LA Dems Want Their Own Bank and Give Out Loans Based on Race

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Carl De Maio, a politician and radio host in San Diego, joined Newsmax’s Chris Salcedo to discuss LA Democrat politicians’ latest great idea. They want to open their own bank and give out loans based on race using taxpayer dollars. The Democrat leftists claim not enough black people are getting loans.

Banking Default and Bank Crisis or as Banks drowning in debt with financial instability or insolvency concept

DEMAIO: The Los Angeles politicians, Democrats, all of them, are saying that banks are inherently racist because not enough loans are going out to people of color.

“Now mind you, banks are not even allowed to look at your race. It’s not part of the underwriting and the review. The financial assessment, there’s a high, high amount of regulation on this already. Banks look at one thing – the ability of the borrower to pay back the loan, and that’s what drives these decisions.

“And so now the local politicians want to use taxpayer money to give out really risky loans. What could go wrong? What could go wrong? Well, taxpayers will be left holding the bag, and what they’re trying to do is just basically say if your skin color is the right tone, you get taxpayer-funded loans no matter whether or not you’re able to repay it or not. And this is high risk, and it shouldn’t be done. Frankly, if LA does create a bank, they should be regulated and shut down by the Federal Reserve.”

Salcedo: “It’s exactly what happened in 2008. They were giving out loans based on criteria other than the ability to pay it back. And it led to one of the biggest financial crises of this country. And leave it to the Democrat Party to want to replicate all that misery.”


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