There will be no last stand for Dayton: transactions before common sense

Reading today’s Dayton Daily News, where the obvious gets reported years late, I realized that resistance is futile, we may as well throw in the towel and give up.

More than four decades after racial discrimination in home lending was outlawed, lenders in the Dayton area deny a much higher percentage of loans to blacks than whites, even when income levels are comparable.

Blacks are also more likely than whites to be sold a high-cost, subprime loan.

via Well-off blacks denied loans more than low-income whites.

So much for the “community reinvestment act” and all the other “do good/feel good legislation” that has been passed off as an excuse to solve the sins of the past- they’re all window dressing- on a building that’s been allowed to rot.

The banks, who’ve been allowed to grow beyond state lines, and turned the financial markets into a giant casino have succeeded in killing the American dream. They may be “too big to fail” but they are also now too big to understand the damage they’ve wrought.

The inner city wastelands of Dayton, Detroit and points near and far are infrastructure that they’ve written off. The value of those roads, utilities, public services, schools etc. have all been tossed aside, because there is no way to keep the churn of money moving in these forgotten areas. And the churn is what makes the banks able to take their scrape.

Investment is no longer investment. Our monetary system has turned into a transactional junkie, with a need for stock, or debt, or credit default swaps to change hands frequently. We don’t care about you buying and holding anything- it’s all about flipping deals and taking a cut/commission/fee.

Be it your 401K, or the lease, or the ownership- nothing is about building wealth based on anything except trading paper.

We don’t make things anymore. We don’t want to invest in things for the greater good- we just want to set up shell companies, dealing in futures, making paper trades on businesses that don’t make sense.

How else can anyone back the building of a new HQ for Teradata in a region that is already 50% overbuilt- with a 25%+ commercial vacancy rate- and zero population growth? Because they need that fix of issuing debt, to be flipped over and over until we can’t tell who’s holding the bag for the next time Teradata wants to move.

The fact that your tax dollars are being “invested” in this deal- both directly in the building ($500k) and in the new interchange-just adds insult to injury.  That no one is screaming stop this madness is even a clearer indication that we’re doomed.

I look at the Tea Party screaming foul about “Obamacare” and wonder why the antipathy goes toward Obama instead of the insurance industry that just got a guaranteed bump in government-required business. Why are we not just paying the doctors and nurses- and cutting out the middleman? Who is writing our laws these days? It’s certainly not anyone interested in the well being of the public.

To look at Jon Husted, a lobbyist pretending to be a politician- smearing the idea of a return to rail in Ohio- complaining about the subsidy it will require, while ignoring the huge subsidies given to fund road construction- and the sprawl induced by government handouts like those funding Teradata.

Yet, somehow houses can lose half their value in 3 years. However, it’s not just happening to blacks in West Dayton- it happened to me in South Park. My home was valued at $130K a few years ago- and now is worth $60K according to “Bank of America.”

If we allow this wholesale write off to continue- our entire country will be worthless.

It’s time to take a stand. It’s time to require accountability. It’s time to stop writing laws that favor corporations over the community. It’s time to take a stand and require investments to be held- and tax the transactions.

It’ time to stop putting money into private hands to do public work.

It’s time to stop the insanity of writing off entire areas because the flip won’t fly anymore.

Your thoughts?