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Obama's 'Disparate Impact' Witch Hunt Vs. Banks Gets Surprise Court Blessing
Investors Busniness Daily ^ | 06/25/2015 | [editors]

Posted on 06/26/2015 4:05:55 AM PDT by expat_panama

Civil Rights: The Supreme Court has given the White House license to water down, if not destroy, virtually every standard dealing with housing. There's nothing stopping its push for affirmative-action lending and zoning.

In a shocking 5-4 decision, the high bench ruled that housing- and lending-discrimination lawsuits based on no proof other than statistics showing different outcomes by minority groups are within the bounds of civil-rights law.

It agreed with housing-rights zealots that zoning and underwriting policies that have a harmful effect — or disparate impact — on minorities are illegal, even if that harm is unintentional.

Sometime-conservative Anthony Kennedy provided the swing vote, falling in with the bench's liberal wing. "Recognition of disparate-impact liability permits plaintiffs to counteract unconscious prejudices and disguised animus that escape easy classification," he said.

Talk about judicial activism. Kennedy has expanded the scope of civil-rights law to encompass "unconscious" bias. Enforced by whom, the thought police?

The Obama regime's shakedown of the banking industry, now at $1.2 billion and counting, just got a huge legal boost. The Justice Department, HUD and the Consumer Financial Protection Bureau can now ramp up their witch hunts against allegedly racist lenders, taking even bigger cuts with their disparate-impact clubs.

To avoid litigation, banks will either have to overlend to high-risk borrowers, which means ignoring prudent credit requirements, or shrink their operations. Since the former is more likely, the high bench probably just baked another financial crisis into the economy.

(Excerpt) Read more at news.investors.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: business; discrimination; disparateimpact; economy; husing; investing; unintended; unintentional
Frankly, I'm stuck figuring out what can be done other than whining "ain't it awful"...
1 posted on 06/26/2015 4:05:55 AM PDT by expat_panama
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To: expat_panama

I think it is safe to say that “sometime conservative” Kennedy is firmly Left now. With Roberts firmly buried in the Left Kennedy’s opportunities to be a courted swing vote will be very rare or nonexistent. Now voting on the conservative side will get him only opprobrium and shunning from tony cocktail parties.


2 posted on 06/26/2015 4:11:17 AM PDT by arthurus (It's true!)
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To: 1010RD; A Cyrenian; abb; Abigail Adams; abigail2; AK_47_7.62x39; Aliska; aposiopetic; Aquamarine; ..

Humph.  Another going nowhere week w/ the markets wrapping up w/ another downhill pile of SCOTUS insanity.   Must be too early in the morning for my sense of humor to shore up my ever rosy disposition.  Someone help me finding a bright side here, like wasn't it the "disparate impact" shtick that got us into this mess in the first place?

3 posted on 06/26/2015 4:13:22 AM PDT by expat_panama
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To: expat_panama
This decision is a license for endless investigations, fines and prosecutions. It is not even guilty until proven innocent. It is guilty and your government can come down on you at any time for virtually any reason, including unrelated reasons like you support the wrong party or contribute to the wrong cause or don't cheer enthusiastically enough at the latest Obama announcement.
4 posted on 06/26/2015 4:18:58 AM PDT by Truth29
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To: expat_panama

Well, XOM is still a buy at this price. Bought some at the close yesterday.


5 posted on 06/26/2015 4:21:04 AM PDT by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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To: expat_panama

This was the worst decision of the session. They had a chance to put a knife into all this and instead resurrected it.


6 posted on 06/26/2015 4:31:17 AM PDT by 1010RD (First, Do No Harm)
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To: arthurus

Roberts has been blackmailed by Obama. He was Jeb Budh’s attorney in Florida and Jorge appointed him to SCOTUS as a favor to brother Jeb.


7 posted on 06/26/2015 4:46:50 AM PDT by ZULU (Roberts, Boehner and McConnell are Obama's Strumpets.)
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To: 1010RD

This is the logical consequence of using a fiat currency. Once a government realizes currency is based upon fiat they will, by one method or other, order disbursements to its particular constituents as financial accountability is not enforced in the currency.

These government-mandated distributions will continue at an ever increasing pace and extent until the final collapse.


8 posted on 06/26/2015 4:52:11 AM PDT by Justa
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To: expat_panama

It looks like high density ms-13 housing coming to neighborhoods, along with mooslims beheading grocery shoppers whenever they want.


9 posted on 06/26/2015 4:52:37 AM PDT by biggredd1
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To: expat_panama

Bookmark


10 posted on 06/26/2015 4:58:14 AM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Justa

It’s the nature of the Leviathan. Government is political by nature, therefore the bigger the government the more political it will be.


11 posted on 06/26/2015 5:00:07 AM PDT by 1010RD (First, Do No Harm)
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To: expat_panama

This is the most insane decision I have ever seen from the Supreme Court, and after Kelo vs. New London that is saying a lot. This basically introduces an insurmountable risk that destroys any possible business case for becoming a lender. You may no longer develop rational underwriting rules based on income, savings, debt ratios, or any other metric determined by actual ability of the borrower to pay back the loan, unless you allow a special exception for blacks to not be subject to the same lending requirements as everyone else.


12 posted on 06/26/2015 5:05:33 AM PDT by LambSlave
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To: All
GOV'T FRAUD AT ITS FINEST and Democratic votes to boot. He exposed the Clinton Foundation frauds in "Clinton Cash," but in his earlier book, "Extortion," author Peter Schweitzer writes about Obama and Eric Holder, using the Justice Dept and assorted govt agencies to extort Big Money ....threatening jailtime unless the targets fork over billions. Read on.

The Largest, Best Funded Voter Fraud Operation in US History Happening Before Your Eyes
Red Statements ^ | 3/12/2015 | Steven Ahle / FR Posted by HomerBohn

So you say you want a permanent democratic majority? But what about the massive amount of money that's needed?

Obama, and congressional democrats, along with a huge assist from Eric Holder add the shady ACORN into the mix by changing ACORN to "NeighborWorks America."

Both NeighborWorks America....and La Raza....provide the manpower.....and now have a huge funding source.

The DOJ has sued several banks and made settlements in which the banks have paid 24 billion in fines. One of the banks, CitiCorp was also ordered to pay $50 million to La Raza and NeighborWorks America as part of the settlement.

But wait, it doesn’t stop there. Another clause in the agreement makes it possible for La Raza and NeighborWorks America to rake in even larger amounts of money.

Of the remaining money the banks needed to pay in settlements, the banks were able to contribute additional money to La Raza and NeighborWorks America. For every dollar they contribute, it reduces their debt to the government by 2 dollars. That’s some mighty powerful incentive to give generously.

House Judiciary Committee Chairman Bob Goodlatte (R-Va.) and House Financial Services Chairman Jeb Hensarling have questioned why this money was sent to the two organizations rather than to the alleged victims of the bank’s crime. The administration of course declined to answer.

--SNIP--

So now, with Social Security cards, manpower and tons of money to go along with the two years before the next presidential election, the largest and most successful voter fraud campaign may alter the course of the elections not to mention the future of the United States.

Within the first couple of months of Obama’s illegal immigration executive memos he signed on AF One, at least ninety thousand Social Security cards were issued to illegal aliens. Now Senators Ben Sasse and Jeff Sessions want answers on how many additional social security cards were issued. The answer is important because it will allow citizens to know just how much money taxpayers are spending on illegal aliens.

Social Security cards are keys of the kingdom to illegal aliens. With them, they are able to access a number of all sorts of benefits, including the Earned Income Tax Credit, Social Security disability payments or Social Security’s supplemental income program.

The senators also want to know how much in benefits these illegals have collected. The senators have yet to connect the dots in Obama’s real scheme. Let me help them out.

Social Security cards besides making illegals eligible for benefits, can have a more profound problem for the United States. The cards make it very easy for illegals to register to vote, even in states with voter ID laws.

One of the documents accepted for registering to vote is………….Social Security cards. But administration officials don’t dare instruct the illegals on how to vote and many might not trust them. The Washinton Times explains how easy it would be to add millions of new voters through the democrat’s illegal amnesty.

THE SCAM UP CLOSE So how do you get around this? Simple. You have the latino-centric America hating La Raza do it. Yes, La Raza actually teaches illegal immigrants where and how to register and vote. With the advent of so many illegals being able to vote and limited resources, La Raza couldn’t possibly handle the volume or afford to spend the kind of money necessary to facilitate such a huge undertaking.

13 posted on 06/26/2015 5:10:50 AM PDT by Liz (Another Clinton administration? Are you nuts?)
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To: abb
XOM is still a buy at this price

Good morning and thanks!  Savvy traders don't whine when the market crashes, they call it a 'buying opportunity'.  That attitude's what I need on a morning like this.  Maybe XOM isn't right for me tho, it's got an IBD composite rating of 13 out of 100.  Here's my watch list:

Ticker Buy Point Price Rating
     
GILD 116.93 119.80 99
ELLI 67.1 68.14 99
MANH 60.08 60.36 99
ILMN 210.55 218.09 98
AVGO 136.38 142.89 99
ZBRA 111.55 116.58 99
ACHC 74.19 76.47 98
SCAI 40.2 40.44 99
HF 42.63 43.46 99
MKTX 90.27 91.51 99
EPAM 70.59 72.88 98
MTSI 39.62 41.28 97
HELE 92.72 96.55 98
CAVM 73.9 73.98 98
NCLH 55.48 55.98 98
BOFI 97.78 99.92 99
TBI 30.28 30.61 97
KNL 24.52 25.04 96
OUTR 78.04 79.12 95
WAL 32.99 33.68 97
MHK 188.39 192.78 96
NKE 103.89 106.53 96
HTLF 35.89 37.17 96
CRTO 46.6 47.1 95
RDWR 23.97 24.4 92
CEB 87.08 88.1 94
ANTM 160.74 165.06 92
AMCX 80.08 80.69 82

 

14 posted on 06/26/2015 5:26:16 AM PDT by expat_panama
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To: expat_panama

Hurray! I can finally buy that multi-million dollar mansion on the California Coast and live next to a Movie Star! All without proof of income! Wa-Hoo!

What? They don’t want riff-raff like me in their ‘hood?

That’s racist or sumptin’ and I’m gonna sue!

*SNORT*


15 posted on 06/26/2015 6:22:00 AM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: Justa; All

“This is the logical consequence of using a fiat currency. Once a government realizes currency is based upon fiat they will, by one method or other, order disbursements to its particular constituents as financial accountability is not enforced in the currency. These government-mandated distributions will continue at an ever increasing pace and extent until the final collapse.”

Yep. And SCOTUS changed the wording in 0bamacare BACK to a ‘tax’ from a ‘penalty’ so we get that as the cherry on top this week.

We Are So Screwed.

Just when I think I can’t go any further into ‘hunker down mode’ we have a week like this.

I’ll be in my bunker, cleaning my guns and packin’ shells if anyone needs me. Aarrgghhh!


16 posted on 06/26/2015 6:26:34 AM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: Diana in Wisconsin

Two questions that arise from this decision:

How will this affect mixed race persons? Are we back to calculating quadroons and octoroons? Ancestry.com could see a big jump in customers.

Since disparate impact based solely on racial statistics has full legal status, does this mean we should try out the left’s wildest gun control fantasies on blacks? Let’s give it a ten year trial (to gather more stats). After all, “gun violence” clearly affects black victims in significantly greater proportions than whites and “gun violence” perpetrators are far more likely to be black.

I would oppose this on principle, but over and over I’m being reminded that principle has no place in today’s jurisprudence. Time to get on board!


17 posted on 06/26/2015 6:48:08 AM PDT by FirstFlaBn
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To: FirstFlaBn

You forget that LOGIC and REASON have no place in today’s Progressive Society! ;)


18 posted on 06/26/2015 7:20:12 AM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: FirstFlaBn

You forget about us ‘trans-racials’....REALLY skew those statistics.

/s

Still, it only goes to show that when the nose was allowed under, it’s not so long before the whole house of cards coming tumbling down.


19 posted on 06/26/2015 10:29:09 AM PDT by i_robot73 ("A man chooses. A slave obeys." - Andrew Ryan)
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