[cryptography] Digital cash in the news...

James A. Donald jamesd at echeque.com
Mon Jun 13 21:22:42 EDT 2011

>> I was at ground zero of the crisis: Sunnyvale
>> California.
>> And every person I saw buying a seven hundred thousand dollar
>> house was a cat eating no hablo english wetback with no
>> regular job.

On 2011-06-14 1:29 AM, Nico Williams wrote:
> First, there were plenty of middle class
> (and better off) people who used their ever-increasing home values as
> an ATM card.

I checked foreclosures by suburb last time I had this argument:  Back 
then, in East Palo alto (Black and hispanic) ninety nine forclosures. 
In Palo Alto west of the freeway, (white upper middle class) one 
foreclosure.  Similarly for Cupertino (white and asian) and Gilroy 
(overwhelmingly hispanic)

Therefore, middle class did not irresponsibly use their ever rising home 
values as an ATM card  Or if they did, they paid up, rather than being 
foreclosed upon - unless you count as middle class those hispanics with 
no regular job who were buying upper middle class housing.

 > Second, we
> don't need to use derogatory terms here.  There's a difference between
> being polite and being PC,

If someone mugged you, you were mugged by a non asian minority, probably 
black, and if someone failed to pay a toxic mortgage in the bay area, he 
is a non asian minority, probably hispanic.  The street crime problem is 
a race problem, and the financial crisis in America is a race problem.

People who bought overpriced houses no money down in the Bay area were 
overwhelming non asian minority, and in the case of hispanics, conformed 
distinctively to stereotype.

It is probable that they had no idea of the lies that were written on 
the loan application, which they could seldom read, so one can 
reasonably argue that the literate and frequently white loan officers 
were to blame, and the non white illiterates signing the papers were 
innocent ignorant dupes.  I suppose they often were.  But if innocent, 
also ignorant - thus stereotypical.  The guy who mugs you is usually a 
stereotypical black, and the guy who bought an expensive house no money 
down at the peak of the bubble and never made a payment is usually a 
stereotypical hispanic.

Those crooked loan officers were frequently white, and those crooked 
bankers were all white.  But the guys who borrowed the money and never 
made payment are not white, and are for the most part Hispanic, and for 
the most part, stereotypical Hispanic.

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