Blame the Victim: Poor People Broke the System


	Blame the Victim: Poor People Broke the System

baydawg

2-13-2009 1:27 PM

893 views

tags:

financial crisis, blame, honesty, banks

baydawg says:

The officials drawn from Wall Street who now control of the Treasury and Federal Reserve repeat the right-wing Big Lie: Poor “subprime families” have brought the system down, exploiting the rich by trying to ape their betters and live beyond their means.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/9a01a31d-693e-498b-bf04-e4363cb1a18d/C9B2CC03-3611-4E8E-A256-2E9D1AE0BA28/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.globalresearch.ca/index.php?context=va&aid=12265" href="http://www.globalresearch.ca/index.php?context=va&aid=12265" style="font-size: 11px;">www.globalresearch.ca</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.globalresearch.ca/index.php?context=va&aid=12265"><P align="justify" class="MsoNormal"><SPAN lang="EN-US"><FONT face="Verdana"><FONT size="3">I learned the reality a few years ago in London, talking to a commercial banker. “We’ve had an intellectual breakthrough,” he said. “It’s changed our credit philosophy.” <O:P _moz-userdefined=""></O:P></FONT></FONT></SPAN></p> <P align="justify" class="MsoNormal"><SPAN lang="EN-US"><FONT face="Verdana"><FONT size="3"><SPAN>            </SPAN>“What is it?” I asked, imagining that he was about to come out with yet a new magical mathematics formula?<O:P _moz-userdefined=""></O:P></FONT></FONT></SPAN></p> <P align="justify" class="MsoNormal"><SPAN lang="EN-US"><FONT face="Verdana"><FONT size="3"><SPAN>            </SPAN>“The poor are honest,” he said, accompanying his words with his jaw dropping open as if to say, “Who would have guessed?”<O:P _moz-userdefined=""></O:P></FONT></FONT></SPAN></p> <P align="justify" class="MsoNormal"><SPAN lang="EN-US"><FONT face="Verdana"><FONT size="3"><SPAN>            </SPAN>The meaning was clear enough. The poor pay their debts as a matter of honor, even at great personal sacrifice and what today’s neoliberal Chicago School language would call uneconomic behavior. Unlike Donald Trump, they are less likely to walk away from their homes when market prices sink below the mortgage level. This sociological gullibility does not make economic sense, but reflects a group morality that has made them rich pickings for predatory lenders such as Countrywide, Wachovia and Citibank. So it’s not the “lying poor.” It’s the banksters’ fault after all!</FONT></FONT></SPAN></P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/C9B2CC03-3611-4E8E-A256-2E9D1AE0BA28/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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