Niggers and Beaners Caused the Recession, Continued

Lies are funny things. No matter how matter times you demolish them, the liars just keep on resurrecting them with new flimsy excuses. I don’t have anything against racist theory, fact or even science that makes, say, Blacks and Hispanics look bad; after all, facts are facts. But I do wonder what the utility of it is. It seems no one but a bunch of racist assholes cares about most of this. Most everyone else doesn’t want to hear about it.
The race realists protests that facts must be discussed. Oh really now?
You know, I take craps just about every day for my whole life now. That’s over 50 years worth of shits I’ve taken, and I’ve neglected to document them for posterity. Yet historians couldn’t care less about my negligence.
I could have taken pictures, conducted studies, made drawings and paintings, written non-fiction, poetry, song lyrics, short stories and Hell, even novels all about my glorious Robert Lindsay turds.
Actually, I’m fascinated about my shits like most neurotics, and I probably could write a novel about them (Hmm, well, they aren’t that interesting, so maybe a novella). But who would want to hear about it? No one in their right mind. Are my shits not factual events, and their documentation a matter of science? Sure.
Same things with racist stuff that makes Blacks and Hispanics look bad. For the most part, this stuff says that their sub-par genes are making them screw up or act bad in this or that way. So there’s nothing useful to be gained out of this. If it was something that Blacks and Hispanics could change, there would be a point to it. We could publish it and urge them to change. But it’s set in their genes and there’s nothing to be done.
First of all, Blacks and Hispanics don’t want to hear about this, no matter how true it is. They don’t want to hear about it now, and they won’t want to hear about it in the future. The Steve Sailers of the world preposterously wail about this, but that’s just the way people are. Most White people don’t seem to want to hear about it either. Hardly anyone other than a bunch of racist shits wants to hear about it. So what’s the point of it? There isn’t any.
That doesn’t stop racists like Steve Sailer (Yes, he’s a racist all right.) from pushing their crap. One of the worst lies lately is the Blacks and Hispanics Caused the Recession Lie. All of the racialists and White Nationalists across the board are pushing this lie, which is not surprising considering their low moral level, but I was surprised that more mainstream types like Sailer and even the Republican Party and Wall Street Journal would try to sell this racist sewage.
The point is that the foreclosure rates by ethnicity simply do not matter, but allow me to explain why they don’t matter.
This is what the debate hinges on. Supposedly Blacks and  Hispanics have higher foreclosure rates, though maybe they do not. The figures seem to be contradictory and confusing.
Let’s assume for a moment that the racists are right and Blacks and Hispanics do have higher foreclosure rates. According to the racists, this is because (Genetically!) stupid and irresponsible minorities deliberately took out loans that they knew full well that they could not pay.
Then they stuck the poor, innocent, angelic, mostly-White, ultra-rich bankers with the bill. The result has been disaster for the super-rich White bankers. Some have even had to sell a few of their spare yachts. There seems to be no end to the depths of the tragedy.
Look, dammit. This is the truth. I don’t have figures for Hispanics, but for Blacks, 75% of them got subprime loans. This was independent of income. Blacks got subprime loans no matter what their incomes were. Across the income spectrum, Blacks were way more likely to get subprime loans than Whites. The reason was simple racism.
The racists’ argument is that the dumb niggers and beaners, excuse me, the minorities, were supposed to be smart enough to figure out the loan terms. But the truth is that the loans were being peddled almost exclusively by criminals. When a criminal offers you a deal, he’s often pretty dishonest about it.
If what the mortgage lenders did wasn’t against the law, it should have been. The terms of the subprime mortgages were so confusing you nearly needed a degree in Economics to figure them out, and even then, you might get fooled.
The subprime loans were a flat-out scam, a case of fraud, whether legally provable or not. The formula was so maddeningly complex that the balloon interest rates (and that’s what they were) that were set to blow up in your face in the next few years were somehow factored into your principal. That’s right, your interest was somehow stirred into the casserole of your principal to such an extent that you couldn’t even see it anymore.
Those who were genius enough to figure out the balloon interest rates were nearly always assured, “Oh, don’t worry. We’ll just refinance your loan before that happens, so you won’t have to worry about it.”
This was fraud, scamming and frankly loan-sharking on a massive scale. Huge corporations like Countrywide (Why are they still in business?) were really just criminal organizations, and most or all of their loan officers were criminal foot soldiers of some sort, like the foot soldiers of the Mafia.
It’s appalling that people like Sailer want to blame scam victims for getting scammed, especially when the scam was so complex that it was almost impossible to figure out.
Why did the bankster-crooks do this? Because there was no longer any risk in loaning money. Normally, banks had to be concerned that the money was going to come back. If it wasn’t repaid, the bank took a nasty hit and lost money.
Now, the work was farmed out to mortgage loan companies, who were separate from the banks. That way the banks cut their risk out of it. The loans were then repackaged as securities (This crap has been going on for about 40 years now, and probably ought to be illegal.) to Wall Street, thus taking the mortgage loan companies’ risk out of it.
Wall Street took them, and with the help of a bunch of criminals called accounting corporations, who gave these garbage loans repackaged as securities AAA bond ratings, sold them to investors all over the world, thus taking Wall Street’s risk out of it. The investor-suckers were then left holding the bag.
Corporations like AIG then sold insurance policies on mortgage loan securities (That probably ought to be illegal too.) so the buyers of the painted turds took out insurance policies on the securities in case they went bad. Go bad they did, as anyone with half a brain could predict, and the holders of the insurance policies rushed to AIG to cash in their policies.
Insurance operates on the basis that the company will fail if everyone tries to cash in their policies at once, since they don’t have the capital on hand to cover the claims. AIG did not have the cash to pay out all of the claims, so it was about to go under. That’s why AIG got $300 billion from the US government is now a socialist institution owned by the USA.
It’s important to note that everyone along each and every step of the way here made a massive bundle of money, except maybe the investors at the held who were holding the bag. The FIRE (finance, insurance, real estate) sector of the economy had an outrageous wild party for a decade or so while this crap was going on, and any tears shed for these crooks are just wasted.

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12 thoughts on “Niggers and Beaners Caused the Recession, Continued”

  1. Did niggers write the law that said that people dident need any downpaymenet and if you want a new car, you can borrow ten percent of the house value – that you got for nothing in the first palce – on top of that loan?
    As far as I know, white people wrote and voted the bill into law. Of course the niggers and beans toke what they could get. I would do that too. What this really is its a giant welthtransfer from white people to niggers. And it was mostly stupid white people who made the whole scam possible.

  2. Dear Robert
    You forgot to mention the housing bubble. When housing prices keep rising, it makes sense to provide certain risky mortgage-backed loans because, if the borrower does not pay, the lender can foreclose and recover his money by selling the house. There was also a lot of house-flipping going on, that is people buying a house with no downpayment in the hope of selling it a year later with a fat profit. When there is asset inflation, there is always a lot of leveraged asset buying.
    The housing bubble also produced the well-known, wealth effect which lowered American savings rate and led to massive trade deficits.
    What then caused the housing bubble? Ultimately, it was the excessive credit expansion by the Federal Reserve. Alan Greenspan was the great enabler of the housing bubble. If a central bank injects a lot of credit into the economy, that money has to go somewhere. In the US in the last decade or so it went mainly in residential real estate. The predictable consequence was excessive construction and asset inflation.
    It never seems to fail. Credit expansion by the central bank creates an artificial boom, which then turns to bust.
    The real estate bubble in the US was actually mild with the one in Japan in the eighties. At the height of the boom in Japan, all real estate in Japan had a higher (grossly inflated) market value that all the real estate in the US, a much larger country.
    Regards. James

  3. I suppose if Lindsay could establish that “white nationalists” constructed or even approved of banking deregulation, and/or the recession-causing phenomenae as either he, Lindsay and/or Mr. Schipper describes, Lindsay could make his case.
    White populst/nationalists of stripes of which I’m familiar show no history of having done so or of especial sympathy for the “ultra-rich” criminal element.
    Bob?

  4. White nationalists of the American Renaissance variety are 100% in favor of total deregulation of the economy, do in fact support the ultra-rich against poor and working class Whites and oppose any and all forms of government spending. That right there is an elitist project. WN in the US is de facto pro-elitist, anti-government spending, anti-regulation, pro-business and anti-poor and working class Whites.
    The crowd over at Amren calls any and all government regulation liberalism, socialism and especially Communism. I don’t they constructed the banking deregulation, but they seem to have approved of it. I guess that’s what the whole blame the minorities thing is all about. They can’t believe that their pro-corporate project is such a miserable failure.
    In the last election, at first the WN movement lined up behind Ron Paul, and a more pro-corporate man has hardly walked the land of this nation. He was especially popular with the working class crowd at Stormfront.
    Tom Metzger stopped by here the other day. He’s not a cool person, but one thing I like him is that he always supported poor and working class Whites against the rich elite Whites who have always screwed them and will continue to do so forever.
    Where is the pro-worker section the pro-White movement? Does it even exist?

  5. Metzger believes the US WASP elite are not reformable. I suppose you don’t define him as a white nationalist and are either delineating between “nationalists” and “seperatists” or are using what you perceive as American “mainstream white nationalism”as definitive.
    Are you certain, however, an uncompromising non-interventionist like Paul can be what the US corporate elite considers an ally? The corporate elite play no part in Empire?

  6. “Blacks got subprime loans no matter what their incomes were. Across the income spectrum, Blacks were way more likely to get subprime loans than Whites. The reason was simple racism.”
    The NAACP petitioned years ago to have ethnicity removed from mortgage applications, so there is no way of knowing if a borrower was white or black. The lenders simply viewed credit ratings, so trying to blame this on racism is absolutely false and that is probably why you don’t back up your remarks with citation.
    The bottom line is that the democrats pushed to get low-income minorities in homes. Lenders had to drop their credit standards, and began lending to people who really couldn’t afford it, and those people just so happened to be black. The lenders had no way of knowing what ethinicity they were lending to.

  7. Great post!
    I am always shocked by the sheer contradiction of imbeciles purporting to conduct a study on RACE and Intelligence, and then making a claim about “Hispanics” when they are not a race at all. At least not a race in the biological, gene-sharing sense of the word.
    My mom is herself from Argentina but is 100% Ukrainian, there are also many Germans there. How are those folks genetically similar to mulattoes from Puerto Rico?
    Furthermore, how is a Quechua or Maya Indian genetically the same as a Dominican Black??
    I personally believe that race does indeed exist and am not bothered by actual statistics either, but it always gets me that people could be ignorant enough to actually believe so-called “Latins” are genetically the same!
    This is something that actually happened to me.
    I was reading a college textbook and the author makes the observation that “Hispanics of Mexican descent seem to have a tendency toward the same genetic diseases as Native Americans and Asians, this was not seen with Hispanics of the Caribbean Islands … this is still a mystery”
    A mystery? Not really. The Spanish speakers of Mongoloid descent are expected to show some similarity with other Mongoloids. Non-Mongoloid hispanics will not.
    Oh well 🙁

  8. I do find the IQ stuff interesting and I read it a lot. What’s very interesting is that Hispanics in the US seem to possibly have gained about 10 points on Whites in the US over about 30 years or so. The generation that is born here now looks like it might have an IQ of 95. US Whites have an IQ of 101.5. That’s pretty amazing, because 30 years ago, these same Hispanics had an IQ of 85 or so. They closed the gap by 10 pts. Incredible. What is interesting is that the new Hispanic immigrants have IQ’s of 85. So it looks like just being born and raised in the US is possibly raising IQ’s by 10 points right off the bat. Also, US Hispanic IQ has been rising at about 3 pts per decade since 1930 or so. They’ve gained something like 22 IQ points over the period.
    This is the kind of race-IQ stuff that turns me on – that shows people getting better, getting smarter.
    There are national IQ scores for all over the Americas and you can look them over if you wish. American Indians score about 88.5 all over the continent, I guess. But I wish we could do tests on individual Indians to break it down better. 88.5 isn’t really low IQ unless you think the average human is a moron. The world average is around 89 or so.
    You’re right, Hispanics are not any kind of race at all, really. They’re mixed race people.

  9. While the low IQ of the Negro race is a proven fact, this was not the cause of the recession. However, the Negro is definitely a severe drag on the economy. The criminal nature and general laziness of the Negro costs the hard (and smarter) working white population about a half a trillion dollars a year in productivity loss and the welfare state needed to feed and house the Negro. Imagine if the US was like any typical nation on the sub-Saharan African continent. Can you imagine what America would be like?

  10. You would have Canada or New Zealand or Australia if they were subtracted from the population but they are spendthrifts so the economy might slow down.

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