In the United States, racism has always been the bankers’ best friend. Mass white supremacism is what put Euro-Americans to “flight” from perfectly good housing in places like Detroit, two generations ago, creating vast “economic development” possibilities in the farmlands surrounding the urban core. The advent of (white) suburbia changed the relationship of housing to the overall economy in the United States, with the banks as the primary beneficiaries. White racism also allowed Wall Street to impose a subprime mortgage regime on virtually every Black neighborhood in the United States, across the whole spectrum of African American income earners. Years before the housing bubble finally burst, Detroit, by far the Blackest big city in the country, had been irreversibly stripped of its tax base. The Black Buck didn’t run amuk – white men in lower Manhattan and the City of London did. However, the Black Misleadership Class are perfect foils for the Lords of Capital. Deeply in thrall of power and money, they become helplessly drunk in the presence of banksters. Jefferson County, Alabama, commission president Larry Langford, the former mayor of Birmingham, sank the county in a cesspool of derivatives deals, finally resulting in bankruptcy in 2011. Langford was sentenced to 15 years in prison, not for his scheming with the likes JP Morgan, but for other scams involving criminals of only middling wealth.
Posted on: Wed, 23 Oct 2013 01:23:29 +0000
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