Fantastic generalization by the Brazilian President and besides sounding like an ignorant racist, he's factually wrong. The last time I checked, disgraced but wealthy Merrill Lynch CEO Stanley O'Neal is African-American. The economic crisis has little to do with race and everything to do with excessive greed and mismanagement. Brazil or any other country in the world is no stranger to greed and mismanagement. Criticism of the failed policies is fine and well deserved but let's stick to the facts and address the issues.
Brazil's president blamed "white people with blue eyes" for the world economic crisis and said it was wrong that developing countries should pay for mistakes made in richer countries, sparking accusations of racism.
President Luiz Inacio Lula da Silva, who has criticized the European Union and the US for tariffs on products from developing countries and has advocated a bigger say for developing countries in decisions on the world economy, pointed a finger to Western bankers.
"This crisis was caused by the irrational behavior of white people with blue eyes, who thought they knew everything and now show they know nothing," Lula da Silva said after a meeting with the UK Prime Minister Gordon Brown in the country's capital of Brasilia.
