Dow Drops 395, Oil at $139, Less Jobs and Growing Mortgage Crisis
by Jeff Davis
The Dow Jones just dropped 395 points as oil shot up to $139 per barrel, and the jobless rate hit a three and a half year high of 5.5 percent. As bad as all this sounds, it may only be the tip of the iceberg as the mortgage crisis keeps growing without bound threatening to take out major banks and knocking over more economic dominoes.
The obsessive coverage of the Democratic primaries knocked the subprime mortgage crisis off the front page for the last few months, but it’s bubbling away under the surface, along with Bush’s coming attack on Iran, which will cause the price of oil to skyrocket even further.
One news article reports that homes were lost at the highest rate on record in the first three months of 2008, and that late payments soared to a new high –which of course means even more foreclosures in the near future. The increasing number of homes thrown back on the market causes house prices to further drop. The mortgage companies and banks are absorbing all this damage easily losing $100,000 if not much more on each house dumped back on the market. The mostly non-white subprime borrowers simply declare bankruptcy and walk away.
But where are these hordes of non-whites walking to? To Section 8 housing funded by people like us, the taxpayers. We need to start looking at this problem more thoroughly. The only people who concern us are white working class families and what little remains of the white middle class, since blacks will always find some way to get the government to give them housing, one of the many things they extort from white society with their perpetual threat of rioting and violence. Then they can tear up and destroy the place and demand new housing after a few years on the grounds that they’re now living in a slum. (This has been going on for decades. The minorities have easily cost the average White family tens of thousands of dollars in additional taxes.)
Unfortunately the growing mortgage crisis is not limited to non-Whites. Many White professionals lose their jobs to incompetent Indian and Pakistani tech labor, who are hired to replace Whites by big business regardless of their Third World incompetence. Millions of White workers have lost their livelihood thanks to the increasing flood of Mexican illegals. When a white family loses their home and “walks away” as news pundits so disingenuously describe this hideous catastrophe that is overtaking millions of people, where exactly do they go to? Under a highway overpass with all their worldly goods in shopping carts? Yes, some of them. Others move back in with parents and grandparents or other relatives. But most have to try and find rental housing, someplace temporary they can stay while they try and put their financially shattered lives back together.
And who has been gobbling up all the rental housing in America for the past twenty years, driving the rents for a shabby two bedroom apartment soaring up past what you would have paid on a mortgage for a split-level ranch-style in 1988? The rental housing market has been rendered prohibitive by the millions of illegal aliens who have been swarming in over our uncontrolled borders, living 25 to a family home and at least 10 to an apartment, dangerously rewiring the place in order to steal electricity, befouling the buildings with cockroaches and human waste, making the nights unsleepable with salsa music from boom boxes in the parking lot where the Mexican gangs hang out drinking Budweiser and Corona.
All of our problems dovetail. All of our problems are symptomatic of one single great crisis: the white man’s loss of control of this country and the white man’s loss of control of the destiny of his own race. This can only be fixed by the acquisition of state power in a country of our own, and we’d damned well better hurry up and get on with it.