Recent reports suggest that the Obama administration is about to usher in a scheme that could set the financial services industry back on its heels and make the recent financial crisis and housing bubble seem like a hiccup.
We’ve heard the president’s own peculiar brand of “equality” for at least five years now — to replace “equal opportunity” with “equal results.” The Obama administration now wants to apply that notion to almost every facet of everyday life.
According to Inverstors.com:
President Obama intends to close “persistent gaps” between whites and minorities in everything from credit scores and homeownership to test scores and graduation rates.
His remedy — short of new affirmative-action legislation — is to sue financial companies, schools and employers based on “disparate impact” complaints — a stealthy way to achieve racial preferences, opposed 2 to 1 by Americans
Under this broad interpretation of civil-rights law, virtually any organization can be held liable for race bias if it maintains a policy that negatively impacts one racial group more than another — even if it has no racist motive and applies the policy evenly across all groups.
Total racial outcomes will be the goal. Think of it as a 21st century version of the principle, “From each according to his ability, to each according to his need.”
So far, three banking giants have buckled under the pressure. Bank of America, Wells Fargo and SunTrust have all agreed to modify their lending practices to make them more “race-friendly.”
Subprime lending practices played a huge role in the mortgage crisis of 2007 and the financial debacle a year later.
At that time, the goal was similar — to provide affordable housing to the poor. However, it had the exact opposite result. As lending practices and requirements were eased, demand shot through the roof, pushing housing prices up to unrealistic levels.
We all know where that led. The housing bubble burst and homeowners were left holding mortgages on upside-down properties they either couldn’t or wouldn’t pay.
These are the consequences of “equal results” over “equal opportunity.” It’s deja vu all over again.
Read the full report in Investors.com.
About Michael Dorstewitz
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Please , Please. When the governor of our state stops doling out 5 billion dollars for illegals and supports everify talk to me.
E-Verify is an unreliable piece of crap. and there is no $5B for illegals, but THERE IS a President that is systematically destroying free market capitalism and growing government at unprecedented levels, while arguing for public policy that will keep our economy in the gutter for several more years, probably to the point that our country defaults, totally destroying the USA’s world leadership position, creating a void for another country that isn’t as stupid as us, to take the mantle.
Hunker down, America. The end is nearer than you think.
Be afraid! Be very afraid! All this fear-mongering, nonsense conspiracy theories and lying propaganda from the likes of Roger Ailes/Rupert Murdoch Fox noise entertainment are what got Obama elected in 2012. Don’t hunker down, get out there and participate in improving America! Forward!
There are over 800,000 illegals in Florida. Our governor is their Santa Claus. Here are a few sites of interest and what we have to look forward to with amnesty costs.
fairus.org/states/florida
fairus.org/issue/illegal-aliens-taking-u-s-jobs
heritage.org/research/reports/2007/06/amnesty-will-cost-us-taxpayers-at-least-26-trillion
It’s only four more years and then hopefully, even the 47%, will be begging for conservative answers. Maybe by then, the GOP will have cleaned up our voter rolls, learned how to take our message directly to the people, bypassing Hollywood, unions, schools and the mainstream media, and perhaps keeping our candidate above the fray. Abortion, birth control and religion are not matters for the president. Our debt, deficits and national security threats are the issues.
LOL!
A blind person can see that the democratic base of voters will increase over the next few years. Republicans and Democrats cater to illegals. As they become absorbed in the system they will eventually vote Democrat because they have priority with entitlement programs. It is what it is. Wake up and smell the coffee.
Get over it, respect the will of the American people and help make things better for everyone, not just the elite wealthy 1% Forward!
RUSerious/ ARE YOU SERIOUS? We won get over it attitude is what has mucked up things worse during the last 4 years! Closing your eyes to BAD decisions DOES NOT make them good decisions! AND HELLO it was NOT the will of all AMERICANS. I do not recall Obama winning 100% of votes even though some precints did give him over 100%. The so called ELITE wealthy voted for your man. The small businessman voted against him! Perhaps you ought to do some research on where all those Hollywood types invest their money and how many have offshore account instead of just going with the swill being served!
How do you explain Allen West losing with a 5 to 1 advantage in campaign funding to a young unknown with a sketchy record? You have to go back and examine where and when you lost touch with your constituents. I already know the answer but it is too late.
I WEEP AT OUR UPCOMING DEMISE. BYE-BYE AMERICA.
Save your tears for the new generation inheriting this mess we created.
Obama is starting another civil war and you know what? I’m ready. If the minorities want to be equal with whites, then start acting like whites and stop taking government entitlements.
Race friendly my ASS. Hello PEOPLE didn’t the housing bubble occur from this type of thinking put into action to ‘level the playing field” for minorities EVEN though they were NOT financially able? So does this mean you will be forced to give people checking accounts who constantly overdraft and you had better not charge them fees because they can not afford to pay them? as Forrest Gump says “Stupid is as STUPID does” This is STUPID!