We keep hearing from the cretinoid talk shows, their bottom-feeding pseudo- economist impersonator friends and assorted propagandist ghouls that it was Clinton's and the Democrats' leftist-socialist policies of lending to undeserving Blacks that's responsible for where we are now. So... let's do the math. Over-generous Assumptions:
- As many as 5 million poor black families, representing HALF of the entire US Black population received affirmative action loans.
- HALF of them defaulted in the past 2 years (not during Clinton's time and not during the first 6 years of Bushism but ALL of them defaulted recently)
- The mortgage values for their subprime, ghetto purchases averaged $100,000 - this is highly exaggerated given that a pre-crisis ghetto mansion could be bought for $30-40k.
- Once they defaulted, the banks could only recover half of the unpaid balance.
So, let's see what loss these Blacks and their enablers are accountable for and how they brought down the world economy.
5,000,000 black families * $100,000 average mortgages * 1/2 of them who defaulted * 1/2 of the value that could not be recovered by banks after foreclosure.
The above is as very generous formula. It is unlikely that 5 million black families received affirmative action subprime loans. It is unlikely that the average amount of those mortgages was $100,000, it is unlikely that half of them defaulted in the past 2 years and it is unlikely that the banks could only recover half of the mortgage amount. But, let's do the math, shall we?
The Excel formula would be:
=5000000*100000*0.5*0.5 and it returns $125,000,000,000 - or $125 billion.
Compare the above to the amounts the Bushists spend in Iraq and Afghanistan and other parts to blow up things and kill people. It's less than one year of stupid 'war on terror'.
Compare the above to the 'stimulus' distributed last summer.
Compare the above to the $700 billion Paulson is playing with currently.
Compare the above with the trillions countries all over the board are dumping unto banks, insurance companies and state-sponsored speculators.
Keep in mind that AIG alone seems to be receiving close to $125 billion in government 'investment', sufficient to cover all the losses that could be attributed to affirmative-action loans made to poor blacks.
Now, let's hear the cretinazis explain how a POSSIBLE (but highly unlikely) loss of up to $125 billion that can be attributed to affirmative action loans to poor Blacks (less than one year worth of Bushist spending in Iraq and comparable to last summer's 'stimulus' or to government's intervention in AIG's affairs) can't be fixed with trillions and trillions of government intervention.