Confirmed: Obama Used Racial Bullshit To Lower Auto Lending Standards For Minorities
By V. Saxena, December 21, 2014.
A study conducted by the Boston-based Charles River Associates reveals that the Obama administration effectively used racial bullshit to basically lower auto lending standards for minorities, reports the Examiner:
According to the report, Obama’s Consumer Financial Protection Bureau used outrageously dishonest and unscientific statistics to manufacture a racial controversy out of thin air, and then used it to sue auto lenders for hundreds of millions of dollars, forcibly lowering lending standards for minorities at everyone else’s expense.
The hoopla started when Obama’s Consumer Financial Protection Bureau (CFPB) started suing auto lenders for discrimination. The lenders of course denied the allegations but went ahead and paid up anyway so as to make the harmful allegations disappear and of course avoid a potentially costlier battle. According to Investor’s Business Daily, the lenders have also started “inoculating [themselves] against further investigations by adjusting the way [they make] loans”:
By lowering standards to please Obama’s diversity police, they’ll end up taking on more risk. In fact, CFPB threatens to continue persecuting auto lenders until they introduce a one-price-fits-all system for lending, effectively ending pricing for risk.
What’s so crazy is that everything that the CFPB has alleged is complete and utter hogwash. For instance, the study by Charles River Associates determined that the CFPB correctly identified African Americans applicants less than 25 percent of the time. Furthermore, the study determined that had the CFPB correctly factored “credit scores, down payments, trade-ins, loan terms terms and other legitimate business variables in gauging rate disparities,” which by the way it admits it did not do, then it would have found that “alleged loan-pricing discrepancies between minorities and whites virtually disappear”:
[The] 143-page report slammed the agency for grossly overstating not just minority population counts but disparities in loan pricing, arguing the differences “are largely explained by objective factors (other) than race and ethnicity.”
So basically, our president, who Examiner contributor Robert Moon brilliantly identifies as the “Black Panther-in-Chief,” drummed up a huge racial controversy that did nothing more than screw up how the auto-lending industry is supposed to actually function.
Are you surprised? I surely am not! This is why I cannot stand President Barack Obama and his administration. They want to radically transform this entire nation so that the way it operates fits into their social justice narrative. By doing this, though, they are only destroying the nation, one industry at a time!
http://downtrend.com/vsaxena/obama-racial-bullshit-auto-lending/
