Politicians are freaking Schizophrenic

I remember it was not that long ago that the main issues for many urban politicians vis a vis the poorer parts of their city were

  • to encourage more and free-er mortgage lending
  • to encourage more retail businesses that would, through competition, help eliminate the retail price premium charged in many poorer areas

When I say I remember back to these things, I am not talking about 2 generations ago, for God sakes, I am talking about the 1990's.  Just one presidency ago.

Now, politicians are looking to punish bankers who provided easy mortgages for poorer borrowers, and are seeking to shut down payday loan companies, the last resort for ready cash before once goes to Tony Soprano.  Now, the LA city council wants to ban certain new retail establishments in South LA merely because they are too low cost and easy to use.

3 Comments

  1. Anonymous:

    Yet another example of the bigotry of low expectations banning fast food restaurants because too much of their offerings causes obesity.

  2. Les:

    "But if we let the poor people spend their monies, then they won't have monies no more..."

    Yeah.. Read something of a truism not too long ago about how the upper and lower classes fundamentally do not Grok each other. It not only applies to people who think it's okay to take away rich people money because, hey.. what do they need with it anyway? But also those who would try to protect the poor from themselves. If a poor person dosn't have cash in his pocket to go to the Piggly Wiggly it's not like Conswayla can to go grocery shopping for them out of the mansion's petty-cash budget.

  3. Technomad:

    Wasn't there some sort of hullaballoo about "redlining"---IOW, turning down loans or whatever because the would-be borrowers came from poorer areas (that were usually minority neighborhoods)? Banks were arm-twisted into ending that evil practice, and now it looks like they'll be made to suffer for making loans to people who won't be able to pay them back!