Fox, CNN, Mortgages and Mexicans

Let me type it bold and IN ALL CAPS: I RESPECT FOX NEWS!!! This is the one channel that does not pretend to be balanced on issues related to economic, racial, social, sexual, ethnic or religious justice. I only wish others, like CNN, were half as honest in their approach.

If you have a moment, please read this AP news article discussing Wells Fargo' predatory lending and reverse red-lining (defined loosely as a banks strategic decision to focus on offering sub-prime mortgages to people in economically challenged areas) practices in Black and Latino communities. Wells Fargo was one of the 200+ banks found guilty by the Federal Reserve Bank (although they didn't do anything about it... The study was published 2 yrs before the financial meltdown) of directing Blacks and Latino's to sub-prime mortgage products even when they qualified for traditional mortgages. The Fed report also stated that White borrowers with similar credit profiles and incomes received, on average, significantly lower interest rates. Wells Fargo executives commonly referenced loans to minorities as "ghetto loans" and mortgages to "mud people". Check out the article:

http://www.democracynow.org/2009/8/28/former_wells_fargo_subprime_loan_officer

Now the punch line is how Fox News and ALL the other major "news" networks have been reporting on the mortgage crisis, placing much of the blame on "irresponsible" people, motivated by greed! Check this out:

http://www.youtube.com/watch?v=q9O1hpeO-qQ&feature=player_embedded

Now Fox is a bit more forthright in their approach to broadcasting, and this is why I appreciate them. You see, when you watch Fox it is obvious that they are presenting information in a very biased manner which, in some cases, may anger you into action or boycott. Networks like CNN on the other hand can get a little tricky. I mean, everyone likes to talk about how ridiculous Fox's Bill O'Reilly and Sean Hannity are, but have you ever watched Lou Dobbs? This dude is nuts!!!

(Side note to Lou Dobbs: Lay off the Mexicans dude! If you were that serious about border control you would stop inviting/commending racist hate groups on illegally hunting suspected illegal immigrants like animals. Instead you would invite the Fortune 500 companies who employ these migrant workers and hold them accountable. I mean are we really blaming the workers? The hard working individuals in search of opportunity? Fuck outta here! Capitalism and the profit motive is what keeps our borders porous.

Lets be clear, companies want to maximize profits which can only be done by either selling more goods/services, reducing the cost associated with producing the goods/services, or some combination of the two. The biggest expense within a companies cost structure is that of labor so they are incentivized to hire the cheapest labor possible. Now we (the United States of America) have the legal infrastructure to prevent this corporate villainy, but do we? I will let the D.C. lobbyists representing these companies answer that question.)

Anyway, I'm done (need to get back to work, for I too operate under the profit motive). Before I leave I want to send a Fuck you very much to Lou Dobbs, the CNN family (sans Roland Martin, Donna Brazile and my boy David Gergen) and all the other major news networks. To Fox News, continue keeping it 100!!!