Minorities, I thought we went over this already!! Haven't you learned by now? We are to blame FOR EVERYTHING!! Yes, that's right! We are the root cause of everything "bad" in America. Okay, wait! I'm exaggerating. We are not really to blame, just the ultimate "blame scapegoat." Our color, our minority status, is commonly used by the ignorant, uneducated and racist to escape responsibility or accountability. The latest example comes from Republican Representative Michele Bachmann of Minnesota. Once again, another Republican is the culprit. Real shocker there, right?
At a House Financial Services Committee hearing last Thursday, Rep. Bachmann blamed the economic crisis on the Community Reinvestment Act (CRA) and “loans..being made on the basis of race, and often little else." (Source) Of course, there is no evidence to support Rep. Bachmann's claims. Another shocker right?
Here's a clip of Rep. Bauchman's comments on the committee floor. There were several offensive statements and allegations.
Here was the Congressional Black Congress' (CBC) repsonse to Rep. Bachmann's comments:
It is clear from Rep. Bachmann’s comments that she believes that the bipartisan laws enacted over the past decade ensuring that minority communities have equal access to banking and other financial services are the cause of this financial situation. […]
There is no evidence to support Rep. Bachmann’s assertion that “minorities” caused the current financial crisis. Laws designed to open opportunities for equal access to credit do not require banks or thrifts to make loans that are unsafe or unprofitable. In fact, laws like the CRA mandate exactly the opposite. […] Additionally, research clearly shows that the majority of the predatory loans that have led us to this financial mess were originated by non-bank financial institutions and other entities that did NOT have a CRA obligation and lacked strong federal regulatory oversight. Shifting the blame for the current economic crisis to laws that allow equal access and opportunities to communities of color is ridiculous.
As members of the CBC, we simply ask if Rep. Bachmann’s position that it was lending to minority communities that caused the current financial crisis, represent the position of Republican Caucus? (Source)