Sunday, February 20, 2011

Black Run America is collasping: Freddie Mac and Fannie Mae near the end

This week, SBPDL: Year One will be released (finally) in book form. Could a more appropriate time for its arrival be found then now?

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.

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.
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.

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. 


Cry me a river said...

I'm glad your book is finally being released at long last. Black Run America is collapsing under its inherent absurdity.

Giving at out handout's to non whites is wrong because it results in whites having to work harder. And minorities make money doing nothing. Non whites who want to help minorities mean well, they just have their head's up their ass. Fuck the white's who help sponsored Freddie and Fannie Mac... right?

How is BRA going to provide for minorities when whites become the minority? If non whites really want to help other non whites. They need to let them help themselves.

Hirsch said...

The sub-prime crisis was a catch-22, likely to result in cries of racism regardless, one of those issues like policing black neighborhoods. When the police maintained a vigilant presence in black neighborhoods, there were cries that they were creating a racist police state, with their foot on the necks of blacks. And then, of course, when the police scale back their patrols and remove themselves, all it takes is one drive-by for the same people to say that the police don't care, that the cops refuse to patrol because they do not care to protect blacks.

So naturally if blacks are denied loans due to lousy credit, they were denied because they were black. And then when the loans were granted to blacks who couldn't afford to pay them, and then nature took its course, the lenders were "predatory."

One can hold still and keep one's mouth shut for fear of saying anything to offend minorities, but remember: if you blink twice you're racist.

Sailer's doing good work on biodiversity, but his fate will be similar to Watson (of double-helix fame) or Jensen. The closer he gets to the truth, the more pressure there will be to shut him down. Although, unlike Watson, and rather more like Jensen, I don't think Sailer will back down.

Anonymous said...

I find it hilarious that before when blacks couldn't get loans, banks were accused of racial discrimination. Then after blacks got all the loans so they could move in to Whitopia (that they couldn't afford) the banks are accused of "predatory lending."

There is no such thing as accountability in the so called "black community."

Anonymous said...

Meanwhile, USG is promoting a non-white Europe. From a wikileaks cable:
Classified By: Charge d'Affaires Michael F. Gallagher for reasons 1.4 ( b) and (d).
3. (S) The Wilders Factor: Golden-pompadoured, maverick parliamentarian Geert Wilders, anti-Islam, nationalist Freedom Party remains a thorn in the coalition's side, capitalizing on the social stresses resulting from the failure to fully integrate almost a million Dutch Muslims, mostly of Moroccan or Turkish descent. In existence only since 2006, the Freedom Party, tightly controlled by Wilders, has grown to be the Netherlands second largest, and fastest growing, party. Recent polls suggest it could even replace Balkenende,s Christian Democrats as the top party in 2011 parliamentary elections. Wilders is no friend of the U.S.: he opposes Dutch military involvement in Afghanistan; he believes development assistance is money wasted; he opposes NATO missions outside "allied" territory; he is against most EU initiatives; and, most troubling, he forments fear and hatred of immigrants.

Anonymous said...

"The sub-prime crisis was a catch-22, likely to result in cries of racism regardless, one of those issues like policing black neighborhoods."

Hirsch, the greatest circular argument of all-time is the "racist" application of the death penalty.

On the one hand, we're told that the racist justice system is more likely to execute blacks than whites.

On the other hand, we're told that "a black life is worth less than a white life", because the murderer is less likely to be executed if the victim is black.


Well, since most black murder victims are murdered BY BLACKS...if we execute less blacks, then we cheapen the value of a black life.

However, if we execute more killers of black people, then we must be racist for executing more blacks.

Every time I hear this debate, I find myself astonished at the blind stupidity. The lengths to which black people will go to find non-existent racism is mind-boggling.

Anonymous said...

When animals attack...

Harry White said...

If you think the sub-prime loan crisis was something, just wait until the student loan crisis comes. With dismal black graduation rates and many loans going into default, this will be disastrous for blacks. Throw in the increasing trend of many HBCUs having financial and accreditation issues and there will be a huge fallout from this.

I don't really have a problem with black people who can do the right thing for themselves. With all the black-centric academic, legal and financial avenues at their disposal, there was no excuse for many of them not to do their homework on this. That Black in America: Debt special on CNN spoke volumes on how many (not all) black people don't plan or do their homework when it comes to finances.

Studies have shown that many black people use the internet for it's social potential (Twitter/Facebook/Blackplanet/Myspace) instead of it's knowledge potential. While I am generalizing by a lot, there was no excuse on most black people's end to not do research on their finances. For all the "building fund" offerings given in black churches, they could have distributed some of that money towards paying a financial advisor to teach and lecture on good financial practices instead of filling useless accounts.

Anonymous said...

Blacks experience a disproportionate failure in everything that whites find easy success. Everything. The excuse for failure of blacks in most things is their inability to read the fine print, inability to understand the terms, which completely releases them from personal responsibility and creates accusations of racism and bias. It is a well planned ploy, do not be confused.

For example, there are several true stereotypes of blacks:

low credit score/no credit score
history of incarceration
history of bankruptcy
dependence on welfare and government entitlements
bad money management skills
bad rate of savings/investment
low income and few assets
high unemployment
lack of community support/family structure
lack of personal wealth
poor financial planning and need or immediate gratification

These characteristics of most blacks explain the reason that they are not able to find financial success. If black people as a population could adopt the value system of the white majority, they would do better. But being literate and financially responsible is acting white and therefore rejected by the black collective.

Blacks will always fall short in our economy. Not because of racism, but because of their willingness to be ignorant victims and slaves. Being a victim is so much easier that working your ass off.

They know that thanks to BRA and white guilt, they can cast blame elsewhere.

Anonymous said...

I don't believe in black run america, although I do believe there may be something to this idea of coddling of a historically discriminated against people. Barack Obama has been in the white house for 2 years. If blacks are the cause of trouble - or any trouble - blame it on the whites that started this. Pick your end of the political spectrum because most politicians are the same guys with different colored ties.


"So naturally if blacks are denied loans due to lousy credit, they were denied because they were black. And then when the loans were granted to blacks who couldn't afford to pay them, and then nature took its course, the lenders were "predatory.""

Banks denying blacks loans due to lousy credit is not racist - if the blacks think so, that shows a lack of self-reflection. Banks checking and checking 2x the credit of blacks is an understandable protective measure due to the fact blacks have been poorer historically, but it may be a holding onto an unfair stereotype.

Knowingly granting loans to people who cannot pay is a problem of the banks, not the people. It is really that simple. If they took time to check and check 2x *before*, they were just being greedy. And predatory.

"One can hold still and keep one's mouth shut for fear of saying anything to offend minorities, but remember: if you blink twice you're racist."

I don't know about this. This seems just as bad as minorities using the race card. Hyperbole only works in theory, buddy. Blacks blame a good deal of things on racism and many of the accusations are probably true, even if they are hypersensitive. they just don't understand - or the leaders don't understand - the idea of "crying wolf."

Anonymous said...

The stat of FLorida, where I live, has a particularly ridiculous state issued license plate that says, "Support Home Ownership for all." I thought to myself after seeing it for the first time, "what madness." This state in particular has been hit hardest by the BRA home loan scam and I'm supposed to "support home ownership for all", I don't think so.

When the hell did home ownership become a civil right? Why would anyone support a home for someone that doesn't have either the income or the common economic sense to make such an investment?


Anonymous said...


Freddie Mac and Fannie Mae was founded in 1938. During that period redlining, restrictive covenants, and blatant discrimination was law of the land.

Is that an example of BRA?

-Mr. X

Stuff Black People Don't Like said...

Mr. X,

Organizations evolve. Change is the only constant in life and Freddie and Fannie both evolved into something else entirely.

The United States evolved into something else entirely. Black Run America (BRA) didn't start when Obama was elected POTUS.

It's been around for awhile.

All government agencies have evolved into supporting BRA (just look at NASA's search for a Black scientist).

If the Tea Party is successful and the government is significantly reduced in size, it will be Black people who feel those cuts the most. Black people rely on government jobs, with the private sector stressed out at creating jobs for Black people to hold (only so many diversity jobs are available).

Looking at Silicon Valley where the majority of the innovation in America is transpiring, one group is noticeably absent from those proceedings.

However they can be seen quite often holding government jobs or working for Freddie or Fannie.

Anonymous said...


"If the Tea Party is successful and the government is significantly reduced in size, it will be Black people who feel those cuts the most. Black people rely on government jobs, with the private sector stressed out at creating jobs for Black people to hold (only so many diversity jobs are available). "

My family owns a plumbing business that is 100% black owned and operated. We won't be affected at all. If you look at it clearly ,white people make up the vast majority of government workers. So, if you want to throw the baby out with the bath water be my guest.

If you've been paying attention to what has happened to the country over the last 30 years you'll find that if the trend continues government jobs will be the only "middle class" jobs left.


joe-6 said...

Blacks are allergic to working in the private sector. The vast majority of black people are tax eaters not taxpayers. They either work for governments or get the dole/welfare/medical/housing/SSI/food stamps from governments. Either way they are getting their permanent bailout from middle class tax paying whites

I respect blacks who work for private businesses and I see them. But by and large their bad attitude has lead to businesses hiring Hispanics (legal and illegal) over them. Walmarts close due to their thievery so WalMart will hire Hispanics over them.

Anonymous said...

Anon 2/21 11:21 AM,

It was mandated by your government that they extend credit to "these people." The banks had to either lend or pay fines plus the always added bonus of be labeled a "raaaay-cesss!!!"

"I don't believe in black run america..."

I have some beach front property in Arizona I'd like to sell you. It's perfect for someone like you. Interested?


Anonymous said...

"My family owns a plumbing business that is 100% black owned and operated."

Perhaps instead of wasting valuable time on internet blogs, you could teach other blacks to be entrepreneurs and business owners.

But first, you'll need to teach them to finish high school, stay out of jail, and stop having out-of-wedlock children.

Anonymous said...

"white people make up the vast majority of government workers. "

Yes dim wit, because whites are the majority population.

However, blacks are grossly overrepresented in gubment jobs based on their percentage of the population. The US gubment is a jobs program (welfare) for blacks. Something like 200% overrepresented in some cases? SBPDL, where is that link?

White people have several options for middle-class jobs, not true for blacks. Most blacks are unable to maintain a middle-class existence because they lack the value system, long term vision, and social structure that must go along.

Read up a bit before you start spewing your ignorance. And I hope that you realize that your black owned plumbing business is a very rare thing indeed.

Anonymous said...

Blacks cannot stand the thought of white excellence.

Anonymous said...

yes you crackers wouldn't even exist if it wasn't for black people so stop with ypur corporate bail out bullshit you mother fuckers fucked up everything you laid eyes on...true meaning of the for you boot licking ass kissing niggas that want to be like whitey go kill yourself because it's niggas like you that help set blacks back 50 more years it's bad enough that we already fucked up as a people we don't need your kind to help with our demise

Anonymous said...

you fucking right we as black people hate to work we worked for 500 years for free bitch fuck working for your white ass we made this sorry ass country and for you pale face mutant skin to come here and destroy it now you found some new niggas mexican yes they will work for peanuts niggas want their own shit but you don't like for blacks to be independent wised up you can't suck the blood out of us no more Mr.Cha-lay

Anonymous said...

Only today discovered this website. Most instructive and highly provocative. I imagine that, should a decimation of the "black middle-class" occur, we would see a distinct rise in crime in the rapidly changing face of suburbia. How fortunate I'm fine with leaving it...and just bought a series of weapons for the meantime.