HUD Secretary Jackson’s Gay Blame Flashback

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Housing and Urban Development Secretary Alphonso Jackson’s resignation yesterday brought back memories of the politico’s questionable economic rationale:

Asked about the problems with subprime mortgages last June, Jackson insisted that many such [high-risk, high-cost] borrowers were not unsophisticated, low-income people but what he called “Yuppies, Buppies and Guppies” – well-educated, young, black and gay upwardly mobile achievers – with expensive cars who bought $400,000 homes with little or no money down.

At least we don’t shoulder all the blame, right?