Free Capitalist Network - Community Archive
Mises Community Archive
An online community for fans of Austrian economics and libertarianism, featuring forums, user blogs, and more.

Discriminating against Wells Fargo

rated by 0 users
This post has 2 Replies | 2 Followers

Top 500 Contributor
Posts 217
Points 4,480
Seraiah Posted: Thu, Jul 12 2012 2:18 PM

http://bottomline.msnbc.msn.com/_news/2012/07/12/12703799-wells-fargo-pays-175m-to-settle-race-discrimination-probe#comments

So Wells Fargo recently settled its "crime" of discriminating by paying out 125 million dollars. Why? Because Hispanics and Blacks accepted sub-prime mortgages from them.

Yes, the great crime of Wells Fargo was giving sub-prime mortgages to Hispanics and Blacks. Just mull that over in your head for a little while.

Now the argument from the socialists is that Wells Fargo was charging an unfair amount of interest to Blacks and Latinos, but this begs the question, What is the fair amount?

One would think that since a disproportionate number of Hispanics are illegal immigrants and since a disproportionate amount of blacks are put in jail, we can conclude that home-ownership is not their strong suit, and, hey, they might pay a little more interest for loans because of it.

So now "justice" calls for Wells Fargo to either raise their interest rates on everyone else to pay for mortages that should've been sub-prime, or else for those who would recieve a sub-prime mortgage to recieve no loan whatsoever. Awesome.

Discrimination is the heart of insurance and loans, you take out the heart and it becomes a zombie; Providing nothing to society and eating the flesh of those around it; sustained by the dark forces of Government privelege.

"...Bitcoin [may] already [be] the world's premiere currency, if we take ratio of exchange to commodity value as a measure of success ... because the better that ratio the more valuable purely as money that thing must be" -Anenome
Top 10 Contributor
Male
Posts 5,118
Points 87,310
ForumsAdministrator
Moderator
SystemAdministrator

What if the loan officers that gave out the loans were Black or Hispanic?

[insert Keanu Reeves photo]

Seriously tho, if these Blacks and Hispanics were poor, then they probably lived in poor neighborhoods where the nearest Wells Fargo branches were staffed with Black and Hispanic loan officers. Why didn't these Black and Hispanic loan officers do their duty as members of their race to not screw over their own people or turn a blind eye to loan application fraud?

 

To paraphrase Marc Faber: We're all doomed, but that doesn't mean that we can't make money in the process.
Rabbi Lapin: "Let's make bricks!"
Stephan Kinsella: "Say you and I both want to make a German chocolate cake."

  • | Post Points: 5
Top 500 Contributor
Posts 217
Points 4,480
Seraiah replied on Thu, Jul 12 2012 3:01 PM

By the way, I'm not defending the injustices of the drug war that is foisted upon Blacks, or the insane way government handles immigration, but Wells Fargo is obviously going to discriminate based on what the government has done to these groups of people.

"...Bitcoin [may] already [be] the world's premiere currency, if we take ratio of exchange to commodity value as a measure of success ... because the better that ratio the more valuable purely as money that thing must be" -Anenome
  • | Post Points: 5
Page 1 of 1 (3 items) | RSS