BACK IN 2013 UNDER THE OBAMA ADMINISTRATION AND THROUGH THE
CONSUMER FINANCIAL PROTECTION BUREAU THERE WAS GUIDANCE GIVEN
TO AUTO COMPANIES IN REGARD TO AUTO LOANS.
NOW, THERE WERE
NUMEROUS STUDIES THAT INDICATED THAT IF YOU TOOK TWO INDIVIDUALS
WITH THE COMPLETE SAME CREDIT, THEY HAVE THE SAME CREDIT SCORE,
THE SAME FINANCES, THE WHITE APPLICANT FOR THAT AUTO LOAN
WILL GET A LOWER INTEREST RATE COMPARED TO MINORITIES WHO APPLY
FOR THAT AUTO LOAN.
SO THE OBAMA ADMINISTRATION REALIZED, OKAY,
THIS IS PROBLEMATIC, WE HAVE THE CONSUMER FINANCIAL PROTECTION
BUREAU WHO IS THERE TO PROTECT OUR CONSUMERS SO WE ARE GOING TO
ISSUE GUIDANCE THAT PREVENTS THIS FROM HAPPENING IN THE
FUTURE.
WELL, SENATORS HAVE VOTED TO DO AWAY WITH THAT
GUIDANCE --
>>
>>SO TO GIVE YOU SOME MORE DETAILS ABOUT WHAT WAS GOING ON
PRIOR TO THIS GUIDANCE --
>>
>>SO THE HILARIOUS PART ABOUT ALL THIS, AND OF COURSE IT'S NOT
ACTUALLY HILARIOUS, IS THAT THE LAWMAKERS WHO VOTED IN FAVOR OF
REPEALING THIS ARE ARGUING THAT THEY ARE DOING THE CONSUMERS A
FAVOR.
>>OH YEAH.
>>THAT THIS REGULATION WAS REALLY HURTING THE CONSUMERS.
THERE'S TOO MUCH REGULATION IN THE WAY, WHY WOULD THE
GOVERNMENT GET IN THE WAY OF HIGHER INTEREST RATES BASED ON
YOUR RACE?
>>THAT WAS THE NATIONAL AUTOMOBILE DEALERS ASSOCIATION,
WITH THE GREAT ACRONYM OF NADA, THAT SAID THAT IT'S OKAY, THEY
DIDN'T NEED THE REGULATION BECAUSE THEY WERE DOING ROBUST
VOLUNTARY FAIR CREDIT COMPLIANCE PROGRAMS.
>>CORPORATIONS ARE USUALLY VERY GOOD AT VOLUNTARY REGULATION
AND, YOU KNOW, SCALING BACK ANYTHING THAT COULD BE HARMFUL
TO CONSUMERS, VERY GOOD AT SELF-REGULATING.
>>LET ME ASK YOU SOMETHING.
WE WILL GET TO THE RACIAL ISSUES
SECOND, BUT EVEN WITHOUT THE RACIAL ISSUE, THESE CAR
DEALERSHIPS ADD AN INTEREST RATE ON TOP OF THE CAR YOU ARE
GETTING.
WOULD YOU RATHER MAKE SURE THE GOVERNMENT IS LOOKING
OUT FOR YOU TO MAKE SURE THE CAR DEALERSHIP ISN'T SCREWING YOU,
OR HAVE NO REGULATION AT ALL, AND ASSUME THAT THE CAR SALES
MAN AND THE CAR DEALERS WOULD HAVE A ROBUST, FAIR SYSTEM TO
LOOK OUT FOR THEIR CUSTOMERS?
REALLY, ANYBODY IN AMERICA?
I
DON'T CARE HOW REPUBLICAN YOU ARE, REALLY, THE GUYS AT THE CAR
DEALERSHIPS ARE WONDERFUL HUMAN BEINGS, AND THEY WOULD NEVER,
EVER PUT EXTRA CHARGES ON MY CAR.
I MEAN, THE IDEA WOULD DEEPLY OFFEND THEM.
NOT TO SAY THAT PEOPLE WHO WORK AT CAR DEALERSHIPS ARE BAD
PEOPLE BUT THEY LIKE TO ADD CHARGES ON TOP OF THE CAR AND IF
YOU AREN'T ON THEM LIKE A HAWK THEY WILL DO IT IN A SECOND.
WHAT IS IT CALLED?
PUTTING YOU TOGETHER?
>>YEAH, WHEN YOU GET A BAD DEAL ON A CAR YOU GOT PUT TOGETHER.
>>NOW TO THE RACIAL THING, THERE HAVE BEEN A NUMBER OF
STUDIES, THEY SHOW, SAME CREDIT SCORE, INDISPUTABLE, AND THEY
GO, I'M GOING TO CHARGE BLACKS AND LATINOS MORE.
BY THE WAY, IF
YOU ARE WONDERING WHY, IS IT BECAUSE THEY HATE BLACK PEOPLE?
NO, IT'S THE SUBCONSCIOUS STEREOTYPES THAT ARE IN THEIR
HEAD, AND YOU MIGHT SAY I'M BEING TOO KIND BUT I'M TELLING
YOU IN A BEST CASE SCENARIO THEY THINK IT'S A BLACK GUY, HE ISN'T
AS TRUSTWORTHY, IT'S A LATINO, HE'S NOT AS TRUSTWORTHY, HE
MIGHT NOT PAY ME BACK SO I WILL CHARGE HIM MORE INTEREST.
IT
DOESN'T MAKE ANY SENSE BECAUSE HIS CREDIT PROFILE IS THE SAME
AS THE WHITE GUY ON AVERAGE IN THESE STUDIES, RIGHT?
AND BY THE
WAY IT DOESN'T MEAN ALL THE RACES HAVE THE SAME CREDIT
PROFILES, IT MEANS WHEN THEY LOOK AT GUYS WITH THE SAME
CREDIT SCORES AND PROFILES THE MINORITIES ARE CHARGED HIGHER
INTEREST RATES.
NOW WE KNOW THIS FOR A FACT, AND THE CONGRESSMEN AND
SENATORS KNOW THAT FOR A FACT, AND THEY GO, GO AHEAD, DO THAT,
CHARGE THE MINORITIES MORE, I DON'T SEE WHAT THE PROBLEM IS.
>>OF COURSE THEY KNOW WHAT THE PROBLEM IS, BUT THEY ARE LOOKING
OUT FOR THEIR DONORS AS THEY OFTEN DO, AND THIS IS NOT A
STORY THAT IS GETTING A LOT OF PLAY RIGHT NOW.
SO YES, WE ARE
GOING TO COVER IT, PRINT JOURNALISM COVERS IT, BUT THE
VAST MAJORITY OF AMERICANS AREN'T GOING TO KNOW ABOUT
WHAT'S HAPPENING WITH THE CONSUMER FINANCIAL PROTECTION
BUREAU UNDER THE TRUMP ADMINISTRATION.
IT IS NOT AN
ISSUE THAT GETS TALKED ABOUT.
RIGHT NOW ECONOMIC STORIES DON'T
DO WELL, AND THE REASON I'M BRINGING THAT UP IS BECAUSE A
STORM IS BREWING, RIGHT?
AN ECONOMIC STORM IS BREWING.
THERE
IS A BOOK COMING OUT SOON CALLED COLLUSION, IT HAS NOTHING TO DO
WITH RUSSIA, IT HAS TO DO WITH THE CENTRAL BANKS, AND HOW THE
FINANCIAL COLLAPSE IN 2008 SHOULD HAVE ESSENTIALLY TAKEN
SOME OF THE POWER AWAY FROM THESE BIG BANKS, BUT ACTUALLY
THE BANKS ARE MORE POWERFUL THAN EVER BEFORE, AND AMERICANS ARE
GRAPPLING WITH MORE DEBT THAN EVER BEFORE.
THIS KIND OF STUFF,
THIS TYPE OF DEREGULATION, WILL FURTHER EXACERBATE THE DEBT
AMERICANS HAVE.
AGAIN, WE WILL HAVE ANOTHER FINANCIAL MELTDOWN, I'M
GOING TO INTERVIEW THE AUTHOR OF THE BOOK NEXT WEEK, BUT
IT'S SCARY TO KNOW WHAT'S GOING TO HAPPEN.
>>ANA IS ABSOLUTELY RIGHT, WHILE NO ONE IS PAYING ATTENTION
BECAUSE THEY ARE LOOKING AT THE LAST MEAN TWEET OF DONALD TRUMP,
A LOT OF THE REPUBLICANS AND EVEN THE DEMOCRATS ARE THINKING,
GREAT, TIME TO CASH IN ON THE DONORS HERE BECAUSE NO ONE IS
MINDING THE STORE.
SO THEY ARE LOSING THE PLACE.
IN THIS CASE
JOE MANCHIN OF COURSE VOTED FOR THE REPUBLICANS, YOU SHOULD
SUPPORT HIS OPPONENT, PAULA JEAN SWEARINGEN, THEY WILL HAVE A
PRIMARY SOON, BUT DEMOCRATS SAY YOU NEED JOE MANCHIN.
TO WHAT?
ROB BLACKS AND LATINOS TO GET HIGHER INTEREST RATES BECAUSE HE
WANTS TO PROVE HOW REPUBLICAN HE IS?
NO THANKS.
AND YOU KNOW HOW
MANY DEMOCRATS JOINED THE REPUBLIC IS WITH THIS?
ABOUT 78.
WHY?
BECAUSE THEY GET THE MONEY FROM THE SAME BANKS.
THAT LIST
OF DEMOCRATS IS EXACTLY WHO THE CORRUPT ESTABLISH AND DEMOCRATS
ARE, AND WHEN THEY THINK YOU ARE DISTRACTED BY DONALD TRUMP THEY
SNEAK IN AND SAY WHAT CAN I LOOT FOR MY DONORS?
THE RULE WAS
MEANT TO PROTECT US CONSUMERS FROM THE ABUSE OF THE BANKS, NOW
THEY ARE TRAINED TO TAKE IT AWAY SO BANKS CAN DO MORE GAMBLING
WITH OUR MONEY.
>>THAT'S RIGHT.
>>WHETHER IT'S CARS, BANKS, REPUBLICANS ARE LOSING THE PLACE
AND SOME DEMOCRATS ARE GIDDILY HELPING THEM.
>>THAT'S RIGHT.
SO THE SENATORS HAVE VOTED IN FAVOR OF DOING
AWAY WITH THIS TYPE OF REGULATION, IT HAS TO PASS THE
HOUSE AND IT'S VERY LIKELY TO DO SO, OBVIOUSLY REPUBLICANS HAVE
COMPLETE CONTROL OVER THE HOUSE, NEARLY COMPLETE CONTROL, AND
TRUMP ALREADY SAID HE'S WILLING TO SIGN ANYTHING THEY COME UP
WITH.
>>SO BLACKS AND LATINOS, FIRST OF ALL, ALL OF US, BE
CAREFUL AT A CAR DEALERSHIP, THEY CAN DO ANYTHING THEY WANT.
>>THEY WILL PUT YOU TOGETHER.
>>OR PERHAPS THEY WILL HAVE ROBUST FAIRNESS IN MIND FOR YOU.
BUT ESPECIALLY FOR BLACKS AND LATINOS, THEY ARE NOW ALLOWED TO
RIP YOU OFF AND CHARGE YOU HIGHER RATES THAN ANYONE ELSE
FOR NO REASON AT ALL, AND THE GOVERNMENT THAT'S SUPPOSED TO
REPRESENT YOU WILL NOT HAVE YOUR BACK.
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