In other words, the charlatan wing of “black leadership” vacuumed up $2 trillion in reparations which didn’t make it into black communities.
Interesting...
This would be another fine example of a nefarious deed that spun into unintended and unforeseen consequences.
Thanks again, Democrats. And thanks again to spineless Republicans who refused legitimate oversight.
I am failing to inderstand the precise pathway between bank losn programs running out and burning and looting. Are you saying that people are rioting because they can’t get mortgages and business loans? I truly don’t understand the connection.
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ZZZZZZZZZZZZ......
That seems a far reach. There is no evidence that the CRA component of bank mergers actually generated much in the way of “walking around money.” Moreover, history abounds with remote and complicated causes for events so we do best to look first to proximate causes for the sake of logic and coherence. A better explanation is that the rising expectations and Trump-era prosperity were suddenly taken from the Black community by the economic effects of the coronavirus and replaced with idleness and discontent. And we all know what the devil does with idle hands.
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The shift to the East Coast was also accompanied by the disappearance of small, community banks who were gobbled up by bigger Regional/National banks and then finally closed.
While this all correlates to the timeline above nicely, this is IMO a case of correlation <> causation. I've been in the Banking Sector for almost 20 years now and while I may not know anywhere near as much as LS does from a historical perspective I do know this: banks go where the money is. Increasingly the money is NOT in the big urban areas. The financial profiles of largely under-educated/uneducated urban masses just do not meet the requirements of a profitable clientele.
Just the facts as I see & know them.