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Nov 15 2013

Coming Next: Race-Based Car Loans

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, we cannot.

[The CFPB] hasn’t published its research in detail and has instead proceeded to mount a political pressure campaign to remove dealer discretion in setting loan terms. “Guidance” from the agency sent to banks in March included advice on how to avoid running afoul of anti-discrimination laws in auto lending.

Message received. The banks that provide financing for the dealers began warning dealers to improve compliance or risk having flat fees imposed. In other words, the dealers’ profits on loans would be capped.

Knuckle under to intimidation and regard black skin as the ultimate qualification for a loan, or your profits will be capped. I didn’t think I would live to see things done this way in America.

CFPB chief Richard Cordray responded to a question on the bureau’s methodology this week at the Senate Banking Committee. “I want to be a little careful about talking about what we have found, because this is an ongoing investigatory effort where we’re working with the Justice Department.

That would be the Department of Social Justice run by Eric Holder, who has been clear that he sees it as his duty to advance the interests of what he calls “my people” at the expense of whites. This is why the Injustice Department refuses to prosecute civil rights violations if the victims are white, even in outrageously blatant instances of voter intimidation. For thorough documentation of this, refer to Injustice by former Justice Department lawyer J. Christian Adams.

Cordray continues:

“So the order of the day on those things is confidentiality unless or until you get to the point of taking some sort of public action, and so I want to be a little careful about not breaching that.”

“Careful” is an interesting way for Mr. Cordray to describe what he’s doing. It sounds like he wants to proceed with sentencing before anyone knows whether there will even be a trial.

What do we need trials for? Our rulers already know which race is guilty.

patrice-ficklin
Guess which one is Patrice Ficklin.

On a tip from Varla.

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  • AnalogMan

    Nope, no idea, but I will say one of those three is Ficklin ugly. Must be those “cultural differences” you mentioned.

    BTW, you say:

    …thinking of the Community Reinvestment Act, spawned by Carter but doubled down on by Clinton and Obama,.

    And Bush. And the other Bush. And where was Reagan? They’re all guilty. A few months ago, Obama created a new federal agency to supervise hiring in government, and ensure racial “fairness”. Now, you know that fairness is precisely the one thing they want to stamp out. Would you like to bet that any hypothetical future Republican President will reverse that? Like hell he would.

    There is no opposition.

  • Ummah Gummah

    .

    The problem is that the companies affected by the CRA never stood up for themselves, considering knuckling under as the more cost-effective alternative.

    This paved the way for ever more aggressive campaigns of intimidation and extortion, leading us to this point.

    And it won’t stop there. It will only get worse from here.

    .

  • http://www.henrypbabcock.com Henry

    Following that:

    Car dealers Recovery agents must provide repossess a proportionately equivalent number of cars loans, at the same interest rate, to from all racial groups, regardless of whether members of these groups are equally likely to repay the loan behind on their payments or not.

  • TED

    Patrice needs to go to

    Liberal Quarantine

  • A. Levy

    They will do to the auto industry what they did to the housing industry. Use govt. regulation to first control it, then destroy it. People who buy things with loans (they know) they can’t repay should be put on a prison chain-gang.

    This is another clear example of an American society that quite obviously has no limit to the amount of abuse they will tolerate.

  • Dr. 9

    WORD OF THE DAY
    DECLARATION OF “DEPENDENCE”, n.

    Disguised as a healthcare bill, it condemned the inalienable individual liberty formulated by the Founding Fathers to history’s trash heap, by enslaving that American icon, the sovereign individual, to an all powerful Nanny State…

  • DJ

    Dovetailing what AnalogMan said, here’s piece by Steve Sailor which reminds us just how filthy dirty the “Compassionate Conservative’s” hands are WRT the integral part he played in causing the housing bubble and its subsequent burst. As a result of that burst, it set the stage for a Kenyan communist to get elected pres……

    Video: Bush’s first attack on traditional credit standards to Increase Minority Homeownership, June 17, 2002

    “The 2002-2004 role of George W. Bush in setting off the housing bubble in the name of fighting racial inequality is still not widely understood. Republicans can’t believe their hero would campaign to undermine traditional credit standards, and Democrats can’t believe their enemy would wage war on down payments and documentation in the name of equality for minorities.”

    http://www.vdare.com/posts/video-bushs-first-attack-on-traditional-credit-standards-to-increase-minority-homeownership-ju

  • modd kenwood

    we shoulda picked our own cotton

  • pieces of legislation clogging the pipe

    El Rushbo was just talking about the genetic lotto winners and losers. Good thing the immaculate chicago toilet water to wine converting messiah is going to put his Midas touch on everything and make it all fair and equal with milk and cookies for all. Zimbabwe? Cuba? Yes we can comrade!

  • Spurwing Plover

    The CFPB just another goverment buraracy to put up with

  • Jester

    Race-based car loans already aren’t working out all that well for buyers…

  • Buckwheat

    Yessuh ossifuh, dis here be my Audi! No suh, I dids not robs it from Whitey.

  • Aarradin

    Thanks for the reminder: The Dodd / Frank Financial Strangulation bill is as damaging as Obamacare and must be fully repealed.

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  • Jodie

    God willing, I will be car shopping soon. Before I do that, I’m going to stock up on the “black face” paint/makeup.

  • twolaneflash

    Rims for all my bros! Limos for all my…!

  • twolaneflash

    Tragedy plus time equals comedy. Now this is funny, I don’t care who you are:

    http://www.youtube.com/watch?v=KRgB2eeHZEw

  • Jacobite

    As simply as possible, disparat-impake whites second-class citizens, again. Just as whites have to have better grades and test scores to get a seat in college, now whites will have to have vastly better credit than first-class-citizen blacks to get a car loan. Soon, whites will be paying much higher interst rates, to make up for black defaults. Different races cannot live together in peace. Never have; never will.

  • Gary Benson

    The housing bubble was about the FED making money cheap so blacks and browns could get suicide loans so Jews on Wall St. could sell the bad paper to pension funds….and when the music stopped the Wall St. filth demanded a trillion dollars (actually 12 trillion unofficially) so as not to implode the ruined economy.
    Everybody here needs to get on the phone and call every Senator and DEMAND an audit of the FED.

  • Jeanne

    Step 1. destroy all “clunkers”. 2. Get people into ones they can’t afford. Are we talking about cars or insurance policies?

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