“There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.” -Warren Buffett to The New York Times, November 26, 2006
The Left constantly accuses the Right of favoring the economic elite at the expense of the rest of the country. It continually flummoxes those of us on the left why anyone who is not rich would support the Right’s attack on the middle and working classes. Yet they continue to do so in large enough numbers to keep the Greedy Ol’ Plutocrats (GOP) viable as a political force. It boggles the mind.
It’s not like the GOP makes a secret of its goals. When the “Masters of the Universe” otherwise known as the financial sector crashed the world economy the Right managed to convince their supporters that it was all the fault of minorities and the poor. While this analysis of the GOP report on the financial crisis doesn’t call out those evil black people in clear language it isn’t difficult to understand who they mean by “high-risk borrowers” who took out “weak mortgages.”
“While the housing bubble, the financial crisis, and the recession are surely interrelated events, we do not believe that the housing bubble was a sufficient condition for the financial crisis,” the document states. “The unprecedented number of subprime and other weak mortgages in this bubble set it and its effect apart from others in the past.” […]Citing several government agencies, the document argues that “the government subsidized and, in some cases, mandated the extension of credit to high-risk borrowers, propagating risks for financial firms, the mortgage market, taxpayers, and ultimately the financial system.”