Conservatives blaming immigrants for economic crisis

[npk]

BLAME IT ON UNDOCUMENTED IMMIGRANTS

Several right wing pundits and columnists are starting to line their fellow ducks up, and are starting to publicly place the blame for the countries current economic crisis on the shoulders of one group. THOSE FOREIGNERS That right as the brilliant analytical mind of Michelle Malkin weighed in on the economic problems facing this country a few months ago, she couldn't help but go right to her favorite target, Immigrants.

Malkin first:

Perhaps the most absurd finger-pointing came from far-right commenter Michelle Malkin, who insisted that "illegal immigration, crime-enabling banks, and open-borders Bush policies fueled the mortgage crisis." She continued, "Half of the mortgages to Hispanics are sub prime (the accursed species of loan to borrowers with the shadiest credit histories). A quarter of all those sub prime loans are in default and foreclosure." She quoted a Washington Post report noting that "Hispanics...have been courted aggressively by real estate agents, mortgage brokers and programs," implying no difference between Hispanics and undocumented immigrants.

Another idiot:

Rep. Virgil Goode (R-VA) declared "the most important thing" the "government needs to do to stop the financial crisis...is to 'stop encouraging loans to persons who cannot afford to pay them back' -- including illegal immigrants."

The Center for American Progress's David Abromowitz slammed Malkin's ridiculous claims. He pointed out that 56 percent of sub prime loans went to non-Hispanic whites, while "Hispanics constituted 14 percent of the borrower community and received 20 percent of the sub prime loans." "In other words, the vast majority of borrowers getting sub prime loans -- and therefore most of those going into default -- were not Hispanics, let alone illegal immigrants." Abromowitz concluded, "This predictable 'blame the Hispanics' rhetoric would all be so laughable if we didn't have an astoundingly dangerous economic situation rooted in plunging home values and foreclosures facing America today."
UNDER THE RADAR

[Xipe Totec]

1. Well, he's right, in a way.

They went home, so now we're really fucked.

I wonder if they'll come back to take care of us, if we say we're sorry...

[snot]

2. TWO IMPT. POINTS

1. This is like blaming someone with broken kidneys because doctor gave him a liver transplant. It's the BANKS' job to know who to lend to, not the would-be lendees. If the banks can't manage that much, they certainly DON'T deserve to be entrusted with our savings.

2. As a matter of sheer demographics, we DESPERATELY NEED immigrants to help generate taxable income to support aging boomers (via Social Security etc., esp. since their retirement savings are being deciminated by the current financial holocaust), because there simply are not enough people in succeeding native cohorts to accomplish that.