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

[Miles Jackson]

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