Up Next – Race Based Car Loans ?

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(Via Moonbattery)  America under liberal rule is a racist tyranny. Think that is hyperbole? Then talk to a car dealer about this:

[T]he new Consumer Financial Protection Bureau [CFPB] is ginning up a campaign to use “disparate impact” analysis to charge racism in auto lending. That’s the theory that looks at statistics to prove bias without evidence of specific discriminatory intent. Never mind the financial or other circumstances of the borrowers beyond their race.

That is, car dealers must provide a proportionately equivalent number of car loans, at the same interest rate, to all racial groups, regardless of whether members of these groups are equally likely to repay the loan. Essentially, if Customer X has money in the bank and has never missed a day of work in his life, and Customer Y is living on welfare and just got out of jail, they must be regarded as equal credit risks if Customer Y is lucky enough to be black.

Obviously, there are plenty of blacks who are good credit risks. Equally obviously, there are many who are not. You would have to spend your entire life sealed in a windowless room with no access to the outside world except a TV tuned to PBS not to know that there are cultural differences that make blacks as a group significantly less likely to repay their loans than whites.

To achieve the liberal conception of equality, these differences must be papered over by forcing car dealers to make bad loans, effectively subsidizing cars for those who don’t pay their bills at the expense of those of us who do pay our bills, because we will end up having to pay more to make up the loss.

If all of this sounds familiar, you could be thinking of the Community Reinvestment Act, spawned by Carter but doubled down on by Clinton and Obama, by which the federal government forced banks to make mortgage loans on a racial basis lest they be accused of “redlining.” This was a primary cause of the 2008 economic crash.

Patrice Ficklin, head of the bureau’s Office of Fair Lending and Equal Opportunity, revealed that “we have found substantial and statistically significant disparities between the interest rates paid by African American, Hispanic, and Asian car buyers when compared to the interest rates paid by white car buyers with similar credit scores and other factors.

Really. Can we see some evidence of this?

No, actually, we cannot.  (continue reading)

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This entry was posted in BGI - Black Grievance Industry, Dem Hypocrisy, Dept Of Justice, Political correctness/cultural marxism, propaganda, Typical Prog Behavior, Uncategorized. Bookmark the permalink.

78 Responses to Up Next – Race Based Car Loans ?

  1. This shouldn’t surprise anybody.

    Liberation theology had its “preferential option for the poor”. The Obama School of Progressivism has its “preferential option for the hood”.

    (“Cry ‘racist!’, and let slip the progs of war.”)

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  2. ZurichMike says:

    Why not? Home loans and ObamaCare requirements for health insurance want redistribution of wealth as a goal, not risk-based services in a free market.

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    • WeeWeed says:

      Along with the preferentially dispensed “school loans.”

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    • doodahdaze says:

      Income….not wealth. The wealth is for the top party members to have and to hold.

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      • ZurichMike says:

        Good point! Have to remember that distinction

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        • doodahdaze says:

          Obama is not Robin Hood. He does not take from the rich and give to the poor. He takes income from those who work and gives it to those who do not. Leaving the party members in high cotton. This way those who work hard can not become wealthy without party approval. There is no wealth tax. Ask Ophra.

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          • evierogue says:

            And that’s the whole plan right there in just a few words.

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            • doodahdaze says:

              Even Rush is hinting at it is so many words. He feels obligated to those who listen to him. In socialist states there are two classes. Party members and the poor masses. Now. Think of this. I have seen this in my past travels. Most do not know that in the communist country that not all are allowed in the communist party. Only a few. I hope this can register to those who have not seen it up front. I have. Most think communism is for all the people. It is not at all. In those systems the goal is to get in to the communist party elite. Now, I am not kidding about this.

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              • evierogue says:

                I grew up as an American but was born near the city of Belgorod Ru. Chernobyl and the Soviet system killed my mama. This kind of thing is always very near to my conscience. My mama’s sister also moved with het daughter to the USA not long after the USSR disintegrated. You should hear her talk, when she feels like it tho that’s not often bcs like so many emigrants from eastern Europe the past is just too nightmarish to think about. My bf also has a best friend that defected/snuck out of Poland in 1981, had to leave his parents behind without even telling them what he was doing bcs it would have been too dangerous for them to even know. Btw, I mask my online ID as much as I can now and almost never reveal this kind of detail, but people really need to think about everything that you’re saying and realize that IT CAN HAPPEN HERE and IT IS HAPPENING HERE.

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              • Jacobite says:

                In socialist states there are two classes — normal members of the pre-Socialist society, and abnormal/alien non-members of that society, who, once in power, have only one goal — to destroy every vestige of that former society, of which they could never qualify for membership. This, IMHO, is the reason Jews everywhere, at every time, have supported Leftist movements.

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            • BigMamaTEA says:

              sounds rather communist-ish , eh?!!!

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  3. Nothing is unbelievable anymore. Articles are Impeachment have already been filed against Holder and Obama should be impeached, also. As long as we have Harry Reid, it won’t happen, though. Hopefully we can take back the Senate and retain the House in 2014, then we might see some action in this direction. Until then, it’s just a horse and pony show.

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    • Be Ge says:

      Ge, I thought we had exactly this thing already, except at cost of a private investor, Mitsubishi. They had this 0/0/0-1year-deferred-payment program around 10 years ago, a lot of people who should not have been given any car loans at all, got their cars, did not pay anything for them and then simply returned their vehicles (some of them had to be “hunted down” for) — by that time somewhat damaged and clearly worth less than their original value — in fact, significantly less money, than what Mitsubishi has spent to manufacture and deliver those cars.

      So now — everyone will be forced into this trick? Mitsubishi never really recovered from that fail, worth approximately half a billion 2003 dollars …. How will pay for this experiment?

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    • evierogue says:

      Just hope that we don’t see anymore repetitions of McCauliflower v Cooch. Was just reading a TWT article about how the Koch brothers in reality are NOT outspending Dem activists/PACs in state elections. Those of us that can should reach as far and wide as we can to support any conservative over any Dem candidate so that the caucuses and so on can be stacked as heavily against them as possible. We just can’t let these demodemons make it through 2014.

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    • doodahdaze says:

      I have been thinking about this. What good would it do? Biden would take over. Who would he pick for VP? Van Jones? He would pardon Obama.

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  4. KPM58 says:

    Of course “my people” are going to need a nice car to commute between their home in the city and their 40 acre estate in the country. You don’t expect them to ride the mule, do you?

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  5. ctdar says:

    Obama can not mandate who to sell to, check the constitution.

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    • doodahdaze says:

      He can now. Through the tax system and regulations. It is precedent thanks to George Bush and his appointment of Justice Roberts.

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      • ctdar says:

        Auto sales have nothing to do with obamacare. George Bush did not uphold obamacare Roberts did and the fact that he appointed him is irrelevant. Who knows what state the country would be in if someone else say Sotomayor or Keigan was in charge of SCOTUS.

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        • doodahdaze says:

          He did start up the TSA and DHS. But I do hold account to his appointment of Roberts. He could have done so much better. I think he was the precursor to Obama. His behavior in the Tarp was inexcusable and on par with Obamacare lies IMO. But the Obamacare precedents actually can be applied to all other aspects of the economy. Social Justice through the tax code and administrative law. Auto’s, Food, Health Care, you name it. I voted for him out of fear of Algore. Same with fear of Kerry. If they nominate Christie or Jeb I will abstain and go fishing. His warmaking plans sucked. Lookit where they have lead. Half assed IMO. I am shocked and awed at the outcome.

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          • ctdar says:

            Hey I get you hate Bush and he seems to be your reasoning for the root of all evils now befallen the US. However he is not the one in office and hasn’t been for years.
            Like him or not Bush kept us safe after
            September 11, 2001 and allowed many families to give their children a childhood for 8 years. If anyone should be the focus of letting things get out of control it should have been Clinton who allowed all the previous terror attacks by UBL happen to US installations go unchecked for YEARS. 9/11 was a culmination to all the previous hits. I can’t believe you honestly think nothing should have been done after 9/11; Bush went to war (with congress backing him) because it had to be done. Do the math, there was less war fatalities under 8 years of Bush than 5 of Obama. When Bush left office, military was strong, it is now a shell of it’s former self due to Obama purging and restrictions.
            Bush did not create Obamacare and all the current evils plaguing us now, obama & no guts congress are responsible.

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            • doodahdaze says:

              Reagan was forced to take his father as VP. I don’t hate him. I just don’t like his policy. He had a Republican Congress and did zero with it except expand the hell out of government. At least it seems to me he did. Maybe I am wrong. Part D, Advantage, Iraq, TSA, DHS, Patriot Act, TARP, Justice Roberts.. Ahh Dunno. Am I wrong here?

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            • doodahdaze says:

              BTW war is when you obliterate your opponent to the point of submission unconditional. That was no war. A war would have destroyed them to the last mosque then rebuilt from the ashes. It was just…”regime change” not war. JMO. I just never saw how changing the regime in Iraq answered 911. His what to do?…go shop at the mall really blew my mind. Then he changed regimes in Afganistan. Now look. It just does not add up to me.

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    • texan59 says:

      ct – that document you refer is now being used as toilet paper by these thugs. Last time I checked, they told me I MUST BUY insurance. Not much difference at this point.

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    • evierogue says:

      He can’t but he is.

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  6. texan59 says:

    Apparently the union pension plans need another cash infusion. 👿

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  7. suptrim says:

    So does this mean that there should be more diversity in the NBA?

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  8. Be Ge says:

    The 2008 crisis did have a bit to do with the fact that there were a little too much loans given away to the people who should’ve not been given any loans under normal circumstances.

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    • doodahdaze says:

      Look forward. To negative interest rates. We have already been forced to borrow over $1,000,000 dollars for each citizen. Just look at the national debt clock. Hover over each box for the explanation. It will surely open your eyes. You have to look at the big picture and think in a critical non-political way to understand. This clock tells the real tale. I am surprised it is allowed.

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  9. czarowniczy says:

    The civil section of our sheriff’s office had quite a side business repossessing cars in the projects and subsidized housing aareas. The lien holder would go to court, Sheriff’s Office would get the order, we’d locate the car, our standard towing service would go with us and we’d ‘ride shotgun’ while the towing service snatched the car. The car would be taken to our standard impound impound lot (owned by the tow service) who’d store it there, and the car would be auctioned off. The thrill ride of repossessing a car in one of our many combat zone housing projects at O-dark-30 was a pulse-pounder, guaranteed.
    The question I had was why would dealers in the city sell such an expensive new car on credit to someone who lived in the projects or section-8 housing? Usually the cars were new and expensive – they’d made a down, paid for a few months and finally just said ‘to he’ll with it’, stopped making payments and drove it until we grabbed it. The courts, Sheriff’s Office, tow company and auctioneer made $$$ off the deal, the dealer got some cash and a tax write-off from the losses and the public got some costs passed off onto them, but that didn’t seem to be the way to do business, not for me at least.
    The practice wasn’t that limited, the storage yard was never empty for long, and the auctions were regular. In the impound yard you’d see the usual parade of what the sheriff in the next parish over called ‘rinky dink’ cars (an early on evil racial profiling term) but the amount of new and expensive cars you’d see grabbed from the projos and low-income areas was remarkable. One would think that were you living in public funded housing you wouldn’t be driving a current-year ,fully tricked-out Chrome and Gold Mobile, but there were no shortages. How the financing was arranged was a taboo subject; there were things that were none of your business and that was one – don’t ask ’cause they won’t tell. I know that it wasn’t unusual for us to grab a car in the projects that we couldn’t get financing on and we had full-time jobs – how do you get a top-of-the-line Escalade when your source of income is welfare and/or SSI?.
    The spooky financing’s still out there, just as it was pre-crash, but it looks like now they are trying to codify it. Ah well, after some 350 years of Europeans and their decedents depriving the non-European populations of their just props we’ll just have to continue to rectify the problems we’ve caused by finding more free stuff to hand out.

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    • doodahdaze says:

      Wow. Interesting. And now the big problem sheriff’s have is getting rid of stuff out of the evidence warehouses after trials. They try to sell it off. But you are hot hot hot on codifying it. The codifying of all common law is almost complete. Now they are working on stare decisis and getting rid of the old pre-socialist precedents. I am glad you mentioned this. It is really important. Not many people are aware of it.

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      • czarowniczy says:

        We also learned to never ask who contributed how much to which campaign coffer either – then again, we got a hefty discount if we used that particular tow service on our personal vehicles.
        Reparations to the offended by piecemeal – throw a bone here, give a break there and let the losses all filter out to tax deductions for the throwees while the tax payers foot the bill. Most people have no idea what goes on in the background while they’re busting their humps trying to keep food on the table and a roof over their heads (subject/verb disagreements aside).

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        • czarowniczy says:

          Sidebar: we didn’t have a ‘property room’, as a civil section we just served the civil courtrooms, largely seizing and auctioning off property. The criminal section ran the jail for the city/parish and they didn’t have much ‘property’ either. The city police had the responsibility of criminal law enforcement in the city/parish ass both were one-in-the-same and a Home Rule Charter gave them almost sole responsibility though the sheriffs’ deputies (yes, we had two elected sheriffs) could enforce state law as our commissions were from the state – but if you did you’d better be ready to handle everything around that arrest from A to Z as the city PD would frequently be of no assistance – a turf thing. The city PD’s property room, on the other hand, has been a shopping center for those with access for decades. Every now and then some lawyer goes public with how money, jewelry or other property seized from his client has gone missing from police custody. The lawyer’s looking for it to be returned to his client after the client was exonerated but now – poof – it’s in the wind. Even though the way the PD was/maybe still is storing things, especially cash, may be against ‘best practices’, if not state law, the issues buried under tons of doubletalk and obfuscation when stolen property issue emerge. Katrina was a God-send to the PD as the property room flooded and any number of sins in the property room were washed away with the cleansing waters of a viable excuse. One good thing is that it’s been a long time since a gun that showed up in the hands of a perp the police shot was traced back to the city’s property room…

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          • doodahdaze says:

            Now they have websites trying to get rid of the overflow and make room for new stuff.

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          • doodahdaze says:

            OH and now they shred the guns instead of melting them down around here. Most of the overflow is just junk anyways. Then it all has to be kept for trial then the perps plea bargain.

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            • czarowniczy says:

              Yeah, used to take the ones no one wanted and drop them into the Mississippi channel where it’s close to 300 feet deep, not sure what they do now but have learned no to take what’s said without a pound or two of salt. A rank officer (literally & figuratively) in a neighboring parish stole some very expensive custom guns recovered from a robber’s cache – got caught and made to return them and apologize. City traded its old Berettas when it got Glocks and got a real shock when one turned up in a case right back here. Lotsa waffling on that one, took a few weeks until the public interest wandered elsewhere.

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        • doodahdaze says:

          I find most are just trying to do a job to their best. The top dogs are scamming. Most judges seem to be trying to do a good job. The politicians make it harder every day.

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  10. triage says:

    We need to challenge this notion of disparate impact in the courts as it is leaking into all civil rights challenges. Holder and Obama are using it to prevent black males from being expelled from school at a higher rate than any other ethnic groups. So if a school is trying to expel its third black male for the school year they have to have three Asian females that they also have expelled to make it even and fair for all racial groups. Parents are standing still for this Hooey.

    Also the last statistic I saw regarding lending to different ethnic groups were that Asians were approved for loans at a higher rate than whites and received more favorable interest rates than whites. These people are just making stuff up.

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    • auscitizenmom says:

      Just like they make up statistics about white on black murder and that black men have to be afraid of whites.

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    • doodahdaze says:

      The reason for this is to avoid the exposure of the failure of the Civil Rights Act and Great Society programs. The truth of the matter has to be tamped down. State v. Zimmerman scratched the surface of the tamping down. Let us hope Krouthammer is right and Obamacare becomes the undoing of all this nonsense.

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  11. czarowniczy says:

    Oh come on, no one’s going to accuse him of ‘playing the race car’? Or that perhaps it was a plan to diversify the NASCAR circuit by financing race cars for the underprivileged?

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  12. mcguffin says:

    I’m a little behind…did Holder actually say “my people” ?

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  13. Saltwater says:

    Eric Holder isn’t prejudiced !! He jus don’t like us “:HONKIES”! These are the unbelievable SOB”s that ever walked the face of this earth ! Oh boy !~ I hear a noise out back ! Droned ? Jus sayin

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  14. twolaneflash says:

    It’s not just the car they want for free, it’s the gas as well:

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    • Be Ge says:

      There is a funnier thing “Obama gave us the phone”.

      Well, cherishing and coddling the Lumpenproletariat has never yielded anything good anywhere on Earth.

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  15. Spar Harmon says:

    Maybe here in this discussion, I can make an outrageous proposal based on my own synthesis of data collected during my 72 years as an American, Judeo-Christian culture based, and atypical thinker. When I returned home after my military service, I experienced re-entry culture shock, so much had my home base changed. My home base was Knox county, TN and I had been gone from 1958 through 1962. I formed an inner working hypothesis= The denser the population, the less honesty likely in relations.
    This constitutes a prejudice in my thinking at this point, so totally does it seemed confirmed on every level of my experience. I am a good case in point. The closer I am to an urban center, the less likely I am to be honest in my relations with others. The larger the governmental entity with which I interact, the more guarded is my identity.
    The reason public officials regularly take oaths of office then routinely violate those oaths is that the hand-on-bible oath-taking has merely empty liturgical significance: it is the ritual of assuming office, nothing more. This is institutionalized dishonesty.
    It should be no surprised then, that the Constitution is increasingly served by those in substantial disconnect from it’s provisions, that the pursuit of personal and institutional power trumps Constitutional checks routinely.
    As a mathematician, it needs reminding that these are statistical statements, not absolute. However, as a person it is very hard to attempt total honesty. It is hard to ignore the idea Sen Harry Reid exemplifies that anyone who bases argument on constitutional grounds is a crazy, dangerous, fool…or more plainly a stupid fool. I often see ‘that look’ when I am dealing with someone and they realize I am trying to be nakedly honest with them. “That look” is an amalgam of revulsion, fear of the irrational, and hatred.
    The “disparate impact” formula which SunDance references is an example of dysfunctional thinking that arises from a mind corrupted by inner and outer dishonesty. Affirmative Action is an earlier example. There is a terrible innocence in many who endorse such ideas= they can be reached by no argument in that their deep hypotheses are pitched behind walls and barriers of mind which they themselves cannot breach.
    That is why while working to open myself to being cleansed of corruption by God, the only hope I see is in the God who is All Power, and I can only view with sorrowful compassion the raging sea of American, and global Life.

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    • howie says:

      Wolverines…seeking truth is virtuous. I too feel the weight of the fog come down as I get closer to Urbania and lifting as I get further away. I have been fortunate to escape it. Now I can see things in a clearer manner. I just love to opine and think about it in my old age. (thanks CTH) But then. He does work in mysterious ways. I keep coming back to the hope that Churchill was right. “Americans always do the right thing after trying everything else.” I like that quote. This weekend it is raining so I have been looking up quotes from people in the past. Amazing stuff.

      Like

      • evierogue says:

        Alexis de Toqueville and Ayn Rand are 2 of my personal favorites.

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      • CurlyDave says:

        There is a simple cure to this racism in car loans stuff.

        It is a savings account. All my life I have saved up before buying a car and then bought it without a loan. Anyone who can do this has tremendous bargaining power, just don’t let the car dealer know ahead of time. Most are thrilled to sell you a new car, and will cut prices to the bone. They think they can make it up in the room where they tell you what the terms of the loan will be. If you walk in there and suddenly say: “that interest rate is way too high–I think I will take it out of savings” they get really sad.

        Like

        • Spar Harmon says:

          I also applied this principle, to which I added– Never buy a new car. Why? The price is inflated far beyond worth; plus an honest mechanic plus an acceptance of nickel-and-dime level maintenance is cheaper by far over all…
          Since I have generally stayed away from big cities; It is pretty easy, in small to medium-sized towns, to find out who people trust, based on their personal experience, for basic services. The same applies to car dealers who maintain used car lots; appliance dealers; doctors; dentists; banks, etc.
          Big government entities, whether federal or state, are simply problematic and skeptical caution is my default approach. I expect such to be intractably unfair and will work the system without scruple. I have to be careful to not get in blame mode toward the actual person I am working with. Besides it is amazing what people in such jobs will do for you if you are simply friendly and respectful to them as persons. It really makes their day to be able to actually help somebody. Blacks with attitude, control freaks, and petty power bullies reveals themselves in seconds; I simply walk away and find another person or way to get my business done. Fighting evil only gives it power.

          Like

        • doodahdaze says:

          I know. I get mine for cash used. Better deals.

          Like

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  17. Lou says:

    never understood how some would say this relates to a certain type of economic system, but giving favoritism to a certain race is still racism. giving a loan to a person who can’t manage the finances has nothing to do with color, but it seems nowadays everything has to do with color, and giving preferential treatment to African Americans. it’s anti-white, and the sooner white people call out discrimination and antiwhite beliefs, the sooner Al Sharpton will shut his big fat pie hole.

    Like

  18. myopiafree says:

    Why not marry Obama-care with EBT. They do it in California. Why not make if FREE – as Obama was selling it.

    (There is a degree of honesty in this video – that I have not seen before. Obviously this is sincere social satire. There are many people who have this “attitude”, it is certainly not “blacks” as such.)
    But I would bet that a LOT OF PEOPLE voted for “Obama-care” – expecting FREE medical care insurance.

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  19. Bdog OOggbb says:

    Wow, looks like Oblamo is going to make more jobs afterall. The repo men are going to need more help in repoing more cars now.

    Like

  20. Toby B. Goode says:

    Sounds like the Community Re-Investment Act with cars instead of houses. What could go wrong?

    Like

    • Toby B. Goode says:

      Ah – I just mentioned the CRI after only reading the HEADLINE and then saw it was mentioned in the text. See? SEE how easy it is to identify a boondoggle?

      Like

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