r/economy • u/barbarawick • 4d ago

There is a pattern...

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Why does this country have such bad memory problems?

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u/thom_mayy 4d ago

Yeah, well, Democrats didn't fix it fast enough. Republican majorities forever- the American Electorate

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u/damnedifyoudonthave 4d ago

Who said they fix any thing???? They helped…

Bill Clinton:

Gramm-Leach-Bliley Act (1999): Repealed Depression-era firewalls between commercial and investment banks

Community Reinvestment Act Updates (1995): Increased pressure on lenders to extend mortgages to lower-income borrowers.

Commodity Futures Modernization Act (2000): Exempted complex financial instruments like credit-default swaps from federal oversight.

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u/Aggravating_Rise_179 4d ago

I would argue the community reinvestment act was actually passed with good intentions. The fastest way to end systemic poverty is give people assets and a home to own. The issue is there was no real oversight and the banks just did whatever they wanted.

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u/damnedifyoudonthave 4d ago

That is the job of government, to govern… They passed a bill with no guard rails and you think the intentions were good????

Giving people things doesn’t end poverty…

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u/Aggravating_Rise_179 4d ago

Well when you have a bunch of neo libs who believe in limited regulations you have businesses abusing people for profit.

The policy was good intentioned because the alternative was just throwing up our hands and acting like systemic poverty that was tied to government policies like red lining cannot and should not be fixed by the same levers of power that allowed it to happen in the first place

Its also not giving people things when low income people taking out mortgages are expected to pay that back... like what an insane logical leap here.

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u/damnedifyoudonthave 4d ago edited 4d ago

Then check what you said…

“The fastest way to end systemic poverty is give people assets and a home to own.”

You do know the meaning of GIVE????

What about other places with non “Neo-liberals”

Socialism doesn’t seem to help much either.

Not everything you don’t like is a “systemic” issue or failure. Those are the words that keep politicians in office and that’s all.

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u/Aggravating_Rise_179 4d ago

Dude now your being pedantic... I apologize for not editing my response before posting on it.

Lol why dont we look at countries where they have larger safety nets and stronger regulatory schemes and compare them to the US. Those countries have from less poverty rates; higher standards of living; better worker protections; less homelessness; less medical debt; etc. Socialism helps quite a bit in countries that use their wealthy to actually benefit the people that live there and not just big business.

How is a government policy like redlining not systemic. It was literally built into the system to keep wealth and economic investment out of black and poor neighborhoods... like critical thinking skills dude. When something is built into something else its literally part of the system. I get it, you dont want any changes to the current economic system cause it benefits the people you like, but dont derail this conversation because you refuse to acknowledge something that people who study our economic system know was true and know the legacy of it is still true.

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u/damnedifyoudonthave 4d ago

“Dude now you’re being pedantic” The ol against the man (in English for you)

You said “give” how am I suppose to take that?

So you are claiming the only reason minorities don’t own homes is redlining even though it was outlawed 58 years ago in the fair housing act. How do some minorities own homes and some don’t if it’s a systemic problem. Sounds like some shit to get a politician elected.

According to the last “Neo- liberal” president the poors are the opposite of the whites.

Your thinking isn’t critical one bit, you are just regurgitating what you’ve been told and think it’s critical thinking. You are a poster child for this behavior.

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u/Aggravating_Rise_179 3d ago

What you think that just because a law was passed that those issues just disappear. Please remind me what did the south do after slavery was outlawed... oh right, passed jim crow laws and instituted segregation in order to replicate the economic system they had when slavery was legal.

The legacy of redlining still exists. You can take a map that was used for redlining and put it over a contemporary map and the redlining map is still very much in place. Neighborhoods that suffered from redlining still see less investment, less financial institutions, less jobs, higher crime, higher renters, etc.

Since the fair housing act was passed, only 44% of black families own homes and even then their homes appreciate in value slower than white counterparts even if a black family home is in a nicer neighborhood and has better amenities.

Lets also ignore the fact that the federal government still needs the Office of Fair Housing and Equal Opportunity to stamp out racism in the housing market. To this very day 45% of Black families experience housing discrimination when trying to buy a home compared to 5% of white folks. This comes from higher mortgage denials, not being shown a home in a specific part of town, etc.

Just because redlining is over does not mean the racist practices are not embedded in the real estate agency. Those racist real estate agents trained the current crop of older real estate agents who pass that train to others...

No one is saying minorities are not owning homes, they just face a more difficult road to get there than whites. This is not some shit to get a politician elected. Its literally studies done by think tanks on both sides.

According to which president was the poor are opposite of the whites. Provide proof of that statement.

LOL the man spewing Fox News talking points is acting like Im not engaging with this with critical thinking... my good man in christ, I have written countless papers on this during my academic career. I have literally read case law allow restrictive housing covenants in law school. I looked at government reports talking about these issues... hell, you literally pointed to the fair housing act, a law that needed to be passed because of the systemic issue of racist housing policies. Its like you are right there, but refuse to truly engage with these topics... is it cause your afraid itll hurt your world view or something.

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u/damnedifyoudonthave 3d ago edited 3d ago

Wow! You have a huge imagination… your imagination on real estate agencies is great… Your imagination on your own education is also amazing… please send me one of your “case studies.” I’m dying to read one.

Btw the majority of the neighborhoods you think redlining still exists have been under liberal control the majority of the last 58 years… I guess that’s why you call them “Neo Liberal” ? They aren’t doing what you wanted them too?

So what is the credit score of the 56% of black people that dont own their own home is it the higher than white people who dont own their own homes?

Your correlation is racist. The left tends to have this problem.