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Thu May 2, 2013, 07:54 AM

The Ghetto is Public Policy.

It is very hard to accept this -- the wealth gap is not a mistake. It is the logical outcome of policy and democratic will. From the streets of Cicero on up, the point was to imprison black people in the black belt and then exploit them. The goal was pursued through public policy, private action, and open terrorism. The goal was accomplished.

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I spent the last week interviewing men and women, and the children of men and women, who bought their homes on contract in Chicago during the 1950s. Contract buying sprang up in Chicago after the federal government effectively refused to insure mortgages for the vast majority of black homeowners, even as it was insuring the mortgages of white homeowners, and encouraged banks to redline black and integrated neighborhoods. The import of mid-20th century housing policy -- along with private actions (riots, block-busting, contract lending, covenants) -- has been devastating for African Americans.




Buying on contract meant that you made a down-payment to a speculator. The speculator kept the deed and only turned it over to you after you'd paid the full value of the house -- a value determined by the speculator. In the meantime, you were responsible for monthly payments, keeping the house up, and taking care of any problems springing from inspection. If you missed one payment, the speculator could move to evict you and keep all the payments you'd made. Building up equity was impossible, unless -- through some Herculean effort -- you managed to pay off the entire contract. Very few people did this. The system was set up to keep them from doing it, and allow speculators to get rich through a cycle of evicting and flipping.

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This just sickens me.

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Arrow 8 replies Author Time Post
Reply The Ghetto is Public Policy. (Original post)
Maraya1969 May 2013 OP
AngryAmish May 2013 #1
Recursion May 2013 #2
AngryAmish May 2013 #3
Recursion May 2013 #4
datasuspect May 2013 #5
zeemike May 2013 #6
lastlib May 2013 #7
Myrina May 2013 #8

Response to Maraya1969 (Original post)

Thu May 2, 2013, 08:15 AM

1. My parents had a contract in our lily white suburb

 

It was common for poor/working folks of all kinds. The terms were quite clear. The transaction was recorded with the recorder of deeds. Do you mean to tell me that people would buy without getting a deed?

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Response to AngryAmish (Reply #1)

Thu May 2, 2013, 08:18 AM

2. This was lay-away, not financing

The "buyers" didn't have a mortgage at any point, and couldn't find anyone to give them one.

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Response to Recursion (Reply #2)

Thu May 2, 2013, 08:32 AM

3. well that sucked

 

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Response to AngryAmish (Reply #3)

Thu May 2, 2013, 08:35 AM

4. And unfortunately it was everywhere for minority buyers

Most prominently African Americans, but also immigrants from all areas.

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Response to Maraya1969 (Original post)

Thu May 2, 2013, 08:43 AM

5. nothing happens by mistake

 

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Response to Maraya1969 (Original post)

Thu May 2, 2013, 09:57 AM

6. And of course this will be extended to poor white people too.

There is too much money in it for them to concentrate on just one race.

The outcome of it will be a new federalism...where you are basically in debt to the lords the day you are borne and will die that way.
Then all of us will have to avert our eyes and step off of the sidewalk to let them pass...they will own us.

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Response to Maraya1969 (Original post)

Thu May 2, 2013, 10:01 AM

7. The **OTHER** Golden Rule at work......

"Those who gots the gold, makes the rules."

.

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Response to Maraya1969 (Original post)

Thu May 2, 2013, 10:11 AM

8. Slavery by another name ...

Prison Labor.

1. Can't vote
2. Can't participate in society
3. Can be moved around at will ("overcrowding", nature of the crime, etc)
4. Work for pennies

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