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Jesse Jackson: Stopping the Subprime Tsunami [VIDEO]

Posted by Adam Howard, AlterNet at 7:08 AM on December 1, 2007.


This is an economic crisis "many times bigger than the Savings and Loan scandal."
Jesse Jackson on Subprime Tsunami

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America's poor -- particularly the black and brown people in America's inner cities -- are caught in the grip of an economic crisis "many times bigger than the Savings and Loan scandal." In a visit with The Nation, the Rev. Jesse Jackson urges action, calling for a "Resolution Trust Corporation" and action by the leading Democratic presidential contenders to face this crisis before it gets any worse. In this VideoNation commentary, Rev. Jackson lays out the problem and his vision for change, starting with a December 10th march on Wall Street.

For more information, visit the Rainbow Coalition online: http://www.rainbowpush.org

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Tagged as: economy, jackson

Adam Howard is the editor of PEEK.


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predatory lending
Posted by: Grandma Crabby on Dec 1, 2007 10:29 AM   
Current rating: 2    [1 = poor; 5 = excellent]
Lenders in this country have been allowed to turn into legalized loan sharks. Borrowers ARE taken horrible advantage of, even though you can argue that the borrowers are at fault because they're stupid. OK, they're kinda dumb, but that doesn't give the lenders the right to exploit them.

I have met people who signed deals, faithfully paid for YEARS, yet still owed MORE than they borrowed. the deals were set up to screw the consumer, plain and simple. The deals were legal cuz the loan sharks had paid off the government in order to rewrite the laws so they could get away with ripping people off in wayas that would make fast buck freddie blush.

I get sick and tired of the media laying the blame for the housing crisis on the borrowers. yes, they deserve some blame, but the lenders are nothing but legalized crooks and they have been allowed to do stuff that should NEVER be allowed.

I worked in TV news for years and I did lots of stories on predatory lending and was always shocked by how crooked the lenders were and what the regulations allowed them to get away with.

learn digital video

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Funny Jesse
Posted by: Ex-Marine on Dec 1, 2007 1:25 PM   
Current rating: 3    [1 = poor; 5 = excellent]
Why is it that Jesse only appears and has something to say when media attention is at its highest on a topic? Why wasn't Jesse out there educating the black victims of the predatory lending he's yelling about now? Is it because he couldn't extort a ransom from the lenders to shut him up, which seems to be his usual solution to a problem? Just my opinion, buy Jesse Jackson is a fraud when it comes to his concern about his fellow man. All Jesse appears to be doing is grabbing what he can get away with.

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» RE: Funny Jesse Posted by: Lauren
Help the stupid by having government (taxpayers) bail them out & ignorant, but don't educate them!
Posted by: stevor on Dec 2, 2007 9:16 PM   
Current rating: Not yet rated    [1 = poor; 5 = excellent]
It was greed by those selling the houses (realty people, loan writers & house sellers) who created the problem. It was lack of being real that enticed people who couldn't afford houses to buy them anyway.
No, don't tax me for their mistakes.
Jesse, go home.

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