A former Chase banker spoke with The New York Times’ Nick Kristof about how Chase pushed subprime loans to minorities for big commissions. The Young Turks host Cenk Uygur breaks it down.
From Kristof’s article:
One memory particularly troubles [James] Theckston. He says that some account executives earned a commission seven times higher from subprime loans, rather than prime mortgages. So they looked for less savvy borrowers — those with less education, without previous mortgage experience, or without fluent English — and nudged them toward subprime loans.
These less savvy borrowers were disproportionately blacks and Latinos, he said, and they ended up paying a higher rate so that they were more likely to lose their homes. Senior executives seemed aware of this racial mismatch, he recalled, and frantically tried to cover it up.
Just how disproportionately? The people receiving these bad loads were 16% white, 33% Latino, and 50% Black. According to Think Progress:
These disparities help explain why, according to a new report from the Center on Responsible Lending, Latinos and blacks are twice as likely to have been impacted by the housing crisis as whites. In fact, “approximately one quarter of all Latino and African-American borrowers have lost their home to foreclosure or are seriously delinquent, compared to just under 12 percent for white borrowers.”
According to the Republicans and weak Democrats, we need to deregulate the banks anyway because these are the “professionals” Alan Greenspan referred to that are so brilliant, only they can trick minorities into taking bad loans so they can make money and we need to let them so they can get the economy back up and running again!
These people have no morals. Yeah, we need to deregulate an industry where its employees are throwing minorities out onto the street so they can make a quick buck.
The protests in Chile now—what is now being called “Chilean Winter”—have a wider target, and are no doubt composed of some different students, though the photographs and news reports suggest that the population is still very young. However, in each case, both the actions of the students—and the police response to these actions—produced a kind of panic that is, I think, perhaps more easy to critique when it occurs in other political terrains. The language of this panic made me think of No Future, a book by Lee Edelman. The book is about a strain of homophobia that gets excused by the familiar refrain—“we must save and protect the children,” from the gays, in Edelman’s account. The book argues that this sentiment leaves us perpetually deferring political action, and political change, as one generation of children after another grows up. But this language of panic arises around the coupling of “the children” and militant political action as well, though it is less talked about, and though today’s youth may have more experience as political actors than many of their older, critical peers.
It is hard to talk about ageism and not sound like a jerk, I think. You end up creating these categories that don’t fit people, their beliefs, or their experiences. Nevertheless, I think it needs to be talked about, especially if, like me, one works with eighteen year olds every day, especially at a moment when a good chunk of the student protest movement in America consists of teenagers, not all technically, legally “adult.” I want to be able to talk about working with these political actors, not shepherding them or showing them the light. Chile then or now is certainly not the only instance, but it serves as a rebuttal of sorts, from the younger students and political actors in our midst. I think we can safely assert that they don’t need us, or anyone else, to save them.
Local police forces are getting battlefield-grade weaponry — including grenade launchers, M-16 assault rifles and helicopters — thanks to a little-known Defense Department program. Why do cops in Cobb County, Ga. need an amphibious tank?
The Department of Defense gave away nearly $500 million worth of leftover military gear to law enforcement in fiscal year 2011 — a new record for the program and a dramatic rise over past years’ totals…
And the program’s recent expansion shows no sign of slackening: Orders in fiscal year 2012 are up 400 percent over the same period in 2011, according to data provided to The Daily by the Pentagon’s Defense Logistics Agency.
Out of work sled dog at Occupy Anchorage.
Submitted by Chena
Occupy Oakland!!! Tomorrow, Frank Ogawa Plaza, 4pm. Love it all, love in particular the powerful posters from Dignidad Rebelde.
Tony and I went to Life is Living in Oakland yesterday. I felt joyful to be in the midst of so much art, music, culture. And I felt humbled thinking about after five years in Oakland how narrow my experience of the city has been, and how much I have to learn about Oakland history and culture. And how much I’ll never know. But feeling the joy of that as well as the difficulty, the endless struggle to learn and the slow struggle to be more open to learning.
Thinking about how when I read Floodlines I felt so homesick for New Orleans, and that that for the past couple months that longing has eclipsed my ability to feel rooted where I was. At Life is Living I felt an overlay between the two places, or a tug, or a correspondence, or an emotional through-line.
I am suspicious of myself that it’s just my ignorance of Oakland that allows me to turn Oakland into New Orleans. If I try to be patient with myself I think it’s probably just a way of saying to myself that I am where I am, or that I want to try to understand where I am, and that a first way for me to try to understand anything is by comparing it to New Orleans. Funny that it would take me five years for something that basic but I am slow about things. Good morning Oakland, hello New Orleans, hi Life is Living, arts culture cipher Panther blue.
Participants: Francisco Aragón, Jaswinder Bolina, Veronica Golos, Amy King, J. Michael Martinez, Farid Matuk, Evie Shockley, Juliana Spahr, Orlando White, Timothy Yu.
A passage of Richard Dyer’s offered by Claudia Rankine as a jumping-off point for the panel:
“The point of seeing the racing of whites is to dislodge them/us from the position of power, with all the inequities, oppression, privileges and sufferings in its train, dislodging them/us by undercutting the authority with which they/we speak and act in and on the world” (10). Richard Dyer (link here).
Brittany wants YOU to attend the first-ever MANIFEST READING event at the TENDER ORACLE, tomorrow, Sunday, October 2, 2011! Open house at 6 PM, reading starts at 7. 531 22nd St., close to 19th St. BART. BYOB!
Featuring:
AMY BERKOWITZ (her debut Bay Area reading!)
ZACK TUCK
NICHOLAS SHAPLAND (Mills alum!)
What to Expect When You’re Expecting…to Be Violently Detained...
Ghada Karmi and Ellen Siegel protesting in front of the Israeli Consulate in London, 1973.
Nearly twenty short essays by Boykoff and Sand on Jacket2 as of early September 2011. Keeping them close. What’s...