Democracy for Vancouver

He was instrumental in the biggest financial meltdown in history, pushing banking deregulation and “creative” loan products that unwound the U.S. economy, but evidently it was all worth it:

Greenspan said on Thursday that subprime mortgages were risky, but they helped broaden home ownership.

During a speech to a financial audience in Vancouver, Greenspan said subprime mortgages financed an increase in housing among minorities.

Subprime mortgages were risky, but they were worth the risk, he said.

Is that because the only way to get mightywhite Rand acolytes like you to lend to black folks is to stack the deck, luring them in with teaser rates and then cashing in when the rate adjusts?

For example:

Baltimore homeowners could receive counseling and financial support - including short-term loans to help avoid foreclosure - if the city wins the predatory and discriminatory lending lawsuit it filed yesterday against Wells Fargo Bank, Mayor Sheila Dixon said.

After reviewing foreclosure data, city attorneys concluded that the leading mortgage lender was steering black homebuyers into high-cost, subprime loans…

Caveat emptor, bitchez!

Mr. Greenspan, if this subprime mess was paved with the good intentions of helping out minorities, why is that foreclosures are expected to hit 8 percent of Latino families and 10 percent of African American borrowers, but only 4 percent of white borrowers? Do you even know the meaning of the word “help”?

Yes, Mr. Greenspan, you’re a regular Albert Schweitzer.

Fuckwad.