Ice Cube And Bank Redlining — Tucker Carlson posted an excellent interview with Ice Cube on July 26 in which Cube said that among the issues facing the Black community was that it couldn’t get small business loans.
“There’s a big problem in this country with the financial banking system and Black people, and our access to capital,” said Cube (16:50).
He cited a guy who owned a lot in South Central Los Angeles and couldn’t get a loan to put up a store and implied redlining.
Maybe it is racism. Probably it is not. Banks don’t loan their own money. The money belongs to depositors and it is beyond irresponsible to unwisely risk it.
Not saying it doesn’t happen but it certainly is beyond irresponsible.
Here’s a suggestion and it’s a serious one. Cube obviously has a lot of disposable income. He, wisely, turned down a $9 million movie deal rather than tempt fate with Pfizer.
So, Cube, you make the loans. Scout out people in your community who have integrity and talent and dreams of doing business there, and underwrite them.
And these would be loans, not gifts or grants. You would make them sign a promissory note and put up collateral. You would charge interest.
Unlike a bank the money is yours so you don’t have to be a complete SOB if payment is slow. You don’t have to take someone’s home.
On the other hand, you can certainly do some shaming if the debtor isn’t trying or squandering what you loaned him.
And you could still take the collatoral.
Use A.P. Giannini as a model.
If the problem is racism, that ironically is a good thing. That means there is a gold mine there.
Racism is irrational. If a hard-working skilled fellow with integrity is being rejected as an investment only because of his skin pigmentation, one will more than make his money back by giving him a loan.
And if a whole lot of hard-working skilled people with integrity aren’t getting serviced, the one who invests in them will make a whole lot of money back.
Like we said, gold mine.
Even more than rapping.
Here’s Tucker’s interview:
Ice Cube And Bank Redlining