Falkenblog has an interesting quote from Harvard, wherein in 2003, back before the financial crisis, Angello Mozilla gives politically correct bullshit justifying every bad thing the banks did to cause the financial crisis on the basis of race and affirmative action.
That means there is currently a homeownership gap of over 25 points when comparing white households with African Americans and Hispanics. My friends, that gap is obviously far too wide.
…One of the more obvious resolutions to the Money Gap is the elimination of down payment requirements for low-income and minority borrowers
….
the credit score bar dividing creditworthy from high-risk borrowers, must be substantially lowered by the GSEs, the secondary market in general, and with bank regulators.
These are all quotes from a publication of “The Joint Center for Housing Studies of Harvard University”, which endorsed all the actions the regulators took to destroy our financial system, and urged more of the same.
Please keep in mind that everything this wrecking crew did is still in place, still in force. It became illegal to be an honest banker, that being raaaacist, and it still is illegal. Every single banker is a crook, is because no honest banker can make crooked loans, and the regulators require all bankers to make crooked loans. Undoing the damage would require an unthinkably radical transformation of our political system, something more akin to regime change and the collapse of democracy, than any mere election. As I have said so many times before, to fix the financial system will require and result in a society where it is possible to laugh at the Nobel committee for giving Marie Curie two Nobel prizes that for work that was unexceptional when men did it, and laugh at Pierre Curie for pushing his wife into the lab, when he should have kept her in the bedroom and kitchen.
Tags: affirmative action, financial crisis, race
In fact the banking regulations are racist because they impose far stricter conditions on members of the majority population group.