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Here We Go Again: Obama Administration on a Crusade Against "Redlining"
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In the last few years, New Deal era “redlining” has come to be seen as one of America’s most horrific historic sins, on par with slavery, due to the profound research of America’s foremost public intellectual, Genius T. Coates, who made FHA redlining central to his argument for massive reparations to blacks.

Not surprisingly, there exists a symbiotic relationship between the obsessions of the Obama Administration and of Coates.

From the New York Times:

‘Redlining’ Home Loan Discrimination Re-emerges as Concern for Regulators
By RACHEL L. SWARNS OCT. 30, 2015

NEWARK — The green welcome sign hangs in the front door of the downtown branch of Hudson City Savings Bank, New Jersey’s largest savings bank. But for years, federal regulators said, its executives did what they could to keep certain customers out.

They steered clear of black and Hispanic neighborhoods as they opened branches across New York and Connecticut, federal officials said. They focused on marketing mortgages in predominantly white sections of suburban New Jersey and Long Island, not here or in Bridgeport, Conn.

Screenshot 2015-10-30 14.32.49

Apple Stores

In complete contrast to, say, Apple Stores, which can be found all over the South Bronx and the ungentrified parts of Brooklyn.

Oh, wait, sorry, no, Apple Stores can’t actually be found in poor neighborhoods in New York. It’s fine for Apple, the richest company in the world with something like $200 billion in unused cash sitting around, to do business where it thinks best, but banks are subject to federal regulatory oversight.

(By the way, it looks as if there are seven Apple Stores in Manhattan south of 76th street and about two or three in the Outer Boroughs, even though the Outer Boroughs have about 80% of NYC’s population. That’s actually a sizable convenience issue since Apple customers typically get their products serviced under warranty by taking them to the “Genius Bar” at the Apple Store. No doubt there are people mulling over right now how they can get their hands on some Apple Store Diversity rake-off, but Apple is smart, so it’s not that easy.)

Seriously, the moral theory of the 1977 Community Reinvestment Act was that banks that open branches in black neighborhoods to take deposits should also lend in the same neighborhoods. It wasn’t about forcing banks to lend in geographical areas where they don’t do business.

(One unexpected side effect of the CRA was that it hurt small black-owned banks, which traditionally tended to diversify their risks by taking deposits in black neighborhoods and lending in white neighborhoods.)

The results were stark. In 2014, Hudson approved 1,886 mortgages in the market that includes New Jersey and sections of New York and Connecticut, federal mortgage data show. Only 25 of those loans went to black borrowers.

Hudson, while denying wrongdoing, agreed last month to pay nearly $33 million to settle a lawsuit filed by the Consumer Financial Protection Bureau and the Justice Department. Federal officials said it was the largest settlement in the history of both departments for redlining, the practice in which banks choke off lending to minority communities.

Outlawed decades ago, redlining has re-emerged as a serious concern among regulators as banks have sharply retreated from providing home loans to African-Americans in the wake of the financial crisis.

Over just the past 12 months, federal, state and city officials have successfully required banks to expand minority lending programs and, in some instances, to pay penalties as part of redlining settlements in Buffalo; Milwaukee; Providence, R.I.; Rochester; and St. Louis. And more banks are facing scrutiny. The Justice Department now has more active redlining investigations underway than at any other time in the past seven years, officials said.

“Redlining is not a vestige of the past,” Vanita Gupta, the principal deputy assistant attorney general of the Justice Department’s civil rights division, said last month in a conference call with reporters.

The effect on minority communities can be profound. Homeownership is a cornerstone of economic mobility, and without a stable group of homeowners, neighborhoods can be left vulnerable to blight and disrepair.

The recent cases illustrate how redlining has evolved. Bankers no longer talk openly about denying loans to black people. Instead, officials said, some banks have quietly institutionalized bias in their operations, deliberately placing branches, brokers and mortgage services outside minority communities, even as other banks find and serve borrowers in those neighborhoods.

The intent of such management decisions is typically left unspoken, officials said. But in interviews with federal bank examiners, Hudson executives made their reluctance to venture into minority neighborhoods plain.

It is “like a whole other world,” one lending executive told examiners from the Consumer Financial Protection Bureau, explaining why the bank failed to generate any mortgage applications from a minority neighborhood here.

Fallout from the excesses of the subprime era in mortgage lending has, in some ways, set the stage for the discriminatory practices of today. As banks have tightened their credit lending standards to avoid risky loans, the percentage of blacks and Hispanics getting approved for mortgages has plunged.

Grappling with foreclosures, job losses and battered credit scores, many minority borrowers have found it difficult to qualify for mortgages under the more stringent rules.

Banks normally try to avoid borrowers who seem likely to default on their loans, but some stepped over the line, officials say, excluding entire communities and the creditworthy people who live in them.

In 2014, black people held 5.2 percent of the nation’s home loans, compared with 8.7 percent in 2006, according to the Federal Reserve Bank. Hispanics have struggled to regain lost ground as well, accounting for 7.9 percent of home loans in 2014, compared with 11.7 percent in 2006.

Obviously, 2006 should stand as our benchmark of prudent lending.

Federal and state officials said it was impossible to determine how widespread discriminatory lending had become. They believe a vast majority of banks are operating legally, but recent lawsuits have revealed striking disparities.

In Missouri, where Eagle Bank settled a redlining lawsuit with the Justice Department last month, the bank’s competitors generated five times as many mortgage applications from predominantly black neighborhoods in the St. Louis area as Eagle did, Justice Department officials said. The bank, which said it disagreed with the government’s findings, promised to set aside $975,000 to provide services for black residents and businesses.

And in Buffalo, Evans Bancorp settled a redlining lawsuit filed by Eric T. Schneiderman, the attorney general of New York, last month. The suit alleged that the bank focused its mortgage lending in communities that appeared on its “trade area” map, which excluded the predominantly black neighborhoods on the city’s East Side. Evans, which described the allegations as “unsubstantiated,” agreed to pay nearly $1 million to settle the suit. …

The issue is also achingly familiar. Until the 1960s, banks openly starved minority communities of home loans with the full backing of the federal government.

And the 1960s were only, what, five or ten years ago?

For decades, the Federal Housing Administration relied on so-called residential security maps to help decide which mortgages it would insure. The maps ranked and color-coded neighborhoods in cities across the country according to their perceived investment risk.

Affluent white neighborhoods that were “in demand” were typically shaded green. Black neighborhoods were shaded red and shut out of the conventional loan market. Here in Newark, for instance, every black neighborhood was deemed “hazardous” for investment in 1939, according to Kenneth T. Jackson, a historian at Columbia University.

And 1939 was, I don’t know, only 20 years ago.

With conventional loans so difficult to secure, many black people found themselves sidelined from the homeownership boom after World War II. Others were forced to turn to an underground economy that offered overpriced, predatory loans.

Even after the passage of laws that banned discriminatory lending in the late 1960s and ’70s, redlining persisted. Its modern-day form, though, is far less overt.

New Jersey banks no longer respond explicitly, as some did in the late 1930s, when asked, “Are there any areas in which loans will not be made?” (“Newark,” some said.)

Most of Hudson’s customers would have had no idea that the bank was excluding blacks and Hispanics, officials said.

A spokeswoman for Hudson did not respond to several requests for comment. But in a statement, Denis J. Salamone, the chief executive, said the bank believed it was meeting its fair lending obligations by buying loans originating in minority communities on the secondary market …

Founded by immigrants in 1868, Hudson was a darling of Wall Street for a time in the 2000s. Forbes magazine called it the “best managed bank of 2007” for steering clear of the subprime loans that sank other financial institutions.

Now the nation’s seventh-largest savings bank, it built its business on traditional mortgages and prided itself on its old-fashioned feel.

All the while, federal officials said, the bank was systematically avoiding minority communities as it expanded beyond its New Jersey roots into New York and Connecticut.

Of the 54 branches that Hudson acquired or opened from 2004 to 2010, only three were in predominantly black or Hispanic neighborhoods, according to the lawsuit filed by the Consumer Financial Protection Bureau and the Justice Department.

Okay, but wasn’t a resistance to dive into the minority lending business in 2004-2007 a key to Hudson not going bankrupt in 2008?

Predominantly black and Hispanic communities accounted for more than a third of its market in the region that included North Jersey and parts of New York, but the bank stationed only 12 of its 162 mortgage brokers in those communities. Last year, blacks accounted for just over 1 percent of Hudson’s mortgage approvals in the market that includes New Jersey and sections of New York and Connecticut; Hispanics accounted for 4 percent.

The government’s analysis of the bank’s lending data shows that Hudson’s competitors generated nearly three times as many home loan applications from predominantly black and Hispanic communities as Hudson did in a region that includes New York City, Westchester County and North Jersey, and more than 10 times as many home loan applications from black and Hispanic communities in the market that includes Camden, N.J. …

As part of the redlining settlement, Mr. Salamone, the bank’s current chief executive, has agreed to open two full-service branches in minority neighborhoods, to increase outreach to those neighborhoods, and to invest $25 million in a loan-subsidy fund to increase the amount of credit extended to black and Hispanic borrowers.

Hudson, which is expected to merge in November with M&T Bank Corporation, the nation’s 25th-largest bank, also agreed to pay a $5.5 million penalty. M&T recently settled its own federal lawsuit relating to accusations that it steered black borrowers to higher-cost mortgages than their white counterparts, among other concerns. In his statement, Mr. Salamone said M&T had reviewed and consented to Hudson’s agreement with the federal government.

This is actually the feds’ chokehold: approval of mergers and acquisitions. The fines are chump change, but the federal government’s ability to block lenders from mergers and acquisitions if the feds don’t like their level of minority lending is a key selection effect that determines who can get big and who must stay small.

Consider Washington Mutual and its CEO Kerry Killinger, which became the biggest mortgage lender bank in the 2000s and then went bottoms-up in the fall of 2008. Killinger got federal approval for acquisitions of 29 competitors over a couple of decades, including two historically catastrophic acquisitions in Southern California in which WaMu outbid rival suitors for federal approval by topping the other bidders’ promises of lower income and minority lending.

Back in 2009 in VDARE I figured out how the CRA’s chokehold on M&A approvals has a selection effect on the entire culture of the mortgage industry. Almost nobody else has figured this out, so it’s worth repeating at length. The following analysis helps explain one of the huge economic events of the prior decade, but it’s almost totally off the intellectual radar in 2015.

Consider Washington Mutual’s promise in 2001 that if it got federal permission to buy Dime Bank it would lend $375 billion to lower income and minority homebuyers. I asked in VDARE:

“How could the government hold a gun to the financial institutions’ heads and force them to make hundreds of billions in stupid loans? Sure, giving out $375 million in stupid loans to get the government off your back, that would make sense. $3.75 billion, maybe. $37.5 billion, conceivably. But $375 billion, no way. Nobody would promise to give away $375 billion to dubious borrowers unless they thought it was a great idea. They’d leave the industry before they’d promise to hand out $375 billion to people whom they doubted would pay it back.”

… Okay–but how does a bank get more market share and revenue growth?

One major way: by buying other banks. And to do that, you have to pass through the CRA gauntlet. If you aren’t willing to lend to people the government wanted you to lend to, then you were out of luck at mergers and acquisitions game.

So, the CRA implicitly selected for Kool-Aid Drinkers, such as WaMu’s Killinger. They’re the ones whom the government allows to build empires. …

I missed understanding the impact of the CRA because I kept asking myself: “How could the CRA force a banker who thinks lending more to minorities is a bad idea to lend more to minorities?” I kept trying to imagine the CRA’s effect on the already crazy-stupid WaMu, and how that couldn’t have been all that significant.

But I should have been thinking about the other side of the coin: all the sane-smart banks that didn’t get to get big like WaMu did because the government rigged the acquisition process so that crazy-stupid banks were more likely to get merger approval. WaMu got permission from the government to make 29 acquisitions from 1990 onward. A smart-sane bank wouldn’t.

That WaMu sincerely believed that it was going to make a fortune handing big mortgages to mariachi singers, illegal immigrants, and Department of Motor Vehicle clerks etc. etc. seems clear. After all, WaMu not only originated about one out of every eight mortgages in the U.S., but it also held on to a fair number of them instead of securitizing them and dumping them on Wall Street.

WaMu explained its minority-oriented strategy over and over again.

Why was WaMu, with its derisible strategy, able to buy out so many big lenders? To understand it, think about it the other way around: why didn’t more prudent financial institutions outbid WaMu for acquisitions?

Say there are two banks, WaMu and Scrooge-Potter BanCorp. The latter is owned by Ebenezer Scrooge of Charles Dickens’ A Christmas Carol and Mister Potter of Frank Capra’s It’s a Wonderful Life. While WaMu is beloved for lending to anybody with a pulse, Scrooge-Potter BanCorp is widely loathed for taking a dim view of lending money to likely deadbeats.

They both would like to buy George Bailey’s Bailey Building and Loan Association. ACORN and the National Community Reinvestment Coalition announce they will protest vociferously against regulatory approval of the merger unless the winner pledges to make $50 billion in minority and low income loans.

Fearing a debacle of defaults, Scrooge-Potter BanCorp issues a two-word press release: “Bah, humbug”. And it drops out of the bidding.

WaMu announces: “Well, heck, we’ll promise to lend $55 billion.”

In fact, because Scrooge-Potter realized its quest was hopeless, WaMu got Bailey Building and Loan for less than it would have paid if the government wasn’t biased in favor of imprudent bankers. This gives WaMu more money to pursue more targets.

Lather, rinse, and repeat. The CRA means that WaMu gets big while Scrooge-Potter stays small.

Consider the indirect effects on Scrooge-Potter BanCorp. Who would want to go to work for a bank that can’t make acquisitions because it won’t play nice with the government on CRA? Scrooge-Potter can’t buy anybody, it can only be bought. So, how’s your job security at Scrooge-Potter looking? Wouldn’t it make more sense to go work for WaMu instead?

The CRA drives the climate of opinion in the entire mortgage industry. If you wanted to be able to buy other banks, you had to play ball.

 
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  1. OT

    http://nypost.com/2015/10/29/commerce-department-digs-deep-into-census-bureau/

    The NCVS is important because it’s how we compare ground level crime, which NCVS measures, to law enforcement’s race arrest/accost stats, to make sure that the cops aren’t deliberately targeting NAMs. And invariably, the answer is that there is no disparity. Methinks Obama wanted to jigger with the NCVS so that it did generate a disparity.

    But there’s perhaps another problem. If ACS and NCVS are suspect, then what about the Voting Hot Report? Could it be that Obama is intervening to have the VHR overreport Hispanics, even as its apparent numbers bork the zomg great Hispanic voter tidal wave paranoia?

  2. Since banks hold blacks to higher standards than whites, it stands to reason that black people NEVER default on mortgages, because only the best of the best are approved. So, black homeowners have much lower rates of default on mortgages than whites.

    Right?

  3. Hey hey! Ho ho!
    Common sense has got to go!

  4. Trump hits Rubio on H1b.

    • Replies: @JohnnyWalker123
    By the way, Trump yesterday was critical of the H
    , @(((Owen)))
    Funny how Trump pretends in a tweet to care about American workers today after throwing them under the bus on national TV Wednesday. And now I suppose we're supposed to believe that he's read his immigration plan. He obviously hadn't before.

    Why should I believe that Trump is any different from Rubio once he's used up patriotic Americans for advantage in the primary?
  5. Actually it is going to get worse. I work in the banking industry. Currently there is a huge drive towards consolidation driven by the large amounts of regulation spewing from the Dodd-Frank act. Small banks cannot afford it. If large banks that run risky minority portfolios are going to be preferentially allowed to buy smaller banks then we may repeat the 2008 bubble. Why can’t we learn from our mistakes?

    • Replies: @International Jew

    I work in the banking industry.
     
    It seems banks are a favorite tool for governments that want to sling around lots of money without much oversight. In Europe the pet cause has been buying the bonds of Mediterranean governments. In Israel, until 1985 or so, it was buying the government's own bonds. And I guess in America it's furthering race policy.
    , @Bugg
    So big banks, to cauterize themselves from federal lawsuits, will buy up what every shitbag savings and loan, credit union, mortgage company and nonsense ghetto bank to provide cover. And expect loans issued by such subsidiaries can be walled off not to cause long term injury. But you can only invite so much financial stupidity before a big bank gets hurt. So we had the savings and loan mess in the 1980s, and 2008's credit default swap disaster,. These are happening but the schedule is getting moved up by the stupidity of Obama and his minions. Which happens when you don't understand math, finance or economics beyond GIMME, IT'S MINE.
    , @Patton

    Why can’t we learn from our mistakes?
     
    For the same reason we can't have other nice things - reality, it seems, is racist.
    , @bomag
    Actually it is going to get worse.

    Point of view, of course. Some think this is just peachy.

    Jared Diamond goes on for some length about the Easter Islanders cutting down all the trees on their island. He wonders what was going through the mind of the guy cutting down the very last tree. Probably the same thought of the regulatory bureaucrat that takes the last productive dollar of the economy and flushes it down the commode of Social Justice.

  6. @JohnnyWalker123
    Trump hits Rubio on H1b.

    https://twitter.com/realDonaldTrump/status/660103443869208576

    By the way, Trump yesterday was critical of the H

    • Replies: @JohnnyWalker123
    Should read: By the way, Trump yesterday was critical of the H1b. http://www.breitbart.com/big-government/2015/10/29/exclusive-donald-trump-rights-ship-on-immigration-demands-disney-rehire-workers-replaced-by-cheap-foreign-labor-calls-rubio-silicon-valleys-puppet/
  7. Anonymous • Disclaimer says:

    This isn’t surprising since we don’t really have a private banking system in the US, even though banks are nominally private, for-profit institutions. Banks have a legal charter to create money via loans, have insurance from the federal government for a fraction of their deposit base, have access to loans from the Federal Reserve, etc. They’re essentially quasi-public institutions.

    • Agree: (((Owen)))
  8. WhatEvvs [AKA "Internet Addict"] says:

    I really am going to have to get BP pills before Obama is finished wrecking the country.

    http://www.nytimes.com/2015/10/31/us/heroin-war-on-drugs-parents.html?_r=0

    Interestingly the NYer of all places recently ran an article that was pretty honest about how black pols and preachers were instrumental in creating the draconian drug laws of the 1970s.

    • Replies: @AndrewR
    Black pols and preachers were also instrumental in getting liberals to blame whitey for draconian drug laws
    , @IBC

    Interestingly the NYer of all places recently ran an article that was pretty honest about how black pols and preachers were instrumental in creating the draconian drug laws of the 1970s.
     
    The counter-culture itself was also partly to blame. "The Pusher" (1968) was by the same people who brought us "Magic Carpet Ride:"

    Well Lord if I were the president of this land
    You know I'd declare total war on the pusherman

    I'd cut him if he stands and I shoot him if he'd run
    And I'd kill him with my bible and my razor and my gun

    https://www.youtube.com/watch?v=3XqyGoE2Q4Y

    Who'd have guessed that Nixon was listening?

  9. “Vanita Gupta”. I’m really impressed by the industry and adaptability of Hindu immigrants. You see disproportionately so many of them in these types of positions; it is astonishing how quickly they figure out where the juice is in our society and socket themselves right in.

    “Bankers no longer talk openly about denying loans to black people.” Yep, I think I have seen a couple of those Law and Order episodes where bankers were talking openly about denying loans to black people; it was just before they moved on to the next order of business, which was discussing slapping back into line their stable of ho’s and street corner crack dealers.

    • Replies: @thinkingaboutit
    Nothing surprising about it. Hindus are the most liberal of the non-white populations of the world, largely a result of experiencing the British empire and imbibing everything the kookiest kooks of the London school of economics thought up.

    These left-wing American Hindus are quite consistent, much like left wing American Jews. Left wing American Jews hate Netanyahu, left wing American Hindus hate the Indian Right.
  10. “reparations to blacks”: I keep misreading that as “repatriation of blacks”. Which, come to think of it, makes rather more sense.

  11. Steve, Interesting you bring this up because this is something i will write about for Social Matter. I cite how Glass-Steagall was approved in a bipartisan fashion because it placed CRA metrics in in the merger rules to measure banks prior to M&A approval. My essay is actually about the way the Feds are going to stuff blacks into the burbs, and I link to your posts since you’re the only guy in America writing about the mino mortgage meltdown.

  12. I was in the risk management department of a large bank in the late 2000s. I remember that even in 2009, when we were still barely over the worst of the financial crisis, the feds were pushing us to lower the FICO cutoff on one of our government-backed products (FHA maybe? can’t remember) by 40 points. And the cutoff was already pretty low, mind you. It was jaw-droppingly stupid.

  13. OT: Over at ESPN Grantland has gone belly-up without Simmons –

    http://espnmediazone.com/us/espn-statement-regarding-grantland/

    • Replies: @Steve Sailer
    It's almost as if Bill Simmons is a genuine sportswriting talent.
    , @Clyde

    Effective immediately we are suspending the publication of Grantland.
     
    Because ESPN is really hurting....
    Because cable systems are making is easier to to get a cable package minus the 5 most popular sports channels and Spike TV......
    Because consumers are cheaping out due to lack of discretionary spending money.......
    And because single women are making more of the income there is out there to be made and they don't need this sports bloc....
    How? Because females dominate the paper shuffling sectors....
    Why? Because they revel in paper shuffling jobs because it makes them feel "empowered" and what greater societal good can there be than to have tens of millions grinning and empowered women? Especially thirty something, single, childless ones?
  14. @SonOfStrom
    OT: Over at ESPN Grantland has gone belly-up without Simmons -

    http://espnmediazone.com/us/espn-statement-regarding-grantland/

    It’s almost as if Bill Simmons is a genuine sportswriting talent.

  15. If only the Black Lives Matter’s movement were smart enough to shakedown Starbucks and declare to Howard Schultz we can’t Race Together until he starts planting Starbucks in Black neighborhoods with Black baristas.

    • Replies: @penntothal
    Already in the works:

    "Starbucks is aggressively pursuing bringing “opportunity youth” (unemployed and/or uneducated young people) into its employment ranks and from there into its college program, and that in conjunction with this it is opening stores in previously neglected neighborhoods, including Ferguson, Missouri’s economically-challenged West Florissant neighborhood as well as Chicago’s South Side, Jamaica, Queens (NY), and other economically distressed neighborhoods across the U.S., at the same time committing to increasing local employment in these areas specifically..."

    from Forbes Oct. 24, 2015.
    , @Hibernian
    In Chicago there are a few on the South Side, one in a middle class black neighborhood, three in Hyde Park, and one across the street from the Illinois Institute of Technology.
  16. @WhatEvvs
    I really am going to have to get BP pills before Obama is finished wrecking the country.

    http://www.nytimes.com/2015/10/31/us/heroin-war-on-drugs-parents.html?_r=0

    Interestingly the NYer of all places recently ran an article that was pretty honest about how black pols and preachers were instrumental in creating the draconian drug laws of the 1970s.

    Black pols and preachers were also instrumental in getting liberals to blame whitey for draconian drug laws

    • Replies: @tbraton
    Well, I believe a good ho learns to work both sides of any street.
  17. @Alfa158
    "Vanita Gupta". I'm really impressed by the industry and adaptability of Hindu immigrants. You see disproportionately so many of them in these types of positions; it is astonishing how quickly they figure out where the juice is in our society and socket themselves right in.

    "Bankers no longer talk openly about denying loans to black people." Yep, I think I have seen a couple of those Law and Order episodes where bankers were talking openly about denying loans to black people; it was just before they moved on to the next order of business, which was discussing slapping back into line their stable of ho's and street corner crack dealers.

    Nothing surprising about it. Hindus are the most liberal of the non-white populations of the world, largely a result of experiencing the British empire and imbibing everything the kookiest kooks of the London school of economics thought up.

    These left-wing American Hindus are quite consistent, much like left wing American Jews. Left wing American Jews hate Netanyahu, left wing American Hindus hate the Indian Right.

    • Replies: @oh its just me
    "Left wing American Jews hate Netanyahu"
    Not nearly as much as the hate an even semi modest immigration reform candidate in the US. and Israel labor immigration policies are more like our pre-1965 policies

    as for uppder caste indians in th us - they are actually big supporters of the hindu nationalist party and got our history books written with a pro hindu perspective to the point where dalits here objected- they follow the in-group out-group strategy of all 'liberal' ethnic groups in the US.
  18. Here in Newark, for instance, every black neighborhood was deemed “hazardous” for investment in 1939

    In hindsight, Newark’s white neighborhoods didn’t do so well either…

    • Replies: @Reg Cæsar

    In hindsight, Newark’s white neighborhoods didn’t do so well either…

     

    They were in no hurry to lend guineas to guineas, either.
  19. Funny thing is Bernanke repeats the line that the low-income directives had nothing to do with the 2008 crisis (his book came out last month or so).

    Regardless of interest rates, or greed, the big difference in 2006 compared to the past was that you could borrow at no money down to buy a house. This was driven by the need to expand lending to low income neighborhoods. No regulator complained about this prior to 2009, because they agreed that lowering impediments to lower income borrowers created an ownership society, or something. In any case, the key was not securitization (WaMu had little) or regulation (fannie had a lot), or interest rates, but rather, the weakened standards put in over the prior 15 years in order to help African Americans.

    at Fannie Styron, Raines, and Gorelick all walked away with $20MM +, worked diligently to reduce lending standards, and when it blew up, they took their money and blamed it all on greed.

  20. @Larry, San Francisco
    Actually it is going to get worse. I work in the banking industry. Currently there is a huge drive towards consolidation driven by the large amounts of regulation spewing from the Dodd-Frank act. Small banks cannot afford it. If large banks that run risky minority portfolios are going to be preferentially allowed to buy smaller banks then we may repeat the 2008 bubble. Why can't we learn from our mistakes?

    I work in the banking industry.

    It seems banks are a favorite tool for governments that want to sling around lots of money without much oversight. In Europe the pet cause has been buying the bonds of Mediterranean governments. In Israel, until 1985 or so, it was buying the government’s own bonds. And I guess in America it’s furthering race policy.

    • Replies: @NOTA
    It's also very common to read about banks in some benighted, corrupt country forced to lend money on favorable terms to the cronies of the powerful. (Ask John McCain if that sort of thing ever happens in the U.S.). Once you regulate them, there's a temptation to use that power to get your hands on some cash.
  21. And 1 out of 4 college women are raped.

    And women make 70 cents of what men make for same job.

    Groundhog Facts.

    Rebooting of reality. Begin with same program all over again.

  22. As the risk manager of a top 10 bank in the 90s, residential mortgages had the lowest risk allocation among all our lending (other than government debt, eg Treasuries).

    Talking to someone in my old position circa 2010, residential mortgages had the highest risk allocation among all lending. Part of this is that recovery assumptions went from 90% to 20%, due to new laws designed to help poor borrowers. That gets put into the cost of new loans, it’s not ‘internalized by banks.’

  23. @George Taylor
    If only the Black Lives Matter's movement were smart enough to shakedown Starbucks and declare to Howard Schultz we can't Race Together until he starts planting Starbucks in Black neighborhoods with Black baristas.

    Already in the works:

    Starbucks is aggressively pursuing bringing “opportunity youth” (unemployed and/or uneducated young people) into its employment ranks and from there into its college program, and that in conjunction with this it is opening stores in previously neglected neighborhoods, including Ferguson, Missouri’s economically-challenged West Florissant neighborhood as well as Chicago’s South Side, Jamaica, Queens (NY), and other economically distressed neighborhoods across the U.S., at the same time committing to increasing local employment in these areas specifically…

    from Forbes Oct. 24, 2015.

    • Replies: @Bugg
    Good luck selling a $7 half decaf half skim soy frappacicno at the corner of Jamaica Avenue and Sutphin Boulevard. Brilliant business plan.
    , @Anonymous
    "“Starbucks is aggressively pursuing bringing “opportunity youth” (unemployed and/or uneducated young people) into its employment ranks"

    One of the big reasons that people go to Starbucks is its pleasant atmosphere, and that includes the clean-cut, friendly people who usually work there.
    , @Neuday
    It may be jarring, at first, to see Starbucks as a backdrop on Worldstarhiphop videos, but who doesn't love irony? May aggressively marketing to blacks work as well for Starbucks as it has for McDonald's.
    , @Brutusale
    I'm typing this while sitting at the counter of a Starbucks in a SWPL town, and I count 3 blacks and 2 Asians using the free wifi. I believe if some of their racial cohort came in to cause trouble, they'd be the first to react, as they don't want any of their cultural kin shitting where they eat.
  24. Anonymous • Disclaimer says:

    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don’t want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that’s the way it is, and has been forever. The ball is (still) in your court.

    • Replies: @Clyde

    Undeniable Fact: This is a deeply racist country.
     
    Then how come so many black Caribbeans and Africans immigrate here by hook (legally) or by crook (illegally)? Also all the other non-white immigrants? In fact 90% of immigration to this allegedly racist nation is non-white. And this is due to the 1965 Immigration Act passed by an almost all white US Congress.
    Would you immigrate to a nation that is full of racists that hate you?
    , @bomag
    Undeniable Fact: The logical, prudent, and reasonable response in many situations is the response that gets you labeled a racist by today's Social Justice Warriors and internet trolls.
    , @Anonymous

    Like it or not, White people, that’s the way it is, and has been forever. The ball is (still) in your court.
     
    Fact: You're free to leave this racist country any time you like.
    , @JohnnyWalker123
    Vote for Trump.
    , @Whiskey
    Why do I care if some guy I don't know calls me names? Racist? Sorry not Black. Its well known that Blacks hate hate hate Whites, particularly high iq Whites. Anti Semitism among Blacks was-is so high there were Black Harlem Nazis and Black nationalists like Farrakhan find Hitler the only White guy they like.

    You are assuming I care about being called names. I find most Black people to be violent, cruel to animals, low of iq, a drain on society, and extremely to be around. Most.

    And I think you will find outside the gay-female ghettos most White men have a low tolerance for White baiting or Ghetto Black behavior. I object to the over 400 Black on Black murders in LA every year as I'm the taxpayer on the hook for the 25 million cost of each murder, perpatrated so some ghetto thug got laid that night.

    While the Harlem Renaissance produced at best fifth rate literature, epic underachievers Mexicans have better, mostly due to German exile B Traven, Black music from 1890 to 1980 was admirable and beautiful. What am I supposed to admire about Black people today? The baboonish gibberings of Kanye West or Maya Angelou? Rap? Grabbing genitals while shouting in what amounts to a minstrel show? Catching a football or dunking a basketball?
    , @Former Darfur
    If this was a deeply racist country, it would be all white.
    , @Anonymous
    You're writing crap.

    The fact is that in the USA, whites are rapidly headed towards minority status. If the USA was truly 'racist' then that state of affairs would never have been allowed to come about.

    Secondly just look at all the AA out there.

    You are a liar. And you know it.
    , @Anonym
    You're a deeply stupid person.
    , @AndrewR
    Uundeniable Fact: This is a deeply obvious troll.
    And that leads to three basic questions:
    1. Do obvious trolls know they're obvious?
    2. Is this what obvious trolls want?
    3. If they want it to be this way, they are the problem, but if they don’t want their trolling to be obvious (and seen by the entire world as obvious), are they willing to do what is necessary to make it better?
    Like it or not, obvious troll, that’s the way it is, and has been forever. The ball is (still) in your court.
    , @SFG
    I'll actually agree with you, but here's the thing: lots of countries are even *more* racist. Particularly non-white countries. Just try being a Korean in Japan. I don't see the Chinese taking in a million immigrants every time there's a typhoon in Southeast Asia.

    Human beings form into tribes and dislike people not in their tribe. If there's no racial difference, you still see rival playground cliques and so on. Look at the Ohio State-Michigan rivalry between white Midwesterners!

    So, yeah, the USA is racist. So is everyone else. It's human nature. What is unusual about the USA is the large number of people who seem to succeed in spite of natural human prejudice. This has plusses and minuses, as people here have documented (Jews supporting immigration, Chinese citizenship scams), but the USA is hardly the worst offender when it comes to prejudice.

    , @ic1000
    Undeniable Fact: This is a deeply classist country.
    And that leads to three basic questions:
    1. Do kulaks even know this fact?
    2. Is this what kulaks want?
    3. If they want it to be this way, they are the problem, but if they don’t want the USSR to be classist (and seen by the entire world as classist), are they willing to do what is necessary to make it better?
    Like it or not, kulaks, that’s the way it is, and has been forever. The ball is (still) in your court.

    Wreckers and Saboteurs, comrades. The need for vigilance has never been more urgent.
    , @Justpassingby
    @ High noun #25

    If what you say were true, you couldn't say what you say.
    , @Mr. Anon
    "Undeniable Fact: This is a deeply racist country."

    Nothing sounds stupider, or more clearly marks out the person who does so as stupid, than beginning a sentence with "Fact:............."

    Let me spell that out for you a little more. You're stupid.
    , @Reg Cæsar
    The state tells me I can't sell a gun, even privately, to someone with a felony. That eliminates close to half the black men in my state.

    That sounds pretty damn racist to me, but I'm guessing it might not to you.
    , @AnAnon
    congratulations on your replies, well done.
  25. @JohnnyWalker123
    Trump hits Rubio on H1b.

    https://twitter.com/realDonaldTrump/status/660103443869208576

    Funny how Trump pretends in a tweet to care about American workers today after throwing them under the bus on national TV Wednesday. And now I suppose we’re supposed to believe that he’s read his immigration plan. He obviously hadn’t before.

    Why should I believe that Trump is any different from Rubio once he’s used up patriotic Americans for advantage in the primary?

    • Replies: @JohnnyWalker123
    Because Rubio has been advocating for more H1bs for years. Not surprising, because Rubio takes lots of money from Silicon Valley oligarchs. Trump, within a few months of announcing his run, put out the toughest immigration platform we've seen since the 1950s.

    Trump is self-funding, so he can take the positions he desires. He also gone out of the way to oppose the H1b several times (Twitter, Nevada rally, Breitbart interview) in the last few days. He didn't have to, but he chose to. Most voters don't even know the H1b exists, so it's heartening that Trump would make an issue out of the H1b. It shows he's serious.
  26. So, the CRA implicitly selected for Kool-Aid Drinkers, such as WaMu’s Killinger. They’re the ones whom the government allows to build empires. …

    It’s looking like willful stupidity is the way to get ahead in any kind of public or quasi-public job track in America or Europe today. The more Kool-Aid you drink (and the more you douse on everyone around you) the higher you go.

    • Replies: @AndrewR
    Wisdom is a construct of White Supremacy.
  27. @International Jew

    I work in the banking industry.
     
    It seems banks are a favorite tool for governments that want to sling around lots of money without much oversight. In Europe the pet cause has been buying the bonds of Mediterranean governments. In Israel, until 1985 or so, it was buying the government's own bonds. And I guess in America it's furthering race policy.

    It’s also very common to read about banks in some benighted, corrupt country forced to lend money on favorable terms to the cronies of the powerful. (Ask John McCain if that sort of thing ever happens in the U.S.). Once you regulate them, there’s a temptation to use that power to get your hands on some cash.

    • Replies: @Steve Sailer
    The housing industry is just colossal so skimming a tiny percentage of the money involved can be lucrative for the skimmers.
  28. @Larry, San Francisco
    Actually it is going to get worse. I work in the banking industry. Currently there is a huge drive towards consolidation driven by the large amounts of regulation spewing from the Dodd-Frank act. Small banks cannot afford it. If large banks that run risky minority portfolios are going to be preferentially allowed to buy smaller banks then we may repeat the 2008 bubble. Why can't we learn from our mistakes?

    So big banks, to cauterize themselves from federal lawsuits, will buy up what every shitbag savings and loan, credit union, mortgage company and nonsense ghetto bank to provide cover. And expect loans issued by such subsidiaries can be walled off not to cause long term injury. But you can only invite so much financial stupidity before a big bank gets hurt. So we had the savings and loan mess in the 1980s, and 2008’s credit default swap disaster,. These are happening but the schedule is getting moved up by the stupidity of Obama and his minions. Which happens when you don’t understand math, finance or economics beyond GIMME, IT’S MINE.

  29. @penntothal
    Already in the works:

    "Starbucks is aggressively pursuing bringing “opportunity youth” (unemployed and/or uneducated young people) into its employment ranks and from there into its college program, and that in conjunction with this it is opening stores in previously neglected neighborhoods, including Ferguson, Missouri’s economically-challenged West Florissant neighborhood as well as Chicago’s South Side, Jamaica, Queens (NY), and other economically distressed neighborhoods across the U.S., at the same time committing to increasing local employment in these areas specifically..."

    from Forbes Oct. 24, 2015.

    Good luck selling a $7 half decaf half skim soy frappacicno at the corner of Jamaica Avenue and Sutphin Boulevard. Brilliant business plan.

    • Replies: @International Jew
    Prediction: ghetto Starbucks will lose a dozen sugar packets and a pint of half&half for every cup of coffee they sell.
  30. Proof that Mark Steyn is reading your stuff. (Look at the tabs.)

    • Replies: @Anonymous
    "Proof that Mark Steyn is reading your stuff. (Look at the tabs.) "

    Good eye!
    , @ScarletNumber
    I don't see the proof. Can you elaborate?
    , @Anonym
    If you google "steyn sailer" you will notice that Steyn already notices Sailer noticing noticing (or not noticing).

    http://www.steynonline.com/6301/loose-lips-ship-clips
    , @Brutusale
    More shocking is that they ban Steyn and allow Steve!
  31. @SonOfStrom
    OT: Over at ESPN Grantland has gone belly-up without Simmons -

    http://espnmediazone.com/us/espn-statement-regarding-grantland/

    Effective immediately we are suspending the publication of Grantland.

    Because ESPN is really hurting….
    Because cable systems are making is easier to to get a cable package minus the 5 most popular sports channels and Spike TV……
    Because consumers are cheaping out due to lack of discretionary spending money…….
    And because single women are making more of the income there is out there to be made and they don’t need this sports bloc….
    How? Because females dominate the paper shuffling sectors….
    Why? Because they revel in paper shuffling jobs because it makes them feel “empowered” and what greater societal good can there be than to have tens of millions grinning and empowered women? Especially thirty something, single, childless ones?

    • Replies: @Blair

    And because single women are making more of the income there is out there to be made and they don’t need this sports bloc….
    How? Because females dominate the paper shuffling sectors….
    Why? Because they revel in paper shuffling jobs because it makes them feel “empowered” and what greater societal good can there be than to have tens of millions grinning and empowered women? Especially thirty something, single, childless ones?
     
    look on the bright side, at least it gets them out of the baby making business, so it is self limiting.
  32. @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    Undeniable Fact: This is a deeply racist country.

    Then how come so many black Caribbeans and Africans immigrate here by hook (legally) or by crook (illegally)? Also all the other non-white immigrants? In fact 90% of immigration to this allegedly racist nation is non-white. And this is due to the 1965 Immigration Act passed by an almost all white US Congress.
    Would you immigrate to a nation that is full of racists that hate you?

  33. @NOTA
    It's also very common to read about banks in some benighted, corrupt country forced to lend money on favorable terms to the cronies of the powerful. (Ask John McCain if that sort of thing ever happens in the U.S.). Once you regulate them, there's a temptation to use that power to get your hands on some cash.

    The housing industry is just colossal so skimming a tiny percentage of the money involved can be lucrative for the skimmers.

    • Replies: @MyNewUserName
    Very true - the standard document and credit bureau fees on a settlement statement are worth a few LOL's for those who bother to look at them.
  34. It’s as if the government thinks banks are doing people a favor by lending them money at interest.

    • Agree: (((Owen)))
  35. Both the leftists and the WNs can eff off. Leftists hate it when people with European ancestors want to be left alone. WNs hate it when high IQ and high social class Europeans want to also live separately from the low IQ and low social class Europeans.

    • Replies: @Anonym
    I don't think WN's give a shit tbh. There wouldn't even be such a thing as WN if it wasn't for PC, mass immigration and multiculturalism.
    , @iSteveFan

    WNs hate it when high IQ and high social class Europeans want to also live separately from the low IQ and low social class Europeans.
     
    I don't think that is correct. I thought WNs hate it when high IQ and high social class Europeans want to force the low IQ and low social class Europeans to live with third worlders especially when it is done as some form of social posturing.
    , @5371
    If you don't understand the interdependence of classes and occupations that goes to make up any people, or are unwilling to recognise yourself as part of your own, I doubt whether you actually possess high intelligence or are worthy to occupy a respectable position in society.
    , @Former Darfur
    No, WNs hate it when high status whites and white-appearing middle easterners use dysfunctional and destructive blacks, mestizos and lower grade "Asians" as a tool to wreck the lives of ordinary whites. There's a difference.
  36. @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    Undeniable Fact: The logical, prudent, and reasonable response in many situations is the response that gets you labeled a racist by today’s Social Justice Warriors and internet trolls.

  37. Anon • Disclaimer says:

    Steve should have been an economist, I’ve talked to some top finance economists who look at banking and never heard this. Its a plausible mechanism and it really should be tested. The Fanny/Freddie role never looked as plausible to me becuase they really followed the securitization trend and were not a bigger one, but Countrywide alone accounts for a lot of the crisis. I can see just looking at CRA loan commitments vs defaults controlling for some other characteristics.

    I don’t understand how its constitutional to force someone to do business where they do not want to. They should have to prove that black borrowers have lower default rates among their borrowers to even start a discrimination suit.

  38. @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    Like it or not, White people, that’s the way it is, and has been forever. The ball is (still) in your court.

    Fact: You’re free to leave this racist country any time you like.

    • Replies: @ScarletNumber

    Fact: You’re free to leave this racist country any time you like.
     
    Actually that isn't the case. Most people are only citizens of one country.
  39. Out of curiosity, did WaMu’s Killinger manage to give himself and his cronies massive golden parachutes on his way out the door, or was he really as stupid as he appeared in this article?

  40. Trump touts his opposition to the H1b.

    The Trump trolly rolls on.

    • Replies: @Prof. Woland
    The Pro-Immigration side is not monolith. The high tech business want an endless stream of HB-1 types while the Ag lobby wants nothing that will interfere with stoop labor such as a fence or better documents, and so on. The religious types want refugees while the ethnic lobby want family reunification. This is why they maintain such a rigid front. Once one part crumbles it will be easy to pick apart the rest. What Trump needs to do is ruthlessly go after after one portion of the coalition in addition to everything else. He could focus on a fence which would be visible and tangible but would only keep out the wetbacks or he could go after E-Verify which would undermine the business lobby.
  41. @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    Vote for Trump.

  42. @(((Owen)))
    Funny how Trump pretends in a tweet to care about American workers today after throwing them under the bus on national TV Wednesday. And now I suppose we're supposed to believe that he's read his immigration plan. He obviously hadn't before.

    Why should I believe that Trump is any different from Rubio once he's used up patriotic Americans for advantage in the primary?

    Because Rubio has been advocating for more H1bs for years. Not surprising, because Rubio takes lots of money from Silicon Valley oligarchs. Trump, within a few months of announcing his run, put out the toughest immigration platform we’ve seen since the 1950s.

    Trump is self-funding, so he can take the positions he desires. He also gone out of the way to oppose the H1b several times (Twitter, Nevada rally, Breitbart interview) in the last few days. He didn’t have to, but he chose to. Most voters don’t even know the H1b exists, so it’s heartening that Trump would make an issue out of the H1b. It shows he’s serious.

    • Replies: @Mr. Anon
    Echoing your assessment of Rubio, Paul Singer announced yesterday that he is throwing his support behind Rubio. Singer is a billionaire hedgefund manager and prominent bundler for Republican candidates. The issues he primarily cares about are Israel, "immigration reform" (and we all know what that really means), and gay-rights,.....oh, and also in forcing governments to pay off their debts, as that's how he's made a lot of his money. So we could expect a President Rubio to push "comprehensive immigration reform", to continue the neo-con program of open-ended US military involvement in the middle-east, and to stand out of the way whenever the homosexual lobby wants to push thier latest proposal for gaying up America.

    By the way, someone should ask Rubio, who will undoubtedly get a lot of support from the FOX News demographic which is opposed to gay marriage, why he is now accepting millions of dollars from Paul Singer, who was instrumental in getting the New York state legislature to legalize gay-marriage. Something tells me that nobody at FOX news will ever ask him that.
  43. @Bugg
    Good luck selling a $7 half decaf half skim soy frappacicno at the corner of Jamaica Avenue and Sutphin Boulevard. Brilliant business plan.

    Prediction: ghetto Starbucks will lose a dozen sugar packets and a pint of half&half for every cup of coffee they sell.

    • Replies: @ScarletNumber
    They should not leave those things out in the open. But that would make sense.
    , @penntothal
    I predict Starbucks will open maybe a half-dozen stores in these locations, and then shutter them all quietly in 2-3 years.

    The media showering praise on them now will hardly notice. (Not many Forbes writers drive by these neighborhoods often enough to notice...)

    , @Reg Cæsar


    Prediction: ghetto Starbucks will lose a dozen sugar packets and a pint of half&half for every cup of coffee they sell.

     

    It would take a truckload of sugar packets to cut into the profits of a single latte.

    Caribou, their closest competitor, leaves honey jars out. That's Minnesota for you. When they're absent, I tell the staff, "Without the honey, you're just Starbucks!"
    , @Brutusale
    Have any of you ever been to a Starbucks?

    I'm there every morning. NOBODY feels more entitled to taking stuff than the SWPL Starbucks patron. I constantly see hausfraus filling Junior's bottle out of the whole milk carafes, pocketing 20 raw sugars or Splendas, taking handfuls of napkins and straws, swiping the sections they want out of the newspapers in the racks, etc.

    After spending $5.75 on a half-caf, extra skinny soy macchiato, they feel entitled to anything that's not nailed down. Absent getting robbed on a regular basis, I don't see a hood Starbucks being any worse.

    I'm a free rider on their business plan. I get a medium dark roast in my own Starbucks cup, so I get a discount, and the bottom line is that it's cheaper than the same order at the local Dunkin' Donuts. With the Starbucks gold card, all refills are free. I use their electricity and wifi. Every 12th drink is free, and, as a well-regarded regular, the baristas constantly refrain from even charging me for the first coffee.

    And when my $2.05 coffees earn me a free drink, it's a $6.75 venti quad mocha.
  44. @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    Why do I care if some guy I don’t know calls me names? Racist? Sorry not Black. Its well known that Blacks hate hate hate Whites, particularly high iq Whites. Anti Semitism among Blacks was-is so high there were Black Harlem Nazis and Black nationalists like Farrakhan find Hitler the only White guy they like.

    You are assuming I care about being called names. I find most Black people to be violent, cruel to animals, low of iq, a drain on society, and extremely to be around. Most.

    And I think you will find outside the gay-female ghettos most White men have a low tolerance for White baiting or Ghetto Black behavior. I object to the over 400 Black on Black murders in LA every year as I’m the taxpayer on the hook for the 25 million cost of each murder, perpatrated so some ghetto thug got laid that night.

    While the Harlem Renaissance produced at best fifth rate literature, epic underachievers Mexicans have better, mostly due to German exile B Traven, Black music from 1890 to 1980 was admirable and beautiful. What am I supposed to admire about Black people today? The baboonish gibberings of Kanye West or Maya Angelou? Rap? Grabbing genitals while shouting in what amounts to a minstrel show? Catching a football or dunking a basketball?

  45. And here’s the moral passion play behind “Affirmatively Furthering Fair Housing”. More than putting the screws to banks, redlining is meant as a hairshirt for middle class whites in officially unintegrated neighborhoods, i.e., anything more than 50% white (per AFFH standards). Our elites’ moral argument for ghettoizing stable neighborhoods (?)

    • Replies: @Alice in Wanderland

    "And here’s the moral passion play behind “Affirmatively Furthering Fair Housing”. More than putting the screws to banks, redlining is meant as a hairshirt for middle class whites in officially unintegrated neighborhoods, i.e., anything more than 50% white (per AFFH standards). Our elites’ moral argument for ghettoizing stable neighborhoods (?)"
     
    There is a lot of money to be made in building new housing developments. When gov't ruins the current neighborhoods, people with money will leave and buy a new house in a new development. These new developments have "good schools" and are "safe". Developers leave large tracts zoned for multifamily units. Once they have made their money selling all the single family units, and the schools are established, etc., then they build the apartment complexes. Rinse, repeat.

    One lucky zip code 77025, had it horrible apartment complex burn down. Then the neighborhood association bought the land and built a library, senior center and YMCA. The local school performance immediately jumped from 60% passing the state assessment to 89% passing. It continued climbing as the area private schools emptied out and settled around just over 92% passing.
  46. @Anonymous
    Both the leftists and the WNs can eff off. Leftists hate it when people with European ancestors want to be left alone. WNs hate it when high IQ and high social class Europeans want to also live separately from the low IQ and low social class Europeans.

    I don’t think WN’s give a shit tbh. There wouldn’t even be such a thing as WN if it wasn’t for PC, mass immigration and multiculturalism.

    • Replies: @Anonymous
    Actually they do give a shit. Go to amren anytime...they say they want to live in separate zip codes from the Colored people and yet they get outraged when they hear that White doctors and laywers want to live in separate zip codes from White unwed mothers and meth addicts.
  47. In complete contrast to, say, Apple Stores, which can be found all over the South Bronx and the ungentrified parts of Brooklyn.

    Oh, wait, sorry, no, Apple Stores can’t actually be found in poor neighborhoods in New York.

    Ditto for Costco. Liberals love Costco and slam Sam’s. But Costco doesn’t seem to locate in less affluent areas like Sam’s does.

    • Replies: @ScarletNumber
    In New Jersey, Costco puts stores in "less-affluent" areas such as Hackensack, Clifton, Union, and North Plainfield. Then again, that is due to easy highway access rather than being in a bad neighborhood per se.
  48. @Anonymous
    Both the leftists and the WNs can eff off. Leftists hate it when people with European ancestors want to be left alone. WNs hate it when high IQ and high social class Europeans want to also live separately from the low IQ and low social class Europeans.

    WNs hate it when high IQ and high social class Europeans want to also live separately from the low IQ and low social class Europeans.

    I don’t think that is correct. I thought WNs hate it when high IQ and high social class Europeans want to force the low IQ and low social class Europeans to live with third worlders especially when it is done as some form of social posturing.

    • Replies: @Anonymous
    I can't speak for other people in my community, but personally I do not want to force prole Whites to live amongst anyone they don't want to live amongst.
  49. @penntothal
    Already in the works:

    "Starbucks is aggressively pursuing bringing “opportunity youth” (unemployed and/or uneducated young people) into its employment ranks and from there into its college program, and that in conjunction with this it is opening stores in previously neglected neighborhoods, including Ferguson, Missouri’s economically-challenged West Florissant neighborhood as well as Chicago’s South Side, Jamaica, Queens (NY), and other economically distressed neighborhoods across the U.S., at the same time committing to increasing local employment in these areas specifically..."

    from Forbes Oct. 24, 2015.

    ““Starbucks is aggressively pursuing bringing “opportunity youth” (unemployed and/or uneducated young people) into its employment ranks”

    One of the big reasons that people go to Starbucks is its pleasant atmosphere, and that includes the clean-cut, friendly people who usually work there.

    • Replies: @ren

    ““Starbucks is aggressively pursuing bringing “opportunity youth” (unemployed and/or uneducated young people) into its employment ranks”

    One of the big reasons that people go to Starbucks is its pleasant atmosphere, and that includes the clean-cut, friendly people who usually work there.
     
    You notice how Starbucks businesses model did not get its start in poor neighborhoods or by employing "opportunity youth" because there is no way to make money that way. They needed to first be successful, then they could hire these folks. They didn't actually build success that way.
    , @Mr. Anon
    "One of the big reasons that people go to Starbucks is its pleasant atmosphere, and that includes the clean-cut, friendly people who usually work there."

    The Starbucks store closest to me started to hire heavily tattooed people and greasy looking hipsters, so I took to frequenting the Starbucks outlet at the local Target or just grabbing coffee at Dunkin Donuts, both of which still hire normal people.
    , @NOTA
    Starbucks baristas are usually nice and much brighter than you'd expect given the job (I think the complex set of orders selects for smarter people, though culture probably explains some of it too.), but I haven't noticed the clean-cut thing all that much--lots of tattoos, for example.
  50. . Instead, officials said, some banks have quietly institutionalized bias in their operations, deliberately placing branches, brokers and mortgage services outside minority communities, even as other banks find and serve borrowers in those neighborhoods.

    Exactly who are these other banks that have found and served the borrowers in those neighborhoods? And do these banks profit from such loans? I would assume if those banks were profiting from those loans, other banks would then enter the market to compete for such loans.

  51. I just deleted something I wish I didn’t. But, I am re-thinking deep-state scheisse.

  52. @Horseball
    Proof that Mark Steyn is reading your stuff. (Look at the tabs.)

    https://twitter.com/MarkSteynOnline/status/660199186806108160

    “Proof that Mark Steyn is reading your stuff. (Look at the tabs.) ”

    Good eye!

  53. @Horseball
    Proof that Mark Steyn is reading your stuff. (Look at the tabs.)

    https://twitter.com/MarkSteynOnline/status/660199186806108160

    I don’t see the proof. Can you elaborate?

    • Replies: @Foreign Expert
    TM=TakiMag "Submission"
  54. @International Jew
    Prediction: ghetto Starbucks will lose a dozen sugar packets and a pint of half&half for every cup of coffee they sell.

    They should not leave those things out in the open. But that would make sense.

    • Replies: @bomag
    They should not leave [sugar and cream] out in the open.

    IOW, we can't have nice things, or convenient things, or Western Civilization, because some people can't control themselves and we must cater to them.
  55. @Anonymous

    Like it or not, White people, that’s the way it is, and has been forever. The ball is (still) in your court.
     
    Fact: You're free to leave this racist country any time you like.

    Fact: You’re free to leave this racist country any time you like.

    Actually that isn’t the case. Most people are only citizens of one country.

    • Replies: @bomag
    The point here is that people vote with their feet, and the gradient is toward the evidently-most-evil-thing-in-the-world-racist White people and away from The Other, whether it is international migration; internal migration; job migration; bank migration; etc.
    , @JSM
    When Haiti had its earthquake, the president of Senegal offered FREE LAND to anyone of black African descent, if they'd immigrate to Senegal. So, yeah, if he's of black African descent, he's free to leave this racist country anytime he likes and go to Senegal.
    , @Mr. Anon
    "Actually that isn’t the case. Most people are only citizens of one country."

    So? Then they are free to go be stateless persons somewhere else.
  56. @Anonymous
    Both the leftists and the WNs can eff off. Leftists hate it when people with European ancestors want to be left alone. WNs hate it when high IQ and high social class Europeans want to also live separately from the low IQ and low social class Europeans.

    If you don’t understand the interdependence of classes and occupations that goes to make up any people, or are unwilling to recognise yourself as part of your own, I doubt whether you actually possess high intelligence or are worthy to occupy a respectable position in society.

    • Replies: @Anonymous
    Low IQ Whites were only necessary in the pre-information age. Back during the industrial age, and the agrarian age, low IQ prole Whites were needed to perform boring work. Increasingly, jobs done by the sub-100 IQ people are being automated out of existence. In my lifetime, I might even live to see people in the 100-115 range being made redundant.
  57. @Anonymous
    Both the leftists and the WNs can eff off. Leftists hate it when people with European ancestors want to be left alone. WNs hate it when high IQ and high social class Europeans want to also live separately from the low IQ and low social class Europeans.

    No, WNs hate it when high status whites and white-appearing middle easterners use dysfunctional and destructive blacks, mestizos and lower grade “Asians” as a tool to wreck the lives of ordinary whites. There’s a difference.

    • Replies: @Anonymous
    WNs also inherently hate high IQ and high social class Whites. They love to look down on Blacks and Mestizos while at the same time seething with envy at elite Whites.
  58. @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    If this was a deeply racist country, it would be all white.

  59. @iSteveFan

    In complete contrast to, say, Apple Stores, which can be found all over the South Bronx and the ungentrified parts of Brooklyn.

    Oh, wait, sorry, no, Apple Stores can’t actually be found in poor neighborhoods in New York.
     

    Ditto for Costco. Liberals love Costco and slam Sam's. But Costco doesn't seem to locate in less affluent areas like Sam's does.

    In New Jersey, Costco puts stores in “less-affluent” areas such as Hackensack, Clifton, Union, and North Plainfield. Then again, that is due to easy highway access rather than being in a bad neighborhood per se.

  60. OT (sorta) Sailer Bait:

    There have been a recent rash of African American church fires in the vicinity of Ferguson, MO. SJW types nationwide have been rendering their garments at the injustice of it. The first perp has now been collared, implicated in the arson of two of the churches. And whaddya know…..

    http://theconservativetreehouse.com/2015/10/30/saint-louis-ferguson-church-arsonist-arrested/

  61. So, basically in the America of 2015 management does not have the right to manage.

    • Replies: @bomag
    Yes, and they get lectured about all the money left on the table; they are not making as much coin as they should, so the federal gov't is going to come in and force them to make more good loans so they will make even more money. It is like there are a bunch of people clamoring to make a mortgage payment, but they are denied that thrill by evil bankers. Where is that money now? Is it accumulating in a savings account? Under the mattress? Burned in the fire place? Rolled up and used as toilet paper? Is the opportunity cost of that money higher as a mortgage vs. current consumption? History tells us no, but I guess that doesn't matter.
  62. Anonymous • Disclaimer says:
    @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    You’re writing crap.

    The fact is that in the USA, whites are rapidly headed towards minority status. If the USA was truly ‘racist’ then that state of affairs would never have been allowed to come about.

    Secondly just look at all the AA out there.

    You are a liar. And you know it.

    • Replies: @tbraton
    If you check his posting history, you will see that it was his first comment. To me, that spells obvious troll, especially when he posts obvious crap.
  63. @ScarletNumber
    I don't see the proof. Can you elaborate?

    TM=TakiMag “Submission”

    • Replies: @ScarletNumber
    Thanks. I was looking for UR, not thinking about TM.
  64. @Larry, San Francisco
    Actually it is going to get worse. I work in the banking industry. Currently there is a huge drive towards consolidation driven by the large amounts of regulation spewing from the Dodd-Frank act. Small banks cannot afford it. If large banks that run risky minority portfolios are going to be preferentially allowed to buy smaller banks then we may repeat the 2008 bubble. Why can't we learn from our mistakes?

    Why can’t we learn from our mistakes?

    For the same reason we can’t have other nice things – reality, it seems, is racist.

  65. @Foreign Expert
    TM=TakiMag "Submission"

    Thanks. I was looking for UR, not thinking about TM.

  66. @Horseball
    Proof that Mark Steyn is reading your stuff. (Look at the tabs.)

    https://twitter.com/MarkSteynOnline/status/660199186806108160

    If you google “steyn sailer” you will notice that Steyn already notices Sailer noticing noticing (or not noticing).

    http://www.steynonline.com/6301/loose-lips-ship-clips

  67. @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    You’re a deeply stupid person.

  68. @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    Uundeniable Fact: This is a deeply obvious troll.
    And that leads to three basic questions:
    1. Do obvious trolls know they’re obvious?
    2. Is this what obvious trolls want?
    3. If they want it to be this way, they are the problem, but if they don’t want their trolling to be obvious (and seen by the entire world as obvious), are they willing to do what is necessary to make it better?
    Like it or not, obvious troll, that’s the way it is, and has been forever. The ball is (still) in your court.

  69. @Grumpy

    So, the CRA implicitly selected for Kool-Aid Drinkers, such as WaMu’s Killinger. They’re the ones whom the government allows to build empires. …
     
    It's looking like willful stupidity is the way to get ahead in any kind of public or quasi-public job track in America or Europe today. The more Kool-Aid you drink (and the more you douse on everyone around you) the higher you go.

    Wisdom is a construct of White Supremacy.

  70. @International Jew
    Prediction: ghetto Starbucks will lose a dozen sugar packets and a pint of half&half for every cup of coffee they sell.

    I predict Starbucks will open maybe a half-dozen stores in these locations, and then shutter them all quietly in 2-3 years.

    The media showering praise on them now will hardly notice. (Not many Forbes writers drive by these neighborhoods often enough to notice…)

  71. @thinkingaboutit
    Nothing surprising about it. Hindus are the most liberal of the non-white populations of the world, largely a result of experiencing the British empire and imbibing everything the kookiest kooks of the London school of economics thought up.

    These left-wing American Hindus are quite consistent, much like left wing American Jews. Left wing American Jews hate Netanyahu, left wing American Hindus hate the Indian Right.

    “Left wing American Jews hate Netanyahu”
    Not nearly as much as the hate an even semi modest immigration reform candidate in the US. and Israel labor immigration policies are more like our pre-1965 policies

    as for uppder caste indians in th us – they are actually big supporters of the hindu nationalist party and got our history books written with a pro hindu perspective to the point where dalits here objected- they follow the in-group out-group strategy of all ‘liberal’ ethnic groups in the US.

  72. @ScarletNumber

    Fact: You’re free to leave this racist country any time you like.
     
    Actually that isn't the case. Most people are only citizens of one country.

    The point here is that people vote with their feet, and the gradient is toward the evidently-most-evil-thing-in-the-world-racist White people and away from The Other, whether it is international migration; internal migration; job migration; bank migration; etc.

  73. @Larry, San Francisco
    Actually it is going to get worse. I work in the banking industry. Currently there is a huge drive towards consolidation driven by the large amounts of regulation spewing from the Dodd-Frank act. Small banks cannot afford it. If large banks that run risky minority portfolios are going to be preferentially allowed to buy smaller banks then we may repeat the 2008 bubble. Why can't we learn from our mistakes?

    Actually it is going to get worse.

    Point of view, of course. Some think this is just peachy.

    Jared Diamond goes on for some length about the Easter Islanders cutting down all the trees on their island. He wonders what was going through the mind of the guy cutting down the very last tree. Probably the same thought of the regulatory bureaucrat that takes the last productive dollar of the economy and flushes it down the commode of Social Justice.

  74. @Anonymous
    So, basically in the America of 2015 management does not have the right to manage.

    Yes, and they get lectured about all the money left on the table; they are not making as much coin as they should, so the federal gov’t is going to come in and force them to make more good loans so they will make even more money. It is like there are a bunch of people clamoring to make a mortgage payment, but they are denied that thrill by evil bankers. Where is that money now? Is it accumulating in a savings account? Under the mattress? Burned in the fire place? Rolled up and used as toilet paper? Is the opportunity cost of that money higher as a mortgage vs. current consumption? History tells us no, but I guess that doesn’t matter.

  75. @ScarletNumber
    They should not leave those things out in the open. But that would make sense.

    They should not leave [sugar and cream] out in the open.

    IOW, we can’t have nice things, or convenient things, or Western Civilization, because some people can’t control themselves and we must cater to them.

  76. @AndrewR
    Black pols and preachers were also instrumental in getting liberals to blame whitey for draconian drug laws

    Well, I believe a good ho learns to work both sides of any street.

  77. Capitalism is the greatest enemy of racial discrimination in history. Why so? Because profit-making joint-stock corporations that compete for capital cannot afford to discriminate. Those that do to any significant degree — whether positively or negatively — will either go out of business or be taken over by their competitors.

    This basic truth needs to be more forcefully asserted in the face of misguided efforts like the current one of the Obama administration.

    • Replies: @SFG
    Nope, I'm gonna disagree. (No personal animus intended; I like your stuff overall. ;) )

    First of all, it may be good sense to discriminate, whatever your personal biases or lack of them, if your customers want you to, particularly if your service is 'politically coded' in some fashion. I'm sure Southern restaurants in Jim Crow days were able to charge higher prices to whites who wanted to avoid dining with blacks, and whites were happy to pay them. I've read on other boards of people who worked to find a job where they didn't have to work with Jews (and probably had to accept a lower salary or less favorable terms to do so, since they had to look around). Look on the other side--Starbucks no doubt thought it was going to pick up lots of SWPL customers with its silly 'RaceTogether' initiative, and companies were jumping on the bandwagon to give domestic-partner benefits even if they didn't have a lot of gay employees, as long as their customers leaned to the left.

    Second, as any HBDer will tell you, the races, etc. are different. You really think black and white employees have the same mean absentee rates, etc. ? (I think Steve dug up an example of a lender who found that Chinese-Americans were *more* likely to repay their loans.) If discrimination is rational, it will even work against law-abiding, hardworking black employees (and I know several), because it's not worth taking the risk. Even look at women and men--refusing to hire women will save you a lot of money on employees who take time off to get pregnant, etc.

    Third, in an ideal market, sure. But usually you have oligopolies after a few decades (look at operating systems, which didn't even exist 40 years ago), and when you're big, you can afford to be inefficient. We hear all the time of CEOs, etc. giving important jobs to relatives and personal cronies, rather than doing an extended search for the best person. Sure this hurts the company, but if it's big enough and there are few enough competitors, it will survive--the head of Coke could hire only his relatives for C-level positions, and Coke might lose ground to Pepsi, but it wouldn't go out of business.
    , @AndrewR
    I concur with SFG. Given two similar job candidates, employers are probably going to choose the candidate from the group with the better stereotypes. And here's my un-PC claim: that's a smart business strategy.

    A strong defense of lassaiz-faire capitalism is difficult when balanced with a need to advocate for racial equality.

  78. “Genius T. Coates”. My work is done.

    As for redlining, as a born history buff I have an innate feel for historical timelines. I can look at just about any structure and tell you what year it was constructed. But I have met many intelligent, educated people who had no concept of history. Now we have the BLM morons screaming about redlining as if it happened yesterday.

    Speaking of structures, the liberal press has been in a rage lately about “white racists burning black churches”. I got banned and deleted from a couple sites for making the racist suggestion that perhaps insurance payola was behind it. Well they caught a culprit :

    https://www.washingtonpost.com/news/post-nation/wp/2015/10/30/suspect-arrested-for-arson-following-string-of-st-louis-church-fires/

    • Replies: @Steve Sailer
    “'Genius T. Coates'. My work is done."

    Thanks.

    , @Reg Cæsar

    Speaking of structures, the liberal press has been in a rage lately about “white racists burning black churches”. I got banned and deleted from a couple sites for making the racist suggestion that perhaps insurance payola was behind it. Well they caught a culprit :

     

    I always assumed those fires were set by gay activists. After all, what other segment of the white population has a problem with black churches?

    Most of us appreciate black churches. They keep at least some of the brothers in line. And the music is inspiring.
  79. @Luke Lea
    Capitalism is the greatest enemy of racial discrimination in history. Why so? Because profit-making joint-stock corporations that compete for capital cannot afford to discriminate. Those that do to any significant degree -- whether positively or negatively -- will either go out of business or be taken over by their competitors.

    This basic truth needs to be more forcefully asserted in the face of misguided efforts like the current one of the Obama administration.

    Nope, I’m gonna disagree. (No personal animus intended; I like your stuff overall. 😉 )

    First of all, it may be good sense to discriminate, whatever your personal biases or lack of them, if your customers want you to, particularly if your service is ‘politically coded’ in some fashion. I’m sure Southern restaurants in Jim Crow days were able to charge higher prices to whites who wanted to avoid dining with blacks, and whites were happy to pay them. I’ve read on other boards of people who worked to find a job where they didn’t have to work with Jews (and probably had to accept a lower salary or less favorable terms to do so, since they had to look around). Look on the other side–Starbucks no doubt thought it was going to pick up lots of SWPL customers with its silly ‘RaceTogether’ initiative, and companies were jumping on the bandwagon to give domestic-partner benefits even if they didn’t have a lot of gay employees, as long as their customers leaned to the left.

    Second, as any HBDer will tell you, the races, etc. are different. You really think black and white employees have the same mean absentee rates, etc. ? (I think Steve dug up an example of a lender who found that Chinese-Americans were *more* likely to repay their loans.) If discrimination is rational, it will even work against law-abiding, hardworking black employees (and I know several), because it’s not worth taking the risk. Even look at women and men–refusing to hire women will save you a lot of money on employees who take time off to get pregnant, etc.

    Third, in an ideal market, sure. But usually you have oligopolies after a few decades (look at operating systems, which didn’t even exist 40 years ago), and when you’re big, you can afford to be inefficient. We hear all the time of CEOs, etc. giving important jobs to relatives and personal cronies, rather than doing an extended search for the best person. Sure this hurts the company, but if it’s big enough and there are few enough competitors, it will survive–the head of Coke could hire only his relatives for C-level positions, and Coke might lose ground to Pepsi, but it wouldn’t go out of business.

    • Replies: @Blair

    I’m sure Southern restaurants in Jim Crow days were able to charge higher prices to whites who wanted to avoid dining with blacks, and whites were happy to pay them.
     
    Jim Crow required segregation.

    No one was allowed to have a restaurant that served blacks and whites together.

    Jim Crow violated the right to free association.

    Likewise, anti discrimination laws violate the right to free association.

    The market should decide.

    I do think that the government should not be allowed to discriminate, but private individuals and companies should be able to discriminate.
  80. @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    I’ll actually agree with you, but here’s the thing: lots of countries are even *more* racist. Particularly non-white countries. Just try being a Korean in Japan. I don’t see the Chinese taking in a million immigrants every time there’s a typhoon in Southeast Asia.

    Human beings form into tribes and dislike people not in their tribe. If there’s no racial difference, you still see rival playground cliques and so on. Look at the Ohio State-Michigan rivalry between white Midwesterners!

    So, yeah, the USA is racist. So is everyone else. It’s human nature. What is unusual about the USA is the large number of people who seem to succeed in spite of natural human prejudice. This has plusses and minuses, as people here have documented (Jews supporting immigration, Chinese citizenship scams), but the USA is hardly the worst offender when it comes to prejudice.

    • Replies: @Reg Cæsar

    So, yeah, the USA is racist. So is everyone else.
     
    That was the best song in Avenue Q.
  81. @International Jew

    Here in Newark, for instance, every black neighborhood was deemed “hazardous” for investment in 1939
     
    In hindsight, Newark's white neighborhoods didn't do so well either...

    In hindsight, Newark’s white neighborhoods didn’t do so well either…

    They were in no hurry to lend guineas to guineas, either.

    • Replies: @Hibernian
    IIRC Italian-Americans have done better economically and educationally than Irish-Americans or Polish-Americans. I'm not sure what IJ means, but I'm guessing he means that many of the Euro neighborhoods became poor African-American neighborhoods with the passage of time.
  82. @Steve Sailer
    The housing industry is just colossal so skimming a tiny percentage of the money involved can be lucrative for the skimmers.

    Very true – the standard document and credit bureau fees on a settlement statement are worth a few LOL’s for those who bother to look at them.

  83. @Anonymous
    You're writing crap.

    The fact is that in the USA, whites are rapidly headed towards minority status. If the USA was truly 'racist' then that state of affairs would never have been allowed to come about.

    Secondly just look at all the AA out there.

    You are a liar. And you know it.

    If you check his posting history, you will see that it was his first comment. To me, that spells obvious troll, especially when he posts obvious crap.

  84. @Luke Lea
    Capitalism is the greatest enemy of racial discrimination in history. Why so? Because profit-making joint-stock corporations that compete for capital cannot afford to discriminate. Those that do to any significant degree -- whether positively or negatively -- will either go out of business or be taken over by their competitors.

    This basic truth needs to be more forcefully asserted in the face of misguided efforts like the current one of the Obama administration.

    I concur with SFG. Given two similar job candidates, employers are probably going to choose the candidate from the group with the better stereotypes. And here’s my un-PC claim: that’s a smart business strategy.

    A strong defense of lassaiz-faire capitalism is difficult when balanced with a need to advocate for racial equality.

    • Replies: @Luke Lea
    "A strong defense of lassaiz-faire capitalism is difficult when balanced with a need to advocate for racial equality."

    I agree. My view is that instead of racial equality the goal should be to give ordinary working people of all races a decent chance to lead a good life.

    One way is to progressively tax the biggest spenders in society (ignoring inequalities of income and wealth), using the proceeds to subsidize the market wage of the less favorably endowed: https://goo.gl/Pe5YW6

    Another is to offer something like this: http://goo.gl/C4k2H7

    Even better would be both.
  85. I think Steve may have posted this article, but it’s a good reminder…

    Meet the Ongs….

    These greedy little pigs bought their first home back in 2004:

    “The Ongs, who came here from the Philippines in 2004, got caught up in the housing frenzy two years later. They bought a $680,000 house in Pomona and paid $4,400 a month. The house fetched $330,000 when they lost it in a short sale in 2012.”

    Yes, they got “caught up”.

    Well their buying their second: You know, the are “in the vanguard”:

    “Today, the Azusa couple are in the vanguard of borrowers taking advantage of a new loan that helps lower-income borrowers build equity fast — and protects them against any future crash in values.”

    “All with no down payment, no closing costs and no mortgage insurance. The Ongs’ real estate agent, Jill Medley, called it “the best loan in the history of real estate.”

    http://www.latimes.com/business/realestate/la-fi-equity-building-mortgage-20150103-story.html#page=1

    More recklessness:

    “BBVA Compass announced the launch of a new program, called Home Ownership Made Easier or HOME for short, designed to help low- and moderate-income borrowers become homeowners by helping to overcome one of the “most significant barriers” to homeownership, the down payment.

    In the HOME program, qualifying borrowers will be eligible to finance 100% of the home’s value. In addition to offering 100% LTV loans, BBVA will also contribute up to $4,500 toward “certain closing costs” associated with obtaining a home loan.”

    http://www.housingwire.com/articles/33120-bbva-compass-launches-zero-percent-down-mortgage-program

    VA loans 0% down 620 fico 60% DTI
    FHA 3.5% down 560-620 fico 43%-50% DTI
    GSE 3%-5% down 620 fico 50% DTI
    Also 100% can be gifted

  86. @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    Undeniable Fact: This is a deeply classist country.
    And that leads to three basic questions:
    1. Do kulaks even know this fact?
    2. Is this what kulaks want?
    3. If they want it to be this way, they are the problem, but if they don’t want the USSR to be classist (and seen by the entire world as classist), are they willing to do what is necessary to make it better?
    Like it or not, kulaks, that’s the way it is, and has been forever. The ball is (still) in your court.

    Wreckers and Saboteurs, comrades. The need for vigilance has never been more urgent.

  87. This is actually the feds’ chokehold: approval of mergers and acquisitions. The fines are chump change, but the federal government’s ability to block lenders from mergers and acquisitions if the feds don’t like their level of minority lending is a key selection effect that determines who can get big and who must stay small.

    What if this aspect of the situation were the headline instead of the narrative driven headline?

    Federal Government Uses Minority Borrowers to Mask Playing Favorites among Financial Institutions.

  88. @Antonymous
    And here's the moral passion play behind "Affirmatively Furthering Fair Housing". More than putting the screws to banks, redlining is meant as a hairshirt for middle class whites in officially unintegrated neighborhoods, i.e., anything more than 50% white (per AFFH standards). Our elites' moral argument for ghettoizing stable neighborhoods (?)

    “And here’s the moral passion play behind “Affirmatively Furthering Fair Housing”. More than putting the screws to banks, redlining is meant as a hairshirt for middle class whites in officially unintegrated neighborhoods, i.e., anything more than 50% white (per AFFH standards). Our elites’ moral argument for ghettoizing stable neighborhoods (?)”

    There is a lot of money to be made in building new housing developments. When gov’t ruins the current neighborhoods, people with money will leave and buy a new house in a new development. These new developments have “good schools” and are “safe”. Developers leave large tracts zoned for multifamily units. Once they have made their money selling all the single family units, and the schools are established, etc., then they build the apartment complexes. Rinse, repeat.

    One lucky zip code 77025, had it horrible apartment complex burn down. Then the neighborhood association bought the land and built a library, senior center and YMCA. The local school performance immediately jumped from 60% passing the state assessment to 89% passing. It continued climbing as the area private schools emptied out and settled around just over 92% passing.

    • Replies: @Antonymous
    " Once they have made their money selling all the single family units, and the schools are established, etc., then they build the apartment complexes. Rinse, repeat."

    I know, I think of it as the "churn" - keeping responsible people moving, unstable, and unsettled. There's lots of money in draining the remaining middle class' wealth. And that wealth destruction would be reflected in higher GDP... cheers. Some of this perverse thinking/planning may have begun around the time GNP (better proxy for aggregate wealth) was switched to GDP, and citizens became referred to as consumers. Late 80's / early 90's maybe.

  89. @SFG
    Nope, I'm gonna disagree. (No personal animus intended; I like your stuff overall. ;) )

    First of all, it may be good sense to discriminate, whatever your personal biases or lack of them, if your customers want you to, particularly if your service is 'politically coded' in some fashion. I'm sure Southern restaurants in Jim Crow days were able to charge higher prices to whites who wanted to avoid dining with blacks, and whites were happy to pay them. I've read on other boards of people who worked to find a job where they didn't have to work with Jews (and probably had to accept a lower salary or less favorable terms to do so, since they had to look around). Look on the other side--Starbucks no doubt thought it was going to pick up lots of SWPL customers with its silly 'RaceTogether' initiative, and companies were jumping on the bandwagon to give domestic-partner benefits even if they didn't have a lot of gay employees, as long as their customers leaned to the left.

    Second, as any HBDer will tell you, the races, etc. are different. You really think black and white employees have the same mean absentee rates, etc. ? (I think Steve dug up an example of a lender who found that Chinese-Americans were *more* likely to repay their loans.) If discrimination is rational, it will even work against law-abiding, hardworking black employees (and I know several), because it's not worth taking the risk. Even look at women and men--refusing to hire women will save you a lot of money on employees who take time off to get pregnant, etc.

    Third, in an ideal market, sure. But usually you have oligopolies after a few decades (look at operating systems, which didn't even exist 40 years ago), and when you're big, you can afford to be inefficient. We hear all the time of CEOs, etc. giving important jobs to relatives and personal cronies, rather than doing an extended search for the best person. Sure this hurts the company, but if it's big enough and there are few enough competitors, it will survive--the head of Coke could hire only his relatives for C-level positions, and Coke might lose ground to Pepsi, but it wouldn't go out of business.

    I’m sure Southern restaurants in Jim Crow days were able to charge higher prices to whites who wanted to avoid dining with blacks, and whites were happy to pay them.

    Jim Crow required segregation.

    No one was allowed to have a restaurant that served blacks and whites together.

    Jim Crow violated the right to free association.

    Likewise, anti discrimination laws violate the right to free association.

    The market should decide.

    I do think that the government should not be allowed to discriminate, but private individuals and companies should be able to discriminate.

  90. @Anonymous
    "“Starbucks is aggressively pursuing bringing “opportunity youth” (unemployed and/or uneducated young people) into its employment ranks"

    One of the big reasons that people go to Starbucks is its pleasant atmosphere, and that includes the clean-cut, friendly people who usually work there.

    ““Starbucks is aggressively pursuing bringing “opportunity youth” (unemployed and/or uneducated young people) into its employment ranks”

    One of the big reasons that people go to Starbucks is its pleasant atmosphere, and that includes the clean-cut, friendly people who usually work there.

    You notice how Starbucks businesses model did not get its start in poor neighborhoods or by employing “opportunity youth” because there is no way to make money that way. They needed to first be successful, then they could hire these folks. They didn’t actually build success that way.

  91. @Clyde

    Effective immediately we are suspending the publication of Grantland.
     
    Because ESPN is really hurting....
    Because cable systems are making is easier to to get a cable package minus the 5 most popular sports channels and Spike TV......
    Because consumers are cheaping out due to lack of discretionary spending money.......
    And because single women are making more of the income there is out there to be made and they don't need this sports bloc....
    How? Because females dominate the paper shuffling sectors....
    Why? Because they revel in paper shuffling jobs because it makes them feel "empowered" and what greater societal good can there be than to have tens of millions grinning and empowered women? Especially thirty something, single, childless ones?

    And because single women are making more of the income there is out there to be made and they don’t need this sports bloc….
    How? Because females dominate the paper shuffling sectors….
    Why? Because they revel in paper shuffling jobs because it makes them feel “empowered” and what greater societal good can there be than to have tens of millions grinning and empowered women? Especially thirty something, single, childless ones?

    look on the bright side, at least it gets them out of the baby making business, so it is self limiting.

  92. They say there was this redlining in the 30s and that prevented blacks from acquiring wealth and this has snowballed down through the generations. But that argument assumes inheritance plays a much bigger role than it does. In reality, most people don’t die with much of an estate, especially when split several ways. It’s a very skewed distribution with the vast majority of people of whatever race getting nothing to modest payouts, and then a right tail of huge inheritances.

    The real reason blacks don’t have any wealth is because they don’t save money. There is a lot of data on this. Even controlling for income, blacks tend to have little in savings and most of their “net worth” tied up in consumption goods, i.e., their highly leveraged house and car. I would like to see a study on car value to income ratio by race.

  93. @ScarletNumber

    Fact: You’re free to leave this racist country any time you like.
     
    Actually that isn't the case. Most people are only citizens of one country.

    When Haiti had its earthquake, the president of Senegal offered FREE LAND to anyone of black African descent, if they’d immigrate to Senegal. So, yeah, if he’s of black African descent, he’s free to leave this racist country anytime he likes and go to Senegal.

  94. @penntothal
    Already in the works:

    "Starbucks is aggressively pursuing bringing “opportunity youth” (unemployed and/or uneducated young people) into its employment ranks and from there into its college program, and that in conjunction with this it is opening stores in previously neglected neighborhoods, including Ferguson, Missouri’s economically-challenged West Florissant neighborhood as well as Chicago’s South Side, Jamaica, Queens (NY), and other economically distressed neighborhoods across the U.S., at the same time committing to increasing local employment in these areas specifically..."

    from Forbes Oct. 24, 2015.

    It may be jarring, at first, to see Starbucks as a backdrop on Worldstarhiphop videos, but who doesn’t love irony? May aggressively marketing to blacks work as well for Starbucks as it has for McDonald’s.

  95. Someone should do a study on the factor by which a more-or-less reasonable person’s prudent time-preference is shortened to idiot’s-length by being elected to political office or receiving a political appointment.

    • Replies: @Mr. Anon
    That's a good idea.
  96. @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    @ High noun #25

    If what you say were true, you couldn’t say what you say.

  97. Steve, you’re right on this topic. I know of two separate community bank acquisitions that have been delayed this year for CRA/ fair lending reasons – both triggered by DC regulators. With the huge amount of community bank transactions coming in the near future (due to the high cost of regulation), the Feds will have a hammer to require the acquirers to increase their CRA loans, planting the seeds for the next banking crisis.

  98. @JohnnyWalker123
    Because Rubio has been advocating for more H1bs for years. Not surprising, because Rubio takes lots of money from Silicon Valley oligarchs. Trump, within a few months of announcing his run, put out the toughest immigration platform we've seen since the 1950s.

    Trump is self-funding, so he can take the positions he desires. He also gone out of the way to oppose the H1b several times (Twitter, Nevada rally, Breitbart interview) in the last few days. He didn't have to, but he chose to. Most voters don't even know the H1b exists, so it's heartening that Trump would make an issue out of the H1b. It shows he's serious.

    Echoing your assessment of Rubio, Paul Singer announced yesterday that he is throwing his support behind Rubio. Singer is a billionaire hedgefund manager and prominent bundler for Republican candidates. The issues he primarily cares about are Israel, “immigration reform” (and we all know what that really means), and gay-rights,…..oh, and also in forcing governments to pay off their debts, as that’s how he’s made a lot of his money. So we could expect a President Rubio to push “comprehensive immigration reform”, to continue the neo-con program of open-ended US military involvement in the middle-east, and to stand out of the way whenever the homosexual lobby wants to push thier latest proposal for gaying up America.

    By the way, someone should ask Rubio, who will undoubtedly get a lot of support from the FOX News demographic which is opposed to gay marriage, why he is now accepting millions of dollars from Paul Singer, who was instrumental in getting the New York state legislature to legalize gay-marriage. Something tells me that nobody at FOX news will ever ask him that.

    • Replies: @JohnnyWalker123
    David Brooks says he's moving to Canada if Trump wins.

    https://www.youtube.com/watch?v=FmCBoAHhnd4
  99. @JohnnyWalker123
    Trump touts his opposition to the H1b.

    https://twitter.com/realDonaldTrump/status/660308373720702976

    The Trump trolly rolls on.

    https://www.youtube.com/watch?v=hHrFZp0OXv0

    The Pro-Immigration side is not monolith. The high tech business want an endless stream of HB-1 types while the Ag lobby wants nothing that will interfere with stoop labor such as a fence or better documents, and so on. The religious types want refugees while the ethnic lobby want family reunification. This is why they maintain such a rigid front. Once one part crumbles it will be easy to pick apart the rest. What Trump needs to do is ruthlessly go after after one portion of the coalition in addition to everything else. He could focus on a fence which would be visible and tangible but would only keep out the wetbacks or he could go after E-Verify which would undermine the business lobby.

    • Replies: @JohnnyWalker123
    I hope Trump and Huckabee bring up the H1b in the next debate. That'd really shift the overton window.
  100. @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    “Undeniable Fact: This is a deeply racist country.”

    Nothing sounds stupider, or more clearly marks out the person who does so as stupid, than beginning a sentence with “Fact:………….”

    Let me spell that out for you a little more. You’re stupid.

  101. @ScarletNumber

    Fact: You’re free to leave this racist country any time you like.
     
    Actually that isn't the case. Most people are only citizens of one country.

    “Actually that isn’t the case. Most people are only citizens of one country.”

    So? Then they are free to go be stateless persons somewhere else.

  102. OT:

    Tom Tancredo has an excellent article on Breitbart in which he states he is quitting the GOP and also describes how the Republican establishment is not representing the vast majority of Republican voters.

    http://www.breitbart.com/big-government/2015/10/30/former-congressman-im-quitting-gop/

    • Replies: @Anonymous
    From Tom Tancredo's article:

    " ... I was told by President Bush’s top political operative, Karl Rove, “never to darken the door of the White House again” because of my criticism of the administration’s dangerously lax immigration policies in the wake of the September 11 terrorist attacks."
  103. @SFG
    I'll actually agree with you, but here's the thing: lots of countries are even *more* racist. Particularly non-white countries. Just try being a Korean in Japan. I don't see the Chinese taking in a million immigrants every time there's a typhoon in Southeast Asia.

    Human beings form into tribes and dislike people not in their tribe. If there's no racial difference, you still see rival playground cliques and so on. Look at the Ohio State-Michigan rivalry between white Midwesterners!

    So, yeah, the USA is racist. So is everyone else. It's human nature. What is unusual about the USA is the large number of people who seem to succeed in spite of natural human prejudice. This has plusses and minuses, as people here have documented (Jews supporting immigration, Chinese citizenship scams), but the USA is hardly the worst offender when it comes to prejudice.

    So, yeah, the USA is racist. So is everyone else.

    That was the best song in Avenue Q.

  104. @elmer
    "Genius T. Coates". My work is done.

    As for redlining, as a born history buff I have an innate feel for historical timelines. I can look at just about any structure and tell you what year it was constructed. But I have met many intelligent, educated people who had no concept of history. Now we have the BLM morons screaming about redlining as if it happened yesterday.

    Speaking of structures, the liberal press has been in a rage lately about "white racists burning black churches". I got banned and deleted from a couple sites for making the racist suggestion that perhaps insurance payola was behind it. Well they caught a culprit :

    https://www.washingtonpost.com/news/post-nation/wp/2015/10/30/suspect-arrested-for-arson-following-string-of-st-louis-church-fires/

    “’Genius T. Coates’. My work is done.”

    Thanks.

  105. @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    The state tells me I can’t sell a gun, even privately, to someone with a felony. That eliminates close to half the black men in my state.

    That sounds pretty damn racist to me, but I’m guessing it might not to you.

  106. @elmer
    "Genius T. Coates". My work is done.

    As for redlining, as a born history buff I have an innate feel for historical timelines. I can look at just about any structure and tell you what year it was constructed. But I have met many intelligent, educated people who had no concept of history. Now we have the BLM morons screaming about redlining as if it happened yesterday.

    Speaking of structures, the liberal press has been in a rage lately about "white racists burning black churches". I got banned and deleted from a couple sites for making the racist suggestion that perhaps insurance payola was behind it. Well they caught a culprit :

    https://www.washingtonpost.com/news/post-nation/wp/2015/10/30/suspect-arrested-for-arson-following-string-of-st-louis-church-fires/

    Speaking of structures, the liberal press has been in a rage lately about “white racists burning black churches”. I got banned and deleted from a couple sites for making the racist suggestion that perhaps insurance payola was behind it. Well they caught a culprit :

    I always assumed those fires were set by gay activists. After all, what other segment of the white population has a problem with black churches?

    Most of us appreciate black churches. They keep at least some of the brothers in line. And the music is inspiring.

  107. @Anonymous
    OT:

    Tom Tancredo has an excellent article on Breitbart in which he states he is quitting the GOP and also describes how the Republican establishment is not representing the vast majority of Republican voters.

    http://www.breitbart.com/big-government/2015/10/30/former-congressman-im-quitting-gop/

    From Tom Tancredo’s article:

    ” … I was told by President Bush’s top political operative, Karl Rove, “never to darken the door of the White House again” because of my criticism of the administration’s dangerously lax immigration policies in the wake of the September 11 terrorist attacks.”

  108. @Prof. Woland
    The Pro-Immigration side is not monolith. The high tech business want an endless stream of HB-1 types while the Ag lobby wants nothing that will interfere with stoop labor such as a fence or better documents, and so on. The religious types want refugees while the ethnic lobby want family reunification. This is why they maintain such a rigid front. Once one part crumbles it will be easy to pick apart the rest. What Trump needs to do is ruthlessly go after after one portion of the coalition in addition to everything else. He could focus on a fence which would be visible and tangible but would only keep out the wetbacks or he could go after E-Verify which would undermine the business lobby.

    I hope Trump and Huckabee bring up the H1b in the next debate. That’d really shift the overton window.

  109. @Mr. Anon
    Echoing your assessment of Rubio, Paul Singer announced yesterday that he is throwing his support behind Rubio. Singer is a billionaire hedgefund manager and prominent bundler for Republican candidates. The issues he primarily cares about are Israel, "immigration reform" (and we all know what that really means), and gay-rights,.....oh, and also in forcing governments to pay off their debts, as that's how he's made a lot of his money. So we could expect a President Rubio to push "comprehensive immigration reform", to continue the neo-con program of open-ended US military involvement in the middle-east, and to stand out of the way whenever the homosexual lobby wants to push thier latest proposal for gaying up America.

    By the way, someone should ask Rubio, who will undoubtedly get a lot of support from the FOX News demographic which is opposed to gay marriage, why he is now accepting millions of dollars from Paul Singer, who was instrumental in getting the New York state legislature to legalize gay-marriage. Something tells me that nobody at FOX news will ever ask him that.

    David Brooks says he’s moving to Canada if Trump wins.

    • Replies: @JohnnyWalker123
    Good riddance.
    , @Harry Baldwin
    One more reason to vote for Trump, though I doubt Brooks will make good on his threat. He is Canadian so it's just as well he go home.
    , @Mr. Anon
    "David Brooks says he’s moving to Canada if Trump wins."

    Yet another dividend of a Trump victory. I wish Brooks as much luck in pretending to be a loyal Canadian as he has enjoyed pretending to be a loyal American.
  110. @JohnnyWalker123
    David Brooks says he's moving to Canada if Trump wins.

    https://www.youtube.com/watch?v=FmCBoAHhnd4

    Good riddance.

  111. @Anonymous
    Undeniable Fact: This is a deeply racist country.
    And that leads to three basic questions:
    1. Do White people even know this fact?
    2. Is this what White people want?
    3. If they want it to be this way, they are the problem, but if they don't want the US to be racist (and seen by the entire world as racist), are they willing to do what is necessary to make it better?
    Like it or not, White people, that's the way it is, and has been forever. The ball is (still) in your court.

    congratulations on your replies, well done.

  112. As to the article itself, thank you for posting this, this is a fairly important piece of information for everyone to know about just how the banks are being manipulated, and how too big to fail came about. They selected for hopelessly bad loans, and then refused to take responsibility for them.

  113. @JohnnyWalker123
    David Brooks says he's moving to Canada if Trump wins.

    https://www.youtube.com/watch?v=FmCBoAHhnd4

    One more reason to vote for Trump, though I doubt Brooks will make good on his threat. He is Canadian so it’s just as well he go home.

  114. Reading up on the First Bank of Beverly hills turns up this gem: “The bank exhibits a very poor record of serving the credit needs of the most economically disadvantaged areas of its AA and very small businesses, consistent with safe and sound banking practices.”

    How to be substantially non-compliant: act in a safe and sound manner.

    This is also pure gold: “The bank rarely makes use of innovative and/or complex investments to support community development initiatives. ”

    “No evidence of antidiscrimination laws and regulations or illegal credit practices inconsistent with helping to meet community credit needs was identified. ” – really shooting themselves in the foot.

  115. @JohnnyWalker123
    David Brooks says he's moving to Canada if Trump wins.

    https://www.youtube.com/watch?v=FmCBoAHhnd4

    “David Brooks says he’s moving to Canada if Trump wins.”

    Yet another dividend of a Trump victory. I wish Brooks as much luck in pretending to be a loyal Canadian as he has enjoyed pretending to be a loyal American.

    • Replies: @Steve Austen
    Some guy was leaving for Canada if Bush won.
    Same guy was leaving for Canada if Bush won again. Some guy was leaving the UK if David Cameron won.
    Don't write checks your ass can't cash these guys should be told rather than be given publicity for their brave stance against a candidate the media does not approve of.
  116. @Justpassingby
    Someone should do a study on the factor by which a more-or-less reasonable person's prudent time-preference is shortened to idiot's-length by being elected to political office or receiving a political appointment.

    That’s a good idea.

  117. @Anonymous
    "“Starbucks is aggressively pursuing bringing “opportunity youth” (unemployed and/or uneducated young people) into its employment ranks"

    One of the big reasons that people go to Starbucks is its pleasant atmosphere, and that includes the clean-cut, friendly people who usually work there.

    “One of the big reasons that people go to Starbucks is its pleasant atmosphere, and that includes the clean-cut, friendly people who usually work there.”

    The Starbucks store closest to me started to hire heavily tattooed people and greasy looking hipsters, so I took to frequenting the Starbucks outlet at the local Target or just grabbing coffee at Dunkin Donuts, both of which still hire normal people.

    • Replies: @Anonymous
    "The Starbucks store closest to me started to hire heavily tattooed people and greasy looking hipsters, so I took to frequenting the Starbucks outlet at the local Target or just grabbing coffee at Dunkin Donuts, both of which still hire normal people."

    That actually happened to the Starbucks near me for awhile, so I stopped going and started making myself instant coffee (it's actually not that bad). However, there seem to be far fewer heavily tattooed, greasy-looking employees there now (only one I can think of and she's really pretty sweet), so I've been going there more frequently of late. I don't want dirty-looking people serving me food or drinks. It's not appetizing.
    , @Brutusale
    Funny that it's just the opposite where I am. Dunks franchises around here are heavily staffed by the ESL crowd, mostly Brazilians, with hijab wearers also disproportionately represented. Starbucks are mostly 20- or 30- something whites, tattooed but clean.
  118. @International Jew
    Prediction: ghetto Starbucks will lose a dozen sugar packets and a pint of half&half for every cup of coffee they sell.

    Prediction: ghetto Starbucks will lose a dozen sugar packets and a pint of half&half for every cup of coffee they sell.

    It would take a truckload of sugar packets to cut into the profits of a single latte.

    Caribou, their closest competitor, leaves honey jars out. That’s Minnesota for you. When they’re absent, I tell the staff, “Without the honey, you’re just Starbucks!”

  119. @AndrewR
    I concur with SFG. Given two similar job candidates, employers are probably going to choose the candidate from the group with the better stereotypes. And here's my un-PC claim: that's a smart business strategy.

    A strong defense of lassaiz-faire capitalism is difficult when balanced with a need to advocate for racial equality.

    “A strong defense of lassaiz-faire capitalism is difficult when balanced with a need to advocate for racial equality.”

    I agree. My view is that instead of racial equality the goal should be to give ordinary working people of all races a decent chance to lead a good life.

    One way is to progressively tax the biggest spenders in society (ignoring inequalities of income and wealth), using the proceeds to subsidize the market wage of the less favorably endowed: https://goo.gl/Pe5YW6

    Another is to offer something like this: http://goo.gl/C4k2H7

    Even better would be both.

  120. Anonymous • Disclaimer says:
    @Mr. Anon
    "One of the big reasons that people go to Starbucks is its pleasant atmosphere, and that includes the clean-cut, friendly people who usually work there."

    The Starbucks store closest to me started to hire heavily tattooed people and greasy looking hipsters, so I took to frequenting the Starbucks outlet at the local Target or just grabbing coffee at Dunkin Donuts, both of which still hire normal people.

    “The Starbucks store closest to me started to hire heavily tattooed people and greasy looking hipsters, so I took to frequenting the Starbucks outlet at the local Target or just grabbing coffee at Dunkin Donuts, both of which still hire normal people.”

    That actually happened to the Starbucks near me for awhile, so I stopped going and started making myself instant coffee (it’s actually not that bad). However, there seem to be far fewer heavily tattooed, greasy-looking employees there now (only one I can think of and she’s really pretty sweet), so I’ve been going there more frequently of late. I don’t want dirty-looking people serving me food or drinks. It’s not appetizing.

  121. Federal and state officials said it was impossible to determine how widespread discriminatory lending had become.

    Colonel Jessup wonders, “Is there another kind?”

  122. @Alice in Wanderland

    "And here’s the moral passion play behind “Affirmatively Furthering Fair Housing”. More than putting the screws to banks, redlining is meant as a hairshirt for middle class whites in officially unintegrated neighborhoods, i.e., anything more than 50% white (per AFFH standards). Our elites’ moral argument for ghettoizing stable neighborhoods (?)"
     
    There is a lot of money to be made in building new housing developments. When gov't ruins the current neighborhoods, people with money will leave and buy a new house in a new development. These new developments have "good schools" and are "safe". Developers leave large tracts zoned for multifamily units. Once they have made their money selling all the single family units, and the schools are established, etc., then they build the apartment complexes. Rinse, repeat.

    One lucky zip code 77025, had it horrible apartment complex burn down. Then the neighborhood association bought the land and built a library, senior center and YMCA. The local school performance immediately jumped from 60% passing the state assessment to 89% passing. It continued climbing as the area private schools emptied out and settled around just over 92% passing.

    ” Once they have made their money selling all the single family units, and the schools are established, etc., then they build the apartment complexes. Rinse, repeat.”

    I know, I think of it as the “churn” – keeping responsible people moving, unstable, and unsettled. There’s lots of money in draining the remaining middle class’ wealth. And that wealth destruction would be reflected in higher GDP… cheers. Some of this perverse thinking/planning may have begun around the time GNP (better proxy for aggregate wealth) was switched to GDP, and citizens became referred to as consumers. Late 80’s / early 90’s maybe.

  123. Don’t really understand the whole last millennium concept of banking at a physical location. I have banked with USAA since the late 1990s and have had about 2 instances where I really would have liked a physical bank in order to obtain a cashiers check day of. As for applying for a loan, you have been able to do that online at hundreds of places for over a decade. Don’t have internet, your library does.

    If 1 person turns you down they could be racist. If 200 people turn you down, you are a poor credit risk.

  124. @Mr. Anon
    "David Brooks says he’s moving to Canada if Trump wins."

    Yet another dividend of a Trump victory. I wish Brooks as much luck in pretending to be a loyal Canadian as he has enjoyed pretending to be a loyal American.

    Some guy was leaving for Canada if Bush won.
    Same guy was leaving for Canada if Bush won again. Some guy was leaving the UK if David Cameron won.
    Don’t write checks your ass can’t cash these guys should be told rather than be given publicity for their brave stance against a candidate the media does not approve of.

  125. @George Taylor
    If only the Black Lives Matter's movement were smart enough to shakedown Starbucks and declare to Howard Schultz we can't Race Together until he starts planting Starbucks in Black neighborhoods with Black baristas.

    In Chicago there are a few on the South Side, one in a middle class black neighborhood, three in Hyde Park, and one across the street from the Illinois Institute of Technology.

  126. @Reg Cæsar

    In hindsight, Newark’s white neighborhoods didn’t do so well either…

     

    They were in no hurry to lend guineas to guineas, either.

    IIRC Italian-Americans have done better economically and educationally than Irish-Americans or Polish-Americans. I’m not sure what IJ means, but I’m guessing he means that many of the Euro neighborhoods became poor African-American neighborhoods with the passage of time.

  127. @penntothal
    Already in the works:

    "Starbucks is aggressively pursuing bringing “opportunity youth” (unemployed and/or uneducated young people) into its employment ranks and from there into its college program, and that in conjunction with this it is opening stores in previously neglected neighborhoods, including Ferguson, Missouri’s economically-challenged West Florissant neighborhood as well as Chicago’s South Side, Jamaica, Queens (NY), and other economically distressed neighborhoods across the U.S., at the same time committing to increasing local employment in these areas specifically..."

    from Forbes Oct. 24, 2015.

    I’m typing this while sitting at the counter of a Starbucks in a SWPL town, and I count 3 blacks and 2 Asians using the free wifi. I believe if some of their racial cohort came in to cause trouble, they’d be the first to react, as they don’t want any of their cultural kin shitting where they eat.

  128. @Horseball
    Proof that Mark Steyn is reading your stuff. (Look at the tabs.)

    https://twitter.com/MarkSteynOnline/status/660199186806108160

    More shocking is that they ban Steyn and allow Steve!

  129. @International Jew
    Prediction: ghetto Starbucks will lose a dozen sugar packets and a pint of half&half for every cup of coffee they sell.

    Have any of you ever been to a Starbucks?

    I’m there every morning. NOBODY feels more entitled to taking stuff than the SWPL Starbucks patron. I constantly see hausfraus filling Junior’s bottle out of the whole milk carafes, pocketing 20 raw sugars or Splendas, taking handfuls of napkins and straws, swiping the sections they want out of the newspapers in the racks, etc.

    After spending $5.75 on a half-caf, extra skinny soy macchiato, they feel entitled to anything that’s not nailed down. Absent getting robbed on a regular basis, I don’t see a hood Starbucks being any worse.

    I’m a free rider on their business plan. I get a medium dark roast in my own Starbucks cup, so I get a discount, and the bottom line is that it’s cheaper than the same order at the local Dunkin’ Donuts. With the Starbucks gold card, all refills are free. I use their electricity and wifi. Every 12th drink is free, and, as a well-regarded regular, the baristas constantly refrain from even charging me for the first coffee.

    And when my $2.05 coffees earn me a free drink, it’s a $6.75 venti quad mocha.

  130. @Mr. Anon
    "One of the big reasons that people go to Starbucks is its pleasant atmosphere, and that includes the clean-cut, friendly people who usually work there."

    The Starbucks store closest to me started to hire heavily tattooed people and greasy looking hipsters, so I took to frequenting the Starbucks outlet at the local Target or just grabbing coffee at Dunkin Donuts, both of which still hire normal people.

    Funny that it’s just the opposite where I am. Dunks franchises around here are heavily staffed by the ESL crowd, mostly Brazilians, with hijab wearers also disproportionately represented. Starbucks are mostly 20- or 30- something whites, tattooed but clean.

  131. @WhatEvvs
    I really am going to have to get BP pills before Obama is finished wrecking the country.

    http://www.nytimes.com/2015/10/31/us/heroin-war-on-drugs-parents.html?_r=0

    Interestingly the NYer of all places recently ran an article that was pretty honest about how black pols and preachers were instrumental in creating the draconian drug laws of the 1970s.

    Interestingly the NYer of all places recently ran an article that was pretty honest about how black pols and preachers were instrumental in creating the draconian drug laws of the 1970s.

    The counter-culture itself was also partly to blame. “The Pusher” (1968) was by the same people who brought us “Magic Carpet Ride:”

    Well Lord if I were the president of this land
    You know I’d declare total war on the pusherman

    I’d cut him if he stands and I shoot him if he’d run
    And I’d kill him with my bible and my razor and my gun

    Who’d have guessed that Nixon was listening?

  132. @Anonymous
    "“Starbucks is aggressively pursuing bringing “opportunity youth” (unemployed and/or uneducated young people) into its employment ranks"

    One of the big reasons that people go to Starbucks is its pleasant atmosphere, and that includes the clean-cut, friendly people who usually work there.

    Starbucks baristas are usually nice and much brighter than you’d expect given the job (I think the complex set of orders selects for smarter people, though culture probably explains some of it too.), but I haven’t noticed the clean-cut thing all that much–lots of tattoos, for example.

  133. Anonymous • Disclaimer says:
    @Anonym
    I don't think WN's give a shit tbh. There wouldn't even be such a thing as WN if it wasn't for PC, mass immigration and multiculturalism.

    Actually they do give a shit. Go to amren anytime…they say they want to live in separate zip codes from the Colored people and yet they get outraged when they hear that White doctors and laywers want to live in separate zip codes from White unwed mothers and meth addicts.

    • Replies: @Anonym
    Class envy is not an exclusively WN thing.
  134. @iSteveFan

    WNs hate it when high IQ and high social class Europeans want to also live separately from the low IQ and low social class Europeans.
     
    I don't think that is correct. I thought WNs hate it when high IQ and high social class Europeans want to force the low IQ and low social class Europeans to live with third worlders especially when it is done as some form of social posturing.

    I can’t speak for other people in my community, but personally I do not want to force prole Whites to live amongst anyone they don’t want to live amongst.

  135. Anonymous • Disclaimer says:
    @5371
    If you don't understand the interdependence of classes and occupations that goes to make up any people, or are unwilling to recognise yourself as part of your own, I doubt whether you actually possess high intelligence or are worthy to occupy a respectable position in society.

    Low IQ Whites were only necessary in the pre-information age. Back during the industrial age, and the agrarian age, low IQ prole Whites were needed to perform boring work. Increasingly, jobs done by the sub-100 IQ people are being automated out of existence. In my lifetime, I might even live to see people in the 100-115 range being made redundant.

  136. @Former Darfur
    No, WNs hate it when high status whites and white-appearing middle easterners use dysfunctional and destructive blacks, mestizos and lower grade "Asians" as a tool to wreck the lives of ordinary whites. There's a difference.

    WNs also inherently hate high IQ and high social class Whites. They love to look down on Blacks and Mestizos while at the same time seething with envy at elite Whites.

  137. The effect on minority communities can be profound. Homeownership is a cornerstone of economic mobility, and without a stable group of homeowners, neighborhoods can be left vulnerable to blight and disrepair.

    But the primary result of higher economic mobility is that people with higher earnings potential will move the hell away instead of being part of the neighborhood’s stable group of homeowners.

  138. @Anonymous
    Actually they do give a shit. Go to amren anytime...they say they want to live in separate zip codes from the Colored people and yet they get outraged when they hear that White doctors and laywers want to live in separate zip codes from White unwed mothers and meth addicts.

    Class envy is not an exclusively WN thing.

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