[lbo-talk] Sub-prime crisis in Kansas City

Miles Jackson cqmv at pdx.edu
Fri Jan 4 11:16:15 PST 2008


Doug Henwood wrote:
> On Jan 4, 2008, at 12:22 PM, Wojtek Sokolowski wrote:
>
>
>>Stated diffrently, the
>>sub-prime crisis is not a result of capitalists
>>targeting ethnic minorities, but a result of
>>capitalists trying to make a profit by any means -
>>just as stated in the economics textbook. The fact
>>that minorities are the ones most affected is simply
>>an artifact that they typically have the least
>>defences against such profiteering schemes.
>
>
> To use the language of stats, after all other relevant variables are
> controlled for, race is still significant. Why is it so hard to
> believe that (white) mortgage brokers and bankers think of black
> people differently? Why are you and so many others so eager to deny
> that race makes a difference?
>
> Doug

Moreover, the intent of the capitalists is irrelevant here. Minorities are getting screwed over, compared to whites in a similar economic position; that's racial discrimination. Whether or not capitalists "targeted" the minorities makes no difference to the people who bear the economic brunt of the discrimination. (--Back to Carrol's point a few days ago: racism cannot be reduced to individual prejudice.)

Miles



More information about the lbo-talk mailing list