Thread: La Raza Strikes Again--Wants Hispanics to Build Wealth!

Report: Hispanics still face wealth gap
Many don't have any bank accounts
THE ASSOCIATED PRESS
Friday, December 16, 2005


KANSAS CITY, Mo.

Hispanics may be the largest minority in the United States, but almost half of that population - almost 20 million people - haven't opened a basic bank account, according to the Federal Deposit Insurance Corp.

New financial-education efforts targeting Hispanics have created mounds of brochures but have not explained to families why they should establish a credit history or how to avoid predatory lenders, according to a report released yesterday by the National Council of La Raza, a nonprofit civil-rights and advocacy organization in Washington.

"How can we bring Latinos into the middle class?" asked Beatriz Ibarra, the report's author. "The linchpin of the strategy should be investing in counseling programs on the ground."

In May, President Bush introduced an initiative that called on government agencies and selected Hispanic organizations to promote financial literacy among Hispanics. Two years ago, the U.S. Treasury started a similar effort to step up financial planning and education for all Americans. The FDIC offers free financial-education programs in Spanish in 14 regions across the country.

Elizabeth Kelderhouse, a community-affairs officer for the FDIC in Kansas City, said that an internal survey shows more than half a million people have attended the MoneySmart courses and have gone on to open 100,000 bank accounts.

The report released by La Raza points to structural barriers in financial institutions, noting that lenders have little incentive to sign on low-income clients. The report calls on Congress to pass several pending bills that would direct money to a community network of financial-planning advisers. It also recommends creating an income-tax credit that would cover the cost of financial-counseling services.

One-time banking fairs won't do much to create a new class of mortgage-ready home buyers, either, said Ian Bautista, the president and chief executive of El Centro Inc., a nonprofit group in Kansas City that partners with the FDIC to offer Spanish-language courses on everything from opening a savings account to buying a home.

A report last year by the Pew Hispanic Center, a Washington research group, found that the average net worth of Hispanic households nationwide was about $8,000. For Anglo households, it was almost $89,000.

"When customers want to buy a house, banks require a credit-card history, or a history of bank or car loans," said Shane Cuevas, a loan officer at the National Bank of Kansas City. "So people who don't have that are going to end up getting loans from someone on the corner. They'll believe the guy who's going to come to the door and say, "I speak Spanish, and I can close today."'

This story can be found at: http://www.journalnow.com/servlet/Satel ... 7645507703

The report released by La Raza points to structural barriers in financial institutions, noting that lenders have little incentive to sign on low-income clients. The report calls on Congress to pass several pending bills that would direct money to a community network of financial-planning advisers. It also recommends creating an income-tax credit that would cover the cost of financial-counseling services.

You have to wonder if AMERICANS are going to get the tax breaks to cover the cost of financial counseling???

A report last year by the Pew Hispanic Center, a Washington research group, found that the average net worth of Hispanic households nationwide was about $8,000. For Anglo households, it was almost $89,000.

AND, WHY is THAT??? Because, as Lou Dobbs reported LAST NIGHT, Mexicans in THIS COUNTRY are now sending an estimated 20 BILLION DOLLARS back to Mexico each year. It now has TOPPED oil as Mexico's highest source of income.

I believe this proves that the National Council of La Raza is useless to Hispanic Americans.

National Council of La Raza's illegal activities and illegal promotions to violate our US Immigration, Labor and Civil Rights Laws has had a reverse impact on Hispanic Americans. NCLR has through the encouragement and outright sponsoring of illegal aliens has diluted the pie and when employers can hire an illegal Hispanic, guess who loses? The American Hispanic.

NCLR is a fraud, needs to be shut down and their officers sent to jail for violating IRS Tax Code and conspiracy to violate US Immigration, US Labor and US Civil Rights Law and for betraying the very people they are organized to advocate and by so doing our nation at large.

NCLR is not about the plight of Americans, Hispanic or otherwise. NCLR is about open borders, illegal immigration, and flooding the United States with more people than this economy can sustain.

NCLR is about big salaries and high priced office space and getting their "mugs" on national television to lie to the American Public on behalf of their real constituents who are not Hispanic Americans but Globalist Corporations....you are what you eat.....you are who funds you.

Globalist Corporations don't give a hoot about Hispanic Americans or any American.

They are intent upon open borders and ending the United States as a sovereign nation.

Shut Down This Despicable, Fraudulent and Traitorous NCLR.

I'm ready to see Janet Maguira in an orange jumpsuit eatin' GMO mush with her fingers twice a day.

No salary is worth the sell out of your nation, Janet.

We've got your number and you're not going to get away with it any more.

YOU ARE EXPOSED!!

I really don't understand how they GET AWAY WITH this political activism. This should NOT be a tax-exempt organization.

Hispanics may be the largest minority in the United States, but almost half of that population - almost 20 million people - haven't opened a basic bank account, according to the Federal Deposit Insurance Corp.

Why would anybody expect them to when they're sending $20 billion back home to Mexico each year?

Globalist Corporations don't give a hoot about Hispanic Americans or any American.

They are intent upon open borders and ending the United States as a sovereign nation.

You got that right, Judy.

Once they find a pool of workers willing to work for less than the sainted hispanics, they'll be bringing them in on chartered jets.

As for the hispanics, they'll just be yesterday's news and be out of a job because they're no longer competitive in the race to the bottom.

Hell, by the time they buy their NEW CADILLACS and SUV's and send those WADS of money back to Mexico, they don't have enough money to open a bank account. These people are not contributing to our economy and La Raza needs to find some CHARITABLE GROUPS to FEED. And, they can start with homeless people and veterans. Why do they have to be HISPANICS????

Bootsie asks "why do they have to be hispanics?"

Because NCLR is a racist organization.

Oh, yeah!! You need to just keep REMINDING me that THEY are the racists that call US racists and xenophobes. I KNEW there was a piece missing in the puzzle and you just found it!!

FDIC has launched a Hispanic Outreach Financial Education Program intended to reach "unbanked" persons with little or no banking experience. Of the 40 million Hispanics residing in the U.S. , almost one-half do not have a bank account, such as a savings or checking account, which is a basic starting point in financial management and wealth-building for American families.

http://www.fdic.gov/consumers/community ... index.html

I came across the above on the FDIC website.

I think the "almost one-half do not have a bank account" could be translated to "almost one-half are living in the United States illegally, but your government will pander to them at your expense rather than enforce your laws".

There is more by following the link (and also the links there). It wasn't the type of thing that copied and pasted very well.

Personnally, I think I'm living in a country where at least the people in government are insane, if not the general population. Even if all 40 million Hispanics are legal (and I think the message is one-half aren't), it is totally rediculous to have a massive immigrant group that is "more equal" than everybody else in the country. The "massive" part is foolish and sickening, whatever the group or groups, considering our limitations as a nation and the future consequences; the "more equal" part is outrageous.


BTW,

As part of this Program, the FDIC has launched a Money Smart National Hispanic Media Campaign to increase awareness of financial education. Please click on the link to find classes available in your area:

At least to their credit or government inefficiency no classes have been scheduled since Sept., 2005. Might be good places for ICE, or the Minutemen or those flyers to be if new classes are scheduled.