Australia: Racist to question special deals for blacks
We read:
"Treasurer Kevin Foley has accused State Opposition leader Martin Hamilton-Smith of being happy to "kick a black" and engage in "racism politics".
Mr Foley went on the attack yesterday in State Parlianment after Mr Hamilton-Smith asked a question about the HomeStart Finance "Nunga Loan" scheme - a home loan package designed for Aborigines - and the risks associated with them.
Mr Hamilton-Smith compared the Nunga Loans product to the subprime loans in the U.S. that sparked an economic meltdown. He said loans above a property's value were approved to high credit risk customers "augmented by additional loans to pay for credit card and hire purchase debts".
But Mr Foley said: "We have done that for white fellas too." "When you want to make an opportunity, when you want to get into the headlines, you will kick a black," Mr Foley said.
Source
The usual Leftist inversion of reality. THEY are the ones discriminating on the basis of race.
It amazes me that in the name of "racial equality" we have thrown economic sense out the window. Our financial institutions have come up with so many "credit vehicles" to get people who have no business buying a house (or as much house as they buy) in over their heads, it is disastrous.
ReplyDeleteCan't afford a conventional mortgage? How about a "ARM (Adjustable Rate Mortgage)?" Don't worry, interest rates won't go up THAT much.
Scared of an ARM? How about an "interest only" loan? That way, in 5 years when you sell your house, you can use the increase in equity (yeah, housing prices NEVER collapse in ANY market) to finance your new ARM or IO loan!
Wait, can't make payments on that? How about a sub-prime IO loan? That way, when your position improves in a couple of years, you can refinance that!
It just goes on, and on, and on. Now, when the banks need to collect, they find they have so overextended credit to people they really had no business loaning too, they come whining to the Government!
"Oh, no! We followed your advice and loaned lots of money to the economically disadvantaged! Whatever will YOU do to save us!"
I wish Australia better luck than America has had with these policies!
Yep and when the government doesn't bail them out they'll accuse them of being racist.
ReplyDeleteand of course everyone blames Bush and McCain for causing the crisis, rather than Carter and Clinton who were the real culprits...
ReplyDeleteIt doesn't matter if the person is black, white, yellow, brown, purple, or green. If a person can't afford a loan, then he don't deserve to get one. It's that simple. And if a bank is willing to take on that risk, then they have to be willing to accept any consequences resulting from that risk.
ReplyDeleteSo now the US is a socialist country - by using tax-payers' dollars to bail out the capitalist banks and institutions it has effectively "socialized" them. Did someone say "socialist pansies"?!
ReplyDeleteThe Liberals in the US Congress where the ones to push Fannie Mae & Freddie Mac to issue subprime loans to "help" the poor. It sounds like the same nonsense in Australia. With this kind of help, it appears the poor will stay that way and continue voting for the "helpers".
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