A couple of weeks ago, Bank of America announced that they were going to offer credit cards to people that didn’t have a Social Security number and credit history. Interesting enough, they expanded this program from five branches to fifty-one branches in Los Angeles County. This area just happens to have the largest concentration of illegal immigrants in the United States. In a classic response, some customers closed their accounts in protest because of illegal aliens (read [insert negative adjective here] Mexicans) being able to obtain said credit card.
I’m not exactly sure why people care if illegal immigrants obtain a credit card. Well, other than some racist reason anyways. I don’t see how this is a bad thing. B of A shareholders should be estactic. Just think of all the fee income that will be generated. Actually, most people with a 401K should be happy. B of A’s income goes up, which means their stock goes up, which means peoples’ 401K goes up. Oh, and to get the credit card, the customer has to have a checking account. Since these account holders have to go through the Patriot Act scrutiny, I really don’t see the problem. Plus, you know B of A is going to charge a crazy interest rate.
So I say again, what exactly is so bad about this? All I can see is the positive effect that this will have on our economy. I’ve heard the arguments about Mexicans taking our jobs. Honestly though, I just think White America is worried about becoming the minority. The Hispanic and Black populations are growing at a much faster rate. The interesting thing is, Hispanics tend to take the jobs that no one wants, especially in construction. How long do you think it will be before Hispanics pretty much control the construction industry? Hispanics also start businesses at a higher rate. Blacks need to start paying attention. Instead of trying to be accepted in White America, Hispanics are building a country inside the US. Notice how everything is starting to have a Spanish translation on it? Now that’s power. And that’s really what it boils down to, loss of power.