Comments on: Systemic Racism in Banking: The Wells Fargo Case http://www.racismreview.com/blog/2009/06/08/systemic-racism-banking-wells-fargo/ Fri, 30 Jul 2010 15:03:46 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Well’s Fargo and reverse redlining | Betwixt and Between http://www.racismreview.com/blog/2009/06/08/systemic-racism-banking-wells-fargo/comment-page-1/#comment-9394 Well’s Fargo and reverse redlining | Betwixt and Between Thu, 06 Aug 2009 19:26:33 +0000 http://www.racismreview.com/blog/?p=2359#comment-9394 [...] reading an enlightening and shocking piece on Racism Review about alleged predatory lending by Wells Fargo that specifically targeted blacks [...] [...] reading an enlightening and shocking piece on Racism Review about alleged predatory lending by Wells Fargo that specifically targeted blacks [...]

]]> By: Randy B. http://www.racismreview.com/blog/2009/06/08/systemic-racism-banking-wells-fargo/comment-page-1/#comment-7864 Randy B. Fri, 12 Jun 2009 03:38:27 +0000 http://www.racismreview.com/blog/?p=2359#comment-7864 People of Color, and Blacks specifically, were targeted for sub-prime loans because they fail to have the same privilege of wealth afforded whites in American society today. Historically, white Americans have been able to obtain home mortgages because they had some sort of wealth that could be use as collateral. This wealth is usually wealth that has been acquired through properties or monies that had been handed down from generation to generation. For people of color, who have not had the benefit of property ownership a third as long as white people in America, usually never inherit the wealth afforded to whites. Because of this, standard loans were not available to people of color with low incomes or bad credit. The sub-prime mortgages were the government's answer to this issue. Changes in lending practices were made by members of Congress, under pressure from mortgages lenders and minority interest groups, to allow more people of color to become qualified for home ownership. Once home ownership was established, residents applied for and received home equality loans to pay other bills. When the home values dropped people quickly found themselves underwater, with no way to pay. Like dominoes, as one house in the neighborhood fell to foreclosure, the others houses in the neighbor lose value. Soon the number of houses that start to lose value increase until everyone in the neighborhood is being foreclosed on. Blacks, and poor people in general fell victim to the subprime mortgage scheme, not because they were stupid, it is because they believed the fabrication, the homeownership is a level playing field where everyone is treated the same. People of Color, and Blacks specifically, were targeted for sub-prime loans because they fail to have the same privilege of wealth afforded whites in American society today. Historically, white Americans have been able to obtain home mortgages because they had some sort of wealth that could be use as collateral. This wealth is usually wealth that has been acquired through properties or monies that had been handed down from generation to generation. For people of color, who have not had the benefit of property ownership a third as long as white people in America, usually never inherit the wealth afforded to whites. Because of this, standard loans were not available to people of color with low incomes or bad credit. The sub-prime mortgages were the government’s answer to this issue. Changes in lending practices were made by members of Congress, under pressure from mortgages lenders and minority interest groups, to allow more people of color to become qualified for home ownership. Once home ownership was established, residents applied for and received home equality loans to pay other bills. When the home values dropped people quickly found themselves underwater, with no way to pay. Like dominoes, as one house in the neighborhood fell to foreclosure, the others houses in the neighbor lose value. Soon the number of houses that start to lose value increase until everyone in the neighborhood is being foreclosed on. Blacks, and poor people in general fell victim to the subprime mortgage scheme, not because they were stupid, it is because they believed the fabrication, the homeownership is a level playing field where everyone is treated the same.

]]> By: Emery Graham http://www.racismreview.com/blog/2009/06/08/systemic-racism-banking-wells-fargo/comment-page-1/#comment-7812 Emery Graham Wed, 10 Jun 2009 14:51:20 +0000 http://www.racismreview.com/blog/?p=2359#comment-7812 I think this blog is providing the venue for some very insightful comments on the tacit nature of racism. Most important is the idea that the acts of racism don't have to be framed in terms of the social extremes in behavior. If one considers racial dominance as a set of techniques designed to deny or reduce the acquisition of benefits from one's resources, then racism can be viewed in a more technical and modern framework of endeavors. When viewed from a perspective of critical cultural analysis, the racist is a person who has been trained to use the normal institutions and routines of a society in ways that advantage one group and disallow, or discount, that same advantage to another group. The technical knowledge base in which racist behavior is grounded widely available to those wishing to know the techniques of action. The racist use of the knowledge is characterized by exercising the technology in a way that minimizes the benefits of using the technology for an individual or group whose characteristics are evaluated under a culture specific norm that triggers a cognitive distinction which supports a suboptimal application of the technology on behalf of the persons with the culturally devalued characteristics. In this model, there needs to be a universal standard of optimal, or normal, or valued application of the technology, i.e., when given a choice of behavior under the guiding technology, which one does the technologist choose? I vote for the one specified in most cultures on the planet, i.e., do unto others as you you would have other do unto you. With this standard the racist could be identified by testing their decisions with the standard of self application. The challenge with white racism is not one defined by violations of present day norm, but rather it is one which asks the question, "how do you change the "social facts" of a person's life who has been inculcated with the norms of a time quickly passing? Can we specify the technical specifics of cultural change, like we do in Afghanistan and Iraq, in terms of American society. How do we deal with the racial terrorists who continue to inflict deep harm on innocent populations whose only crime is being black? I think this blog is providing the venue for some very insightful comments on the tacit nature of racism. Most important is the idea that the acts of racism don’t have to be framed in terms of the social extremes in behavior. If one considers racial dominance as a set of techniques designed to deny or reduce the acquisition of benefits from one’s resources, then racism can be viewed in a more technical and modern framework of endeavors. When viewed from a perspective of critical cultural analysis, the racist is a person who has been trained to use the normal institutions and routines of a society in ways that advantage one group and disallow, or discount, that same advantage to another group. The technical knowledge base in which racist behavior is grounded widely available to those wishing to know the techniques of action. The racist use of the knowledge is characterized by exercising the technology in a way that minimizes the benefits of using the technology for an individual or group whose characteristics are evaluated under a culture specific norm that triggers a cognitive distinction which supports a suboptimal application of the technology on behalf of the persons with the culturally devalued characteristics. In this model, there needs to be a universal standard of optimal, or normal, or valued application of the technology, i.e., when given a choice of behavior under the guiding technology, which one does the technologist choose? I vote for the one specified in most cultures on the planet, i.e., do unto others as you you would have other do unto you. With this standard the racist could be identified by testing their decisions with the standard of self application.

The challenge with white racism is not one defined by violations of present day norm, but rather it is one which asks the question, “how do you change the “social facts” of a person’s life who has been inculcated with the norms of a time quickly passing? Can we specify the technical specifics of cultural change, like we do in Afghanistan and Iraq, in terms of American society. How do we deal with the racial terrorists who continue to inflict deep harm on innocent populations whose only crime is being black?

]]> By: No1KState http://www.racismreview.com/blog/2009/06/08/systemic-racism-banking-wells-fargo/comment-page-1/#comment-7800 No1KState Tue, 09 Jun 2009 02:15:48 +0000 http://www.racismreview.com/blog/?p=2359#comment-7800 There's no question that we as a nation can put a stop to this. But a few of us benefit financially and even more of us benefit in other, less tangible, ways. And what gets me about it is in the midst of this, you have nuts with the endorsement of MSM arguing that now, it's <i>white males</i> who're suffering racism and sexism. That's not counting all the racism apologists and deniers. Those who would argue that what matters is what's in the heart; or, racism doesn't have a significant impact on the lives of people of color; or, that blacks are being overly-sensitive. Think about it. Remember that chia-Obama? Think of all the people who see nothing racist about that. Do you really think they'd say something about "mud people"? After all, what do you put plants in if not mud? There’s no question that we as a nation can put a stop to this. But a few of us benefit financially and even more of us benefit in other, less tangible, ways.

And what gets me about it is in the midst of this, you have nuts with the endorsement of MSM arguing that now, it’s white males who’re suffering racism and sexism. That’s not counting all the racism apologists and deniers. Those who would argue that what matters is what’s in the heart; or, racism doesn’t have a significant impact on the lives of people of color; or, that blacks are being overly-sensitive.

Think about it. Remember that chia-Obama? Think of all the people who see nothing racist about that. Do you really think they’d say something about “mud people”? After all, what do you put plants in if not mud?

]]> By: Monday Blogaround « The Gender Blender Blog http://www.racismreview.com/blog/2009/06/08/systemic-racism-banking-wells-fargo/comment-page-1/#comment-7799 Monday Blogaround « The Gender Blender Blog Tue, 09 Jun 2009 01:59:43 +0000 http://www.racismreview.com/blog/?p=2359#comment-7799 [...] Systemic Racism in Banking: The Wells-Fargo Case [...] [...] Systemic Racism in Banking: The Wells-Fargo Case [...]

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