Commentary: Contrary to the Right-Wing Zealots’ Cries, Black People Did Not Create This Financial Crisis

By: Tonyaa Weathersbee

The lies and code just keep getting thicker.

By now, anyone witnessing the kneecapping of Wall Street through its own rampant greed ought to know how things came to this. Too many sub-prime mortgages were issued to people who couldn’t afford them. Too much speculation and too little regulation led those risky loans to be packaged into securities so that when the housing bubble burst, the nation’s economic safety net was shredded.

Now we’re told that only a government bailout will save us from another Great Depression. That could be a very real possibility or a threat aimed at forcing lawmakers to act.

No one really knows.

What I do know is that contrary to the rants of neo-conservative wingnuts like Ann Coulter and Michelle Malkin, poor black people didn’t create this crisis.

But when it’s an election year in which a black Democrat may very well wind up in the White House, and when you’re in the business of trying to exploit racial fears rather than expose truths, the facts tend not to matter much.

It’s the code that counts.

COMMENTARY....