[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
>> 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
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
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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