Skip to comments.Winding down Fannie and Freddie could put minority careers at risk
Posted on 02/20/2011 2:51:18 PM PST by Innovative
Dialing back government support for District-based Fannie Mae and McLean-based Freddie Mac could have far-reaching implications for minority financial professionals in the Washington region.
Not only are the mortgage finance giants two of the largest employers in the area, with a total of 10,000 workers, but many of those positions are held by people of color. Were the government-sponsored entities (GSE) eliminated, as the Obama administration is proposing, that may leave thousands of these professionals looking for a place to land.
At the close of last year, nearly 50 percent of Fannie's employees and 44 percent of those at Freddie were minorities.
(Excerpt) Read more at washingtonpost.com ...
US demographics shows that 30 % of the US population are minorities.
Do you think an article would ever have been published lamenting the loss of jobs of white Americans?
"have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin, but by the content of their character."
What’s the date? Oh, yeah, it’s February aka Black History Month.
BINGO! Fannie and Freddie are a joke. You are 100% correct - total reverse discrimination. Shut em both down - they helped wipe out the US economy.
Whates have “no standing” in America anymore.
Too bad, so sad.
I was not aware that this was a minority jobs program. It seems to be an extremely expensive one. Anyone care to calculate the cost for each of THOSE jobs “created or saved”?
Yeah. Let’s put those “minority careers” ahead of the FLIPPIN’ COUNTRY! Fannie and Freddie played a major role in bringing this country to the brink of collapse. Stuff it Danielle!!! Dumbass!!
Insane! Freddie and Fannie will ultimately be about $500 Bn in the hole; administered by favored groups. If they are competent, they’ll jobs waiting for them in the private sector; if they aren’t, hiring them to waste money through real estate leverage is a really inefficient way to transfer wealth to them.
I have zero sympathy for this scam.
And in addition”
“Beyond the diversity of their workforce, the mortgage twins are known for spending significant amounts of their procurement dollars with women and people of color. Freddie Mac, for instance, did $430 million worth of business with minority- and women-owned suppliers nationwide in 2010. “
The treasury has been looted. The money is gone.
They are no longer required having served their purpose.
Looks like affirmative action hires didn’t know beans about the mortgage business, but they were the right color. No wonder thieves such as Franklin Raines could make off with $92 million at Fannie Mae during the Clintoon administration, and no one in the next office caught on.
Well, since you can’t open a Walmart because black kids would steal and be sent to jail, I guess this makes sense, too.
Freddie and Fannie - two shining examples of the fruits of affirmative action...
Yep, when you’re hired primarily on the basis of race, you shouldn’t have a job in the first place.
The South discovered hiring people according to race kept their states in perpetual poverty for almost a century. Now the federal government is learning the same lesson. Hiring people according to race is stupid and counter productive. It destroys economies.
To make matters worse, the federal race-based hiring also mirrors the South by creating a good-old-boy network of like-minded individuals, leading to a system based on political posturing and graft. The feds call it “job protection.” Try to get rid of an incompetent civil servant.
Hire the best, period. Fire those who can’t do the job. And never, ever consider race or ethnicity or gender - unless the job is for a sperm donor or a surrogate mother, and even in those cases, quality is the most important consideration.
When are we ever going to get over the skin color fetish?
Where’s my violin,the really small one.
“Women, children & minorities hit hardest...”
[Never mind the taxpayers, the goal of limited government, a free society, or consumers making their own spending decisions (consumer sovereignty). And never mind the costly consequences of housing market social-engineering and the effects of raw, forced wealth transfers (theft) by Barney Frank, Chris Dodd, and others — including assorted RINOs).
You will find the same jobs program at every postal bulk mail facility.
>>>total reverse discrimination<<<
I agree with your feelings, but please don’t buy into leftist crap. “Reverse discrimination” is just another way of saying that “white” people somehow invented racism and bigotry, and that “nonwhite” people are always the victims and targets.
The reverse of discrimination is acceptance.
Just call a spade a spade. Racism and bigotry are equal-opportunity employers. Any one of God’s children can be a racist. Someone obsessed with skin color and who thinks they can tell someone’s intelligence, culture, and outlook by skin color is a racist. Period.
Those aren’t careers, they are “reparations”. Thanks Innovative.
And two more examples of why government agencies seldom work - they’re not there to perform a function as efficiently and competently as possible, but rather, to reward the groups that help keep the elected politicians in power!
This will never change - it’s the nature of the beast. That’s why we have to stop feeding it.
Between Affirmative Action, and Unions, that statement is the reason NEITHER system produces a competitive, top-notch, QUALIFIED productive workforce. Civil Servants and Union Members are nearly IMPOSSIBLE to fire, regardless of incompetence or non-productivity.
“50 percent of Fannie’s employees and 44 percent of those at Freddie were minorities.”
Cripes. This is the kind of disparity you usually only see with white offensive linemen in the NFL.
And we all know what the third example is!!!!
Screw 'em... They can suffer like the rest of us when we get laid off.
You got the picture. Color trumps country.
“Hire the best, period. Fire those who can’t do the job. And never, ever consider race or ethnicity or gender”
You can’t do that. See this:
Minority leaders protest hiring practices at tech companies
Not to mention Jessie Jackson’s blackmail/shakedown practices against companies who focused on hiring the best, REGARDLESS OF RACE OR SKIN COLOR.
Yup, in the DC area Freddie Mac is well-known as “Steady Freddie” because of the safe and secure jobs it offers.
Guy I worked with years ago, very smart - also happened to be a minority - used to talk about Freddie as his personal security blanket. He’d do the high-risk, high-stress dot.com stuff for a couple/few years, then go back into Freddie for a couple/few when he reached his stress tolerance level.
True enough. Jesse and his bully followers are the grandchildren of the Klan. Like the Klan, they have created power for themselves based on the ideas of racial separation and segregation in the workplace and in politics.
They deserve to rot in hell. And that’s just a metaphor for how I really feel.
As you said: “Yeah. Let’s put those “minority careers” ahead of the FLIPPIN’ COUNTRY!”
Black Caucus goes after Obama, GOP for ‘draconian’ cuts
“Draconian” budget cuts proposed by both House Republicans and President Obama will hit minority communities the hardest and should be rolled back, leaders of the Congressional Black Caucus (CBC) warned this week.
The reductions - targeting programs as diverse as energy subsidies, neighborhood grants and tuition assistance - would only exacerbate the economic troubles of low-income communities at a time when minority unemployment is already much worse than the national average, the lawmakers said. “
WAPO Headline: World Ends Tomorrow. Minority Careers At Risk.
“To make matters worse, the federal race-based hiring also mirrors the South by creating a good-old-boy network of like-minded individuals, leading to a system based on political posturing and graft. The feds call it job protection. Try to get rid of an incompetent civil servant.”
Yep, It would be nice if the North noticed it doesn’t work and try getting rid of it themselves. They would rather spend time blaming everything on the South by accusing the South of racism. Frying pans calling the kettle black again.
Sorry Fannie and Freddie suck big time and the people there have something to do with that. Just because some are minorities does not mean they should be insulated from their failure.
There will be screaming about every cut. The term "government waste" implies that "Oh doo de doo. Garsh! We jest don't know whut we did with that money!" They know darned well what they did! Those $400 pentagon toilet seats weren't the result of incompetence. SOMEBODY signed off on a $400 toilet seat cause SOMEBODY got a kickback from the supplier that was overcharging. And guys, that happens thousands of times every day. There was an article about how some California agency signed a thirty million dollar contract for computers, but cost overruns pushed the price to $300 million. Somebody scammed the taxpayer for $270 million with the aid of the people inside the government.
As if the role of Fannie and Freddy should be to keep minorities working. Absurd.
“And we all know what the third example is!!!!”
Employment isn’t a right. Fannie and Freddie are
insolvent enterprises sucking on the taxpayer
teat. Time to end it.
It stinks when a job goes away. That’s life.
People of color can suck it up the same way as people without color, and pound the pavement looking for the next paycheck.
“Do you think an article would ever have been published lamenting the loss of jobs of white Americans?”
Nope. One thing you will not hear the lilly white MSM say is “white christian men hardest hit.”
Raines along with some of our “Elected Elites” should be in jail.
World ends; women and minorities hardest hit.