Billions Stolen From Black Families by Predatory Lending

The Real News Network has the segment Billions Stolen From Black Families by Predatory Lending.

White Collar criminologist Bill Black analyzes the new study, “The Plunder of Black Wealth in Chicago,” opening the way for a fruitful conversation about reparations and our future.

For people who do not understand reparations, and that includes Bernie Sanders, this is a very important video to watch.

There are so many lessons to be learned here. An odd one that I take away from this is that there is nothing inherent in capitalism that says that the white predators have to behave this way. In a fair society and judiciary, these practices would have been highly illegal. Specific people and specific agencies of government took actions that were clearly wrong.

This kind of behavior is certainly one that can arise in and are a danger of a capitalist system. They must be guarded against. That is why regulations have arisen, but we have allowed those regulations to be undone. We need to examine what we should have done to prevent such deterioration from happening. The forces of this predation will always be with us.

It will be interesting to see Donald Trump’s reaction to this. I’ll have to do a little research to see how much of his father’s wealth was built on these practices.

June 20, 2019

Here is the first article I came up with in my search. From The Dreaded New York Times I found the article ‘No Vacancies’ for Blacks: How Donald Trump Got His Start, and Was First Accused of Bias.

A few years later, the government accused the Trumps of violating the consent decree. “We believe that an underlying pattern of discrimination continues to exist in the Trump Management organization,” a Justice Department lawyer wrote to Mr. Cohn in 1978.

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