicrous that I can't stop laughing.....This meme is absurd, but it's the only way the conservatives can explain things within their world view. And there's nothing new here. The historical American resistance to government action is historically tied to a reluctance give money to people of color...
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Primero!
Then there are the wingnuts that blame Clinton's program for African-Americans.
Blame anyone but Phil Gramm and John McCain.
It's the fault of immigrants, fe sher...
Like them damn filipinos coming here, outstaying their visas and having kids who became citizens, automatically.
Canadians are watching your election process with bemusement.
Of course USers are racist!
When was this ever in question?
Contact LULAC. Maybe they can call more attention to this in the Hispanic community.
pst - I hear those Meskins killl babies and use the blood to make tortillas. (sarcasm, for those who might be sarcasm impaired.)
Michelle missed the real culprits. It is the military. Someone collected data showing that the highest rate of foreclosures is to be found near military bases. Just recently I saw data that indicated that there were about 1,600 foreclosures in Loudoun, but about 6,600 in Prince William which is near Fort Belvoir and Quantico.
Oh, I forget, this fact would completely undermine the republican view that minorities are responsible for the crisis.
I read 60% of sub primes are re-fi's. that means they were to existing homeowners. If you had a mortgage and saw the hard sell literature and mailers encouraging people to fe-finance, you would understand it was the banks providing in-accurate projections and lies to mortgage holders.
F you malkin and anyone else who thinks it is the individuals that created this mess.
its terrible the way illegals snuck across our border and took advantage of defenseless bankers and scrupulous mortgage agents. in the future the banking and mortgage industry must adequately train its members not to be so readily taken-in by the slickness and duplicitous nature of illegal immigrant home-owners.
PS folks bail out passed and market is TANKING.
I can't stand these White Anglo Saxon Protestants casting judgements on the rest of us!
Wait a moment ...
here's what we need to do with all the brown people.
round them all up and make sweet, sweet love to them till were all a sexy mocha.
problem solved.
This chick is getting crazier by the day. She is Asian for Gods sake! Have all these guys gone off the deep end? Deregulation was the reason. This is Reaganomics at it's worse.
OT...
OBAMA in the Virginia Rain (26,000 in Attendance)
Best stump speech I've seen him give
Obummer @ 12:
You get Kay-Lo, okay?
In her defense, there are some Latinos working on Wall Street.
curtilingus @ 10:
havent even voted yet . . .
She just wetting her pants because Americans blame the air-headed morons like her in the Reslug party for this mess.
Delusional psychopaths like Malkin always look for easy scapegoats. I doubt her arguement will go very far in convincing the general public that the resposibility lies anywhere but with the Bush administration and Republicans.
they are trying to turn this election cycle into a race war.
Pot, meet Kettle.
Dumb ass.
Maybe Malkin should order one of these:
http://www.youtube.com/watch?v=llqM94-bYvg
Dow down 300.
A friend of mine(his wife) sent me an e-mail saying that this was all Bill Clintons fault. If it wasn't for Bill Clinton, the illegals would have never been able to buy those homes. I kid you not.
What was the name of that bill that Boosh signed in his 1st days in office? The one pertaining to this crisis. I can't remember the name of it.
OK off to work. Have a good one folks.
Jay Severin Has A Small Pen1s @ 16:
Yes, they clean the private bathrooms of the old white men.
I find all this interesting coming from a woman whose entire look seems to be influenced by Asian hookers in war movies. She doesn't get that when she speaks, about 3/4 of this country just looks at her and thinks "me so horny."
If she spent any time at all with her audience, she would learn quickly how many of her fellow citizens feel about those of non-white descent.
Just like the classic uncle toms(Thomas, Juan Williams, Condi, etc.), Michelle hates looking in the the mirror but yet profits from her bigotry. Like a whore who has long ago lost her soul, she just takes the money. Malkin is one sorry, lonely bitch.
curtilingus @ 8:
Of course.
The Banks were under huge pressures to sell as many loans as they could. This was not to inflate their holdings, but their pockets.
Each and every sub-prime loan that was sold, swindled, manipulated, and lied about was almost immediately sold to the financial firms which blocked them together and initiated the Ponzi Scheme of default credit swaps. A simple 100K loan could net millions as it wound its way through the paper-maze of insure-sale-insure-sale. That’s where the billions were made (now lost), and why we’re talking about a 700 billion bail-out. That maze had to have an entrance, and that entrance was the deceptive loans that were waved in front of the ignorant and unsuspecting, regardless of race color or ability to re-pay.
Isn't she an immigrant too? She sure doesn't look European to me. She doesn't look African either. Why I believe she's from the Philippians. Maybe it’s Imelda Marcos in drag. Someone check out her closet for an overabundance of footwear
The bankers created Zero Down
The bankers created Interest Only
The bankers created Negatively Amortized
The Bankers created stated Income
The bankers created this mess.
Malkin is Clayton Bigsby. She is just too stupid to realize it.
Clayton Bigsby
And like all conservatives in the past, our problems are all caused by poor people. Rich folk are totally blameless all the time. The GOP and fiscal conservatives are going to save the day..oh wait, the American taxpayer is and right now those Capital Gains guys and gals, big oil tax loophole dudes ain't doing squat.
Tell the world, the GOP will promise the sun, the moon, the stars, lower taxes and winnable wars and never deliver!
Dow down 350. Christ, it's sinking like a stone.
Time mag did an interesting breakdown of credit default swaps in march. interesting read given todays info:
http://www.time.com/time/business/article/0,8599,1723152,00.html
The National Review has had articles blaming poor people and the hiring of minorites for the meltdown since the crisis began. I sold houses for 20+ years, and the best program ever for purchasing a home has always been FHA. I always told buyers that it was the best thing that the government ever did for the country. Most people purchase a home for 3-5 percent down and lower income purchasers have been using the program since the 50s with low foreclosure rates.....because it was a well-regulated program.
None of this crap even started until the banks and loan companies started lobbying to relax the regulations for the type of credit you needed to buy a home. There were plenty of programs to help people get their credit right, but the lenders wanted to be able to lend that money today, not the following year when people had better credit. So they pushed and pushed until the regulations were gone, and did a lot of predatory lending, too. This went on across the board, not just poor people and minorities were offered 100, 105, 110 percent loans on the value of their houses at teaser rates that would eventually adjust upward. And they did it based on the people ability to pay the teaser rates, not the adjusted rates.
If Michelle Malkin wasn't as dumb as a curb, she would have found this out before writing her disgusting racist trash. Most of the people who caused this mess were big old white guys on Wall Street and in Congress.
She also deflects criticism from where it belongs, on big business. People need to realize that the current financial crisis requiring 700 billion has nothing to do with homeowners at all. Its is specifically and exactly due to banks selling bad loans to financial institutions. Homeowners have nothing to do with it.
Kathy@35, Don't you love the fact a lot of the houses that are foreclosed upon are McMaisions? I don't know about you, that tells me that a lot of White people are to blame too. Jeez, these Repugs spew so much garbage, they are starting to beleive their own spin.
What a stupid bitch! She needs to look in a mirror, if it doesn't break from fright or disgust! She has had to much attention and needs to be grounded to reality. Nobody wants to hear her bile of hatred and bigotry.
Blaming it on the poor...
Let's go over this again... Under the right conditions, lending to the poor is lucrative. We all thought that real estate values would continue to rise. Under these conditions, lending to the poor is a no-brainer. They struggle to make payments for several months. The payments they make go almost entirely to interest, so they never get any equity in their home. When they can't pay any more, the bank keeps all the payments they got, they foreclose on the home, sell the home and recoup their outlay.
When property values go down, lending to the poor is no longer a good idea. Furthermore, when families stop paying their mortgage shortly after getting one, you no longer have that long stream of interest-mostly payments prior to foreclosure.
So let's not blame this one on crafty poor people who pulled the wool over these bankers' eyes. The bankers thought they were exploiting the poor. They are finding out that they were wrong. The poor are just as screwed as they were before, but the banks are no better off for their efforts.
PorridgeGun @ 14:
Impressive! Thanks.
The blame lies with those granting the loans. That said, the illegal community and other poor Hispanics were disproportionately exploited in this process. I live in Fairfax, but am from the San Joaquin Valley as well. Stockton, Modesto, Atwater (a suburb of Merced).
Hispanics were a community that the powers that be could exploit. In the case of Merced and Stockton, the exploitation resulted in the worst default rates in the country.
Now Stockton is extremely diverse ethnically. The UN sent a study group there once to see how so many different groups lived together. Nethertheless, it was the huge Hispanic community there was was most systematically drawn upon for issueing loans that were certain to default.
Hispanics are the Jews in a conservative world. The banks are failing? Who's fault is it? Naturally, it's the brown people! And they wonder why people keep comparing them to Nazis.
Malkin is truly repugnant.
I feel dirty, you linked me to the National Review. Now I have to go wash my computer.
LibertyWatch @ 38:
Now now now. Let's make our insults gender neutral. You should say "What a stupid asshole!" Let us not lower ourselves to "her bile of hatred and bigotry".
Left&Left @ 27:
Ditto. She is self-hating and don't know that she's helping Colonel Sanders with the chicken coop.
That's why the GOP likes to use her. But she'll realize that when her usefulness is up, she's going into the gutter just like Katherine Harris. Soon enough, both of them will know what it feels like to be a fifty-cent crack whore.
fastfeat @ 40:
fastfeat, do you remember what boosh signed in his 1st few days in office to deregulate?
I can't remember right now and I have to go to work right now. Read my comment at 24. I'm trying to educate a friend of mines wife.
I have a friend in Utah whose son-in-law from Panama was a loan officer working to "qualify" Hispanics who did not in fact qualify for mortgage loans. This routinely involved a lot of falsification. The son-in-law in now prison, but he was, of course, a sacrificial lamb who has taken the rap for higher ups. They are quite good at making sure that others take the rap.
Damn she is a stupid waste of space. Reminds me of Operation Mockingbird. She just serves to distract the populace from the issues that really matter. She is there like Anna Nicole Smith in the mainstream to divert attention from the real criminals. They serve a basic and important role. As long as we focus on the inane and stupid, we will fail to see the bigger picture or connect the dots that are staring us in the face. Nice situation.
It's so sad:(
I think she's cute
P.D. @ 37:
Not to mention all the folks, probably mostly whites, who bought half a dozen houses and rented them out for twice what their mortgage payments were and spent their "jobs" driving Hummers between their properties collecting rent. (I know, I rented one of these in SoFla for a year. Last I heard, three of her places had been foreclosed on and she was now driving an old Camry. HA HA!!)
Orangutan. @ 47:
You can take that to the bank with Palin too. It's a freak show. There's no other way to describe it.
Btw, thank you for all the info on the financial crisis. It is quite informative. :)
Taarak @ 28:
There was a great take on this on NPR's "This American Life" called "The Giant Pool of Money", which pretty accurately describes what happened at all levels, and backs this up quite nicely:
http:// www.thislife.org / Radio_Episode.aspx ? sched=1242
Apologies if C&L's junk filter kills the link.
Maybe I'm being naive here, but isn't it a bank's responsibility to determine if someone is qualified to receive a loan? I had no idea how much money I could borrow when I went looking for a home. That's why realtors usually won't take you house hunting until you've been to a bank and been qualified. To blame the customer-any customer-for taking out a loan that was offered to them is down right absurd. Again, I trusted my banker to tell me if I could afford my mortgage-they're the "experts." and- at the time- I assumed "it's their money, they should know if I can pay it back to them." Come to find out, not only was it not their money, it was my money, and the rest of ours as well.
Bill from Fairfax @ 46:
Lots of people once spent time in a federal jail for what you mention. So, rather than risk that fate, Phil Gramm and his buddies ok'd no-doc and low-doc loans. This means you don't have to prove your employment or income if you have some money to put down. If you have no money and no job, then it's back to falsification. A lot of these loan officers make so much money off loaning money to high-risk individuals that it's probably pretty tempting to do a little fraud. Otherwise, they work strictly on commission. Wish I felt sorry for them. They are little better than stick-up artists who take people's money, get them in over their heads and leave them totally screwed. Then we get to come in as taxpayers and clean up the mess.
BOTTOM LINE: You can't buy something that isn't offered, no matter who you are.
mudshark @ 45:
Hey Mudshark--
Still on my first cup of coffee...I'll see what I can find...Got to get my ass out to slave in a few too.
Hispanics with the same credit records as whites were often given wore lending terms on their home loans than whites so of course they defaulted more. Also by Malkin's logic all those home loans for McMansions were they also all bought by Hispanics/
http://www.gregpalast.com/elliot-spitzer-gets-nailed/
Latinos.
Even when it was the bears, I knew it was them.
Having worked in the Mortgage business for 15 years and having left it due to the lack of ethics and abject greed inherent to this industry, I say the following with some credibility:
As long as Mortgage "advisors, brokers, sales people" are commissioned and as long as they are "required" to hit their numbers on a monthly basis or starve nothing will ever change. In addition, your Mortgage person may be selling shoes at payless on a Monday and then by Thursday be selling you the money that comes attached to the largest debt you will ever have without any education or certifications required to work for most "mortgage companies."
The driving force is GREED pure and simple. I was called on the carpet several times for working with customers to 6 months or more to repair their credit, get their affairs in order so that they could use FHA instead of a higher risk loan. I NEVER sold a sub-prime or Libor Arm. They were risky and unethical and no one should ever be saddled with that kind of risk. Sales managers were famous for standing in sales meetings going over scenarios and shouting NEXT at the top of their lungs in order to have us pass on someone who couldn't or wouldn't qualify right away for whatever kind of crap they were "pushing" that week.
I also saw redlining - illegal but it happened, racism in the form of inflated interest rates for people of color and other despicable things that I just could no longer tolerate as a human being.
Additionally, the people I saw that wanted NI loans were self employed, investor types or speculators who may NOT have had the funds available to obtain a legitimate "Investor Class" loan product, but insisted on getting the best rate possible. Finally having worked with self employed borrowers and others who may not have qualified for a GVT backed loan the class of borrower who had the worst credit: Attorneys and Doctors with student loans they had NEVER paid on and EXPECTED to receive the absolute lowest interest rates available even though with their credit histories, they did not qualify.
It isn't the "Poor People"...its the entire industry. There needs some accreditation for people selling money. Having these people work solely on commission will always lead to them doing whatever it takes to close that deal.
Um, Malkin, you're a 'person of colour' too. Take off your white hood and look in the mirror.
Let's not blame greedy pushers of dirty paper who were happy to lend money to people who had little hope of carrying the loans once the balloon payments and double monthly bills kicked in, eh? Heaven forbid we should criticize a pie-in-the-sky, corrupt lending program that capitalized on the purported American Dream of home ownership and ignored the American Nightmare of insolvency at the bottom and unprecedented profits at the top. Who lends money to people who can't afford to pay it back? Up here we call them Payday Lenders and they are being heavily regulated in Canada now so they can't feed off the weak anymore.
I don't like to make fun of the mentally ill so I don't talk about Malkin much but doesn't she have anyone who cares enough about her to guide her to getting some help?
How does a Phillipina get a name like "Malkin?"
Was she adopted?
What a strange, mean-spirited little duck.
Malkin married thats ow she got the name.
So is the Hispanic community the victim or the cause? I don't see anything in her column that blames the Hispanic community for the meltdown. She is saying the same thing you are saying that mortgage lenders took advantage of the Hipsanic and minority community.
Whether you want them to be victims or you want Michelle to be a racist does it change the numbers?
And by the way several conservative lawmakers and even the SEC saw this crisis building with in Fannie Mae and Freddie Mac as early as 2004 but it was the Democrat lawmakers who insisted on keeping these type of loans available.
This isn't any different than turn of the century England, with the 'jewish problem', or Germany rising from it's economic disasters to install a fascist reichschancellor. In any of these periods of job loss, financial failure, & spooky change on the horizon, the dumbed down masses turn to racism first,... really, just blaming anyone but themselves.
Michelle hangs out with the people who are friends with the people who made these loans. She'd lose a lot of cocktail party invites if she called them on what they've done.
This little plan that has evolved over the years to sell off these sub-prime mortgages in bundles as high interest securities was not something that low income or ethnic customers came up with. The lenders did that all on their own. Didn't you ever wonder what they meant when they told you that your loan had been sold off to another lender?
These guys took your mortgage, if it was a good one, packaged it up with other loans, some good and some bad and sold them off. The more sub-primes in the package, meaning the higher risk that the security represented, the higher interest rate it paid. It also made guys who ran funds look like geniuses becasue people were getting a high return on their stocks and bonds secured with this stuff. However, when the housing bubble burst, people were so far upside-down on houses and their rates adjusted. They walked away, and the whole thing collapsed.
Yes, those minorites are pretty tricky people, aren't they?
Fascists always point to an external enemy in order to rally the faithful.
Here's my blingee of the Malkinese puppy
She reminds me of the Dave Chappelle skit where he plays a blind man who is the grand wizard of the KKK. Of course, he doesn't know he's black, but the klan likes it like that.
Does anyone have a link to an official (GAO perhaps) demographic overview of the foreclosures?
I can see illegal immigration affecting the quantity demand for housing, thus causing a quantity supply shortage, thus raising prices per unit.
But developers have been building hand over fist, using cheap immigrant labor.
And very few illegals are investment bankers making the loans.
And not all illegal aliens are Mexican, many come from all around South America, the Carribbean and Africa.
If I remember correctly that was one of the promises of NAFTA, an easing for egress between countries.
Che's Lounge @ 65:
http://images.mirror.co.uk/upl/m3/apr2007/4/4/D5EA7D76-EB69-FB5E-4E0B5DA...
Looks a tad like John Ashcroft do he?
......Isn’t she an immigrant too? She sure doesn’t look European to me. She doesn’t look African either. Why I believe she’s from the Philippians. Maybe it’s Imelda Marcos in drag. Someone check out her closet for an overabundance of footwear.......
Yes, I know what you mean about some of these Asians. Bossy and authoritarian as hell. I'm an Italian-American living in the region in Italy where all four of my grand-parents were born. But a Chinese-American from San Francisco was trying to tell ME that I'm not Italian. By the way, from the physical characteristics of this woman, she didn't look like she had one ounce of European blood. Obviously her ancestors wern't one bit interested in blending into the American melting pot. Neither were mine, but I certainly wouldn't have the audacity to tell Michele Malkin that she's not Chinese.
The Fundamentally Strong Rusty Shackleford @ 57:
After searching and searching Jellystone Park, I still couldn't find the remains of my picnic basket. That's when I became suspicious of them foreigners.
Tools like Malkin count on their followers' ignorance of the "facts on the ground".
60% of the mortgages that have fallen below their market value were REFINANCE mortgages sold to people who were trying to convert their home EQUITY into cash.
She is blaming the fallout of greedy behaviour on the most vulnerable, least greedy among us. I am amazed and saddened that so many people still read her website.
Alice X - (Click Here for Nader Debate What If) - status quObama - change you can pretend in - @ 67:
I'm SURE Malkin links to just such an authoritative source in her "article." Doesn't she?
And Malkin got on Rosie's case when Rosie talked like the stereotypical Asian, and I sided with Malkin on that one (the only time I ever did, I believe). Rosie went over the line. Apparently, though, Malkin did not take the lesson she learned from Rosie's insensitive words and is once again spewing hate, this time towards Latinos. Shame on her.
Just A Grunt @ 62:
Familiar with dog whistles?
Digby is really no better than Malkin and confuses "Hispanics" with Mexican Americans. And his unrealistic generalizations of Hispanics in SoCal as "illegal maids and gardeners" is as offensive as Malkin is racist.
The Fundamentally Strong Rusty Shackleford @ 73:
You are answering my question with a question, but no link. Links please!
Duh.. the problem is the USA's Credit Card Culture.
My father lived in Europe for some years, returning to the States in the late 70's. (And he's not a latino. Although he did spend some of his early years in Venezuela) By that time, the whole Credit thing had started to take hold. My father, who's at that time had never had any economic worries in his life, discovered that in this newer America, he was all of a sudden suspicious. He found himself treated with a certain suspicion and skepticism from banks and prospective employers.
Why? Because he didn't have a line of credit. He didn't have that, quite simply, because he didn't have any loans. He hadn't needed any (by then).
As a kid growing up in the 80's I was brainwashed by commercials like all Americans kids are. A funny moment was when I was four or five and, like any kid, was nagging my mom for candy or whatever. My mother explained that she didn't have any cash on her.. to which I replied "No liquid assets?", and got a surprised "Yes" for an answer. It was remembered since it's a very funny thing for a five-year-old to say. But in this context, it also say a lot about the heavy loan advertising on TV.
The USA has increasingly fallen into an unusual (internationally speaking) and dangerous credit culture. Fueled in culture by advertising and the promise of great living on little income, fueled politically by Reaganomics, the deregulation of finance and the erosion of consumer protections.
What we're seeing now, I hope, is the final popping of that gigantic bubble. The Old Rules still apply. Saving is better than borrowing. You should never borrow if you don't have to. And all the other common-sense economic advice that America has long forgotten.
Alice X - (Click Here for Nader Debate What If) - status quObama - change you can pretend in - @ 77:
I was kidding about Malkin having a legitimate source for her raving.
Damn it, this cute-ass black-skin filipino biatch forget she is a "native" in her land. You don't control the economy there biatch, it's the white fair-skin asian descendant filipino biatch who do. So look at the mirror first.
Sorry for the outburst, but boy, this girl forgets who she is. When you forget where you are from, you forget who you are.
FreddieMacDaddy @ 76:
I completely agree with this. I know many Hispanics from Central and South America, as well as Cuba who get angry when they are confused for Mexican, as they also have stereotypical and racists ideas about Mexicans and many of these people consider themselves superior to Mexicans. (Not my view, so please don't shoot the messanger.)
People from different countries used to be viewed as people from different countries. The "Hispanics" grouped themselves together; the whole strength in numbers bit, which has provided them with economic power as well as political clount. So, you are either grouped as Hispanics or you are not; you cannot have it both ways. Grouped when it benefits you; separated when it doesn't. Consider the treatment of Catholic immigrants, specifically Italian and Irish. Both groups were hated, discriminated against, etc., but they had little in common other than the fact they were immigrants and Catholic and were often competing for the same work.
And apparently it never occurred to her that this might be a regional issue concerning the booming housing market in the west and desert communities.
Has anyone bothered to tell Malkin that she's brown-skinned too? I dislike using the epithet, but she's acting like Auntie Ruckus.
i dont get it. isnt malkin brown herself? is she a better kind of brown? does she hate herself?
Alexdem @ 78: