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From the New York Times:

‘They Were Conned’: How Reckless Loans Devastated a Generation of Taxi Drivers

By Brian M. Rosenthal
May 19, 2019

“They were conned”: Thousands of immigrant taxi drivers were trapped in exploitative loans by bankers who made huge profits.

The drivers, chasing the dream of owning a New York taxi medallion, were left destitute, a Times investigation found.

The phone call that ruined Mohammed Hoque’s life came in April 2014 as he began another long day driving a New York City taxi, a job he had held since emigrating from Bangladesh nine years earlier.

The call came from a prominent businessman who was selling a medallion, the coveted city permit that allows a driver to own a yellow cab instead of working for someone else. If Mr. Hoque gave him $50,000 that day, he promised to arrange a loan for the purchase.

After years chafing under bosses he hated, Mr. Hoque thought his dreams of wealth and independence were coming true. He emptied his bank account, borrowed from friends and hurried to the man’s office in Astoria, Queens. Mr. Hoque handed over a check and received a stack of papers. He signed his name and left, eager to tell his wife.

Mr. Hoque made about $30,000 that year. He had no idea, he said later, that he had just signed a contract that required him to pay $1.7 million.

Over the past year, a spate of suicides by taxi drivers in New York City has highlighted in brutal terms the overwhelming debt and financial plight of medallion owners. All along, officials have blamed the crisis on competition from ride-hailing companies such as Uber and Lyft.

But a New York Times investigation found much of the devastation can be traced to a handful of powerful industry leaders who steadily and artificially drove up the price of taxi medallions, creating a bubble that eventually burst. Over more than a decade, they channeled thousands of drivers into reckless loans and extracted hundreds of millions of dollars before the market collapsed.

These business practices generated huge profits for bankers, brokers, lawyers, investors, fleet owners and debt collectors.

Obviously, you can’t make money in the long run lending absurd amounts of money to semi-literate Third World immigrants. But you can flip the secretized securitized loans to somebody else before they notice that Diversity Isn’t Our Strength. Our culture constantly propagandizes that immigrants are our superhuman superiors, so it’s not hard for exploitive lenders to find a new niche to work the same scam as during the Housing Bubble.

The leaders of nonprofit credit unions became multimillionaires. Medallion brokers grew rich enough to buy yachts and waterfront properties. One of the most successful bankers hired the rap star Nicki Minaj to perform at a family party.

But the methods stripped immigrant families of their life savings, crushed drivers under debt they could not repay and engulfed an industry that has long defined New York. More than 950 medallion owners have filed for bankruptcy, according to a Times analysis of court records. Thousands more are barely hanging on.

The practices were strikingly similar to those behind the housing market crash that led to the 2008 global economic meltdown: Banks and loosely regulated private lenders wrote risky loans and encouraged frequent refinancing; drivers took on debt they could not afford, under terms they often did not understand.

It’s almost as if the reason we are constantly lectured by the Great and the Good that America Is a Nation of Immigrants and that sensible immigration restrictions would make the Statue of Liberty cry is because there is big money in importing Fresh Meat.

 
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  1. There’s an immigrant born every minute.

    • Agree: Chrisnonymous
    • LOL: Abe
    • Replies: @res
  2. Flip says:

    I thought the article missed the point that the lenders ended up losing most of their loans when the medallion prices dropped and the drivers defaulted.

    • Agree: Travis
    • Replies: @Mr McKenna
    , @RonaldB
  3. Cortes says:

    Immigrants are needed to fill the otherwise vacant properties of the rentier class. Capital preservation masquerading as enthusiasm for diversity.

  4. anon[291] • Disclaimer says:

    I’ll say this – if you are going to fleece someone, it might as well be illegal immigrants.

    • Replies: @RonaldB
  5. Sidecar says:

    The Medallion system should have been abandoned omg ago. It’s a rigged game, like buying a market maker’s seat at the stock exchange. Whomever owns one free and clear, owns a money tree that never stops giving. Taxing the shit out of Medallion holders would cut the price, and the desperation to hold one. Make it so they do a little better than a non-medallion holder, but not much. Not like now.

  6. res says:
    @Buzz Mohawk

    There’s an immigrant born every minute.

    If only.

    Minutes per year = 525,600
    Green cards issued per year 2012-2014 = about 1 million.

    This PDF has some interesting statistics for green cards from 2012-2014:
    https://www.dhs.gov/sites/default/files/publications/Lawful_Permanent_Residents_2014.pdf

    For example, breakdowns by category of admission, country and region of origin, state of residence, and metro area.

    • Replies: @Hail
    , @PiltdownMan
  7. The practices were strikingly similar to those behind the housing market crash that led to the 2008 global economic meltdown: Banks and loosely regulated private lenders wrote risky loans and encouraged frequent refinancing; drivers took on debt they could not afford, under terms they often did not understand.

    It’s almost as if the reason we are constantly lectured by the Great and the Good that America Is a Nation of Immigrants and that sensible immigration restrictions would make the Statue of Liberty cry is because there is big money in importing Fresh Meat.

    Yes, because almost fits in nicely here. I mean: Big money it ain’t, what’s at stake in this case.

  8. Obama bullied bank to pay racial settlement without proof: report

    February 7, 2016

    Newly uncovered internal memos reveal the Obama administration knowingly exaggerated charges of racial discrimination in probes of Ally Bank and other defendants in the $900 billion car-lending business as part of a “racial justice” campaign that’s looking more like a massive government extortion and shakedown operation.

    So far, Obama’s Consumer Financial Protection Bureau has reached more than $220 million in settlements with several auto lenders since the agency launched its anti-discrimination crusade against the industry in 2013. Several other banks are under active investigation.

    That’s despite the fact that the CFPB had no actual complaints of racial discrimination — it was all just based on half-baked statistics.

    https://nypost.com/2016/02/07/obama-bullied-bank-to-pay-racial-settlement-without-proof-report/

  9. @Cortes

    Immigrants are needed to fill the otherwise vacant properties of the rentier class. Capital preservation masquerading as enthusiasm for diversity.

    That’s an important one in Germany, too. The constant flow of immigrants helps to keep housing prices high. It’s a fact, but no issue in the public debate.

    • Agree: GermanReader2
  10. Racial Discrimination In Lending: Feds Accuse Hudson City Savings Bank Of Redlining In Four States

    09/24/15

    In a signal of federal regulators’ growing interest in stamping out racial discrimination in bank lending, the federal government on Thursday announced a historic settlement deal, worth nearly $33 million, with Hudson City Bancorp. The Paramus, New Jersey, bank engaged in the practice of “redlining,” meaning it structured its business to avoid lending in neighborhoods that are majority African-American and Hispanic in New York, New Jersey, Connecticut, and Pennsylvania, according to the Consumer Financial Protection Bureau (CFPB) and the Department of Justice.

    The company’s consumer-facing subsidiary, Hudson City Savings Bank, avoided locating branches and loan officers, and avoided using mortgage brokers, in neighborhoods where minorities predominate, the government alleged. Put simply, U.S. Attorney Paul Fishman said, if you lived in one of those neighborhoods between 2009 and 2013 and wanted to apply for a mortgage, “Hudson City Savings Bank was not the place to go.” By contrast, the bank’s competitors successfully made “thousands” of loans to qualified borrowers in the same neighborhoods, Fishman said.

    https://www.ibtimes.com/racial-discrimination-lending-feds-accuse-hudson-city-savings-bank-redlining-four-2112646

    • Replies: @Mr McKenna
    , @Hypnotoad666
  11. Altai says:

    Cause prior to the early 2000s immigration boom you know what in Paris, London and New York you couldn’t find? Taxi drivers or young men with no other skills wanting to work long hours to make some money.

    • Replies: @Buffalo Joe
  12. the article mentions at some point that a driver was told to “lie” on a loan application that he earned over $100K a year while his tax return was $30K. The article expects the reader to believe a taxi driver in NYC working 6 days a week earned such a low amount. Like no way the drivers are tax cheats.

    • Replies: @Mr McKenna
    , @Alec Leamas
  13. Abe says:

    Did the article mention if the market for taxi medallions collapsed beause of rideshare (UBER/LYFT)? Are those legal to operate in New York City still? Funny how infinite low-skill immigration is somehow not incompatible with finite, tightly-restricted low-skill sinecures necessary to job-up said infinite flow of immigrants.

    • Replies: @Alec Leamas
  14. It’s almost as if the reason we are constantly lectured by the Great and the Good that America Is a Nation of Immigrants and that sensible immigration restrictions would make the Statue of Liberty cry is because there is big money in importing Fresh Meat.

    While Upton Sinclair’s The Jungle speaks about the meat industry and working conditions in the early twentieth century, the book also describes the housing and mortgage fraud targeted at immigrants.

  15. trelane says:

    You talkin’ to me?

  16. Daniel H says:

    The scheme is almost always simple, but grounded people recoil. It’s not IQ, it’s sociopathy.

    • Replies: @Hail
  17. Wilkey says:

    It’s almost as if the reason we are constantly lectured by the Great and the Good that America Is a Nation of Immigrants and that sensible immigration restrictions would make the Statue of Liberty cry is because there is big money in importing Fresh Meat.

    Aside from keeping labor costs low, immigration is probably one of the number one drivers of new housing construction. Our nation now has a sub-replacement fertility rate. In the present situation housing construction would mostly be about replacing old housing stock (roughly 350,000 units per year) or building new housing in areas with faster growing economies. You probably need at least 300,000 new housing units per year to accommodate new immigrants. That’s about 25% of annual housing starts. IOW, the home construction industry has a huge reason to support large-scale immigration – cheaper labor and dramatically increased demand. Of course all that increased demand leads to increased need for public infrastructure (paid for by the citizens), increasingly crowded roads, longer commute times, etc. – all burdens on the taxpayers, while the construction industry reaps the profits.

    • Replies: @Cortes
    , @Alden
  18. @Altai

    Altai, ah yes.cabs rusting in the fields.

  19. Anonymous[758] • Disclaimer says:

    The bigger scandal here is that the United States government is importing FOREIGN labor to drive CARS. Are Americans unable or unwilling to drive cars now?

    • Replies: @Redneck farmer
    , @Art Deco
  20. @Triumph104

    a massive government extortion and shakedown operation.

    Phrase objected to on the grounds of multiple redundancy.

  21. @Sidecar

    It’s a funny how all this taxi-medallion devaluation process every.single.timed. perfectly with the Rise of The Planet of The Uber and Weedonomics:

    https://www.apnews.com/f25ba6551a8144f2bef149c0ff80b169

    And Kebab was left holding the bag.

  22. @Flip

    I don’t click on NYT links so can someone tell me if the article identifies the supposed malefactors, with names and photos perhaps?

    While we’re at it: there’s another class of American which is prone to high rates of suicide. Besides immigrant taxi drivers.

    • Replies: @Steve Richter
  23. @Triumph104

    U.S. Attorney Paul Fishman said, if you lived in one of those neighborhoods between 2009 and 2013 and wanted to apply for a mortgage, “Hudson City Savings Bank was not the place to go.”

    This is mind-blowing. By extension, it argues that every commercial enterprise must distribute its market presence according to demographics–actually contrary to demographics. According to skin color? Isn’t that what they claim to oppose?

    By contrast, the bank’s competitors successfully made “thousands” of loans to qualified borrowers in the same neighborhoods, Fishman said.

    So: the free enterprise system worked perfectly, and accordingly punished this bank you’re punishing for not taking profits from your favored minorities.

  24. @Steve Richter

    It caught my eye as well: Bangladeshis who have never heard of grifting.

  25. Coag says:

    The names of the predatory lenders, fleet owners, brokers in the article—names such as “Murstein,” “Weingarten,” (euphemistically referred to as “Russian immigrants”) show our national Melting Pot is dead. We are rather mankind’s Boiling Pot where boatloads of freshly arrived dysgenic simpletons must match wits with mighty Ashkenazic and other Levantine intelligence for the sick amusement of the Invisible Hand.

    • Replies: @Steve Sailer
    , @Anonymous
  26. @Anonymous

    Not in “redlined” neighborhoods.

  27. Travis says:

    Trump’s fixer, Michael Cohen, was $22M in debt because of his taxi medallions. Cohen was in the hole from borrowing cash from banks and credit unions against his 30 taxi medallions..https://nypost.com/2019/03/19/michael-cohen-was-22m-in-debt-because-of-his-taxi-medallions/

    Mr. Cohen borrowed from a half-dozen banks and credit unions to buy taxi medallions. Then he used the medallions as collateral to borrow more money to buy more medallions, former colleagues said. He quickly amassed 30 medallions, each then worth about $250,000 by 2007, but racked up millions in debt. https://www.vox.com/2018/5/22/17382138/michael-cohen-evgeny-freidman-taxi-king

    Cohen’s taxi business played a significant role in the federal charges against him. Prosecutors said he hid more than $1 million in income related to his New York medallions over five years. He also understated his medallion debt in a successful effort to secure a $500,000 home equity line of credit

  28. @Coag

    Lot of Greek names too in that article.

    • Replies: @M_Young
    , @Anonymous
  29. Hail says: • Website
    @Daniel H

    The scheme

    Some people say “Ponzi Scheme,” others say “Pyramid Scheme,”

    I call it simply,

    Immigration.

  30. The NYT likes to imagine itself as the sophisticated journal of America’s financial center. But when it comes to anything involving immigrants or minorities they have to take a “woke” angle that is economically illiterate.

    For example, it never occurs to them that in 2014 buying a leveraged medallion was mostly a no-lose proposition for an immigrants. If the value of medallions had gone up — for example, if NYC had successfully banned Uber — the poor immigrants would have made a bunch of money by reselling the medallion.

    If the bet went South (as it did), they just walk away from their now-uncollectable loan. So it was actually a pretty shrewd bet with Other People’s Money. Sort of a low-dollar version of how The Donald stiffed his creditors when his leveraged Casinos went belly-up in the early Nineties.

    In the woke storyline, however, immigrants and minorities are, by definition, never responsible for their actions. Meanwhile Big Finance has supposedly gotten rich by making an uncollectable “predatory” loan on worthless collateral. This doesn’t make sense. The investors left holding the bag on the bad loans are obviously the real losers.

    • Agree: Almost Missouri
  31. Spot the first anomaly in the article.

    Mohammed Hoque … began another long day driving a New York City taxi, a job he had held since emigrating from Bangladesh nine years earlier.

    NYC of course has such a shortage of people who can work as taxi drivers, that it must import them from the other side of the world.

    • Replies: @Ghost of Bull Moose
  32. Art Deco says:
    @Anonymous

    To be more precise, we’re importing people whose human capital is such that they drive cabs.

    Skills-based immigration is a troublesome idea inasmuch as we’re a populous country with an amply staffed education system and can certainly train our own tradesmen and professionals. Also, you generate a system wherein a critical mass of your business and professional class is derived from populations which are alien in some measure, you have the society and politics of inter-war Poland or Hungary, and that you do not want.

    Given current fertility deficits, we ought to be importing somewhere between 250,000 and 600,000 people who want to sign on to the American project and who show that by learning English before they’re given a spot in the queue for a settler’s visa (with bachelors from problem countries debarred). As long as they’re capable of earning a living and their access to common provision is carefully rationed for a period of time after their arrival (say, 12 years), it shouldn’t matter too much what their skill level is.

  33. OT: Betrand Russel 1952 https://www.youtube.com/watch?v=fb3k6tB-Or8

    Mentions his grandfather meeting Napoleon. Towards the end of the conversation he speculates on the future. Says Asians must control their population to achieve equality with the west. Open borders immigration was not on his radar screen.

  34. Hail says: • Website
    @res

    Minutes per year = 525,600

    525,960 mins/year if accounting for leap years, at 365.25 days per year.

    (525,949.2 is accounting to leap years at 365.2425 days per year.)

    Tangential: I realize the number of minutes in a day (1,440) is a version of the second-most-famous large number out of the Book of Revelation (144,000) (the first-most-famous being “666”). Luther argued Revelation was incoherent, of highly limited use, and probably shouldn’t be in the Biblical canon at all, but the conspiracy/fever-dream-oriented among us are known to love that book and base core doctrines on it.

    Number of minutes per day x 100 = Book of Revelation’s number for those to be (interpretation ambiguous).

    Coincidence?

    When Revelation was written (the first century AD?), did people count time in terms of 24 blocks of 60 minutes in a day?

    • Replies: @res
  35. @Triumph104

    The company’s consumer-facing subsidiary, Hudson City Savings Bank, avoided locating branches and loan officers, and avoided using mortgage brokers, in neighborhoods where minorities predominate, the government alleged.

    Popeye’s Fried Chicken has been “redlining” my neighborhood for years. I wonder if I also have a class action case.

    • Replies: @Colin Wright
  36. Hail says: • Website
    @Art Deco

    sign on to the American project

    I know this kind of language is common, but I don’t think it is very useful. There is an organic American nation. It is not a ‘project.’

    • Replies: @Art Deco
  37. @Mr McKenna

    it is a huge article in the print edition. 4 full pages plus above the fold on the first page. Photos of drivers and Murstein, father and son. Tomorrow is part 2. Their politics are for sure dopey, but you have to respect and appreciate the resources the Times has to produce the paper on a daily basis.

  38. ‘…If Mr. Hoque gave him $50,000 that day, he promised to arrange a loan for the purchase.

    After years chafing under bosses he hated, Mr. Hoque thought his dreams of wealth and independence were coming true. He emptied his bank account, borrowed from friends and hurried to the man’s office in Astoria, Queens…’

    There weren’t people prepared to take advantage of idiots like this back in Bangladesh? Having been conned in India, I’m skeptical. Those people are good.

    • Replies: @YetAnotherAnon
  39. @Hypnotoad666

    ‘Popeye’s Fried Chicken has been “redlining” my neighborhood for years. I wonder if I also have a class action case.’

    Be careful what you wish for. You could wind up with a Popeye’s Fried Chicken franchise in your neighborhood.

    Hey: somebody’s going to separate Negroes from their money. I, for one, think that anyone who is prepared to put up with all the bullshit that goes with that deserves every penny they can get.

    • LOL: Dtbb
  40. Daniel H says:
    @Art Deco

    Given current fertility deficits, we ought to be importing somewhere between 250,000 and 600,000 people who want to sign on to the American project…….

    American project? American experiment? That’s cuck-speak.

  41. @Art Deco

    ‘…Given current fertility deficits, we ought to be importing somewhere between 250,000 and 600,000 people who want to sign on to the American project and who show that by learning English…

    We ought to import zero people. The thought of slowly declining to a population of two hundred million doesn’t disturb me in the least. Wake me up if it looks like we might go below one hundred million.

    • Replies: @anonymous
  42. @res

    This PDF has some interesting statistics for green cards from 2012-2014:
    https://www.dhs.gov/sites/default/files/publications/Lawful_Permanent_Residents_2014.pdf

    What is the 1.5 million person spike around 1990 in that graph on the first page of the report?

    • Replies: @Hail
    , @Hail
    , @res
  43. Not sure which one is more stupid: Hogue, who no longer has any money left, or this so-called “businessman” who thinks he is getting $1.7m from a guy who no longer has any money left.

  44. Hail says: • Website
    @PiltdownMan

    I would bet it is almost certainly the Reagan amnesty.

  45. anonymous[252] • Disclaimer says:
    @Colin Wright

    I’m with you. Increasing population is a Ponzi scheme we don’t need. We need to figure out how to master a slowly declining population. As a late baby boomer, I prefer the much less crowded environment I grew up in.

    • Replies: @Art Deco
  46. Hail says: • Website
    @PiltdownMan

    One interesting feature here (partly of the way the data is presented in this graph) is there is no immediately visible “1965 Immigration Act”-related shift. The shift up from from ~zero (effective with the WWI-related cutoff, from ~1915) looks to begin immediately in — 1945.

    The 1945-to-1985 period had slowly and steadily increasing green-card handouts (in absolute numbers); a clear upward trendline over forty years, pretty clean (i.e., the actual data hugs the trendline).

    So the story (the “turning point” narrative) is one of 1945, not 1965.

    ______________

    It looks like the rate-of-increase trendline jumps a little about mid-late 1980s (with the Reagan amnesty), and has increased since then, the significance of which is unclear in historical terms because all this data is absolute and not relative.

    • Replies: @Almost Missouri
  47. If the immigrants owe a few thousand dollars it’s their problem; if they owe a few billion it’s our problem.

  48. @James N. Kennett

    Bangladeshis also make up a huge percentage of NYC meter maids, uh, parking enforcement officers.

    Word got around in the Bangladeshi community, now it’s practically a closed shop:

    https://www.nytimes.com/2013/11/29/nyregion/bangladeshis-build-careers-in-new-york-traffic.html

    Writing tickets sounds like a drag, but I’m sure there are Americans who’d happily do it.

    • Replies: @Anonymous
  49. Anon[354] • Disclaimer says:

    Taxi medallions are like rent control and unionized labor and occupational licensing for normal jobs. They do not reflect the free market. So anyone who is trying to get that kind of protection is participating in a scam to begin with; they just thought that they were on the winning end of the scam. I don’t feel that sorry for them when the house of cards collapses. You don’t have to have foreseen Uber to know that these kinds of things cannot be counted on forever.

    And what’s the deal with New Yorkers’ obsession with foreign taxi drivers? I think 30 percent of New York commedians’ jokes are about them. And journalists always have taxi driver anecdotes. Is it because they are the only real people or exotics that New York elites come into any sort of contact with? (You can’t have an extended conversaion with the banh mi sandwich seller.)

    • Replies: @Bragadocious
  50. Anon[354] • Disclaimer says:

    Let’s hope that New York doesn’t compensate them with preferential access to marijuana business licenses. They will probably succeed, driving out the blacks, which is not what we want.

  51. Anon[319] • Disclaimer says:

    As an immigrant, Mr. Mohammed Hoque picked the wrong career, Like many others, he should have started up a little corner store and got rich off of food stamp fraud. Either that or file false income tax returns.

  52. Art Deco says:
    @anonymous

    Your problem is caring for the old. Quite challenging when younger cohorts are smaller than older cohorts.

    You would benefit from learning the correct usage of the term ‘Ponzi scheme’.

    • Replies: @Gordo
    , @Art Deco
  53. ‘Your problem is caring for the old. Quite challenging when younger cohorts are smaller than older cohorts…”

    Either (1) you are advocating population increasing eternally, or (2) you accept that there will be some point at which it will level off and you will have to ‘care for the old’ without a perpetual influx of unskilled immigrants desperate enough to change bedpans for low wages.

    If (2), then why can’t population gradually decline as well? We shouldn’t have any problems with a birthrate of — say — 1.8 children per woman for the foreseeable future.

    I agree a birthrate of 1.5 children per woman would cause problems. However, there’s no reason why we can’t have a birthrate that produces a less radical decline than that — and every reason why we cannot simply keep increasing in numbers forever.

    • Agree: Gordo
  54. Art Deco says:
    @Hail

    Are they here to live with us or are they here to generate remittances and make a mess while they do it?

    We had a low immigration regime prior to 1840 and from 1924 to 1965. Rates of immigration were about 0.125% of the host population per year during those periods. That would be about 400,000 persons per year as we speak. (1) controlled rates of inflow, (2) English-speaking off the boat, (3) access to common provision only incrementally as they live and work here, (4) dispersed origins with no heavy inflow from particular places (e.g. Mexico). A salutary state of affairs in contrast to what we have now.

  55. res says:
    @Hail

    I was wondering if someone was going to be anal about the year/minute conversion ; )

    • Replies: @Harry Baldwin
  56. Peterike says:

    “But the methods stripped immigrant families of their life savings, crushed drivers under debt they could not repay and engulfed an industry that has long defined New York.”

    It’s not every day that I get to read something that warms my heart as much as that.

    • Replies: @Dtbb
  57. Anonymous[427] • Disclaimer says:
    @Sidecar

    Most cities do fine without the bullshit medallion program. NYC combines the worst aspects of Soviet Russia, Singapore under LKY and Germany under YKW (you know who).

  58. res says:
    @PiltdownMan

    Not sure if that jump is real or some kind of statistical artifact, but it probably has to do with
    https://en.wikipedia.org/wiki/Immigration_Act_of_1990

    The graph at this page indicates the spike is due to “Status adjusters.” There is also some explanation at the link.
    https://www.migrationpolicy.org/article/green-card-holders-and-legal-immigration-united-states

    Another graph which may cast some light from
    https://www.migrationpolicy.org/article/spotlight-legal-immigration-united-states

    • Replies: @Hail
  59. @Travis

    Cohen’s taxi medallions were of great interest to the Mueller team. Other topics more relevant to the investigation, such as how the whole collusion hoax began, who Joseph Mifsud was working for, etc, not so much. Mueller is an absolute disgrace. No wonder he doesn’t want to appear before a congressional committee–Republicans would get to ask him some questions there.

    • Agree: Travis, Nathan
    • Replies: @Steve Richter
    , @Desiderius
  60. RonaldB says:
    @Flip

    The loans were made by speculators and high-risk, high-profit mortgage companies and bankers. A lot of the loans were sold to other backers, probably investors who were lied to about the risk, and a lot of the loans were interest-pay only. In other words, the loans were an initial investment in a stream of money for an unspecified period.

    The real crash came when the price of cab medallion fell through the floor. The reasons were the uber competition, but even more so that the medallions were way overpriced as a speculative bubble. New York City has a habit of interfering with the market mechanisms. Rent control is taken as a right by New Yorkers. Taxi medallions represented an artificially overpriced market.

    By the way, the article made it obvious the taxi driver from Bangladesh would have been infinitely better off if he had stayed in Bangladesh: a high-level productive job with benefits and nice living arrangements. I hope his story gets publicized not only in the US, but in other countries. Immigration devastates the home country, the source country, and the immigrants themselves.

  61. Hail says: • Website
    @res

    I am almost sure “status adjusters” is a euphemism for the “amnestyed-in back in ’86” crowd. I would be surprised if there were another explanation.

    • Replies: @res
  62. @res

    Oh, you can count on that here.

  63. I dare say that only 30 to 40 percent of all occupations are necessary meaning they provide essential goods and services for which a society cannot reasonably function. How many fast food restaurants, law firms, and nail salons does a society need?

    If the immigrant influx stopped, we would simply focus our resources on the essentials. But with the onslaught of automation, the need for immigrants should be negligible anyway.

    • Agree: Gordo
    • Replies: @Hail
    , @Clifford Brown
  64. RonaldB says:
    @anon

    And the impoverished immigrant gives up and he and his family become a public burden forever more.

    Fortunately, in this case, there do not seem to have been government bailouts, like you saw in the housing crash of 2008. One approach might be to not allow scalpers to hide behind corporation; illegal behavior should accrue not to corporations, but to individuals. Also, misrepresentation of asset risk should carry more of a criminal liability.

  65. 216 says:

    Time Preference in Action

    Fast-Food Workers Have a New Job Perk: Finish a Shift, Get Cash to Go

    Workers at Church’s Chicken, Pizza Hut, and Checkers can now get expedited pay as U.S. restaurants grapple with a labor shortage that’s not showing any signs of abating.
    Restaurant chains are pulling out all the stops to attract and retain cooks and cashiers amid persistently low unemployment. The latest move: Same-day and next-day paychecks. Starting in June, eight Church’s Chicken restaurants will offer employees half of their earned pay the day after their shift. The test will gauge whether the 50% is enough for workers, and the idea is to roll it out more widely going forward. It’s not a loan, and there are no fees.

    http://fortune.com/2019/05/19/fast-food-franchise-employees-pay-labor-shortage/

  66. M_Young says:
    @Steve Sailer

    The Greeks outside of Greece were also a middleman minority. Tons of ’em throughout eastern Med, Egypt, Black Sea. Even in Southern Africa (SA, Rhodesia)

    • Replies: @Gordo
  67. Hail says: • Website
    @MalePaleStale

    I dare say that only 30 to 40 percent of all occupations are necessary meaning they provide essential goods and services for which a society cannot reasonably function

    Is this 30-40% based on some firm data, or just speculative?

    I have sometimes thought the true number may be quite a lot less than even that. A small % of wealth creators (<10%? including farmers, miners, and the like); a modest % of people providing essential services like police, fire, electric, sanitation, and many more, often paid with tax money (wealth absorbers – direct) (up to 10%?); and the large majority(80%+?) doing various kinds of make-work (wealth absorbers – indirect), some higher brow, some lower; some more useful, some less, dependent on redistribution of the created wealth (group 1) and the system's stability (as maintained by the group 2).

    Where do low-level immigrants come in? They usually seem to slide easily into the make-work group. IOW, “we” don’t need them. Otherwise they are sometimes found as cheap labor-inputs in a group 1 (wealth creation) venture like, quintessentially, fruit picking. They do not create that wealth.

  68. @RonaldB

    Rent control is taken as a right by New Yorkers.

    I remember Donald Trump telling an interviewer decades ago that he wasn’t opposed to rent control per se (maybe he had to say that), but many of his tenants, far from poor, were abusing it.

    Today’s rent controls were passed in WWII as an emergency measure. Someone should tell City Hall that the war is over.

    But the “Good War” is never over in NYC.

  69. @Sidecar

    Some people say the same thing about the licensing that requires hundreds in the intial phase. It also requires taking a bunch of tests that turn into recurring, costly testing requirements every two years, plus more money given to the state to renew.

    Licensing critics say, well, it’s not a huge amount like a taxi medallion. No, it’s not, albeit many licensed people also have a bachelor’s degree. Many have paid off business loans, too, with none of it resulting in anything but lots of wasted time, effort and money.

    America has a million job scams of various magnitude. The industries preparing job seekers to be scammed, educating them about the process with key issues left out, often make more money than those pursuing the legally required certifications, as do the family-friendly, absenteeism-friendly, above-firing government employees overseeing this multi-tentacled shell game.

    But if you do away with licensing, then it’s a 100% loss for the people who invested the time, the effort and the money to get licensed and a win for those who did not bother jumping through the “legally required” hoops.

    Of course, in the case of licensing, employers often bypass it if they can hire one licensed signer and a building full of unlicensed moms, willing to work very cheaply due to unearned income from a spouse or welfare that covers their major bills and refundable child tax credits up to $6,431. That is also why many cynics call for abolishing licensing: it helps the Cheap Labor Lobby, while also helping the wage-undercutting mom scabs that politicians assume are registered to vote.

    The taxi medallion thing takes it over-the-top, particularly the part about the loan going from $50k to over $1 million. The ones who committed suicide might have been confused about US laws. They were likely the ones who felt an obligation to observe the full-faith-and-credit ideal, making it all the more disgusting to do that to them. I don’t care where they are from; they don’t deserve to be severely scammed.

    • Replies: @Jim Bob Lassiter
  70. @RonaldB

    The Mob was involved in the taxi medallion racket for decades, then the Wall Street types moved in and securitized the market.

    Uber did God’s Work.

  71. res says:
    @Hail

    That would make sense for the 1990 spike.

    My understanding is it has a more general meaning. Which like most things is complicated, but I think the basic idea is you already have a temporary visa and convert it to being a permanent resident (green card). Much more at https://www.alllaw.com/articles/nolo/us-immigration/adjustment-of-status-permanent-resident-faq.html

    As the earlier graph and your point make clear, “status adjustment” is the area which sees the big year to year changes.

  72. Cortes says:
    @Wilkey

    If housing were more affordable perhaps more homegrown young couples would start families of their own? Less need for middle class welfare in programmes designed to ease the influx of aliens.

  73. jim jones says:

    London has the best taxi drivers in the World because of its difficult testing process:

    • Replies: @Mike1
  74. Anonymous[575] • Disclaimer says:

    A good case study for economics.

    Firstly, the ‘auctioning off’ of ‘medallions’ or licences to operate as taxi drivers in NYC is a rather bizarre case of restrictive practices in extremis. The numerical limitation of these licences and the fact that they are traded for cash rather than being won by qualification stinks within itself – obviously heavy corruption was purposely built into the system at the outset to benefit a privileged group. It reeks of politicians being bought off.

    Secondly, the free market, as we are told is ’eminently rational’. The high cash price of a medallion must be the free and fair market price due to the rewards accruing to possession of that particular legally enforced monopoly. That is a premium is due from the duffers who purchase such a licence due to the advantage it gives to leveraging the price of their labor vis-à-vis the true market price of such grunt labor.

    The upshot is that as ever, the consumer is ultimately being ripped off by this legally enforced monopoly.

    Adam Smith could have told you this 250 years ago.

  75. Anonymous[575] • Disclaimer says:
    @Coag

    Subcons can at least match Levantines when it comes to cunning.

  76. Anonymous[575] • Disclaimer says:
    @Ghost of Bull Moose

    The ‘risk premium’ in this case is, of course, the likelihood of actual physical assault.

  77. Anonymous[575] • Disclaimer says:
    @RonaldB

    No.

    Literally, there are *millions* of other Bangladeshis from where he came from.

    If you think competition for grunt labor is tough in NYC, well, for your average Bangladeshi NYC is the never ending eternal Disneyland.

    • Replies: @Almost Missouri
  78. Gordo says:
    @M_Young

    Indeed, there was at least one Greek speaking masonic lodge in old South Africa.

  79. @Anonymous

    “Literally, there are *millions* of other Bangladeshis from where he came from.”

    Blue and Red are equal populations:

    h/t Reg Cæsar

  80. @Colin Wright

    “Having been conned in India, I’m skeptical. “

    May I ask what form the con took? As a paranoid occasional visitor?

    I take it as read that our guide is getting a kickback from the restaurants and shops he takes us to … that’s more a perk of the job. The worst curry I ever had in my life was in a tourist trap place in Agra.

    • Replies: @Colin Wright
  81. @Travis

    Slight quibble: the article’s headline, “Michael Cohen was $22M in debt because of his taxi medallions”, implies that Cohen was $22m underwater (net) because of the medallions. The text of the article—and real world experience—implies that while Cohen may have had $22m of gross debt from medallions, he was not a net debtor.

    There is a vast difference between having a balance sheet with, say, $100m assets and $22m debt (=$78m net worth) versus a balance sheet of only $22m debt (=negative $22m net worth).

  82. @Hail

    “The shift up from from ~zero (effective with the WWI-related cutoff, from ~1915) looks to begin immediately in — 1945.

    The 1945-to-1985 period had slowly and steadily increasing green-card handouts (in absolute numbers); a clear upward trendline over forty years”

    I’ve noticed this before in immigration tables. I think the post-WWII increase was mostly the Displaced Persons program, which was like a smaller, milder version of our current “refugee” resettlement scam, where cheap labor is imported in bulk under the guise of international humanitarianism. US citizens from that era often remember “DPs” with the same resentment and grudging acceptance that today’s citizens have for today’s so-called “refugees”, but the media memory-hole this and publish endless Ellis Island sentimentality instead.

    Obviously, once the DPs ran out, the cheap labor lobby found other “emergency” “temporary” ways to bring in new labor and keep feeding the trendline. The Bracero program and the Migrant Labor Agreement of 1951 for example, kept up the supply of cheap labor through the 1950s, right up until the 1965 Act wedged the door wide open.

    Moral: the cheap labor lobby never sleeps.

  83. Gordo says:
    @Art Deco

    Your problem is caring for the old. Quite challenging when younger cohorts are smaller than older cohorts.

    The Japanese are exploring technology as an answer, the West is implementing low IQ low trust high crime immigration.

    The elderly will be beaten abused and killed by these people. Feature not bug I suspect.

    • Replies: @Art Deco
  84. Anonymous[936] • Disclaimer says:

    Bangladesh is a nation choc full of corruption, graft, bribery, nepotism, baksheesh etc etc to an extent which any westerner could scarce imagine.

    So I have a hard time believing that Bangladeshi taxi drivers are perfectly naive patsies and innocents. There has to be more to the story than meets the eye – the only explanation is that Uber has gutted this particularly little racket/business model. If Uber didn’t exist, you wouldn’t hear this whining – and the cab paying public would still be ripped off blind.

    Another point is that the rational thing for the immigrant cab drivers to do would be to cut their losses, declare bankruptcy etc and reinvent themselves as an Uber syndicate, thereby sticking it to the middlemen.

  85. @Endgame Napoleon

    “I don’t care where they are from; they don’t deserve to be severely scammed.”

    Not even if “they” severely scammed us in getting here and staying here? I think it really is more a matter of exactly who is scamming who.

    There’s an old Gringo ex-pat axiom in Costa Rica: “For every Gringo that comes down here with a business plan, there are a thousand locals with their own business plans to quickly separate him from his Yanqui dollars.”

  86. @Harry Baldwin

    Republicans would get to ask him some questions there.

    I have very little confidence republicans would ask revealing questions. When they held the house they never challenged Comey and asked if there was any evidence of collusion.

  87. NY (((business men))) are the most unscrupulous. It’s why they support mass immigration.

  88. Foreigners are flooding into New York City and the USA.

    Bankers and plutocrats and money-grubbers and globalizers are using the foreigner inundation to profit off scams involving loans and debts and screwing over regular people to grab loot.

    Loans and debts and scams and foreigners brings up the biggest frigging scam going: central banker shysters conjuring up loot out of thin air to keep the fiat currency scam expanding.

    A Canadian foreigner named Carney — perhaps he is related to Teddy Cruz, another Canadian — is the head of the Bank of England. Carney inadvertantly told the truth about why central bankers push mass legal immigration and illegal immigration. Mass legal immigration and illegal immigration are used by central banker shysters to prevent any wage inflation that would ordinarily occur during bouts of monetary extremism.

    I wrote this in November of 2018:

    Red solo cup guy thinks it’s odd and funny that all these foreigners are running all the central banks here and there. So do I.

    Makes sense, the plutocrats and globalizers who control the central banks think in terms of spheres of influence and trade zones, they don’t think in terms of nations and national sovereignty.

    Trumpy the dope is at least starting to get people to think differently about national sovereignty and globalization.

    Bank of England chief Carney is a Canadian.

    Tweet from 2015:

    • Replies: @Art Deco
  89. @YetAnotherAnon

    ‘May I ask what form the con took? As a paranoid occasional visitor?’

    It is mildly embarrassing. About the only defense I can offer is that I was twenty at the time.

    A Welsh kid I had met traveling and I ran into some guy who offered us a really good deal if he could cash our travelers’ checks (this was 1979). So we go with him in a cab, he gets out to go into a building to ‘cash the checks’ — and never comes back.

    So why did we let him do this? I said he was good, didn’t I?

    It may be of interest to mention that, yes, American Express made me whole. My acquaintance was carrying travelers checks from Barclays, and they refused to reimburse him.

    • Replies: @YetAnotherAnon
  90. Ben Gunn says:

    You are on a roll Steve, great piece. “the Statue of Liberty would cry” etc.

  91. @Harry Baldwin

    Looking like the purpose of the SC was to investigate stuff anti-Trumpers cared about with a team of anti-Trumpers in order to calm them down when nothing was found.

  92. @Steve Richter

    the article mentions at some point that a driver was told to “lie” on a loan application that he earned over $100K a year while his tax return was $30K. The article expects the reader to believe a taxi driver in NYC working 6 days a week earned such a low amount. Like no way the drivers are tax cheats.

    A few years ago Frontline did an investigative piece called “Abacus: Small Enough to Jail” about a Chinese immigrant and his American-born daughters who operated a Bank catering to the Chinese community in Chinatown in Manhattan and its defense of criminal charges for various bank frauds.

    One of the themes is that Abacus made multi-million dollar business loans where the borrower stated incomes in the low five figures. “Not to worry!” the American-born Chinese daughters said, the borrowers were actually much more successful than their stated incomes – “they deal in cash.” Obviously, this is a thin veneer over the fact that these Chinese immigrants don’t pay their taxes, Abacus knew this, but processed materially false loan applications anyway as a Federally insured institution.

    My surmise is that lots of our sainted immigrants have competitive advantages against the native born simply by virtue of being scofflaws.

    • Replies: @Art Deco
  93. @Abe

    Did the article mention if the market for taxi medallions collapsed beause of rideshare (UBER/LYFT)? Are those legal to operate in New York City still? Funny how infinite low-skill immigration is somehow not incompatible with finite, tightly-restricted low-skill sinecures necessary to job-up said infinite flow of immigrants.

    Big Tech is cloaked in some sort of aura so that the law doesn’t apply to it somehow (venture capital money helps too). Clearly Uber and Lyft operated a cab service in jurisdictions in which this was heavily regulated and in which there were expensive barriers to entry simply by ignoring the applicable law.

    In any event, rideshares seem like scams targeting financially illiterates to me – apparently Uber is reducing its payment per mile to the drivers to $0.60. The IRS permits milage reimbursements at the rate of $0.58 per mile. Any revenue would consist primarily of cashing out of the useful life of the vehicle.

    • Agree: Desiderius
  94. Art Deco says:
    @Alec Leamas

    Since the banks are federally insured, this sort of thing is a great deal more galling than the ‘money laundering’ going on (prosecutions in regard to which hold banks responsible for monitoring facially lawful transactions).

    • Replies: @Alec Leamas
  95. Art Deco says:
    @Gordo

    The answer would be fertility improvements and in lieu of that modest immigration flow. Don’t think technology ever gets you there, except in the imagination of libertarian autistics.

  96. Art Deco says:
    @Art Deco

    No, not really. As we speak, about 40% of the elderly are high-maintenance for some extended period at the end of their life.

  97. @Anon

    I’m reminded of Dave Barry’s legendary 1987 column on NYC:

    We’re riding in a cab from La Guardia Airport to our Manhattan hotel, and I want to interview the driver, because this is how we professional journalists take the Pulse of a City, only I can’t, because he doesn’t speak English. He is not allowed to, under the rules, which are posted right on the seat:

    NEW YORK TAXI RULES

    1. DRIVER SPEAKS NO ENGLISH.

    2. DRIVER JUST GOT HERE TWO DAYS AGO FROM SOMEPLACE LIKE SENEGAL.

    3. DRIVER HATES YOU.

    This was considered incredibly funny in 1987 and helped Barry win a Pulitzer the next year. Today it would be considered anti-immigrant hate speech.

    • Replies: @Hail
  98. Mike1 says:
    @jim jones

    lol no they are a joke. You have to navigate for them with your phone.

  99. Colin Quinn interviewing NYC cab drivers on industry suicides and high medallion prices –

  100. @Art Deco

    Since the banks are federally insured, this sort of thing is a great deal more galling than the ‘money laundering’ going on (prosecutions in regard to which hold banks responsible for monitoring facially lawful transactions).

    Right – processing the facially fraudulent loan applications where the Abacus based its creditworthiness and risk assessment of the borrower on the understanding that the borrower would pay the loan with undeclared income is just an elaborate way for the Chinese to launder their untaxed cash into hard assets.

  101. Forbes says:

    he had just signed a contract that required him to pay $1.7 million.

    Apparently the greed personal motivation of the driver to own a medallion led him to pay a price that some would consider exorbitant/excessive/prohibitive/insane. Or the driver lacks agency, free will in his decision-making, and should be prohibited from entering contracts–treated as if a child.

    a handful of powerful industry leaders who steadily and artificially drove up the price of taxi medallions, creating a bubble that eventually burst.

    Presumably the medallion price was agreed upon in an arms-length transaction by the seller and a buyer, e.g. no one coerced the buyer with a gun to his head.

    Funny, how the elementary law of supply and demand leading to price discovery are always missing from these “investigations.”

    • Replies: @Jack D
  102. Anonymous[375] • Disclaimer says:
    @Steve Sailer

    Astoria has the largest population of Greeks outside of Greece itself. That part of Queens is believed by demographers to be literally one of the most diverse areas on the planet, as in the actual, UN style sense and meaning of “diversity”, as opposed to the common use of the term in mainstream media to mean “black” or “non-white”.

  103. Art Deco says:
    @Charles Pewitt

    A Canadian foreigner named Carney — perhaps he is related to Teddy Cruz, another Canadian —

    Ted Cruz had American citizenship from birth as his mother was born in Delaware, as were his maternal-side grandparents, as was his maternal grandfather’s father, as were the three previous generations in that man’s family. He left Calgary for Houston at age four.

  104. Alden says:
    @Wilkey

    Please don’t forget that housing construction means retail, industrial, schools, public libraries, post offices, city community centers, parks and swimming pools, government offices, fire and police stations, prisons, commercial hotel, bridge and road, and high rise construction.

    That’s where the real money, commercial industrial construction, not homes is.

  105. Alden says:

    Immigrants don’t care about me and mine, so I don’t care about them.

  106. Jack D says:
    @Forbes

    The drivers saw the medallions as assets that were ever increasing in value (which they were until Uber came along) so they viewed them as good investments despite the outrageous price. BTW, $1.7 M must have included interest and is a meaningless number, mixing apples (principal) and oranges (interest). NYC taxi medallions themselves peaked at just over $1M. The total amount of interest that you pay on a loan is a function of the repayment term (as well as the interest rate). If you were to take a perpetual interest only loan you’d pay an INFINITE amount of interest.

    If medallions had continued their ever upward ascent, the driver would be lauding himself for his shrewd insight in signing up to buy one (and kicking himself for not buying more). This is the same deal as the “housing bubble” where homebuyers were “exploited” by banks lending them a lot of money. If you bet on a market going up and it goes down instead, no one has “exploited” you.

    • Replies: @byrresheim
  107. @Cortes

    Porter (pbuh) did a good job pointing out that immigration was not so much for the cheap labor–we don’t need their labor–as for the cheap consumption. Eyeball counts for internet providers don’t care if they’re European neurosurgeons or Guatemalan pine straw spreaders.

    Payday lenders, cell phone kiosks, realtors, social workers, court systems, educators, Mickey D’s, all make hay off immigration and its related churn.

    • Replies: @Corvinus
  108. @Colin Wright

    Could have been worse – you might have run into this guy. Even now tourists disappear in Manali area, famed for its hashish even in the 1970s.

    https://en.wikipedia.org/wiki/Charles_Sobhraj

    A university friend used to tell the tale of his first trip to Paris, aged 16 with his school, in pre-diverse days. Naturally he and his mates slipped away from the tour of Notre-Dame, and found a nice bar to sink a few glasses of red in.

    Soon he got chatting to a young lady, and soon she was “all over him like a rash”, hands and tongue busy. He thought he was absolutely The Lad, until she went to the loo and hadn’t come back ten minutes later. Then he felt for his wallet and it wasn’t there.

  109. I wonder what percentage of these

    bankers, brokers, lawyers, investors, fleet owners and debt collectors.

    were members of the tribe?

  110. Corvinus says:
    @The Anti-Gnostic

    “Porter (pbuh) did a good job pointing out that immigration was not so much for the cheap labor–we don’t need their labor–as for the cheap consumption. Eyeball counts for internet providers don’t care if they’re European neurosurgeons or Guatemalan pine straw spreaders.”

    That’s just good business sense. Thanks, capitalism!

    “Payday lenders, cell phone kiosks, realtors, social workers, court systems, educators, Mickey D’s, all make hay off immigration and its related churn.”

    Didn’t your ancestors build that? Should you not be proud of their contributions to the development and sustainability of the American economy? Are you not gainfully employed as an ambulance chaser as a result of our nation’s construction?

    • Replies: @The Anti-Gnostic
  111. Hail says: • Website
    @Bragadocious

    Well done, Dave Barry.

    __________________________

    Here is a Dave Barry factoid:

    Born and raised in Armonk, Westchester County, New York.

    The center of Armonk (2010 pop.: 4,300) is 27 miles north, as the crow flies, from the middle of Central Park, Manhattan. Manhattan is out of daily commuting distance for all but the most fanatical Armonkites: From Armonk to Grand Central Station, one must go by bus and train, acc. to Google, and it’ll cost you 1h 45m one way in addition to fare.

    Armonk, Census 2010
    – White: 89.0%
    – Asian: 4.9%
    – Black: 0.6%
    – Puerto Rican: 1.2%
    – Other Hispanic: 3.1%
    – Other non-Hispanic: 1.3% (including mixed-race)

    If it was still doing this well in 2010, imagine what Barry’s boyhood was like (1950s)!

    Nearby places: Chappaqua, Valhalla. (Yes, Valhalla.)

  112. @Triumph104

    Looks like Ally Bank might have been a bit stingy with its campaign donation.

  113. @Jack D

    Spoken like a true liberal.

    One (among many) reasons for the medallions, long forgotten, but uber will give us a healthy reminder, is to keep desperados out.

    And by the way, if a speculator gets hoodwinked about credit terms, that is not the free market at it’s best.

  114. @Art Deco

    Given current fertility deficits, we ought to be importing somewhere between 250,000 and 600,000 people who want to sign on to the American project …

    No. What you are advocating is population replacement. I don’t want to be replaced.

    No one needs *any* immigrants and certainly not the United States. Even the Andaman Islanders do not need any immigrants. Believe it or not “closed” systems function just fine. No immigrants have arrived on planet earth during my lifetime … and yet the earth still has a functioning economy! As long as sunlight is still coming in … we’re doing ok. (Yes, i’m aware the earth is not closed.)

    Seriously–and this isn’t directed at just you, Art, but all the aspies here–be a higher quality aspie. Don’t be the bozo who fires up excel and says “we’re 425,000 short this year, plus or minus 125,000.” If you’re going to be an aspie, try and understand the actual math involved here.

    Humans are actually a biological species. We reproduce. We evolve.

    I was a tyke when the birth control pill was introduced and i still don’t have any grandchildren. We’re all of two–generously 2-1/2–generations into this distruption in the human environment. Maybe six generations into the huge distruption of industrialization. Let selection do it’s job!

    Right now we’re selecting for women whose genes and culture are more resistance to feminism–anti-natalism. Left alone white–and other advanced nations–would have a population dip, then a nice recovery as we boiled off the “too busy to” and “all about me” types and the population was increasingly people who valued family life.

    If we didn’t have immigration, we’d have better pay and cheaper housing and native fertility would immediately head north. If we’d never had this insane mass immigration, i’d bet, the US would already have recovered from the Pill’s disruption in be at something close to stable fertility. But if not yet–so what–it will come. Or race and culture will naturally adjust to the distruption and evolve to survive.

    But recovery only comes if we let it.

    Mass immigration is an attempt to destroy the natural evolution of white nations–and other advanced races–to the distruption of modernity and the demographic transition.

    Immigrationists, spewers of the “nation of immigrants” and “we need people” propaganda, are evil, genocidal creeps who hate the existence of white gentile nations. Try to be smart enough to understand that what they advocate is population replacement–i.e. genocide. And do not play their game.

    • Replies: @Art Deco
  115. Art Deco says:
    @AnotherDad

    No. What you are advocating is population replacement. I don’t want to be replaced.

    No, I’m not. There are 3.8 million live births per year in this country. Unfortunately, people aren’t having enough children. An annual immigrant intake of that dimension (0.125% of the extant population, properly screened) can and has been agreeably incorporated in the past. Foreign population are going to vary in how many people therein can readily adapt to American life and how readily they (and their progeny) give their loyalty to the rest of us. For some places fairly high (Australia), for some quite low (Pakistan).

    The problem we have now is (1) too much inflow, (2) uncontrolled inflow insensitive to policy, (3) the use of immigrants as a vote farm by flagitious political factions, and (4) the deployment of immigrants against non-exotic populations through implements like anti-discrimination law. The political class we had a century ago (see Theodore Roosevelt) were proud of their heritage and what they’re ancestors accomplished. The one we have now sneers at their ancestors, lies about them and is vain about their own rather fanciful virtues.

  116. Corvinus says:
    @The Anti-Gnostic

    “Not even wrong.”

    I know, I’m completely right. I would be more concerned about yourself as someone who is wronger than wrong.

  117. @Art Deco

    In similar situations in the past an immigration pause has been salutary to allow assimilation of corrupt elites.

  118. @Art Deco

    There’s 320 million of us chief. And the next 120 million will head for the same places where the previous 120 million went after American women voted with their wombs for less people.

    The country is full, we only need so many store managers, and sheetrock hangers and fruitpickers can’t and won’t pay your Social Security and Medicare.

    Importing a good-sized city of people every year is political and cultural suicide for the American experiment, not to mention ethnic replacement.

    • Replies: @Art Deco
  119. Art Deco says:
    @The Anti-Gnostic

    You don’t want more people, which I suppose is a defensible preference.

    The notion the country is ‘full’ is a confusion harbored by people bad at math. You could sort the entire non-agricultural population into about 500 settlements of ordinary suburban density and make use of 4% of the total land area in the country in doing so. The average such settlement would have a population of about 600,000 and could be traversed end-to-end by car on city roads in about a half-hour.

    As we speak, about 1/2 the population lives in dense settlements > 600,000 and about half lives in smaller settlements or in country homesteads. About 30% live in megalopolitan centers like Atlanta.

    and fruitpickers can’t and won’t pay your Social Security and Medicare.

    At any one time, there are just north of 300,000 people employed in agricultural wage labor in this country, in an economy which has more than 150 million employed persons. No one’s been expecting their efforts to head off hikes in payroll taxes. Ever.

    And the more salient problem is the actual sweat equity necessary to care for the old.

    • Agree: Johann Ricke
  120. @Art Deco

    Yes. I know that everybody in the world could fit in Duval County, Florida. That argument has been repeated ad nauseam. That’s not what people do; they will go where the other 120 million people went. The average Liberian Uber driver or Guatemalan peasant is not headed for the Northwest Territory to found Chicago. Canada has already been there and done that. They pay people to live in some small burg on the prairie for a couple of years, then they end up back with their patronage networks in Toronto and Montreal.

    At any one time, there are just north of 300,000 people employed in agricultural wage labor in this country, in an economy which has more than 150 million employed persons. No one’s been expecting their efforts to head off hikes in payroll taxes. Ever.

    Sheetrock hangers, fruitpickers, chicken pluckers, hotel maids, burger flippers, roofers, cashiers, whatever. Why are you always tripping and falling off a 500-foot cliff over mouse poop? You don’t have to answer that.

  121. @Art Deco

    And the more salient problem is the actual sweat equity necessary to care for the old.

    Old people aren’t Habitat houses.

    What’s needed are institutions that strengthen the ties that bind our hearts in Christian love (He’s a Jew, Jews, use your imagination). Church and family have cared for the old since time immemorial.

    Once the forces attacking them are defeated, they will once again take up that role.

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