This article continues the story of US Attorney Eric Holder’s failure to carry the torch passed on by the Rev. Martin Luther King, Jr. and shows how US Attorney Eric Holder made a deal with JP Morgan Chase CEO Jamie Dimon and the New York Federal Reserve gang instead using his historic opportunity to achieve true Equality and Social Justice as the first African American Attorney General of the United States.
Babylonian money magic and the actual business model of the international banking cartel that controls the Federal Reserve and other key Central Banks around the World depends on cycling a target population through economic expansion and contraction.
Bankers make money by lending. Then, bankers make money by taking away. While counterintuitive, bankers know that the increase in currency an asset can command as a sale price is a function of their expansion in the borrowing facility they make available to that population. With each new loan, the banks obtain security and an ownership of an interest in additional property along with the streams of income used by the borrower to obtain the loan. When the target population is deceived into taking on as much unfavorable debt as it can pledge to, banks then make money by contracting the economy for the target population.
Foreclosing On The New Equality
Veterans’ Today readers will of course notice the above graph took a big turn to the South in 2007 at the end of George W. Bush’s (Bush 43) presidency. Every one of the gains in home ownership, jobs, and wealth under Bush 41 and Bill Clinton have been taken back. For young African American men facing real unemployment of near 50% like Michael Brown, those that did not make it out of decaying urban core areas to better schools and safer neighborhoods under President Bill Clinton, the prospects are grim and home ownership is unreachable:
“The unemployment rate for black youth reached a high of 49.1 percent in November 2009 and as of January 2012 had fallen to 38.5 percent. Not only has the unemployment rate remained high, but a large number of black teens are no longer in the labor force – either working or looking for work — which explains some of the drop in the unemployment rate.
In 2007, black teens participated in the labor force at a rate of 30.3 percent. By 2011, that rate had declined to 24.9 percent. Labor force participation of black men and women aged 20-54 declined by 2.3 percentage points from 78.2 percent in 2007 to 75.9 percent in 2011, while participation among older black workers (aged 55 and older) increased by 1.3 percentage points — 35.3 percent in 2007 to 36.6 percent in 2011.”
DOL Special Reports- The African-American Labor Force in the Recovery, February 29, 2012. US Department of Labor.
Ferguson in North St. Louis, South Chicago, Wrong Sides of the Red Line
In America, before the White majority and the middle class experienced that organized crime engineered economic contraction in 2008, African Americans in inner city core neighborhoods were already experiencing an economic contraction. And it was a deliberate artificial contraction by the banks that was unconnected to a lessening of employment or wage levels.
This process or scam played by the major commercial banks on Black families was known as “Reverse Redlining.” The big banks that lost market share to Savings and Loans, and then to more responsive and customer friendly state and regional banks pulled out of serving urban residential neighborhoods with high minority populations.
However, the banks could not leave the profit potential of these same neighborhoods unexploited, so they located more predatory versions of mortgage and credit services in the neighborhoods they had pulled their regular banks out of. In the article The Color of Money by Bill Dedman, printed in The Atlanta Journal-Constitution. January 5, 1988, the Pulitzer Prize-winning investigative-reporter showed that banks would often lend to lower-income whites but not to middle- or upper-income blacks. The Reverse Redlining scam involved selling mortgages, credit and insurance to these previously abandoned customers, but with far less value on offer for the otherwise similar appearing financial products.
Often, these new institutions would have similar names or variations of the names of the parent banks, but since they were organized as independent units in the abandoned neighborhoods, the services and rates offered could be uniformly much higher than those available in the suburbs. To the point of usury, but also through less favorable terms and conditions majority race customers in more competitive locations would never have to accept.
The Service Employees International Union (SEIU) and The Association of Community Organizations for Reform Now (ACORN) were the first advocacy groups to stand up for low income home owners in urban core neighborhoods subjected to Reverse Redlining. The young Barak Obama, with several other attorneys, had served as local counsel for ACORN in a 1995 voting rights lawsuit joined by the Justice Department and the League of Women Voters.
ACORN Protestors Calling For Justice To Stop Foreclosures
In Missouri, where non judicial foreclosures are the rule, the sudden collapse of the Black Middle Class in places like my urban region, the greater Kansas City Metropolitan Area, was disastrous. Whole neighborhoods of freshly restored beautiful turn of the past century houses appeared to be boarded up over night. During the Clinton years, urban blight had been ruthlessly hunted down and eradicated, new Costcos and Home Depots appeared in what had been ghettos. And, the people reinvested in their neighborhoods. The houses were brought up to current HUD standards and to meet every banking quality requirement. Continue reading . . .