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As we all know, FDR’s redlining is the cause of all bad things. Too bad it wasn’t phased out until … last week? Last year?

But has anything happened since redlining? From the New York Times opinion page, some little known history:

When the Dream of Owning a Home Became a Nightmare

A federal program to encourage black homeownership in the 1970s ended in a flood of foreclosures.

By Keeanga-Yamahtta Taylor
Dr. Taylor is an expert on housing policy.

Oct. 19, 2019, 2:30 p.m. ET

When tens of thousands of African-Americans held the keys to their first homes in the early 1970s as part of a new federal program that encouraged black homeownership, they thought they were about to fulfill the American dream. Instead they got an American nightmare.

The story begins with the urban uprisings of the late 1960s, which were reactions to decades of poverty, racism and a lack of opportunity. According to the Kerner Commission, a major cause was government-sponsored housing segregation that had confined African-Americans to rental housing in urban neighborhoods while subsidizing white flight to the suburbs. Black people, too, wanted to enjoy the benefits of homeownership and the uprisings pressured Washington to take that seriously.

Richard Nixon gave voice to a shift in government policy in 1968 when he declared that “people who own their own homes don’t burn their neighborhoods.” The Housing and Urban Development Act of 1968 created policies that let low-income black renters, long excluded from conventional mortgages and other standard ways of financing homes, become homeowners.

At the core of the law were three components: A down payment cost only $200; a buyer’s mortgage was linked to her income, not her house’s value; and the interest rate on the loan, subsidized by the federal government, was capped at 1 percent.

It was a boon — at least for banks and the real estate industry.

The Federal Housing Administration backed mortgages arranged through this program and bankers didn’t have to worry about foreclosures or defaults because if buyers fell behind on their payment, Washington would simply pay off the loan. An unprecedented number of black renters in Philadelphia, Detroit, Chicago and other urban centers became homeowners.

But the program was troubled from the start. The conditions that allowed for homeownership also set the groundwork for fraud. Racist exclusion gave way to predatory inclusion.

But anyway this anti-redlining disaster was all the fault of white people too.

I wrote about this post-redlining disaster a decade ago in VDARE.com.

 
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  1. “It was a boon — at least for banks…”

    (GASP!!)

    She said “BOON”!!! In Current Year!!

    I! Can’t! EVEN!!

    Point! Splutter! Shriek! Censor! Cancel! Deplatform! Defenestrate!

    • Replies: @Hail
  2. anon[827] • Disclaimer says:

    Epicycles.
    Epi-epicycles.
    Epi-epi-epicycles.
    Epi-epi-epi-epicycles.

    We must preserve our precious epicycles. Because the alternative is unthinkable.

  3. Keeanga-Yamahtta Taylor is an expert on housing policy.

    NYT relying on luminaries as usual.

    So, essentially free houses for negroes is still another form of oppression. Why weren’t they given bigger stipends to help with maintenance and repairs? It’s not as though they’d blow the money on weaves and spinners. Or hookers and blow. Or anything like that. Where my reparations at?

    • Replies: @Ano
    , @MikeatMikedotMike
    , @Alden
  4. Wilkey says:

    But the program was troubled from the start. The conditions that allowed for homeownership also set the groundwork for fraud. Racist exclusion gave way to predatory inclusion.

    I’m fine blaming the lenders. It’s a reminder that corporations don’t give a shit about what’s in the best interests of the country, but what just puts more money in their pockets. It wasn’t the average Trump voter who was guilty of “predatory lending.” It was the assholes who oppose Trump, oppose Brexit, and oppose border security, and who use their wealth as proof of their moral superiority, who wrecked the economy and put Americans trillions of dollars into debt.

    The Sandler family, whose shitty corporation helped sink Wachovia after Wachovia made the mistake of buying it, were huge liberals. They cashed out quickly knowing exactly what their company was going to do to Wachovia and gave a crapload of money to Leftist groups like the Center for American Progress. They and their heirs (Herb and Marion are both dead now) are apparently so litigious that Saturday Night Live pulled a skit pointing out their guilt and Marion Sandler’s Wikipedia page doesn’t even mention her crimes. Their Wikipedia pages, in fact, are locked for editing.

    • Replies: @Nico
    , @Kratoklastes
    , @Moses
  5. Visited the NYT front page for the first time in a while and Noticed this excellent article. Of course, iSteve had already Noticed it…

    The part about corrupt FHA officials was interesting to me. What do you bet their predominant race/ethnicity was?

  6. sayless says:

    “But the program was troubled from the start.”

    Well what was it doing? Isolating itself at parties? Self-harm? Did the program have suicidal ideation?

    Poor program.

  7. “Keeanga-Yamahtta Taylor is an expert on housing policy.”

    But not an expert on how hyphens work. This ta-inspires much ta-confidence in her other ta-forms of ta-exp’ertise.

  8. Photo of Dr Keeanga Taylor posted without comment.
    The doctor is on the left in the picture

    We wuz KEEANGA’s.

  9. snorlax says:
    @jesse helms think-alike

    So your boobs do get bigger when you’re pregnant.

  10. a buyer’s mortgage was linked to **her** income, not **her** house’s value

    Unless a majority of these mortgages went to women, such usage is a sign of being an asshole.

  11. @jesse helms think-alike

    I thought you were kidding, and the author was really the one on the right, and we could all laugh at how she misappropriated a black name. But sure as shit, KYT is indeed the one on the left.

  12. Ano says:

    So if I understand correctly Nixon’s 1968 H&UD Act was enacted to give ghetto negroes a white-tax-payer funded leg-up on to the property ladder as a smoothed pathway out of the ghetto and away from other ghetto negroes and all the riotiousness, violence, criminality, and social disfunction.

    But these new urban homeowners were not able to pay off their income-tied low-interest (again courtesy of white taxpayers) mortgages and lost their homes in spite of all the showers of Nixonian dollar confetti?

    Was it because property prices fell and businesses (jobs) moved out because of the new homeowners…?

    If so, sounds like the H&UD Act in effect was just a ghetto expansion scheme.

    While you can take the negro out of the ghetto, you can’t take the negro out the negro.

    • Replies: @FPD72
  13. Ano says:
    @jesse helms think-alike

    She(?) needs a bigger plate.

    • Replies: @Charon
  14. Keeanga-Yamahtta

    That sounds like something yelled during an attack by naked guys with spears.

    The conditions that allowed for homeownership also set the groundwork for fraud. Racist exclusion gave way to predatory inclusion.


    Keeanga-Yamahtta Taylor
    = Alternate math a gay okay.

    Watch out! “Inclusionary zoning” is coming to your town:

    https://www.minnpost.com/metro/2019/08/minneapolis-inclusionary-zoning-policy-takes-shape-even-as-developers-cry-foul/

  15. Lugash says:

    predatory inclusion

    Although Madame Malcolm X doesn’t appear to have come up with this term, it’s useful. In low trust America you need to be wary when the wolves invite you in. Or the vampire squid with its blood sucking funnel, to use Matt Taibbi’s colorful phrase.

    But anyway this anti-redlining disaster was all the fault of white people too.

    I would say yes. Getting a house you can’t afford is worse than not getting it. This program was essentially the Housing Bubble forty years earlier, only restricted to unsophisticated blacks rather than greedy, gullible and unsophisticated whites.

    • Replies: @Charon
  16. Ano says:
    @HammerJack

    I remember a Guardian article on negro shanty townships in South Africa and how the shanties are not at all indicative of poverty or racial discrimination, but their native preference when it comes to a roof over their head (i.e. and not some Home Beautiful designer dream house- that’s White).

    Indeed, the Guardian writer noted, in front of some of the humblest rickety shanties there was often parked a shiny new car- typically a BMW*.

    (*So popular with Africans, it nicknamed the Black Man’s Wagon).

    If one of the Reparations-supporting Democrats does win in 2020, obviously the way to go is giving each African-American some sheets of corrugated iron and a choice of German luxury autos.

  17. Anon[626] • Disclaimer says:

    This sort of thing foreshadows what would happen if cut-a-check reparations happen.

    “Whitey defrauded me of my rep’rations!”

  18. Charon says:
    @Ano

    Dude. Her plate is empty.

    Don’t that just say it all?

  19. Charon says:
    @Lugash

    This program was essentially the Housing Bubble forty years earlier, only restricted to unsophisticated blacks rather than greedy, gullible and unsophisticated whites.

    You misspelled immigrants.

    • Agree: Redneck farmer
    • LOL: Jus' Sayin'...
  20. Charon says:
    @Reg Cæsar

    “We need to be able to make sure everyone can afford to live here,” said City Council Member Jeremy Schroeder

    There’s not a single Democrat alive who grasps that taking housing off the open market to reward favored groups drives up the market rates for everyone else.

    • Replies: @Moses
  21. @Reg Cæsar

    Keeanga-Yamahtta Taylor = The Keanga-Yamata Taylor

  22. @jesse helms think-alike

    So, which one is Keeanga? The blonde one in the middle standing next to Fred “Rerun” Berry?

  23. Clyde says:
    @jesse helms think-alike

    Keeanga-Yamahtta Taylor is an African American academic and writer. She is assistant professor of African-American Studies at Princeton University,

    How much does this pay 50000 per year?

    • Replies: @The Alarmist
  24. Lot says:

    “ while subsidizing white flight to the suburbs.”

    The largest federal housing programs by far have long been the “GSEs” of Fannie and Freddie. These programs were initially intended to be a kind of a subsidy, but have turned out to be extremely profitable for the federal government. In other words, the opposite of a subsidy. Even the bailout of Fannie and Freddie during the financial crisis turned out in the end very profitable for Uncle Sugar.

    • Replies: @Redneck farmer
  25. @ScarletNumber

    They may have. You had a higher rate of single mothers in the black population, even then.

  26. @Lot

    So, the government did good by doing well?

    • Agree: Lot
  27. FPD72 says:
    @Ano

    It wasn’t Nixon’s act. It was passed by an overwhelmingly Democratic House and Senate and signed into law by LBJ. It was introduced in the Senate by a Democrat. Nixon wasn’t President until 1969. The bill could be thought of as the last of LBJ’s Great Society programs to be enacted.

    • Agree: jim jones
  28. @Ano

    Bob Marley drove a BMW. To him the initials meant “Bob Marley and the Wailers”.

  29. I love the genuine imitation Malcolm X eye glasses Keeanga is sporting:

  30. @HammerJack

    In my town there is an old out of the way area that has some of the original housing projects built back in the 50’s-60’s. There are all vacant now and the entire area looks like something out of a dystopian nightmare. I mean, it’s really strange; the architecture is weird and it’s built at the edge of a forest preserve so the scenery is contradictory. Anyway – about a mile to its east a brand new subdivision is being built that I refer to as the project farm. They are all 1500 SF single family ranch homes going up on a section of land that I believe used to be state property. I’ve been through the neighborhood a lot for work and the entire population of the completed section of the neighborhood is black, and they are fresh exports from Chicago. Section 8 fantasy land. Pure ghetto diaspora. 11 o’clock in the morning and the driveways are full of cars.

    God forbid they tear down the old projects and rebuild there, but nope, the virus must be allowed to spread.

  31. Arclight says:

    Our policymakers are too divorced from the lower classes to understand who they are an how they live their lives. As I mentioned in a post earlier this week, spend a couple of years managing a decent sized rental property and try to keep the tenants from wrecking it and paying the rent on time, and you’ll understand why over a third of the country has no business owning a home in any circumstances.

  32. Here’s a start to solving the problem: proper labeling. If you have a mortgage, you are NOT a “homeowner”. You own bupkiss, you’re the bank’s tenant.

    Even if you do own your home outright, we all know there’s another shark lurking in these waters, ready to sink your ship the instant you fail to pay the protection money.

    • Replies: @Art Deco
  33. TWS says:

    Predatory inclusion? What the hell does that mean?

  34. TWS says:
    @Ano

    We already know what giving free money to people looks like on a modest scale. Many Indian tribes give payments ranging from monthly to yearly, (a few give nothing substantial). If you give it monthly you’ll get new-ish cars in the driveways, if you include hud subsidized housing you’ll have nice big houses. Sometimes the cars don’t get towed and the house doesn’t get trashed. Nobody actually pays anything like market for the house even when they don’t default. The house can be a mansion on the beach (literally) and hud says nothing. Most times the loans default and the US taxpayer picks up the bill.

    The graft, skimming, fraud, and waste is enormous but it’s not their money so they don’t care. The results are massive unemployment, drug and alcoholism, child abuse and neglect and crime. Crime on most rezes puts Chicago or Baltimore to shame.

    That’s not guaranteed with reparations to African Americans but it’s the way to bet.

  35. There was a hell of a lot of fraud in mortgages in the late 90s/early 00s. In Michigan a lot of Whites were part of that, but a disproportionate amount of Blacks were.

    The crash happened. However, a lot of the ARM mortgages were against Blacks and many of them would have lost their homes anyway.

    The thing that surprised me was that because of our state laws on foreclosures, many of the people losing their homes didn’t pay the mortgage, taxes, insurance, or (the last 4-5 months) utilities for an entire year. And many of them still couldn’t find decent places to live. Our client credit unions would have to hire clean out companies after we got eviction ordered.

    We would have to serve notice of the proposed order, and a lot of people would strip or trash the homes. Some Whites would smash toilets or such, and many would sell the a/c units for scrap (back then metal prices were high).

    But many Blacks were just destructive without any profit. Flooding basements. Smashing walls. Most were smart enough to avoid arson charges by directly burning, because the prosecutor was bring felony charges for that–but running a grill against the back wall all night to burn off the siding and wrap, or dragging a smoker into the living room and letting it burn as they moved out.

  36. anarchyst says:

    From my personal experiences…

    I lived in Detroit and had what I considered to be “good” neighbors.

    Mind you, not “good black” neighbors, but just good neighbors whose skin color did not matter. We helped each other, whenever possible, looked out for each other, and had friendly relations, shared family events, barbecues and other social events.

    The “troubles” started when my “good neighbors” invited their “ghetto rat” relatives to their parties.

    I restored an old car to near showroom condition and used to park it in my driveway. The “ghetto rats” decided that my car would be a good place to sit (on the hood). Asking them to remove themselves was met with responses of f#ck you” and other derogatory responses.

    Upon discussing the situation with my “good neighbor”, he pretty much told me that “boys will be boys” and to “suck it up” and “get over it”. My friendly relations with that neighbor cooled, as he was not willing to straighten out his “ghetto rat” relatives.

    Soon after, these “ghetto rats” found new avenues in which to ply their criminal “stock in trade”- breaking in to and ransacking houses–easy (white) targets…

    I soon moved to an all-white enclave after that, giving up on the city of Detroit, the criminality, harassment, and civic abuse, and have never been happier.

    “It’s why it’s perfectly legitimate for whites to not want the nice black couple to move into their neighborhood” is most certainly a legitimate concern…

    • Replies: @Diversity Heretic
  37. anarchyst says:

    I grew up in Detroit and can relate to the “changes” that occurred during my residency.
    Blacks WERE a major problem in 1970s and beyond Detroit.

    I was able to keep up my property with no difficulty, painting the house (outside) on a regular basis, mowing the lawn and keeping the shrubbery trimmed-normal maintenance for any homeowner.

    Contrast my maintenance efforts and results with my black “neighbors” who did not keep up their property. You see, in the 1970s HUD had “special programs” to move blacks into single-family housing, without requiring these blacks to have any “skin in the game”.

    Of course, being white, I did not qualify for any of these programs.

    The liberal “urban studies” folks at Wayne State University have always made excuses for blacks and their inability to maintain their homes due to lack of “upkeep” (normal everyday maintenance) on their homes. Their main excuse was that “the homes were old”…never blaming the black residents themselves.

    On almost every block, whites (mostly elderly Polish) who could not afford to move STILL kept up their homes–freshly cut grass, well-maintained exteriors, etc. despite their homes being just as “old” as those owned by blacks. No matter where you went in Detroit, one could always tell where whites lived. Neatly manicured lawns and well-kept-up houses were the norm.

    I finally left Detroit after a number of burglaries and little or no police response. The police KNEW who the criminals were but did nothing about it. You see, blacks were “oppressed” and were “untouchable”.

    Another situation was the “code enforcement” harassment that us whites endured. We always used the city-supplied trash containers (one for every two residences). Our black “neighbors” were too lazy to put their trash in the containers, strewing their trash throughout the alleys.

    Guess who got repeatedly ticketed for “improperly disposed of trash”? It wasn’t the blacks who improperly disposed of their trash–it was us whites. It was as if they (the black-run city government) wanted us to move…

    No, the old liberal excuses that poverty was instrumental in the destruction of Detroit is totally false.

    All one has to do is ask the party (liquor) store owners why they put up with the likes of blacks. The Detroit “ghetto” was (and is still) quite a “gold mine” for businesses that sell liquor, lottery tickets and junk food.

    I grew up in Detroit and personally witnessed the marginalization of whites along with the destruction by blacks.

    It’s CULTURE, not “poverty”.

    The “elites” need to stop making excuses for black culture and black aberrant behavior.

  38. anarchyst says:

    I grew up in Detroit, and personally witnessed the destruction of a once-great city.

    There are a number of reasons for Detroit’s decline that have never been explored or discussed.

    1. “Blockbusting” by greedy real estate agents. Real estate agents would send out postcards with the following: “A new family is moving into your neighborhood. If you want to sell your house, please call me at xxx-xxxx”. A “new family” was a euphemism for black families, and was used to “encourage” whites to sell their homes.

    2. HUD (Housing and Urban Development) speculators and real estate hustlers conspired to “buy up” and raze the best houses on every block, in certain sections of the city. Quite often, “shacks” were left standing while decent housing was purchased by HUD and razed. This was done purposely to depress property values, to make it easier for speculators to purchase properties at “bargain basement” prices.
    I realize that items 1 and 2 counteract each other and are at cross purposes, but they were a reality in 1960s Detroit.

    3. The 1967 riots did much to push whites out of Detroit. A little-known aspect of the Detroit riots was the application of spray-painted words on the exteriors of black-owned businesses. The words “soul brother” was spray-painted on businesses owned by blacks so that the “angels of death” (actually rioters) would spare them from destruction. Whole business districts around the city were destroyed, never to regain their former selves.

    4. The election of Coleman Alexander Young, Detroit’s first black mayor, who was overtly racist to Detroit’s white citizens while “getting along just fine” with the “movers and shakers” (big business people) of the day (as long as the campaign contributions kept coming in)….

    5. The abolition of the STRESS (Stop The Robberies, Enjoy Safe Streets) program. This anti-criminal program was put in by mayor Young’s predecessor and was quite successful in “cleaning up the streets” of criminals.

    In this program, police officers would disguise themselves as vulnerable old people and walk through neighborhoods as “decoys”. Predatory criminals would attempt to rob these elderly citizens and quite often, were dispatched to “the great hereafter”.

    One of Young’s campaign promises was the abolition of the STRESS program as too many of “his people” were being eliminated. Upon the election of Young, the program was disbanded.

    These are 5 reasons for this once-great city’s demise.

    • Replies: @Daniel Williams
  39. 15 years ago the Times reported on the work of two Vanderbilt University economic historians who showed how the 1960’s race riots depressed inner-city home values for decades, by comparing data from cities that had riots to similar cities which didn’t;

    The Consequences of the 1960’s Race Riots Come Into View

    “From 1960 to 1980, male employment in cities with severe riots dropped four to seven percentage points, compared with otherwise similar cities.

    The impact on property values is even more striking. In cities with severe riots, Professors Collins and Margo found, the median value of black-owned homes dropped 14 percent to 20 percent, compared with cities that experienced little or no rioting, from 1960 to 1970. The median value of all central-city homes, regardless of owner, dropped 6 percent, to 10 percent.

    The racial difference is not surprising, because both riot damage and the perceived risk of future riots were concentrated in predominately black neighborhoods.

    Again, these numbers reflect not just immediate property damage but long-term declines. If it is more expensive or less desirable to live or work in a particular neighborhood, property prices will drop.

    “This effect,” the economists write, “could work through any number of the channels that feed into the net benefit stream: personal and property risk might seem higher; insurance premiums might rise; taxes for redistribution or more police and fire protection might increase, and municipal bonds may be more difficult to place; retail outlets might close; businesses and employment opportunities might relocate; friends and family might move away; burned-out buildings might be an eyesore; and so on.””

    https://www.nytimes.com/2004/12/30/business/the-consequences-of-the-1960s-race-riots-come-into-view.html

    Here’s a link to another summary of the same research that’s not behind a paywall;

    https://www.nber.org/digest/sep04/w10243.html

  40. As long as the race hustlers keep getting hand outs from Big Jew U then America has a problem. This Professor is a race hustler. Columbia was ground zero for the Culture of Critique take over of American universities.
    LBJ sets up a program to favor blacks. Discriminating implicitly against poor whites and using higher income whites tax dollars to run the program. Yet whites are the problem?
    Wow.
    Who knew how spiteful, entitled, dishonest and disgusting Big Jew U, Jew Propaganda (Big Media) and Black Race Hustlers could be?
    How about ending ALL Federal Programming for Blacks based on Equality. They get treated equally. Sink or swim. If Jews want to dole out their money from PRIVATE CHARITIES to help them, fine. Don’t use taxpayer dollars to weaponize a minority group against the rest of the population who are actually working, successful and productive. That is insulting and people are tired of it. Only a moron (or libtard) can not see this con for what it is.

  41. Art Deco says:

    We might try something sensible like allowing lenders to make business decisions without interference from anyone but bank examiners on the look-out for reckless underwriting. Come to think of it, we might extend that franchise to landlords as well (in re who to rent to and what to charge them).

    We might try something else sensible like not cross-subsidizing consumption of particular goods and services bar in those the markets which have certain troublesome features (markets with troublesome features would be those for medical care, long-term care, schooling, and legal services). Since housing services are replenished monthly (with rent or mortgage payments) and their consumption is sensitive to considerations of taste and amenity, it’s not a problem market in ways that can be addressed through cross-subsidy. Implications: no public housing and no housing vouchers.

    We might try a third sensible thing like having amply-staffed police forces undertake vigorous patrols of slum neighborhoods. Feral young men who are rousted from their loitering spots, hauled in for banal violations of the law, and incapacitated in state prison for gross violations of the law don’t burn down neighborhoods either.

    We might try a fourth sensible thing and institute streamlined procedures for evicting deadbeats. A dear friend of mine who invested in some rental property in a sketchy neighborhood some years back had this to say about the experience: “I realized why that building was so cheap: the notion it was an income producing asset was fictional”. (Note the impediments acceptance of housing vouchers place on evicting troublesome tenants).

    We might try a fifth sensible thing and designate sections of town where property taxes are removed and sections where they are collected at reduced rates, instituting sales taxes to make up for the lost revenue. The property tax drain is one reason properties are abandoned.

    We might try a sixth sensible thing and institute supplementary sanitation patrols in slum neighborhoods which undertake extra street sweeping, sandblast graffiti off the sides of buildings (for which owners are billed), and document certain violations for code inspectors to issue citations (e.g. broken windows and trash-strewn vacant lots).

    But I gather schemes to induce impecunious service workers to take on more debt are much more fun for politicians and other grifters.

  42. Art Deco says:
    @Oleaginous Outrager

    No, you own your home. You have also issued a promissory note to someone.

  43. Anon[276] • Disclaimer says:

    By Keeanga-Yamahtta Taylor

    Why would anyone read past this line?

  44. @jesse helms think-alike

    I hope those other two femprogs in the picture had enough sense not to get between Keeanga-Yamahtta-Wakanda and the pastry trays in the foreground.

  45. Alden says:
    @HammerJack

    As well as free houses, there should be a White taxpayers fund to pay the property taxes for black homeowners.

  46. Dr. Taylor is an expert on housing policy.

    Steve, you are more of an expert on housing policy than this Doctor of Philosophy could EVER be, and it’s just one of your many intellectual hobbies. Let me ask you this, ya still believe in Affirmative Action, do ya?

    • Replies: @Art Deco
  47. Art Deco says:
    @Achmed E. Newman

    She wrote a dissertation on housing policy. It contained no statistical analyses. She enrolled in a graduate program in black studies, not economics, geography, public policy, or even sociology. She’s a polemicist, not a scholar.

    • Replies: @Achmed E. Newman
  48. Nico says:
    @Wilkey

    I’m fine blaming the lenders. It’s a reminder that corporations don’t give a shit about what’s in the best interests of the country, but what just puts more money in their pockets. It wasn’t the average Trump voter who was guilty of “predatory lending.”

    I’m also fine blaming the lenders, but we all know that the MSM and their academic allies will do everything they can to amalgamate those lenders with average [white] Trump voters in the public imagination.

  49. @Wilkey

    It’s a reminder that corporations don’t give a shit about what’s in the best interests of the country, but what just puts more money in their pockets.

    Notionally, corporate officeholder have a fiduciary obligation to maximise shareholders’ returns: they are not there to make the world a better place, or engage in hypothesising about what would or wouldn’t be good national policy.

    There are exceptions, of course: if that objective was endorsed by shareholders, or was consistent with adding shareholder value. For example, Raytheon doesn’t want US foreign policy changed, and lobbies to ensure that’s the case. Their lobbying is EPS-accretive.

    And no, I’m not naïve: in practice the fiduciary obligation plays distant second-fiddle to maximising returns to senior corporate officeholders.

    In that sense it’s absolutely identical to the mismatch between politicians’ and bureaucrats’ putative obligation (to improve the public welfare), and their actual behaviour (self-enrichment über alles).

  50. @Art Deco

    Thank you. That was sarcasm, Art. She’s got that degree, but it doesn’t mean squat.

  51. At the core of the law were three components: A down payment cost only $200; a buyer’s mortgage was linked to her income, not her house’s value; and the interest rate on the loan, subsidized by the federal government, was capped at 1 percent … Racist exclusion gave way to predatory inclusion.

    Those are almost the friendliest mortgage terms imaginable. If that’s predatory, what isn’t? Or was this part of them ofay muthas’ plan all along?

  52. @Ano

    So popular with Africans, [BMW] is nicknamed the Black Man’s Wagon.

    Like those other great auto-industry backronyms, Italian Retard Out Cruising and Pathetic Old Negro Thinks It’s A Cadillac.

  53. @anarchyst

    In this program, police officers would disguise themselves as vulnerable old people and walk through neighborhoods as “decoys”. Predatory criminals would attempt to rob these elderly citizens and quite often, were dispatched to “the great hereafter”.

    I’ve seen this program in action and I support it: http://www.youtube.com/watch?v=1L2_jgZQRNY

  54. Anonymous[427] • Disclaimer says:

    Notionally, corporate officeholder have a fiduciary obligation to maximise shareholders’ returns: they are not there to make the world a better place, or engage in hypothesising about what would or wouldn’t be good national policy.

    Maximizing shareholder value in the long run can definitely include being a “good corporate citizen” and in an environment where malicious corporate policy could bring on ruinous lawsuits or even “the corporate death penalty” does mandate pursuing a course of action designed to prevent those things, including being proactive about needed safety changes, acknowledging problems to head them off, and designing for the customers you have instead of the ones you want or might exist in theory.

  55. Moses says:
    @Ano

    The biggest problem with free money (reparations or universal basic income or whatever) is that people have not earned it.

    They know they have not earned it.

    People do not value that which they have not earned. That, and many low-class folk are low-class because they lack time preference, have poor planning and life choice skills.

    All the money in the world won’t help them.

    Look no further than low-class lottery winners or NFL players. They blow through millions and waste it. Then have nothing.

    Do you think people will spend UBI or reparations on their IRA or invest in a small business? Or will they blow it on consumables and depreciating assets like BMWs and $300 Nike sneakers?

    Free money will make problems worse. People will waste it, then agitate for more.

    What a disastrous idea. It won’t end well.

  56. Moses says:
    @Charon

    “We need to be able to make sure everyone can afford to live here,” said City Council Member Jeremy Schroeder

    10:1 odds says Ms. Schroeder and her family live nowhere near any “affordable” (i.e. Black) housing. And she never will.

    • Replies: @Moses
    , @Hail
  57. Hail says: • Website
    @The Germ Theory of Disease

    Since when is ‘Boon’ a slur?

    Some wiki editor thought it was, but was overruled:

    Talk:List of ethnic slurs/removed entries

    Boon
    (U.S.) a black person, referring to the stereotype that they resemble a baboon.

  58. @anarchyst

    There’s also the phenomenon of reversion to the mean in the case of the children of the nice black couple.

  59. Moses says:
    @Moses

    Lol yep I was right. Mr. Schroeder represents Ward 11 in Minneapolis.

    76.5% White, 9.5% Black. Minneapolis as a whole is 60% White, 18% Black.

    Ward 11 is far wealthier than Minneapolis as a whole too.

    http://www.ci.minneapolis.mn.us/www/groups/public/@cped/documents/webcontent/wcms1p-143237.pdf

    Mr. Schroeder and his family need some cultural enrichment affordable housing in his neighborhood, good and hard.

    • Replies: @Hail
  60. Hail says: • Website
    @Moses

    City Council Member Jeremy Schroeder

    Jeremy Schroeder
    – ca. 1975: Born in Green Bay, Wisconsin (was 42 as of Oct. 2017); Catholic?;
    1999: BS, Marquette, Electrical Engineering, Political Science, Computer Science;
    2005: JD, University of the District of Columbia Law School;
    2008 to 2012: Executive Director of the Illinois Coalition to Abolish the Death Penalty, later also of the National Coalition to Abolish the Death Penalty;
    2011: Moves to Minnesota;
    2011 to 2014: Board Member, Amnesty International;
    2013 to 2016: Common Cause, Executive Director for Minnesota;
    Nov. 2017: Elected to the Minneapolis, Minnesota, City Council (Ward 11), in a one-party election; Jeremy eked out a narrow victory, 35-34-30 against John Quincy [born ca. 1962] (a White, heavyset, 2000s-era PTA activist who was a two-term Ward 11 council member first elected in Nov. 2009) and Erica Mauter [born ca. 1978] (a Black lesbian born and raised in Detroit);

    Comment: What’s funny is that if Jeremy Schroeder’s district were just a little more nonwhite in 2017, with more of his ‘Section Eight’ pets, Jeremy would certainly have lost to Erica Mauter (though least qualified, Erica took nearly 30% of the vote, including presumably a supermajority of the Black vote and a healthy portion of the SJW vote).

  61. Hail says: • Website
    @Moses

    Jeremy Schroeder is a resident of the Diamond Lake neighborhood of Minneapolis (pop.: 5,800; near the airport and the Mall of America) with his wife and two sons (born 2012 and 2014). (This information per a 2017 interview; in it he says his home was built in the 1950s [see 3:40 to 4:40].)

    Neighborhood profile (Niche.com):

    Diamond Lake, Minneapolis has:
    – $95,000: Median household income
    – 56%: Share of pop. w/ Bachelor’s degree or higher (21% have a Master’s or higher)
    – 80% White, 9% Black, 5% Hispanic, 4% Two or More Races, 1% Asian

    – A glance at Google Maps for the neighborhood shows a a sea of neat, single-family homes and the occasional park (and the namesake Diamond Lake), as well as several Lutheran churches, several other Protestant churches, but no Catholic churches, mosques, or synagogues.

  62. Yngvar says:

    In 50 years time black’s current malfunctioning will be called hypoxicating pedestaling or something like.

  63. Fault of the banks, bonehead. What do you think?

    What, you like banks? You defend banks?

    Sheesh. What a bunch of slanting. Sheepdogging for the right.

  64. Ed says:
    @jesse helms think-alike

    Imagine going to Princeton and signing up to take a class with that? What’s happened to the elite of this country?

  65. Hail says: • Website

    By Keeanga-Yamahtta Taylor

    The second name sounds like “Your mother.” As if the name has a “Yo Mama” joke embedded inside it. Nice.

  66. anonynous says:

    One can go insane thinking about Urban Black poverty, criminality, culture too much. One can pull out one’s hair trying to find something that works – anything that works even a little bit – only I don’t have much head hair.

    Haitian, Zimbabwean, Liberian, Baltimore outcomes seem much more likely than some Black version of Leave it to Beaver or leave it to Jack Kemp and Rand Paul.

    🙂

    One thing that has sort of kept me sane is to have worked with individual White Americans who have the same pathologies as urban Black underclass – having children out of wedlock, not financially supporting the children, falling down in to street life of drug selling and drug addiction.

    I know one White guy from Massachusetts that has done all of this – he had a very good, sympathetic side, lots of people tried to help him – but he lived the life of the street.

    This guy actually does rather well in prison.

    So did Malcolm X.

    So one way to address the dysfunctional, civilization destroying culture of the Black urban underclass is to stress strict, but moral prison punishment. This population of urban Black underclass males needs constant supervision – not cruel and unusual punishment (any punishment in Blue Lib states is now unusual – that idiot mixed race Congresswoman from Queens wants to abolish all prisons!) – but moral people of all races, but especially White Americans can must work for strict, moral punishment for crimes. These hostile, violent urban criminals need work punishment, decent food, maybe prayer – they do not need and will not benefit from 0% mortgages for homes in White suburbs, they will not benefit from big $ cash give aways, reparations, they and we will not benefit by removing all academic and moral standards to send everybody to college.

  67. eah says:

  68. @jesse helms think-alike

    Here she is disguised as Forrest Whitaker:

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