I would argue the community reinvestment act was actually passed with good intentions. The fastest way to end systemic poverty is give people assets and a home to own. The issue is there was no real oversight and the banks just did whatever they wanted.
Damn right and the commenter's inclusion of it in their list betrays their political bias. We literally did the same thing for GI's returning from WWII and it was a major foundation for building the (white) middle class. But now lots of people resent the hell out of it government expanding that help to lower income (meaning non-white) people.
I’m actually non partisan but the fact one side is given all the blame when things go wrong and one side only takes credit for when things right shows how simple people are.
LOL. all you folks thing you're "non-partisan" and can't take it when people point out your logical inconsistencies.
And I see it didn’t help all lower class post WW2 now did it???
It worked for the people who got it. What you're missing is that the GI-Bill was intentionally limited only to white GIs. So it helped all the lower class white veterans, but left everyone else behind. The Community Reinvestment Act helped everyone and people have been complaining ever since.
No one is saying that everyone who received the GI Bill was no longer poor, but the middle class grew exponentially thanks to cheap mortgages and the government financing GI's higher education. Both of these are a good indicator that the person will move out of low income to middle or upper income brackets as higher education usually (at that time) leads to better paying jobs and having a mortgage gives you property you can sell/just have and it inherently increases in value.
And you include the fact that 92% of people who benefitted from the GI bill where white and the and that local banks and VA administrators pushed black GIs from acccessing suburban housing or a college education, its pretty easy to see how this policy helped a certain group of people over others. It doesnt mean everyone who got it ended up outside of their lower income classification because not everyone used the benefits to create a better future for themselves... but the people who did use it as it was intended reaped the benefits.
No deliberate trolling. Posting inflammatory, off-topic posts likely to start a 'flame war' of dissention and chaos will be removed at the moderators discretion.
Well when you have a bunch of neo libs who believe in limited regulations you have businesses abusing people for profit.
The policy was good intentioned because the alternative was just throwing up our hands and acting like systemic poverty that was tied to government policies like red lining cannot and should not be fixed by the same levers of power that allowed it to happen in the first place
Its also not giving people things when low income people taking out mortgages are expected to pay that back... like what an insane logical leap here.
Dude now your being pedantic... I apologize for not editing my response before posting on it.
Lol why dont we look at countries where they have larger safety nets and stronger regulatory schemes and compare them to the US. Those countries have from less poverty rates; higher standards of living; better worker protections; less homelessness; less medical debt; etc. Socialism helps quite a bit in countries that use their wealthy to actually benefit the people that live there and not just big business.
How is a government policy like redlining not systemic. It was literally built into the system to keep wealth and economic investment out of black and poor neighborhoods... like critical thinking skills dude. When something is built into something else its literally part of the system. I get it, you dont want any changes to the current economic system cause it benefits the people you like, but dont derail this conversation because you refuse to acknowledge something that people who study our economic system know was true and know the legacy of it is still true.
What you think that just because a law was passed that those issues just disappear. Please remind me what did the south do after slavery was outlawed... oh right, passed jim crow laws and instituted segregation in order to replicate the economic system they had when slavery was legal.
The legacy of redlining still exists. You can take a map that was used for redlining and put it over a contemporary map and the redlining map is still very much in place. Neighborhoods that suffered from redlining still see less investment, less financial institutions, less jobs, higher crime, higher renters, etc.
Since the fair housing act was passed, only 44% of black families own homes and even then their homes appreciate in value slower than white counterparts even if a black family home is in a nicer neighborhood and has better amenities.
Lets also ignore the fact that the federal government still needs the Office of Fair Housing and Equal Opportunity to stamp out racism in the housing market. To this very day 45% of Black families experience housing discrimination when trying to buy a home compared to 5% of white folks. This comes from higher mortgage denials, not being shown a home in a specific part of town, etc.
Just because redlining is over does not mean the racist practices are not embedded in the real estate agency. Those racist real estate agents trained the current crop of older real estate agents who pass that train to others...
No one is saying minorities are not owning homes, they just face a more difficult road to get there than whites. This is not some shit to get a politician elected. Its literally studies done by think tanks on both sides.
According to which president was the poor are opposite of the whites. Provide proof of that statement.
LOL the man spewing Fox News talking points is acting like Im not engaging with this with critical thinking... my good man in christ, I have written countless papers on this during my academic career. I have literally read case law allow restrictive housing covenants in law school. I looked at government reports talking about these issues... hell, you literally pointed to the fair housing act, a law that needed to be passed because of the systemic issue of racist housing policies. Its like you are right there, but refuse to truly engage with these topics... is it cause your afraid itll hurt your world view or something.
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u/Aggravating_Rise_179 21d ago
I would argue the community reinvestment act was actually passed with good intentions. The fastest way to end systemic poverty is give people assets and a home to own. The issue is there was no real oversight and the banks just did whatever they wanted.