Otto and Billy #racist

Otto and Billy #racist finance.yahoo.com

Otto: One reason for banks redlining African Americans from borrowing money was their high default rate on borrowed money. Now with one in the White House and the country approaching 17 trillion of debt, the question then becomes, should bankers in China be worried?

Billy: So what else be's NEW??? HELL! Everyone knows ya'll gives dem N***** money ya'll might as well KISS it GOODBYE!!!!!

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Interesting point about redlining. Of course, when one reads the reports about redlining, one finds a rather different perspective:

"In the 1930s, the Federal Housing Authority (FHA) established mortgage underwriting standards that significantly discriminated against minority neighborhoods. As the significance of subsidized mortgage insurance on the housing market grew, home values in inner-city minority neighborhoods plummeted. Also, the approval rates for minorities were equally low. After 1935 the FHA established guidelines to steer private mortgage investors away from minority areas. This practice, known as redlining, was made illegal by the Fair Housing Act of 1968, but the practice had long-lasting effects on the black and minority communities, due to the lack of being able to pass on wealth to subsequent generations. Minorities are still at a disadvantage when it comes to property ownership due to the past FHA regulations during the New Deal era.

So, Otto and Billy: Bullshit?

Otto and Billy #racist finance.yahoo.com

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