On Mon, Jun 13, 2011 at 9:22 PM, James A. Donald <jam...@echeque.com> wrote: >>> I was at ground zero of the crisis: Sunnyvale >>> California. >>> >>> And every person I saw buying a seven hundred thousand dollar >>> house was a cat eating no hablo english wetback with no >>> regular job. > > On 2011-06-14 1:29 AM, Nico Williams wrote: >> >> First, there were plenty of middle class >> (and better off) people who used their ever-increasing home values as >> an ATM card. > > I checked foreclosures by suburb last time I had this argument: Back then, > in East Palo alto (Black and hispanic) ninety nine forclosures. In Palo Alto > west of the freeway, (white upper middle class) one foreclosure. Similarly > for Cupertino (white and asian) and Gilroy (overwhelmingly hispanic) > > Therefore, middle class did not irresponsibly use their ever rising home > values as an ATM card Or if they did, they paid up, rather than being > foreclosed upon - unless you count as middle class those hispanics with no > regular job who were buying upper middle class housing. > >> Second, we >> >> don't need to use derogatory terms here. There's a difference between >> being polite and being PC, > > If someone mugged you, you were mugged by a non asian minority, probably > black, and if someone failed to pay a toxic mortgage in the bay area, he is > a non asian minority, probably hispanic. The street crime problem is a race > problem, and the financial crisis in America is a race problem. > > People who bought overpriced houses no money down in the Bay area were > overwhelming non asian minority, and in the case of hispanics, conformed > distinctively to stereotype. > > It is probable that they had no idea of the lies that were written on the > loan application, which they could seldom read, so one can reasonably argue > that the literate and frequently white loan officers were to blame, and the > non white illiterates signing the papers were innocent ignorant dupes. I > suppose they often were. But if innocent, also ignorant - thus > stereotypical. The guy who mugs you is usually a stereotypical black, and > the guy who bought an expensive house no money down at the peak of the > bubble and never made a payment is usually a stereotypical hispanic. > > Those crooked loan officers were frequently white, and those crooked bankers > were all white. But the guys who borrowed the money and never made payment > are not white, and are for the most part Hispanic, and for the most part, > stereotypical Hispanic. On the east cost (Baltimore, MD), I know of three families (neighbors of friends) who purchased and were later foreclosed upon. All were caucasian, so I'm not sure "are for the most part Hispanic" is an appropriate characterization.
Jeff _______________________________________________ cryptography mailing list email@example.com http://lists.randombit.net/mailman/listinfo/cryptography