The Subprime Crisis Again

Andrew Neather, a White nationalist, writes:

You wrote yourself, in an earlier posting, that if you lend money to a black (or a Hispanic), you’ll most likely never see that money again.You based that post on your own personal experience of dealing with ‘minorities’ and lending them rather small amounts of cash.
Why do you think that their basic character changes if you lend them rather bigger amounts of cash, plus giving them more opportunity to do ‘fly-by-nights.’

White people, some of the scummiest White people on Earth, are the ones who caused this crisis. They ran the banks, packaged the loans as derivatives and peddled them to suckers. These White con artists preyed on Black, Brown and other folks, conning them into buying homes they had no business buying, since they didn’t care whether the buyers would make the payments or not.
Andrew is a White racist (White nationalist). We see once again that White people will go to any end to blame Black and Brown people any chance they get for problems that were the fault of the Whites alone. Is it so hard to believe that a lot of White people can be evil? Under neoliberal capitalism, no less?
There has never been any historical problem with mass defaults on mortgages with Blacks and Hispanics in the US. That is because banks only loaned to folks if they thought they were going to get paid back. So they made damn sure that they only loaned to creditworthy persons.
That all changed in the 1990’s with neoliberal deregulation. Banks farmed out loans to loan companies. The companies took the loans and sold them to bankster criminals who repackaged them as “derivatives” and sold them to suckers.
The banks and loan companies no longer cared whether the loans were going to be paid back or not, since the bank no longer owned the loan. It was out of their hands. Since they got paid with every loan they made, they deliberately went out and sought out low income Blacks and Hispanics (and many other folks too) and targeted them with crooked, criminal loans that were designed so that in most cases you would never be able to pay it back.
People made payments for a while, but then they were hit with massive “balloon payments” that someone in their income bracket would generally not be able to pay. For instance, you would have loan payments of $1000/month for a while, and then the payments would balloon to $4000-5000/month. Most folks kept trying to make payments, but they just kept getting further and further behind. Of course they defaulted.
The financial system was set up in such an insane way that that people making the loans no longer gave a fuck whether you would pay the loan back or not, violating the first rule of lending – only lend to folks you think will be able to pay you back. Once that rule was out the window, they would probably loan to a fucking dog if he showed up with the down payment and got some human to sign his papers for him.
The Blacks and Browns (and others, mind you) were deliberately targeted by criminals. They were crime victims, victims of con artists. We don’t condemn crime victims on this blog. Most of the slimy, dirty, filthy, scummy bankster garbage people, by the way, were White people.

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35 thoughts on “The Subprime Crisis Again”

  1. Robert,
    I re-iterate to you – lend money to blacks and browns, and you’ll see the results.You simply won’t get your money back.It happened to you personally (as you posted), but you still deny.
    Why do you think that the ghettoes are devoid of all businesses?, why do you think Detroit has more or less ceased to function?
    Not wishing to be toonasty, but the ‘school of hard knocks’ teaches us certain lessons. Like “I’d rather trust a rattle-snake than…..”.
    Robert, if you were a usurer and it was your own money at stake, would you honestly ever take the risk to lend to a black or mexican?
    Sub-rime only happened because of a general scream about ‘red-lining’.So, why, precisely did the banks care to ‘red-line’?

    1. Look, man, we’ve been over this over and over. Banks made millions of loans to Blacks and Hispanics in the past. In general, the vast majority of them were paid back, because the banks made double double double triple sure to only loan to solvent Blacks and Hispanics who would repay the loan. There has never been a problem loaning to these folks in the past!
      Suddenly, there was a problem, because the banks no longer gave a fuck whether people paid the loan back or not, and BTW, many, many, many of the people who defaulted on their loans were White. The defaults were because the loans were made to folks who obviously could not afford to buy a home in the first place, hence no loan should have been made, and two, because of the balloon nature of the payments, which nailed many millions of White homeowners. The loans were specifically designed to make it very difficult for a normal person to pay the loan – i.e. the loans were almost designed to default.

    2. Subprime did not happen because of a general scream about redlining. Laws have been in effect for decades to counteract that. There is less redlining going on now than there’s ever been. Subprime loans were designed to loan to people who had no business buying a home. Normally, banks would never make such a loan, but due to neoliberalism, banks and loan companies no longer cared if you could pay the loan back or not, so they would just about loan to a dog. Since these folks did not qualify for normal loans, fake and crooked con artist “subprime” loans were designed in order to target these crime victims (Blacks, Browns and many Whites). The subprime loans were designed so that they would be hard to pay back. Since banks and loan companies were making tons of money with every loan and could care less if they got paid back, they wanted to make as many loans as possible.
      It has nothing to do with redlining. That’s covered under the CRA program, and many banks signed up for it. CRA loans had very low rates of default.
      Why are you repeating White nationalist lies about the housing crisis?

  2. Anyway, Robert, the banksters (ie usurers) running the racket (and whom creamed off untold billions), were exclusively of one ethnicity (I reject the generic term ‘white’ in this instance).
    That ethnicity, of course, originated in what we now call ‘the Levant’.

  3. No! A subdivision of S.P.E.C.T.R.E (as in James Bond), the group known as A.C.O.R.N. ( African Communist Obama’s Rapist Negroes), infiltrated the USA and rigged the local elections all over the place to get COMMUNIST politicians in power who put pressure on our normally cautious and fastidious JUDEO-CHRISTIAN bankers to issue mortgages to folks they shouldn’t, folks ‘ OF COLOUR’ of course! And what did these folks of colour do? Why, they used their homes as crackhouses until they got repossessed and then went on and did the same thing somewhere else. Now, our trusting JUDEO-CHRISTIAN bankers, being honest and upright themselves, and having faith in our politicians and the American way (not suspecting that these politicians were COMMUNISTS), could never have imagined such behaviour; they took the loans as good and BUNDLED them into these new-fangled DERIVATIVE – CUM-COLLATERALISED DEBT OBLIGATION FANDANGLED SOMETHINGOROTHERS which were an integral part of the bankers’ great humanitarian vision of FREE MONEY FOR US ALL FOREVER – the end of poverty, strife, sexism, racism and ALL BAD THINGS – the final defeat of SATAN! But Satan GOT them, didn’t he brethren? Yea for they had thrown their seed on stony ground! You know it’s true! Now we’re all fucked because the conniving, heartless communists could see what our sentimental good-natured bankers couldn’t – that folks of colour just don’t have the JUDEO-CHRISTIAN WORK ETHIC!

  4. Not wishing to turn this thread into a cockfight, I strongly recommend you read ‘noted internet pundit’ and all-round right-wing nerd and geek, Steve Sailer’s, (the right-wing nemesis of Robert Lindsay) famed article on the ‘Minority Mortgage Meltdown’.

    1. I have read it. He’s wrong! Wrong, wrong, wrong, wrong wrong!
      Yeah, blame the niggers and beaners for the crimes of the Rich White Man. The Rich White Men, con artists, conned these people into buying homes that the RWM knew full well that they could not afford. Apparently the general assumption was that they would either default on the loans or find some way to make the payments. At any rate, the banksters no longer gave a flying fuck whether or not the borrowers were going to repay the loans. They would just about loan to a sea lion or a dog if he walked in with the down payment.
      You don’t get it. This whole thing is a sickening lie. You know who made it? White nationalists! From there it went to the Racist Sphere (I mean HBD Sphere) and from there, incredibly, it went to the Republican Party!
      It’s a lie, a vicious, ugly, horrible, nasty White racist lie, made up by some of the ugliest people on Earth, the White nationalists, who are not noted for their honesty or dignity.
      If you don’t stop promoting this lie on here, I’m going to ban you, Andrew.

      1. Andrew, I would heed Robert’s warning if I were you.
        You can continue to promote white nationalism, just not in a way that ties into economics or Republican party talking points.

  5. Kevin Flaherty from Cryptogon.com told a story that supports Robert’s argument. He was an IT guy at one of the biggest NY subprime mortgage “chop shops” as he described it. The banksters would literally give a loan to anyone who could fog a mirror. They’d throw around money like confetti, and immediately bundle the toxic loans and sell them to suckers in pension plans and mutual funds.
    After the Ponzi scheme started to collapse, the bank tightened the rules. Flaherty started getting angry phone calls from mortgage reps asking why the system would no longer let them put in fake social security numbers. They knew exactly what they were doing. He quit shortly thereafter.
    It was fraud, and Sailer’s an asshole for not acknowledging that. The people to blame are the high-IQ geniuses who invented all the fancy-assed financial instruments.

    1. Thank you very much, hun. I knew that this was the real story all along.
      It’s sickening the way the White nationalists made up this “blame the niggers” story. Then that bastard Sailer (who apparently works for the Republican Party) picked it up, and next thing you know it’s actually being peddled by the Republican Party itself. Incredible. I never thought I would see the day when the GOP would lift WN propaganda wholesale. What a decline!

      1. ” Then that bastard Sailer (who apparently works for the Republican Party) picked it up”
        Yeah, I used to be enamored by Sailer, but now i take him with a mine of salt. Not only is he a republican shill, but he is a total jew-pawn. Even in his pieces where he talks about something that jews are doing that might be detrimental to whites or just might be totally immoral he just seems to be glowing with jew love the whole time.

        1. I used to read him too. A lot. Now I more or less refuse to, especially since I guess he is getting checks from the Republican Party? I feel dirty just going over to his site anymore. Too bad. He started out doing some pretty interesting stuff.

        2. ” I feel dirty just going over to his site anymore”
          I never even went over to his site. I used to read him off vdare. The only thing I go to that site for any more is to read Pat Buchanan;s columns and maybe a few older columns by other columnists. I don’t like a lot of what they put up. A lot of there anti-immigration stance is simply “if a bunch more hispanics move here the republican party won’t do as good”. Of course, that is one of the few good side effects of the immmigration wave.

      2. The Sailerites think they are so science-based and rational, but their worldview is rather confused. Like BAG said, it was replacing the production-based economy with the parasitical FIRE sector that has doomed the US to second-world status. The corporations and their Republicrat lackeys NEED open borders in order to keep labor costs and inflation down.
        The cultural leftist scum want open borders because they hate white people, especially the working class majority, but Sailer’s got to know that it is the corporations that really call the shots. Corporations sponsor the diversity training hacks because their propaganda guilt trips SWPLs into accepting an endless flow of illegals. The goals of the plutocrats just happen to overlap with those of the Tim Wise crowd at certain points. That does not mean that Barack Obama or the Democrats are communists. Unfortunately this all goes a bit over the head of your average Sailer or AmRen reader.
        It is distasteful yet typical of Sailer to mix this sort of just-so story with his more statistically based material. It makes him look as intellectually dishonest as Timmeh or some of the Abagondies.
        I have asked a few HBD bloggers why I should care about their IQ-worship, when it’s the supposedly smartest guys in the room who created the financial crisis, not to mention all the neoliberal invade the world/invite the world bullshit. I never got a direct answer. Trying to blame the inevitable outcome of their Ponzi scheme on NAMs is dishonest as well as racist. It doesn’t matter how low their IQs are or how bad ghetto culture is. The banksters knew many of them were incapable of paying back the loans but targeted them anyway. Not because they were afraid of discrimination lawsuits, but because they were able to make money as long as the scheme continued, and they knew the taxpayer would be forced to bail them out once it collapsed.
        I’ve never seen anyone on Sailer’s blog admit to having an IQ of less than 130, yet most of his readers are happy to agree with him that the mortgage meltdown was due mostly to political correctness rather than deliberate fraud.
        Maybe IQ testing really is a joke.

        1. The thing is, I blame the powers that be for our current mess.
          Oh yes, I despise open borders, 3rd world immigration, diversity training, and the whole nine yards.
          But who’s worse? The immigrants, or the politicians/corporations who tolerate/encourage them to come here? The NAM’s unable to pay back their loans, or the greedy/moronic bankers who lent them the money in the first place? Tim Wise, or the corporations/media organizations who pay him good money?
          That’s why I find it so maddening when CRT’s claim that this society is run for white people. Nonsense. More often than not, white elites backstab their own people. White elites are the ones who permit open borders, pay Tim Wise’s salary, etc.
          It’s insane, really.
          I don’t think I can ever vote for the Democrats again, and yet I have little love for Republicans. What’s someone like me to do?

        2. Thank you so much for this comment. I really don’t care whether or not people are racist. The way I see it is that it’s their problem. It’s between them and the people they hate. Anyway, White racism affects me not. But there is something about a racist LIE that really gets my goat and grabs me by the short hairs and pulls hard.
          Blacks and even Browns have enough problems and issues as it is without us Whites making up some evil lies to blame them for something that they had no part in, other than being the most pitiful of victims.
          Yes, Blacks and Browns have lower IQ’s. So? This means they are too stupid to buy a house? This means they are too stupid to take out a loan? No. They’ve been taking out loans for a very long time now and there’s been no issue with them paying them back. If Blacks and Browns were too stupid to figure out a loan document or too irresponsible to buy a home, this would have been evident long ago.
          The problem only started when they were attacked, as a crime victim is, by criminals who preyed on them and conned them, as a con artist does, into taking out loans that the lenders knew full well that they could not pay back.
          To be clear, many subprime borrowers had a lot of questions about the fine print, but the lenders lied slickly to them, told them don’t worry, don’t worry about the balloons, we will renegotiate it for you, lie lie lie lie, anything to get the sale.
          That’s what is was – a sale. Every new loan was a sale, and these guys were on commission. Since they were on commission, they could care less whether the loans came back or not or whether the borrowers were seaworthy or not.
          Describing this as a Ponzi scheme is a nice touch. These people got ripped off. And keep in mind that many millions of US Whites got targeted with subprime loans also.
          The CRA, Community Reinvestment Act, is a good rejoinder to this evil little tale they spun. It was set up so to encourage banks to stop redlining and loan to minorities. Many banks have signed up. CRA loans were in general not subprimes. After all, CRA has standards. CRA mortgages had a very low default rate during this latest mess.
          That is because while CRA encourages loans to minorities, it demands that the minorities be creditworthy else they get no loan.

        3. ” Corporations sponsor the diversity training hacks because their propaganda guilt trips SWPLs into accepting an endless flow of illegals”
          To some they may instill guilt, but I think that there is a much more powerful feeling being stoked here: the feeling of superiority. If you hold the SWPL views then you are superior to all those lower class whites. Those other whites are racist and defective. They must be stupid or mentally disturbed. Everyone has tons of white privilege. Rich white liberals themsleves don’t have privileges for being rich or in many cases being born into some decent amount of money. They have privilege because they’re white. Of course, they are super duper smart and that is why they’re well of. The poor whites had the same white privilege but they don’t have as much, so the SWPLs obviosly are where they are because of their super brains. The poor whites are obiviously stupid and evil. Which is of course why SWPLs can think that they’re better than them.
          The other reason is that believing in open borders really helps when you want to hire a nanny or a landscaper and you don’t want to pay shit.
          So the SWPL can dump egalitarianism and undercut the wages of the american worker and can still be a “revolutionary” leftist and wear their Che t-shirts and talk about liberating the oppressed third worlders from those all powerful rich trailer park denizens of the american south….after all, they drink fair trade coffee don’t they?

        4. To some they may instill guilt, but I think that there is a much more powerful feeling being stoked here: the feeling of superiority. If you hold the SWPL views then you are superior to all those lower class whites. Those other whites are racist and defective. They must be stupid or mentally disturbed. Everyone has tons of white privilege. Rich white liberals themsleves don’t have privileges for being rich or in many cases being born into some decent amount of money. They have privilege because they’re white. Of course, they are super duper smart and that is why they’re well of. The poor whites had the same white privilege but they don’t have as much, so the SWPLs obviosly are where they are because of their super brains. The poor whites are obiviously stupid and evil. Which is of course why SWPLs can think that they’re better than them.
          The other reason is that believing in open borders really helps when you want to hire a nanny or a landscaper and you don’t want to pay shit.
          So the SWPL can dump egalitarianism and undercut the wages of the american worker and can still be a “revolutionary” leftist and wear their Che t-shirts and talk about liberating the oppressed third worlders from those all powerful rich trailer park denizens of the american south

          Couldn’t have said it better myself, Wade.
          For most affluent liberal whites, anti-racism and other “progressive” causes are really just exercises in self-indulgence.

        5. But who’s worse? The immigrants, or the politicians/corporations who tolerate/encourage them to come here? The NAM’s unable to pay back their loans, or the greedy/moronic bankers who lent them the money in the first place? Tim Wise, or the corporations/media organizations who pay him good money?
          Absolutely. The cultural leftists are assholes, but they’re not in control, despite what the right wing bloggers want to believe. I’m sure Tim Wise feels like a revolutionary when he’s giving an anti-racist conference at some corporate headquarters, but he and all the CRT/whiteness studies hucksters are just useful idiots.

        6. Well Lafleur, it depends on how you define control.
          In terms of national politics and economics, the cultural left’s power is a bit exaggerated.
          But for a young white person like me currently attending college, I can’t help but think that the cultural left indeed does have tremendous influence.
          I think the cultural left plays a big role in terms of political correctness on college campus, and to a smaller extent the media.
          But push comes to shove, they don’t control finance, foreign policy, or elections.
          The reason why I focus on the cultural left is because:
          1) They’re incredibly annoying/irritating.
          2) As a young college student, I can feel its impact. In fact, Tim Wise last year came to speak at UCI.
          But once I leave college, I’ll have a bigger bone to pick with sellout elites.

        7. “In terms of national politics and economics, the cultural left’s power is a bit exaggerated”
          You don’t think that they have an effect on economics? You don’t find it more than coincidental that calling everyone a racist helps the businesses keep bringing in masses of immigrant labor? The don’t need to be incahoots to have a massive effect. Several things could come from multiple sources and snowball together to create the perfect storm.

        8. The poor whites had the same white privilege but they don’t have as much, so the SWPLs obviosly are where they are because of their super brains. The poor whites are obiviously stupid and evil. Which is of course why SWPLs can think that they’re better than them.
          Doesn’t this contradict their blank slate theory? Why are the other whites dumber? Aren’t their teachers failing them or something?

    2. Not to mention that one of the reasons why our economy is in such shit is that over the past several decades finance has grown at the expense of manufacturing.
      We’ve transitioned from a production based economy to an almost purely financial, service based economy.
      And we wonder why China continues to eclipse us.

  6. Rob, the people who run the banks are not “white.” Like Andrew said, they are a specific ethnicity originating from the East Mediterranean.

  7. James Petras is a commie who GETS it. He calls the current elite, the “Zionist Power Configuration.” A politer way of saying the kikes essentially have this country by the balls.
    Israel Shamir, Gilad Atzmon, and Brother Kapner are all Jews who understand how evil their tribe really is. Atzmon recently had an article linking neoliberal economics with the jewish world view.

    1. James Petras is a commie who GETS it
      He certainly is. He’s one of the very rare lefties willing to take on the issue of Jewish power. For that, he has my eternal respect.

  8. The Blacks and Browns (and others, mind you) were deliberately targeted by criminals. They were crime victims, victims of con artists. We don’t condemn crime victims on this blog.
    That’s fair enough as far as it goes. But what about the propensity of these borrowers to lie about their incomes in order to qualify for certain loans? You have to believe that in many cases the flapdoodle about “redlining” incited them to “insist on their rights!” and “get that loan!”
    Although I agree with you that the bulk of the blame lies with the bastards who hatched the scheme, as usual it takes two to tango.

  9. Just one question to you Robert.
    In your well-documented drug-taking days, did you ever patronize a black dealer?
    Not being in to that way of life myself, but from what I’ve heard patronizing a black dealer is often a terrible, if not fatal, mistake.
    Basically, you hand over your cash, but you don’t get your dope.If you get an iron bar to the head, well that’s counted as fortunate.Many poor buggers have lost their lives along with their cash.
    Are SoCal stoners familiar or not with this folklore?

      1. ” We would never buy from Blacks”
        Are blacks even hooked up in SoCal? I thought it would be more of a mexican/central american deal because of family and other connections.

        1. I come from Orange County. Hardly any Blacks there.
          The Blacks are in LA, and they are into crack, crap like that, junk drugs, garbage. Nobody buys from Blacks unless you live in the hood. What for? You want to take your life in your hands? Why bother?
          Wait, maybe crack smokers buy from Blacks, yes. White crack smokers would definitely buy from Black dealers. That’s one diabolical drug though, crack.

        1. In Orange County, there are no Blacks. No Blacks are selling. The few around are just buying pot.
          Now LA is another matter, but I never bought much dope there. Blacks mostly sell crack on the street. It’s a terrible drug and a terrible drug to buy. You never know what will happen. But probably you will just fork over the bill and get your crack rock, to be honest. Those dealers don’t want any problems. They are doing volume, and they just want to sell as much as possible.

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