Bank of America to Pay $335 million to Blacks and Hispanics

Jared Taylor, American Renaissance, December 23, 2011

Eric Holder bravely fighting "racism."

On Wednesday, the Justice Department announced that Bank of America (BOA) had agreed to pay a fine of $335 million to settle charges that its ill-fated 2008 acquisition, Countrywide Financial, discriminated against non-white borrowers. Although BOA officials deny it, Countrywide is alleged to have steered blacks and Hispanics more often than whites into costly, risky, sub-prime mortgages. Attorney General Eric Holder boasted that this fine–a record for alleged lending discrimination–shows that he is determined to “vigorously pursue those who would take advantage of certain Americans because of their race, national origin, gender or disability.”

Very few details are available about Countrywide’s alleged crimes, but I smell a rat. Does anyone–and I mean anyone–other than the fanatics at the Justice Department (and probably 90 percent of blacks in America) really believe that executives at Countrywide told lending officers to deliberately push non-whites into riskier mortgages–and that the lending officers cheerfully did so? For decades, every “civil rights” bureaucracy in the country has been on the sniff for “redlining.” I can believe stupidity and malfeasance of just about any kind from bankers, but that is the one thing even the stupidest banker knows not to do.

Discrimination requires acts of discrimination, and if Countrywide had been doing $335 million worth of nastiness to blacks and Hispanics–the Justice Department claims there were more than 200,000 victims–somebody must have done it. We can be sure that Mr. Holder would love nothing more than to stage a perp parade of real, live, racist white men, but not a single former Countrywide executive has been charged with anything. It is the shareholders of Bank of America who will dish out that $335 million, so we have yet another example of a mystery that would baffle even Hercule Poirot: racism without racists.

Well into its article about the settlement, the New York Times noted–though only in passing–that lending policies are discriminatory if they have a “disparate impact” on protected minorities. This means lending standards can appear to be race-neutral, but if they are more likely to inconvenience non-whites than whites, they are illegal. The Times then goes on to explain that blacks and Hispanics were treated worse than whites even when they had “similar credit ratings.”

“Racism”-hunters have been accusing banks of this ever since the 1970s. One of the most famous allegations of banking discrimination was a 1992 paper by the Boston Fed that claimed to have looked at every possible measure of creditworthiness only to find that blacks were more likely than whites to be denied loans even if they were just as financially solid. In fact the “study” was such a mess that even the Comptroller of the Currency had doubts about it, and one of the fed’s own scholars largely dismissed it.

Of course, there was always a simple test for whether blacks (or Hispanics) were being held to higher credit standards than whites: Do they default less frequently? If non-whites have to be rolling in dough and collateral to get loans, they should almost never stiff lenders. But what is the reality? A 1999 study confirmed that blacks were more likely than whites to stiff banks, so, if anything, they were being held to lower credit standards. Today, Mr. Holder wants us to believe that Countrywide was deliberately stiffing blacks and Hispanics.

There is another reason to think that this settlement is just another government shakedown. Banking is competitive. If Countrywide was really skinning its customers, why didn’t they walk over to the bank across the street? Competition is what keeps virtually all bankers (and car dealers and soap salesmen) in line. But, no. We are supposed to believe that Countrywide wasn’t the least bit worried about scaring off customers, and that every one of those 200,000 alleged victims was such a bonehead it never occurred to him to try another bank.

The Justice department says that its pet minorities were more than twice as likely as whites to be steered into over-priced loans, even when they were equally creditworthy. We know from the Boston Fed study just how bad bureaucrats are at judging creditworthiness, so we can be 99 percent sure that this is baloney. But even if we decide to swallow the baloney, what about the whites (of equal creditworthiness) who got stuck with over-priced loans? Weren’t they just as hard done by as the non-whites? Shouldn’t they get some of the swag? Of course not. They’re white. Maybe they were skinned to the bone, too, but it wasn’t because of their race, so they get nothing.

A strong case can be made for the view that the entire mortgage crisis was brought on by government pressure on banks to make sure blacks and Hispanics got housing loans, even if they couldn’t pay them back. Back in 2002, George Bush was whooping about how he was going make sure that in the next eight years another 5.5 million non-whites got mortgages. The only way to do that, of course, was to force banks to make dicey loans. Once lending standards went south, white deadbeats got loans too, and we know what happened next. Now your government is back to its old tricks: making sure that whitey picks up the pieces.

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Jared Taylor
Jared Taylor is the editor of American Renaissance and the author of White Identity: Racial Consciousness in the 21st Century.
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  • Question Diversity

    “Racism”-hunters have been accusing banks of this ever since the 1970s. One of the most famous allegations of banking discrimination was a 1992 paper by the Boston Fed

    The Boston Fed is at it again:

    http://www.eurekalert.org/pub_releases/2011-12/cbs-sra121311.php

    What? Their bad credit score psychologically traumatizes them, and that causes them to engage in spending for instant gratification instead of making wise long-term financial decisions? It can’t possibly be because their microeconomic behavior is the reason why they have low credit scores to begin with. To put it in more simple terms, Official America thinks that people are impatient and impulsive because they know they have low credit scores, Sensible America knows that people have low credit scores because they are impatient and impulsive.

    I know the Occutards are against credit scores, and want credit ratings agencies either abolished or everyone’s scores reset to perfect. Like Jared Taylor reminds us, the Boston Fed is where the junk social science that drove the subprime mania and ultimately the financial crisis originated. Are they greasing the skids for the prohibition of credit scores and ratings as a sop to the left wing? History doth repeateth itself, methinks. I guess this time, the Fed is worried about being eliminated entirely (President Ron Paul) or having its power and authority cut back substantially (a few other Republican contenders), and they’re trying to buy protection with the left wing.

    Well into its article about the settlement, the New York Times noted—though only in passing—that lending policies are discriminatory if they have a “disparate impact” on protected minorities. This means lending standards can appear to be race-neutral, but if they are more likely to inconvenience non-whites than whites, they are illegal.

    Murder being a crime has a disparate impact on blacks. Do we want to prostrate ourselves to that “logic?”

  • Bon, From the Land of Babble

    What is also infuriating is that Barney Frank was given a pass by the media for his central role in the housing meltdown, he relentlessly defended Fannie Mae and Freddie Mac.

    Could it have had anything to do with Frank’s relationship with a Fannie Mae executive when Frank was voting on laws affecting the organization? What were the costs of the final bailouts and what damage was done to the US economy?

    When Rep. Barney Frank announced that he would not seek reelection did the media so much as mention his role in the housing collapse? NooOOOooo!!

    Maybe it was something he wore in the “house?” http://goo.gl/clVLa

    Economist Tom Sowell writes:

    His powerful position on the House of Representatives’ Committee on Financial Services gave him leverage to force through legislation and policies which pressured banks and other lenders to grant mortgage loans to people who would not qualify under the standards which had long prevailed. … With the federal regulators leaning on banks to make more loans to people who did not meet traditional qualifications — the ‘underserved population’ in political Newspeak — and quotas being given to Fannie Mae and Freddie Mac to buy more of these riskier mortgages from the original lenders, critics pointed out the dangers in these pressures to meet arbitrary home ownership goals. But Barney Frank counter-attacked these critics.

    When the housing meltdown occurred, whom did Frank blame? Right-wing Republicans!

    Surprised?

    Bon

  • Roberto Ramogida

    Wasn’t it once considered racist to *not* give these people loans? Now giving them loans is considered racist?

  • HH

    Once of the more naked redistribution-of-wealth schemes designed to take White money and GIVE it to non-Whites, that I’ve yet seen. I suppose with the success of the whole “Black farmer” Dept. of Ag., fraud, this was inevitable.

  • Jacklord

    It’s nonsense like that that has made me stop voting. Republican or Democrat. Liberal or conservative. Black or white. We still get the same race shakedowns and scams.

  • South Africa

    Huh? I thought the USA was bankrupt (financial crisis, wars, unemployment). Apparently not. There still seems to be plenty in the land of plenty.

  • Anonymous

    The money is wasted in two kinds of ways – in one way of course for the Whites who have to pay it – in a second way because it only increases laziness and unemployment for the recipients, just like they have found out in the Netherlands, lately:

    http://goo.gl/5yoPP

  • Chairborne

    Racist discrimination against blacks is prohibited by law while racist discrimination against whites, aka, “diversity” and “affirmative action” quotas are required by law.

    Such is the credo of 21st Century American Justice.

    Eric Holder was accidentally right about one thing. We are indeed a “nation of cowards”. Especially those Republicans who dont have the guts to stand for equal justice under law for white Americans then expect us to vote for them as the lesser of two evils.

  • Anonymous

    All you have to do is put the statistics of minorities with crappy loans, and minority IQ and you may see a pattern. I wonder if anyone has put forth the argument that 1. many minorities are immigrants, and have not had a chance at a loan before, so easily persuaded into a bad one, or 2. that minorities are lower in the IQ department and worse at economic management, so were easily coaxed into the bad loans…

  • Anonymous

    Back in 2002, George Bush was whooping about how he was going make sure that in the next eight years another 5.5 million non-whites got mortgages.

    ————————————–

    So many Democrats and some Republicans, such as Bush, caused this mess. I remember when Bush was whooping it up and saying that he wanted millions of poor “hispanics” to get these loans, NOT Whites, but hispanics. I think I really started to detest that man right then and there. The Bushes are as bad as any Democrat as they all love hispanics since they have them in their own family. They threatened the banks as being racist if they did not go along with their scam, leaving Whitey holding the bag. Barney Frank and his male “partner” at Fannie Mae was another sleazebag stabbing us in the back along with some black guy at Fannie Mae who made millions. We have to fight both sides in D.C. as they are both corrupt and anti-White.

  • Kenelm Digby

    The ramifications from American race hustling and pandering to ‘minorities’ after the Kennedys and Johnson destroyed American post 1960 are enormous and dreadful to behold.

    Put simply, the current financial catastrophe, which politicians and economists, are apparently completely impotent to tackle in any meaningful way was sparked off by pandering to ‘minorities’.

    The fallout from this crisis has destroyed several European states and will likely destroy the European Union.It is likely that the aftermath of the financial crisis coupled with low European fertility will prove the decisive blow from which the European nations will never recover.

    The upshot is clear. As the USA becomes increasingly non-White, and as the non-Whites increase their power and influence over American government, then the rest of the developed world must decouple from the USA as far is possible (cordon sanitaire, is the right word), if they are to have any hope of surviving.

  • Anonymous

    In our capitalistic society the buyer is free (and encouraged) to shop for the best deal. Seems these folks either didn’t do what they normally do when purchasing other goods or thought there was value in the deal they were “steered” to. What is the better value? Subprime adjustable rates are essentially teaser rates, a low price today with a rising interest expense in the future. At the time there was experience that the house would increase in value by the time the interest occurred, allowing a mortgage to later recast either at a lower rate or to take equity out of the house.

    So for many who didn’t understand or care to understand the future risks should the home not increase in value, they got hurt. The study I would like to see is who were susceptible to these offers? Less intelligent, less informed, those that have difficulty with delayed gratification, those that prefer the losing math of playing the lottery. The fact they they tend to be Black is but a marker.

  • Anonymous

    Car dealers have made careers out of just this issue. They steer less sophisticated clients to leases and time payments that are significant profit centers, always providing profits far in excess of what they could have made on a cash sale. Recall for decades, GM made more money financing its cars than on the actual car itself.

    Car salesmen have learned through experience that certain types of people are more susceptible to buying on time. Either those people don’t understand the math that the string of payments is more expensive than a single time-of-purchase payment, or find the bling of the car more important than total cost. Monthly cost is all that matters.

    It is a salesmens’ job to maximize profit. And that is what the mortgage brokers did. Unless there was subterfuge, it is not clear to me what the crime was. What is curious is that certain minority groups are more susceptible to this than other minority groups. A worthy study in itself.

  • Anonymous

    The cure for this is quite simple. First, require a hefty downpayment, say the historical 20%. That assures the buyer has “skin in the game” and wouldn’t so easily walk away from their obligation. And it assures they have the income and discipline to save sufficiently to make the down payment.

    Note none of the homeowners that allegedly got screwed were without housing prior to the mortgage transaction. They made a free choice amongst a massive number of mortgage providers and financing options. And they picked the worst option, likely from the very best salesman. Perhaps they were stupid or ill-informed. If that is the case require a competency test as part of the qualification for a mortgage. You must understand the issues you are about to commit to. Too easy, and not political enough to garner votes. Its much better to help this folk into a problem and get them back an average of $1-2,000 on much larger losses, than to prohibit them from buying in the first place. Oddly they went from having a home to having a home taken away from them. Great national policy. Thank you Chris Dodd and Barney Frank.

  • Anonymous

    I don’t understand. First they complain that they can’t get mortgages, or that mortgages and down payments are too expensive. Then the mortgages and down payments are reduced and they claim were duped.

  • Anonymous

    - NYC black only firemen are permitted at City cost to go to the homes of black only applicants to help them complete their forms.

    - Black firemen in New Haven sue because their scores were lower than whites, even though they didn’t take the available prep courses and study.

    - Black kids need mentoring, not only in grammar school, but in college as well.

    - Black mortgage holders sue claiming they didn’t understand the contract they signed as nobody helped them. Even when using an attorney is strongly suggested.

    - Black adults have the highest unwed mother and unexpected pregnancy rates. I suppose because nobody told explained it to them?

    Are these people ever responsible for their own acts?

  • Anonymous

    15 — Anonymous wrote at 10:51 AM on December 24:

    “I don’t understand. First they complain that they can’t get mortgages, or that mortgages and down payments are too expensive. Then the mortgages and down payments are reduced and they claim were duped. ”

    They were. The average black just goes along with what they’re told by their leaders. So just as many whites believed GW Bush in 2003 when he said that “All Americans can now realize the American Dream,” referring to the phenomena of signature only loans with adjustable rates, many people bought homes rather than remaining renters. I don’t blame average people black or white for being towed along. I saw real estate agents encouraging EVERYONE with assurances that the adjustable mortgage was safe and would work out, loan officers who said, “NO problem to low credit scores while allowing “stated income” signature only loans, and not a few white people who made lots by cynically flipping properties for a quick few thousand. This is not the way to create a stable economy, nor does it reflect the practices of a honest, decent set of business ethics.

    Today, foreclosures are being driven by the government insurance payouts that banks may apply for once the default is completed to foreclosure. They then sell the property, once again making clear and free profit on the same property. This is a huge rip-off on the TAXPAYER by the banks and represents a cynical business ethic that reflects no change of behavior by banks.

    I don’t like these racial driven payouts to privileged minorities. But I don’t like them because they are only allowing minorities to get some justice. ALL those who honestly trusted their government, banking and real estate institutions and got suckered into this government supported scam that has caused a near Second Great Depression, are more the victims than the perpetrators, even though blaming them is easy. I want whites to get justice, too. In fact, I believe that all mortgages created after 9/11 ought to be cramped down about 30% and the banks eat the loss! If the government can bail them out, the government can demand some social correction as well.

    I saw a commentary on FOX NEWS on Friday by Sachs who noted that because of Reaganomics, which led to the deregulating of financial practices on Wall Street, among other economic institutions that drive our economy, the wealth concentration in the U.S. has gone from 10% in the upper 1% in 1984 to 22% in 2010, with the Middle Class shrinking in a higher proportion. He also said that as of 2011, ONE OF TWO AMERICANS NOW LIVE NEAR OR BELOW THE POVERTY LEVEL, half of the U.S. population. That has to include a significant number of whites. In fact, it includes me and my wife and most of the people we know.

    So unless you are one of the wealthy 1%, supporting policies that continue this upward concentration of wealth is soon going to see you in the by then over 50% group of poor Americans. The foreclosure crisis is far from over and many of you, I predict, will find yourselves facing it within two years time.

  • Alexandra

    Eric “My People” Holder bravely fighting racism, eh?

    Why do I suddenly get a mental image of Don Quixote battling a windmill…?

  • Boethius

    George W. Bush was a fool-a nincompoop with a 1046 on the SAT who nonetheless got into Yale (Gore got into Harvard with a 1041 SAT, by the way), and became POTUS because of family connections. He didn’t have the intellectual candlepower to chew his own food intellectually, and therefore relied wholly on technocrats like Paul Wolfowitz, Richard Perle and Douglas Feith to tell him what to do. They, of course, cherry-picked and stove-piped information to him to make him believe falsehoods like Iraq and Saddam having Weapons of Mass Destruction, so the idiot boy would go to war against Iraq, as they had urged since their position paper, ‘A Clean Break-a new strategy for securing the realm” was published in the mid 90s. The minority mortgage fiasco proves that the simpleton Bush could be just as easily misled in matters of domestic policy as he was in matters of foreign policy.

  • The Bobster

    All you have to do is put the statistics of minorities with crappy loans, and minority IQ and you may see a pattern. I wonder if anyone has put forth the argument that 1. many minorities are immigrants, and have not had a chance at a loan before, so easily persuaded into a bad one, or 2. that minorities are lower in the IQ department and worse at economic management, so were easily coaxed into the bad loans…

    ___________

    Vdare has touched upon it many times.

    http://goo.gl/ndcs6

  • Michelle

    Didn’t anyone tell him? Race is a social construct. This idea that he belongs to this ‘people’ is silly. There is no such thing as a Black race or Black culture they are constructs that only serve to divide the people.. *rolls eyes*

  • Anon

    No comments except,

    Wishing Amren & its reader’s a Happy Christmas & Happy New Year, Enjoy.

  • Ian J. MacAllister

    Anonymous wrote at 4:26 PM made some good points, but I must take issue one thing he wrote.

    “because of Reaganomics, which led to the deregulating of financial practices on Wall Street,”

    Hold a moment. You are probably referring to the Gramm-Leach-Blilely Act of 1999 which amended – not repealed – the Glass-Steagal Act. The amendment merely allowed the same holding company to own both a commercial bank and an investment bank. How does that change in the law lead to the meltdown in 2008? I don’t think that it did. Banks continued to invest in mortgages and mortgage-backed securities which were considered among the safest instruments out there. I recommend Meltdown by Thomas Woods on the subject.

  • Anonymous

    9 — Anonymous wrote at 8:32 AM on December 24:

    All you have to do is put the statistics of minorities with crappy loans, and minority IQ and you may see a pattern. I wonder if anyone has put forth the argument that 1. many minorities are immigrants, and have not had a chance at a loan before, so easily persuaded into a bad one, or 2. that minorities are lower in the IQ department and worse at economic management, so were easily coaxed into the bad loans…

    ___________________________

    Don’t make even more excuses as to why minorities do this or do that.

    They do it because they can take from Whitey once more. They know what they are doing.

    Everything WE work for and save for is given to them for free. They could care less about taking as long as Whitey is holding the bag in the end. If they can’t make the payments all they do is call it White racism and bingo! They will SUE!

    Isn’t America great…..because Whites are so self defeating and hold such guilt over any minority wrongdoing. Being called a racist is the worst sin in the world according to the groveling, knee bowing, White liberal and so-called conservatives of today.

  • Anonymous

    #10

    I know. I am annoyed at how much fawning over hispanics and blacks conservatives today are doing. They are in such denial that most nonwhites won’t vote for them and hate them while screwing over their white base who are the only ones that voted for them. Then I meet a conservative whose pretty white daughter is marrying a black guy. Sorry, that just makes me ill. I will never be comfortable with interracial relationships (though maybe asian and white I could tolerate) or homosexuality or transgender people. It’s not natural and the people who engage in these relationships often have something wrong with them. Maybe the people who vote for GOP need to drop their liberal views on race and demand the GOP stop pandering to blacks and hispanics, stop sending our troops around the world and cut off foreign aid to all countries or tell them they won’t get our votes and that they are nothing without whites. Remind them who butters their bread!

  • Anonymous

    These sub-prime mortgages were a trillion dollar boondoggle which ushered in the new global depression. Who do we have to thank for this? Communist indoctrination at the highest level of western society. An active fifth column which wields enormous political power at the expense of the white middle class…public enemy number one for them.

    I say it’s time to turn the tables on our oppressors.

  • Anonymous
  • Allan

    Barry Dunham and his friends at ACORN were the ones who pressured the banks into making these crazy loan which were obviously never meant to be paid off. Now Barry and company should be forced to pay off these loans, not the legitimate US Government and the tax payers.

  • Anonymous

    18 — Alexandra wrote at 5:55 PM on December 24:

    Eric “My People” Holder bravely fighting racism, eh?

    Why do I suddenly get a mental image of Don Quixote battling a windmill…?

    Do you see Holder as Don Quixote or as the windmill?

  • jack in chicago

    3 — Roberto Ramogida wrote at 9:09 PM on December 23:

    Wasn’t it once considered racist to *not* give these people loans? Now giving them loans is considered racist?

    Jack responds:

    Yes, you are right.

    It’s a case of damned if you do, damned if you don’t.

    All White people are RACISTS.

    Credit scores are RACISTS

    SAT and IQ tests are RACISTS

    Women who refuse to “date” HIV positive, bi-sexual Black intravenous drug users are…

    RACISTS!

    Well, isn’t it better to be a bit racist than to be dead?

    But, it’s Christmas and regular Black African Americans are treating me great.

    Merry Christmas everyone…. (I’m just not giving a $500,000 mortgage to any bad credit scored minorities)

  • sbuffalonative

    The only question I have is why isn’t BofA making any effort to set the record straight?

    We know banks were accused of red-lining and then strong armed to relax their lending practices. Why then aren’t these lending institutions calling the government on this and producing memos and government directives?

  • Kenelm Digby

    Poster 17,

    Consider this:

    White Americans stopped reproducing sometime in the 1970s.If the mass immigration wave of the 80s through to the 2000s (supported by both political parties), never occurred, the American population would have stabilized at around 220 million – there would have been no further American population growth, in fact a gentle decline would have kicked in about now.

    A smaller population would have meant no upsurge in demand for accomodation ergo lower house prices ergo a higher standard of living for you and millions like you.

    Not exacty rocket science – but the political class cannot, simply cannot drive this simple concept into their thick skulls and sub-reptile (lancelet*-like, actually), “brains”.

    *Aquatic creature, believed to be close to the root-stock of all vertebrates.Actually I insult these great and noble creatures by comparing them to politicians.

  • Bon, From the Land of Babble

    Huh? I thought the USA was bankrupt…There still seems to be plenty in the land of plenty.

    –South African

    There is plenty of money, because the government keeps printing it!

    So far, the USG has printed up and handed out to financial institutions “too big to fail” approximately 16 trillion fiat dollars — a staggering, unfathomable amount.

    Pretty soon, if the USG doesn’t stop, (or perhaps it’s already too late) the American dollar will be worth the same amount as a $21 trillion bill — from Zimbabwe!

    It is well enough that people of the nation do not understand our banking and monetary system,for if they did,I believe there would be a revolution before tomorrow morning.

    -Henry Ford

    (love him or hate him).

    Bon

  • Anonymous

    23 — Ian J. MacAllister wrote at 3:04 AM on December 25:

    Anonymous wrote at 4:26 PM made some good points, but I must take issue one thing he wrote.

    “because of Reaganomics, which led to the deregulating of financial practices on Wall Street,”

    “Hold a moment. You are probably referring to the Gramm-Leach-Blilely Act of 1999 which amended – not repealed – the Glass-Steagal Act. The amendment merely allowed the same holding company to own both a commercial bank and an investment bank. How does that change in the law lead to the meltdown in 2008? I don’t think that it did. Banks continued to invest in mortgages and mortgage-backed securities which were considered among the safest instruments out there. I recommend Meltdown by Thomas Woods on the subject. ”

    I counter recommend you and Thomas Woods draw and honest breath on the subject. There’s the little concept called Conflict of Interests. It’s just because mortgages were considered the safest of instruments that they were used to deceive investors, now that the law didn’t prevent it.

    Besides, that is just ONE issue in the picture. Reaganomics represents a continuing state of Laissez-Faire capitalism that has ruined this country. Minorities have been playing their game, true, but I am amazed how a certain group always see it as a one sided problem, with everyone else completely innocent patriots, in church on Sundays. I’ve always noticed the ones who wrap themselves in the flag and swear on the Bible to be the biggest liars of all.

    Who can forget the deregulation of the S&Ls that led to a huge loss for seniors and many others at the hands of Reagan? I know who; People who worshiped Reagan as “the old Gipper.” (And still do). Remember, he also signed the 1986 Amnesty that started the Latino rush into the Southwest. He also played footsie with Iran and Afghanistan, helping create the volatile situation we have today, with no exit or end in sight. In fact on the same day, Fox News had the former Ambassador to the UN (you know who), speaking about the problem of Iran and the development of nuclear weapons. The big fear now is that Iran will send out suitcase nuclear weapons, not tip a missile with one. What’s likely coming is a same day detonation of suitcase nuclear bombs in most of the West’s major cities. But you go ahead and defend the record of the eight years of “the old Gipper’s” leadership. I see both sides enabling this outcome.

    I downloaded the FOX Business film clip where Sachs explained how Reaganomics has remained in place and allowed the real estate bubble, along with rampant Wall Street speculating, and has effectively killed the Middle Class. I wish I knew how to set up a link to it. I’ll look for it on youtube. If I find it, I’ll supply a link on this article blog.

    Just because more blacks and Latinos are feeling it at the moment doesn’t make it okay. And just because YOU don’t feel it doesn’t mean it passes by the righteous or that you won’t feel it soon.

    I saw this coming for years, decades, and it was always coming from the Republicans who have always worked to allow the wealthy to become more wealthy and wealth to be created by creating loopholes and challenging business and moral ethics (I mean morals in business dealing, not sex).

  • Anonymous

    This is all actually quite simple. It is plunder.

    Whites are being plundered yet again, and will continue to be until they either put a stop to it, or disappear from having nothing left on which to survive.

  • Anonymous

    For the last 60 years BofA has donated hundreds of millions to ACLU, NAACP, CORE,, ADL, AJC, SPLC, Laraza, Maldef, ACORN, Sharpton’s and Jackson’s voter fraud operations and every kind of anti White organizatin around.

  • Anonymous

    Thought the housing bubble was caused by giving TOO MANY loans to blacks and hispanics who were then unable to pay them back. And Countrywide — wasn’t that Franklin Raines’s group, the corp. that cleaned up by getting a bunch of government money?

    So is this redestribution? Sounds like a revolving door of money going from taxpayers to the government to both Countrywide AND the blacks they supposedly cheated?

    I think it’s spelled r-e-p-e-r-a-t-i-o-n-s.

  • http://pulse.yahoo.com/_FWMCMK6U5OWRHYIYJAF2TPFL2U thomas

    The same hispanics B of A shamelessly pandered to by allowing them to open accounts with their mexican matricula consular cards ? Those hispanics?
    Gee, what could possibly go wrong with that!

  • http://pulse.yahoo.com/_W25W7Z72IPG34VCBTTORC7GE3U Steven

    So let me see if I understand this. If whites wereoffered a bad rate but where not stupid enough to take it would that be proof no discrimination exists? There are bad deals to be had everywhere. The worse your credit they worse the best rate you can get is.

  • http://pulse.yahoo.com/_W25W7Z72IPG34VCBTTORC7GE3U Steven

    Is it racist if whites make a stupid mistake signing up for to high and intrest rate loan? The banks will try to give anyone a high intrest rate loan that will fall for it.

  • Nick Singh

    yo nigga wat u doing? i want some dope dick

  • Nick Singh

    it would be great to reduce white people to a minority with organizations like southern poverty law center. this prospect is exciting: we will finally gain revenge for what these cruel white people in their red shirts on horses did to people of color. Especially India. Revenge baby revenge