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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (March 16, 2011)
£1?» Page 8 Fortiani» (Obseruer March 16. 2011 Opinion articles do not necessarily represent the views of the Portland Observer. We welcome reader essays, photos and story ideas. Submit to news@portlandobserver.com. New Prices Effective May 1,2010 Martin Cleaning Service T his S pecies 7T\RiVEC) F or o F 'TUETlatviE'iH G E IU W B»T EHT EKTiHT W t i T H e . MSRGFR Carpet & Upholstery Cleaning Residential & Commercial Services Minimum Service CHG. $45.00 AHV CO/WHJHIST GWHA. MAWS O' A small distance/travel charge may be applied repoudah T CARPET CLEANING 2 Cleaning Areas or more $30.00 Each Area Pre-Spray Traffic Areas (Includes: ! sm all Hallway} 1 Cleaning Area (only) $40.00 Includes Pre-Spray Traffic Area (Hallway Extra) Stairs (12-16 sta irs - With O th er Services): % $25.00 Area/Oriental Rugs: $25.00 Minimum Area/Oriental Rugs <Wool): $40.00Minimum Heavily Soiled Area: Additional $ 10.00 each area (Requiring Extensive Pre-Spraying) UPHOLSTERY CLEANING Sofa: $69.00 Loveseat: $49.00 Sectional: $ 109 - $ 139 Chair or Recliner: $25 - $49 Throw Pillows (With Other Services): $5.00 ADDITIONAL SERVICES • Area & Oriental Rug Cleaning • Auto/Boat/RV Cleaning • Deodorizing & Pet Odor Treatment • Spot & Stain Removal Service • Scotchguard Protection • Minor Water Damage Services SEE CURRENT FLYER FOR ADDITIONAL PRICES & SERVICES Call for Appointment (5 0 3 ) 2 8 1 -3 9 4 9 Stop the Lies about the Financial Meltdown Blame squarely belongs on Wall Street by M arc H. M orial No, President Obama was not bom in Kenya. Superman is not real. And there is no monkey- man roaming the streets of Hoboken scaring the daylights out of little children. Some urban myths are nutty. Some are funny. But some, like the one about mortgage loans in low and middle income urban neighborhoods being the cause of the financial meltdown can be downright danger ous. Since this assertion was first made several years ago, the National Urban League has called it for what it is - a weapon of mass deception, shifting blame for the economic crisis from Wall Street where it rightfully belongs onto the backs of hard working African American and Hispanic homeowners, who for decades were routinely refused home loans and a fair shot at the Ameri can Dream. Leading economists have agreed with us, including Federal Reserve chairm an Ben Bernanke; FDIC chairman, Sheila Bair; and Nobel Prize columnist, Paul Krugman. And now, anew study by the congressionally established Fi nancial Crisis Inquiry Commission conclusively states that the Community Reinvestment Act, established in 1977 to prevent redlining and spur homeownership in urban neighborhoods “was not a significant factor in subprime lending or the crisis.” Undergirding this myth is the claim by some that the law requires banks and thrifts to make loans to unqualified low-income and minority borrowers. They contend that a higher default rate by those borrowers caused the housing meltdown. Aside from the fact that the law clearly states that lending must be consistent with safe and sound banking practices, there is no evidence that it caused lenders to make risky subprime loans that contributed to the crisis. In fact, most subprime loans are not made to minorities or low income borrowers. Between 2005 and 2007,58 percent of higher costs loans were made to white borrowers, and fewer than 30 percent of subprime loans in 2006 were made to low and moderate-income borrowers. According to Commission chairman, Phil Angelides, “The debate about the role of the Community Reinvestment Act should now be over...W e found that this crisis was avoidable and was caused by widespread failures in finan cial regulation, dramatic breakdowns in corpo rate governance, excessive risk and borrowing, government officials ill prepared for the crisis and systemic breaches in accountability and ethics at all levels.” In short, black, brown and poor people, ag gressively spurred on by the Reinvestment Act did not cause our economic meltdown. This has been a yam spun by some who wish to shift the blame from Wall Street to Main Street. The latest to use this as a weapon of mass deception is Florida freshman congressman, Allen West who, speaking at a February Con servative Political Action Conference in Wash ington, singled out the CRA as the cause of the housing crisis. He added, “If government gets out of the way of the private sector, it would not have happened in 2008.” The Financial Crisis Inquiry Commission dis agrees and so do we. With millions of people out of work, instead of clinging to discredited ideo logical theories, our policymakers should be focused on creating jobs and making sure that more citizens are able to realize the American Dream of homeownership. Marc H. Morial is president and chief execu tive officer o f the National Urban League. ! 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