Consider that the federal government, long an over-employer of Black people (see the TSA and virtually every other government agency that employs a disproportionate amount of Black people and has helped create an artificial Black middle-class), has reached a point where the tax payers -- overwhelmingly white people -- are finally fed up with paying for an out-of-control Leviathan on the Potomac.
What better organization to display minority malfeasance then Freddie Mac and Fannie Mae. Once the home of Franklin Raines -- the first Black CEO of a Fortune 500 company -- the government sponsored backer of mortgages received a blank check to operate after it collapsed due to the pressure of the minority mortgage meltdown of 2008.
No organization better articulates the dream of what Black Run America (BRA) hoped to accomplish then Freddie and Fannie Mac. It's collapse is another sign that BRA is nearing its finality:
Dialing back government support for District-based Fannie Mae and McLean-based Freddie Mac could have far-reaching implications for minority financial professionals in the Washington region.In a sane world, the work of Steve Sailer and his analysis of the minority mortgage meltdown would be on the front page of The Wall Street Journal, Forbes, Fortune and Bloomberg Businessweek. In a world governed by Black Run America, it is relegated to Vdare, Takimag and Alternative Right.
Not only are the mortgage finance giants two of the largest employers in the area, with a total of 10,000 workers, but many of those positions are held by people of color. Were the government-sponsored entities (GSE) eliminated, as the Obama administration is proposing, that may leave thousands of these professionals looking for a place to land.
"The private financial industry has not historically been as open to minorities as the GSEs," said Anthony P. Carnevale, director of the Georgetown University Center on Education and the Workforce. "I don't know why we would expect the private sector to hire as aggressively, first of all locally and second of all in the minority community, as Fannie and Freddie have."
The mortgage twins are widely considered progressive in their hiring practices, routinely recognized by publications such as Black Enterprise and Working Mother for efforts to recruit and retain ethnic minorities and women. Both entities have especially been lauded for their continued commitment to these practices throughout the downturn.
Indeed, despite several rounds of layoffs at the companies in the past few years, they have largely maintained diverse staffs. At the close of last year, nearly 50 percent of Fannie's employees and 44 percent of those at Freddie were minorities.
"We've made employee cuts in several areas, but we have also increased in others. As such, the total employee figure has remained roughly the same throughout conservatorship," said Douglas Duvall, a spokesman for Freddie Mac. "We are constantly assessing our business to ensure that our personnel and resources match the needs of the marketplace."
The GSE's have been grooming grounds for many minority professionals in the financial service industry, who routinely have gone on to work at other capital markets institutions.
A question of timing
Fannie and Freddie are, in many ways, the lynchpins of the Washington area's burgeoning financial service sector, which has grown into a major hub for the secondary mortgage market, banking and asset management in recent years.
From 1999 to 2005, the Greater Washington Initiative estimates that the number of business and financial service workers in the area grew 5.2 percent, compared to the national average of 3.3 percent. The marketing and research arm of the Greater Washington Board of Trade predicts the region will need roughly 58,000 more of these types of workers to maintain the anticipated growth of the sector.
That an organization failing so publicly like Freddie and Fannie Mac would cause people to bemoan that minority employees will be hurt if they go under can state this with a straight face -- obviously these minority members had something to do with the collapse of each, right? -- tells you all you need to know about the United States.
When a private company fails the blame falls on the employees and the leadership of that firm. When a government entity fails in Black Run America (BRA) the blame falls on anyone except the over-representation of Black employees within that tax-payer funded organization.
The end of BRA means the end of coddling Black people in America. Decreasing the size of the federal government means rolling back programs that benefit Black people and Black people only, like Fannie Mae and Freddie Mac.
You ever wonder why housing prices are high in some areas that we call Whitopia's or areas where Disingenuous White Liberals (DWLs) live -- like New York City, San Franciscoo and Portland? To price out unwanted minorities.
These government backed organizations were in the business of improving minority rates of home ownership, which ultimately backfired and plunged the world in the chaos we have yet to emerge from, and strangely, will be that government's -- if we understand that government to ruled by the tenets of BRA -- undoing.
This was the goal of Freddie Mac and Fannie Mae, to improve minority rates of home ownership above that of everyone else (at the expense of the majority population of America, whites). Credit be damned!
That is the goal of Black Run America, to provide for minorities at the expense of the majority population of America, whites. It wasn't racist banks that brought about the collapse of the world economy. Steve Sailer said it best; it was a combination of fraud, stupidity and in the words of SBPDL, a complete devotion in BRA's omnipotence.
It's ending before our eyes; BRA that is. The collapse of Freddie and Fannie is just the beginning.