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Why should it be up to the bank where to put “full service” banks?
We need banks to have equal services in each community as far as is possible because if they don’t, that’s “unequal treatment” which leads to less choice for black borrowers. Less choice the higher the interest rate is because that’s “how it works”.
Because they're operating on profit. It's a business, not a government service. Why should it be up to government to decide?Why should it be up to the bank where to put “full service” banks?
We need banks to have equal services in each community as far as is possible because if they don’t, that’s “unequal treatment” which leads to less choice for black borrowers. Less choice the higher the interest rate is because that’s “how it works”.
You didn't approach the question. What is it that keeps white people, asians, or other races from moving into such a neighborhood?“Assimilation” is so 1950s.
What’s “wrong” with a predominantly black wealthy neighborhood existing?
I've heard of such neighborhoods but have never seen one. Curious; what is it that keeps white people, asians, or other races from moving into such a neighborhood?
Nothing. I have moved into this neighborhood.You didn't approach the question. What is it that keeps white people, asians, or other races from moving into such a neighborhood?
Do you suspect there is something about the Neighborhood that attracts blacks but not other people?Nothing. I have moved into this neighborhood.
I am not black; neither is my spouse.
Did you totally miss the Great Recession?Because the banks are the ones who have to suffer the consequences of failure. Now if the City agrees to make sure the bank makes money, then they should be able to dictate how they do business
It could be like the neighborhood I lived in while in high school. It had been the first middle-class neighborhood for blacks in 1960, while the city was still segregated. At the time, upper-working class to high-middle class and a few genuinely wealthy blacks moved in. Over time, as the city integrated through the 70s, the high-middle class blacks moved to newly integrated areas. Price values declined slightly, but not much because the upper-working and middle-class blacks stayed.Do you suspect there is something about the Neighborhood that attracts blacks but not other people?
Did you totally miss the Great Recession?
Having equal access to the products of our economy (and yes, a loan is a “product” that banks “make”, they “sell money”), for all segments of our society is necessary to thwart our tendency to exclude “iffy-prospects” because of racist attitudes.
What if you are disabled and have low mobility?Guess what I had to to go 10 miles for a loan. Oh the horror.
Did anyone make that charge?What if you are disabled and have low mobility?
Seems harsh for the millions of people with similar issues. Are they not to be able to engage fully in the world?
Very harsh.
What if you are disabled and have low mobility?
Seems harsh for the millions of people with similar issues. Are they not to be able to engage fully in the world?
Very harsh.
Historically, racial covenants prevented black people from moving into this neighborhood. Black people were restricted to certain areas of Los Angeles (and were densely populated there because they were few other places they could move). When racial covenants were no longer enforceable, black people began moving into adjacent areas. In this neighborhood, after the first black people moved in in the 1960s, many of the white folks chose to leave (white flight). So with leaving white people creating a vacuum, black people filled that void. That's what set the stage for the area being highly concentrated with black people. Similar stories could be said of Watts and Compton, which were originally all white (and exclusive). But they were close to Bronzeville, so the same transformation happened.Do you suspect there is something about the Neighborhood that attracts blacks but not other people?
Historically, racial covenants prevented black people from moving into this neighborhood. Black people were restricted to certain areas of Los Angeles (and were densely populated there because they were few other places they could move). When racial covenants were no longer enforceable, black people began moving into adjacent areas. In this neighborhood, after the first black people moved in in the 1960s, many of the white folks chose to leave (white flight). So with leaving white people creating a vacuum, black people filled that void. That's what set the stage for the area being highly concentrated with black people. Similar stories could be said of Watts and Compton, which were originally all white (and exclusive). But they were close to Bronzeville, so the same transformation happened.
My particular neighborhood, with bigger houses and nice views, attracted black lawyers and doctors and entertainers. The old-timers will tell you where Ike & Tina and Ray Charles lived; younger folk point out Issa Rae and Regina King.
Anyway, at the outset, it was white flight that attracted black people to the area. Once established, it takes a while for demographics to shift. It takes at least a generational shift before (some) whites no longer feel a need to flee.
What does the Great Recession have to do with what I said?Did you totally miss the Great Recession?
Just because you don't have a bank a stone's throw away from your house doesn't mean you don't have equal access to banks. Besides, even if you did, you likely gonna shop around for the best rate in town anyway; and the one that gives you the best rate will likely not be the one a stones throw away from your houses so......Having equal access to the products of our economy (and yes, a loan is a “product” that banks “make”, they “sell money”), for all segments of our society is necessary to thwart our tendency to exclude “iffy-prospects” because of racist attitudes.
So what prevented your neighborhood from suffering the same fate as Compton and Watts?Historically, racial covenants prevented black people from moving into this neighborhood. Black people were restricted to certain areas of Los Angeles (and were densely populated there because they were few other places they could move). When racial covenants were no longer enforceable, black people began moving into adjacent areas. In this neighborhood, after the first black people moved in in the 1960s, many of the white folks chose to leave (white flight). So with leaving white people creating a vacuum, black people filled that void. That's what set the stage for the area being highly concentrated with black people. Similar stories could be said of Watts and Compton, which were originally all white (and exclusive). But they were close to Bronzeville, so the same transformation happened.
The problem with Watts was not blackness. The problems were poverty, unemployment and other inequities.So what prevented your neighborhood from suffering the same fate as Compton and Watts?
I never said it was.The problem with Watts was not blackness.
Great! Now care to answer my question? Or are you gonna answer more questions that nobody has asked!The McCone Commission identified the root causes of the riots to be high unemployment, poor schools, and related inferior living conditions that were endured by African Americans in Watts. Recommendations for addressing these problems included "emergency literacy and preschool programs, improved police-community ties, increased low-income housing, more job-training projects, upgraded health-care services, more efficient public transportation, and many more." Most of these recommendations were never implemented.
Watts was a high-density housing project area that shared the same problems as other high-density housing project areas.The problem with Watts was not blackness. The problems were poverty, unemployment and other inequities.
The McCone Commission identified the root causes of the riots to be high unemployment, poor schools, and related inferior living conditions that were endured by African Americans in Watts. Recommendations for addressing these problems included "emergency literacy and preschool programs, improved police-community ties, increased low-income housing, more job-training projects, upgraded health-care services, more efficient public transportation, and many more." Most of these recommendations were never implemented.
And yet this bank accepted the fine and vowed to “do better” in servicing black communities.What does the Great Recession have to do with what I said?
Just because you don't have a bank a stone's throw away from your house doesn't mean you don't have equal access to banks. Besides, even if you did, you likely gonna shop around for the best rate in town anyway; and the one that gives you the best rate will likely not be the one a stones throw away from your houses so......
Don't let that fool ya. History is full of examples of business accepting a slap on the wrist/fine, apologizing so they can move on even when they feel they were right, because it's cheaper to do so than going through years of litigation in order to prove yourself right.And yet this bank accepted the fine and vowed to “do better” in servicing black communities.
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