Demographic Diversity In Borrowing, Again

Affirmative Action,Business,Economy,Journalism,Multiculturalism,Racism,Regulation

Building On yesteryear’s willful errors, the Orwellian named “Restoring American Financial Stability Act of 2010”—“the 2,300-plus-page conference bill which is designed to protect households from predatory practices by banks, subprime lenders, brokerages and other financial intermediaries”—entrenches yet more affirmative action in lending, the kind that contributed to this depression.

The fecund female who has set-up the same pigment-based privileges that guided state lenders Freddy and Fanny is Rep. Maxine Waters, D-Calif. Carl Horowitz’s Townhall column is extremely edifying (this is the kind of comment I will read on Townhall because it does vital shoe-leather journalism. Ditto Malkin’s work; she does the footwork. The punditocracy’s ignorant opinions I don’t bother with):

“… The measure, in addition to giving the U.S. Treasury the authority to liquidate banks that pose a threat to financial stability (a mixed blessing at best), all but exempts lenders from shutdown if black and other minority borrowers account for high portions of their loan portfolios, especially in minority neighborhoods. The bill states: ‘The orderly liquidation plan shall take into account actions to avoid or mitigate potential adverse effects on low-income, minority or underserved communities affected by the failure of the covered financial company.’ In other words, federal bank examiners should make every effort to keep a failing institution open so long as it underwrites lots of mortgages to the kinds of borrowers instrumental to the disaster in the first place!

There is more. The amended bill would create a Financial Stability Oversight Council headed by the Secretary of the Treasury to consider a struggling financial institution’s ‘importance as a source of credit for low-income, minority or underserved communities’ before any takeover. The measure also would establish an Office of Minority and Women Inclusion within each of the Treasury Department, Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Securities & Exchange Commission, and the Federal Reserve System. Rep. Waters’ amendment is explicit: ‘Each agency shall take affirmative steps to seek diversity in the workplace of the agency, at all levels of the agency.’

All of this looks like quota legislation, even if Rep. Waters can’t quite bring herself to admit as much. And although these diversity-or-else offices wouldn’t be vested with formal enforcement powers, one can be sure that the Justice Department, the Equal Employment Opportunity Commission and other agencies with a civil rights mandate will find every pretext possible, however flimsy, to crack down on lenders whose practices create disparate impacts by race.”


7 thoughts on “Demographic Diversity In Borrowing, Again

  1. Myron Pauli

    DIVERSITY, in fact, is the number one priority of the United States Navy (so sayeth Chief of Naval Operations Gary Roughead). We must all eat, live, and sleep for diversity.

    And, as we know, all people are DIVERSE but some people are more DIVERSE than others. (thank you G. Orwell and Animal Farm).

  2. michel cloutier

    We are being “diversified” by people often coming from places where being too ‘diverse’ from the majority can be very unhealthy, if not fatal to you. Go figure.

    These newcomers will then make our countries more ‘vibrant’, which is a synonym for ‘rising crime rates & falling property values’.


    DIVERSITY! It is the quiet conversion of everything that is or once was “private” into “public” control / ownership. If and when this conversion consists of more than 50% of real estate (land, residences, commercial buildings, infrastructure), society will have reverted to the Dark Ages of Royalty and Serfs. Look about you, “Tribes” define relationships, taxation, ownership, religions, and political power. To survive this diversity movement, you must look to the smallest of tribes – your family – and then your circle of very, very close reliable friends. Maintain your money and wealth because when the “diversity” movement fails, great opportunities for fortunes will arise. Why? Does it not seem that “diversity” and its application is really Communism in sheep’s clothing and / or a repressive theocracy veiled in religious dogma? In the longterm, those societies fail. So, in the words of Aragorn in LORD OF THE RINGS, “I BID YOU STAND MEN OF THE WEST” if not for your sake then that of your children and grandchildren. PS: Genuine Diversity already exists. It is the ability to pay for what you purchase. It has nothing to do with ethnicity, skin color, height, weight, etc.

  4. Barbara Grant

    I couldn’t even finish the read.

    Let me tell you of an “underserved” group, who might have “merited” low-interest loans if anyone did: high-tech workers with advanced degrees, and excellent credit, living in Silicon Valley. Those who moms and dads weren’t pitching in for junior’s first mortgage. Did they (actually, _we_) get any financial help at all from the government? Of course not! We were well-educated, (mostly) white, and of course we did not count.

    If my personal experience is any indication, we, with excellent credit histories and fine educations, lived as renters in crappy apartments where we could never tell our neighbors to shut up so that we could get the sleep we needed to solve our country’s most pressing problems the next day. The government never helped us; gave our tax dollars to other folks whose basic qualification appeared to be lack of financial responsibility. The trend continues to this day.

  5. Myron Pauli

    Senator James Webb (D-VA) had an interesting op-ed on the overdosing over ‘diversity’ – politically buffered to not put himself too far on a limb
    (Friday July 23 Wall Street Journal):…/NA_WSJ_PUB: SB10001424052748703724104575379630952309…

    [As you were writing, so was I. See]

  6. james huggins

    Diversity is nothing more than the practice of getting groups separated from the whole so they can be exploited, usually as victims of white or male or white, male domination. They are conditioned to not identify with the United States but rather as victims of the United States. That’s where the ACLU and congress steps in to pass out welfare and entitlements in return for votes.

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