Sidebar to "The Young Imam and the ruling
An insight from the Left:
As through a glass, darkly
In her CounterPunch piece, Pam Martens touches on another issue that deserves comment, when she quotes the leftist outfit United for a Fair Economy: "According to federal data, people of color are three times more likely to have subprime loans: high-cost loans account for
Ralph Nader apparently served as the ruling class's stalking horse for purposes of this particular market distortion. In 1996, I wrote in Dark Suits and Red Guards:
All we really need to know about Nader's demands for antiwhite discrimination in mortgage lending is that they have been endorsed by the Fed, the American Bankers Association, and the money-center banks banks that reap their profits not from lending to Joe (or Leroy) Sixpack in Midvale, Missitucky, but by making taxpayer-guaranteed loans to authoritarian Third World regimes such as Mexico's. Whatever rope the financial titans are selling to Nader will be used to hang their smaller, less well-connected cousins. (p. 38)It's quite possible that the mortgage meltdown has proceeded beyond what the Dark Suits envisioned, and that they themselves are now feeling some unforeseen and quite painful tightness about the neck; but our masters, while clever, are not omniscient.
After all, in 2000 they certified George W. Bush as a conceivable president, didn't they?
March 6, 2008
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