JPMorgan puts $30B toward fixing banking’s ‘systemic racism’ - 2008 is just a faint memory.

Meat Target

Your friendly neighborhood misanthrope
kiwifarms.net
Banking already has tomes upon tomes of laws and regulations that are meant to prevent discrimination and redlining. For example:
  • If you only do business on one side of a state line, that can be "redlining"
  • If you feature images of people in your marketing material and they're too white/not diverse enough, that's "discouraging minority customers"
  • If a customer applies for a loan and you give them initial paperwork in Pashtun because it's the only language they speak, it's discrimination if you give them all subsequent documents in English.
  • You forgot to put the "Equal Housing Lender" logo on your website? DATS RAYCIS!
Of course, the only banks that get shithammered for things like this are small neighborhood banks with limited fuck you money.
 

Fek

What could possibly go wrong?
True & Honest Fan
kiwifarms.net
I am completely behind this initiative as long as the government doesn't bail them out when (not if) their Fuck Whitey Loan Program hemorrhages money and everyone involved in its conception loses billions of dollars.
This has absolutely nothing to do with helping minorities on the back of whitey, and everything to do with making even more money (with the subsequent bailout) through volatile lending practices. They aren't going to lose, because "the house always wins."
the absolute fucking BALLS on these people

jesus fuck I'm deliriously angry right now, 2008 was a fucking SHITSHOW, I saw so many damn foreclosures in my area at the time, and they had the goddamn gall to hold out their hands for a bailout

AND THEY'RE DOING IT AGAIN
They're doing it because they can, and they'll get away with it again..and again..and again, until our flippin' society collapses. There's no one in any position of power out there adequate enough to do anything about it that will lift a finger in opposition, either. The Federal Reserve was brought into being in no small part thanks to fucking JP Morgan (and friends), so don't go thinking the govt. has any real say at all in this shit. Banks like JP Morgan and Chase, Citigroup, etc? They own America, and they have for a very long time.

You've seen what sort of power the financial sector wields. You're on this fucking site, so at bare minimum you've seen the price paid by Null for keeping it alive. In what world do you think such blatant severing of potential livelihood would be possible otherwise? No - the banks will lend, cause another horrid recession, and they won't even begin to care.
 

DeadFish

I've may have made some mistakes...
kiwifarms.net
This has absolutely nothing to do with helping minorities on the back of whitey, and everything to do with making even more money (with the subsequent bailout) through volatile lending practices. They aren't going to lose, because "the house always wins."

They're doing it because they can, and they'll get away with it again..and again..and again, until our flippin' society collapses. There's no one in any position of power out there adequate enough to do anything about it that will lift a finger in opposition, either. The Federal Reserve was brought into being in no small part thanks to fucking JP Morgan (and friends), so don't go thinking the govt. has any real say at all in this shit. Banks like JP Morgan and Chase, Citigroup, etc? They own America, and they have for a very long time.

You've seen what sort of power the financial sector wields. You're on this fucking site, so at bare minimum you've seen the price paid by Null for keeping it alive. In what world do you think such blatant severing of potential livelihood would be possible otherwise? No - the banks will lend, cause another horrid recession, and they won't even begin to care.

If they are going nuke the economy then I guess they dont realize they are playing with fire. The current day problems with antifa and Marxists is a result of the 2008 recession. Many lefties I talk to online tell me the bailouts is what radicalized them. Doing the same shit will intensify extremism and get more people baying for banker blood.

The great depression also caused extreme anti capitalism sentiment. Same pattern. Combusting ecomonies have historically caused people to become politically violent and I guess wall street wants to be on the receiving end of that violence.
 
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Kheapathic

Stationary Lives Matter!!!
kiwifarms.net
Black households are several times more likely to be what is known as unbanked, meaning they do not have a primary checking account with a traditional bank, or underbanked, where households still rely on high-cost financial services like check cashing, pawn shops and payday loans.

And why is that? Is it because banks charge interest for having an account open and maybe low income people have found themselves in debt to the bank, because they dared to have a bank account with a low amount and the bank put them into the negative? So to forgo that problem; they tell the bank to go fuck themselves because it's obviously a shit fucking deal. Or maybe, if people "rely" on check cashing, pawn shops, and payday loans; they're bad with managing their money. Maybe they buy the new Jordans, weave, and get their nails did before buying food for their kids or ensuring the heat stays on in the winter; they have to go what is obviously predatory lendors to get that money. If they have shit to pawn, they have money, it's their priorities that are fucked up.

According to a recent study that Golding co-authored, African Americans on average pay higher mortgage interest payments, insurance premiums and property taxes than white families, adding an average of $67,320 to their homeownership costs. The study said Black families are disadvantaged by a risk-based pricing system, which charges higher mortgage rates for lower down payments and credit scores. Golding called for a system that would pool risk among borrowers.

It's called risk assessment; when applying for loans (of any kind), the bank looks at your finances and other aspects of your life, then decide what deal to offer you when giving you money. Something tells me these numbers are skewed, mainly by blacks tend to congregate in large cities; where housing is a premium. They probably mixed these numbers in with everyone and really mean to say "Black people in Los Angeles require more money than the white people in somewhere like Nebraska!" Don't try to fucking lie to me with numbers, I know your tricks.

Stephanie Creary, an assistant professor of management at University of Pennsylvania’s Wharton School, said many of the programs appear promising because they are strategically targeted.

“That’s when I get excited is when it’s targeted toward something very concrete and that they are not just throwing money at the problem and hoping that people on the other side will figure out what to do with it,” said Creary, who researches diversity and inclusion issues.

But she said the question remains whether companies will continue investing in minority communities at this scale beyond this year.

“We’ve never seen this type of corporate response before and it feels a little hard to trust that it’s going to be long-term,” Creary said. “It feels like a window of opportunity, and right now corporations are paying attention, but one would hope that it becomes an annual moment.”

Strategic targeting doesn't do shit if you can't change their hearts and minds at home and on the streets. There's a reason that no matter how much money states can throw at education, certain demographics test scores don't go up; their friends and family influence their behavior, you need to change that, and simply throwing money at the problem isn't the answer. It also won't last; you say you want to invest in non-white business, that's cool. Just don't be surprised when it burns down because some jackass halfway across the country decides to fight the cops and loses. It won't last, because the culture won't change.

Golding called for a system that would pool risk among borrowers.

This is Obamacare in bank form. The healthy better off people are gonna have to bear a majority of the load for the sick poor.
 

hawaianlapulapu

kiwifarms.net
banking’s ‘systemic racism’??
Actually not having a bank account is the best thing can happen to you if you are poor,
first because you will avoid to make costly mistakes when you are young and just started to work, as credit build youngers use to make stupid desitions like buying cars, cellphones, hollidays and put it to their credit cards, then they will buy homes they cant afford, and the last thing is that the bank will get all your personal information and fuck you because your bad credit and the only way out of the rat race is to go bankrupt and live in a trailer in the woods.
 

TFT-A9

WHEE!
kiwifarms.net
If tossing money at Blacks solved their problems Africa would have been IRL Wakanda by now.
Seriously, how much foreign food and monetary aid has just fucking DISAPPEARED into Africa by now? It's hilarious to me that some people STILL think it does any good at all. It all gets embezzled/stolen by corrupt officials, warlords and the like and lo and behold there are STILL humanitarian nightmares in Africa.
 

Tovarisz

Nuts
kiwifarms.net
Seriously, how much foreign food and monetary aid has just fucking DISAPPEARED into Africa by now? It's hilarious to me that some people STILL think it does any good at all. It all gets embezzled/stolen by corrupt officials, warlords and the like and lo and behold there are STILL humanitarian nightmares in Africa.
Nobody believes that, more than that, nobody actually gives a fuck, especially people who donate to charities because it's all done for "You Did Something" Achievement, the bragging rights and woke virtue points that come with it.
 

idosometimes

kiwifarms.net
What about those Asians?

I heard that the model minority is a myth and Asians suffer under this racist system. Why don't you earmark another trillion to help Asians get home loans for 0% down?

Why are Asians Schrodinger's minority?
Asians are not involved because they came willingly. That is the argument. Forget that messicans are castizo and mestizo descended from those who sailed over from Europeland to rape and murder the people they found. Asians made the choice to come here so they get nothing. BIPOCs were all caught in nets by evil white men and put on plantations. The only remotely asian group that can join in are the pacific islanders because they are fat useless slobs.
 

TFT-A9

WHEE!
kiwifarms.net
Nobody believes that, more than that, nobody actually gives a fuck, especially people who donate to charities because it's all done for "You Did Something" Achievement, the bragging rights and woke virtue points that come with it.
I've seen people who at least like to pretend really hard that they believe they're helping. That being said, I think one of the greatest problems with being charitable to Africans is that by now I'm pretty sure that few (if any) of them actually ascribe any value to the idea of charity and they hold no real appreciation for it. It's at best a "wow, free stuff, neat" thing. Not a "these people are trying to help our lives improve, we should endeavor to do what we can on our end to see that their charity isn't wasted". I don't think a lot of Africans even ascribe much value to human life or the abatement of suffering. They don't really seem to put 2 and 2 together in regards to identifying the causes of their suffering and they don't really seem to give a shit about people dying in poverty and misery because that's just the way it's always been anyway, why fight it? Just look out for Number One and enjoy the ride, whatever it costs anyone else.
 

Liber Pater

Clowngirl appreciator
kiwifarms.net
Golding, who served as the head of the Federal Housing Administration
Wait a minute, I think I've seen this episode before.
Why are Asians Schrodinger's minority?
Because low-IQ Hmong child brides are for some reason counted as part of the same census-designated umbrella category as Indian software engineers and Chinese rocket scientists. They can be poor or rich depending on who you want to focus on.
 

Spastic Colon

I hate 2020
True & Honest Fan
kiwifarms.net
Poor white people have the same problems obtaining mortgages. This is a class issue, not a race issue. And a lot of the problem is self-inflicted. White people living in trailer parks often have trouble managing their money just as much as inner city black people do. If you don't educate people on how the system works, you aren't going to solve anything. It's just a wealth transfer -- from those who actually work to those who make money off the labor of others.

I might be wearing a tin foil hat, but I am firmly convinced that everything that is currently going on is by design to bring down the US. Incompetence is not really enough to account for the levels of fuckery that are being achieved in 2020. Either everyone in positions of power is retarded to the nth degree or they are bleeding us dry before they jump to the next mark, probably China.
 

Tovarisz

Nuts
kiwifarms.net
I might be wearing a tin foil hat, but I am firmly convinced that everything that is currently going on is by design to bring down the US. Incompetence is not really enough to account for the levels of fuckery that are being achieved in 2020. Either everyone in positions of power is retarded to the nth degree or they are bleeding us dry before they jump to the next mark, probably China.

It is incompetence. Idk if anyone ever noticed or named this pattern/phenomenon but I noticed a long time ago dealing with people in Administration/management that people in power tend to hire a "left hand" as their second in command. Someone just competent enough to get things done but not competent enough to pose a threat to whoever chose them by being more competent. Problem is, the dudes who hire such left hands eventually get promotions and become replaced by their left hands who proceed to do the same thing.

Eventually this results in hilariously stupid people running things into the ground. It applies to business and politics.

Edit: Hell, even entertainment, think Kathleen Kennedy, I think that's the most readily usable example, she was probably making coffee for Spieldberg but got to his power level eventually just by association with him and being in the system long enough. Competent people are gatekept out of various industries because people in power are afraid those people might replace them before they get their promotions.
 
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