White Civil Rights » The Second Great Depression Begins

October 9, 2008

The Second Great Depression Begins

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Civil Rights

— @ 8:49 am

Minority Subprime Home Loans lost trillions of dollars and crashed economy.

by Charles Coughlin

The remarkable stock market losses of the last few weeks are truly stunning. The financial losses from the subprime crisis are running into the trillions of dollars and driving into bankruptcy one financial institution after another. The subprime crisis was caused by federal mandates to greatly increase home loans to Blacks and Latinos regardless of how unqualified they were for these loans. Even the most basic safety precaution of requiring a down payment was cast aside in the rush to make millions of high risk home loans to minorities. Now, we are reaping what the liberals have sown. A financial disaster of immense proportions that is launching us into the Second Great Depression.

How does our current situation compare to the First Great Depression? One source notes “After an amazing five-year run when the world saw the Dow Jones Industrial Average (DJIA) increase in value fivefold, prices peaked at 381.17 on September 3, 1929. The market then fell sharply for a month, losing 17% of its value on the initial leg down… The market embarked on a steady slide in April 1931 that did not end until 1932 when the Dow closed at 41.22 on July 8, concluding a shattering 89% decline from the peak.” The US stock market did not fully recover from the 1929 Crash until 1954.

In contrast, our stock market has not had a 500 percent run up over the last five years prior to this crash. Instead, our market has been largely stagnant for the last eight years, starting at about 12,000 when George W. Bush took office, taking a sharp drop after the 911 attack, but then recovering and climbing to a little over 14,000 and then sliding back to 12,000. One news article notes “It (the current crash) all took place one year to the day after the Dow closed at its record high of 14,164. Since that day, frozen credit, record foreclosures, cascading job losses and outright fear have seized the market and sapped 39 percent of its value.”

Another news article notes “Wall Street has been teetering on the brink of panic for a month now, vulnerable to any bad news. Thursday’s sell-off was triggered when a major credit rating agency put General Motors Corp. and its finance affiliate under review to determine whether it should be downgraded. Stock in GM, one of the 30 components of the Dow Jones industrials, lost 31 percent of its value and closed at $4.76 — its lowest level since the Korean War began more than a half century ago. For the Dow, it has been nothing short of a free fall:

_The average is down 2,338 points, or 21 percent, in the last four weeks, since the Lehman Brothers bankruptcy escalated a long-running credit crunch into a full-fledged crisis.

_The point decline Thursday was the third-worst in Dow history. The worst, 778 points, came less than two weeks ago.

_Of the last 19 trading days, there have been 11 triple-digit losses — including the unprecedented six straight. The six gains have all been triple-digits, and only one of them was enough to make up the losses of the day before.

_The Dow now stands only about 1,300 points above its lowest close of the bear market that followed 9/11. In a market as volatile as this, that gap can be closed in a couple of trading days, or less.

In fact, triple-digit declines can happen almost in an instant.”

High gas prices were already devastating auto sales by American car companies. The increasing instability of the stock market will almost certainly do even more harm as frightened consumers put off any unnecessary big new purchases, like a new car. The panic in the US market has spread to Europe and Asia. The Japanese Nikkei market has lost 24 percent in one week.

We are seeing truly historic losses right now. The subprime crisis includes millions of bad home loans with losses of perhaps $200k per loan, which could run into the trillions of dollars. This entire disaster stems from an insane liberal program that forced banks to increase home loans to millions of unqualified Blacks and Latinos.

For decades American corporations were undermined by racial quotas, which forced millions of less qualified (and often totally unqualified) minorities on corporate America. These racial quotas have been a drag on the economy and have severely harmed millions of White Americans who lost jobs and promotions thanks to this federally mandated anti-White discrimination. Amazingly, our economy was able to survive this colossal amount of sabotage.

A government can’t pass a law and mandate “racial equality.” Blacks and Latinos are much less reliable than White people on average, and there were sound business reasons for not giving most Black and Latino applicants home loans. Political correctness and liberal insanity however triumphed, and it looks like we finally found the straw that will break the camel’s back. Our economy is in huge trouble now with perhaps two trillion dollars in bad home loans, and a full blown financial panic that has already caused a 21 percent drop in just one month. There’s no telling how much worse this disaster could become, but one thing is certain: The US can no longer support the dead weight of 100 million Third World people. We need to start mass deporting non-Whites and ending politically correct policies that interfere with business if we want to see a financial recovery within our lifetimes.

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October 9, 2008

The Second Great Depression Begins

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