As most should know by now, the financial crash of 2008 was caused by the housing crisis of 2007, which happened because banks were putting out so many subprime loans. There are many reasons why so many banks were putting out all these risky loans, from the Clinton version of the Community Reinvestment Act (which required banks to lower their lending standards for minorities), to Fannie Mae and Freddie Mac (who were required to buy up these risky loans to insure against losses), to the Federal Reserve (which lowered lending standards by keeping interest rates low).
But now we know of another direct contributor to the subprime lending culture that has torn economies apart across the world: Barack Obama
In 1995, Obama led a class action lawsuit against Citibank, claiming they were racist because they weren’t issuing enough subprime loans. Yes, that’s right. According to (now President) Barack Obama, it is racist to not put out enough subprime loans, because such a cautious policy disproportionately hurts African Americans. This is the same argument he uses against Voter-ID laws and to fight cuts in welfare programs.
So Obama won that case in 1998. He and his fellow lawyers profited to the tune of nearly a million dollars. The plaintiffs got a $60,000 pittance. And Citibank was forced to institute a policy of lowered lending standards with more subprime loans, so that African Americans can have greater access to loans and mortgages. Yes, Barack Obama personally forced Citibank to embrace the subprime loans that would spell doom for our financial sector.
But do you think it stops there? When a class action suit like this is settled, every other similar company in the country will rush to adjust their own policies to avoid being the targets of similar lawsuits. Without a doubt, most other banks in the nation would have increased their subprime lending activities to avoid being sued.
In other words, Barack Obama, through the cries of racism that he is so fond of, helped push our entire financial system over the edge. And then we made him President. And gave him a Nobel Prize. All because people were afraid of being called racist.
Those cries of racism have caused a financial crisis, have gotten one of the men personally responsible for the crisis elected president, and are now being used to try to reelect that same man. I think it’s time to treat those who cry “Racist!” as they deserve to be treated: as pariahs in our society. No person who tries to racialize an issue should be given any better treatment than absolute disdain.
Barack Obama represents everything that is wrong with America, and he must be defeated.