Not Enough Bullets

The banksters are fighting the debt relief plan for Black farmers who have been harmed by government and bank racism because early pay-offs will reduce their profits.

F%$# you.

You benefited from a system which sucked resources from Black farms for more than 100 years, and now you are whining about having their loans paid off early.

Let me repeat, f%$# you:

The Biden administration’s efforts to provide $4 billion in debt relief to minority farmers is encountering stiff resistance from banks, which are complaining that the government initiative to pay off the loans of borrowers who have faced decades of financial discrimination will cut into their profits and hurt investors.

………

Now, three of the biggest banking groups — the American Bankers Association, the Independent Community Bankers of America and National Rural Lenders Association — are waging their own fight and complaining about the cost of being repaid early.

Their argument stems from the way banks make money from loans and how they decide where to extend credit. When a bank lends money to a borrower, like a farmer, it considers several factors, including how much interest it will earn over the lifetime of the loan and whether the bank can sell the loan to other investors.

By allowing borrowers to repay their debts early, the lenders are being denied income they have long expected, they argue. The banks want the federal government to pay money beyond the outstanding loan amount so that banks and investors will not miss out on interest income that they were expecting or money that they would have made reselling the loans to other investors.They also want other investors who bought the loans in the secondary market to get government money that would make up for whatever losses they might incur from the early payoff.

I will shed no tears over any money lost by these parasites.

They benefited and actively participated in the racism that destroyed over 90% of Black owned farms in the United States, and now they want more blood money.