The Definition, History, and Impact of Redlining

Redlining, a process by which banks and other institutions refuse to offer mortgages or offer worse rates to customers in certain neighborhoods based on their racial and ethnic composition, is one of the clearest examples of institutionalized racism in the history of the United States. Although the practice was formally outlawed in 1968 with the passage of the Fair Housing Act, it continues in various forms to this day. History of Housing Discrimination Fifty years after the abolition of slavery, local governments continued to legally enforce housing segregation through exclusionary zoning laws, city ordinances which prohibited the sale of property to Black people. In 1917, when the Supreme Court ruled these zoning laws unconstitutional, homeowners swiftly replaced them with racially restrictive covenants, agreements between property owners which banned the sale of homes in a neighborhood to certain racial groups. By the time the Supreme Court found racially restrictive covenants themselves unconstitutional in 1947, the practice was so widespread that these agreements were difficult to invalidate and almost impossible to reverse. According to a magazine article, 80% of neighborhoods in Chicago and Los Angeles carried racially restrictive covenants by 1940. The Federal Government Begins Redlining The federal government was not involved in housing until 1934 when the Federal Housing Administration (FHA) was created as part of the New Deal. The FHA sought to restore the housing market after the Great Depression by incentivizing homeownership and introducing the mortgage lending system we still use today. Instead of creating policies to make housing more equitable, the FHA did the opposite. It took advantage of racially restrictive covenants and insisted that the properties they insured use them. Along with the Home Owner’s Loan Coalition (HOLC), a federally-funded program created to help homeowners refinance their mortgages, the FHA introduced redlining policies in over 200 American cities. Beginning in 1934, the HOLC included in the FHA Underwriting Handbook â€Å"residential security maps† used to help the government decide which neighborhoods would make secure investments and which should be off-limits for issuing mortgages. The maps were color-coded according to these guidelines: Green (â€Å"Best†): Green areas represented in-demand, up-and-coming neighborhoods where â€Å"professional men† lived. These neighborhoods were explicitly homogenous, lacking â€Å"a single foreigner or Negro.†Blue (â€Å"Still Desirable†): These neighborhoods had â€Å"reached their peak† but were thought to be stable due to their low risk of â€Å"infiltration† by non-white groups.Yellow (â€Å"Definitely Declining†): Most yellow areas bordered black neighborhoods. They were considered risky due to the â€Å"threat of infiltration of foreign-born, negro, or lower grade populations.†Red (â€Å"Hazardous†): Red areas were neighborhoods where â€Å"infiltration† had already occurred. These neighborhoods, almost all of them populated by Black residents, were described by the HOLC as having an â€Å"undesirable population† and were ineligible for FHA backing. These maps would help the government decide which properties were eligible for FHA backing. Green and blue neighborhoods, which usually had majority-white populations, were considered good investments. It was easy to get a loan in these areas. Yellow neighborhoods were considered â€Å"risky† and red areas (those with the highest percentage of Black residents) were ineligible for FHA backing. The End of Redlining The Fair Housing Act of 1968, which explicitly prohibited racial discrimination, put an end to legally-sanctioned redlining policies like those used by the FHA. However, like racially restrictive covenants, redlining policies were difficult to stamp out and have continued even in recent years. A 2008 paper, for example, found denial rates for loans to Black people in Mississippi to be disproportionate compared to any racial discrepancy in credit score history. In 2010, an investigation by the United States Justice Department found that the financial institution Wells Fargo had used similar policies to restrict loans to certain racial groups. The investigation began after a New York Times article exposed the company’s own racially-biased lending practices. The Times reported that loan officers had referred to their Black customers as â€Å"mud people† and to the subprime loans they pushed on them â€Å"ghetto loans.† Redlining policies are not limited to mortgage lending, however. Other industries also use race as a factor in their decision-making policies, usually in ways that ultimately hurt minorities. Some grocery stores, for example, have been shown to raise prices of certain products in stores located in primarily Black and Latino neighborhoods. Impact The impact of redlining goes beyond the individual families who were denied loans based on the racial composition of their neighborhoods. Many neighborhoods that were labeled â€Å"Yellow† or â€Å"Red† by the HOLC back in the 1930s are still underdeveloped and underserved compared to nearby â€Å"Green† and â€Å"Blue† neighborhoods with largely white populations. Blocks in these neighborhoods tend to be empty or lined with vacant buildings. They often lack basic services, like banking or healthcare, and have fewer job opportunities and transportation options. The government may have put an end to the redlining policies that it created in the 1930s, but as of 2018, it has yet to offer adequate resources to help neighborhoods recover from the damage that these policies inflicted. Sources Coates, Ta-Nehisi. â€Å"The Case for Reparations.†Ã‚  The Atlantic, Atlantic Media Company, 17 Aug. 2017, www.theatlantic.com/magazine/archive/2014/06/the-case-for-reparations/361631/.â€Å"1934: Federal Housing Administration Created.†Ã‚  Fair Housing Center of Greater Boston, www.bostonfairhousing.org/timeline/1934-FHA.htmlâ€Å"The Legacy of Redlining in Rust Belt Cities.†Ã‚  Belt Magazine, beltmag.com/the-legacy-of-redlining-in-rust-belt-cities/.Redlining (1937- ) | The Black Past: Remembered and Reclaimed, www.blackpast.org/aah/redlining-1937.â€Å"Understanding Fair Housing,† U.S. Commission on Civil Rights Clearinghouse Publication 42, February 1973. Electronically accessed,  http://www.law.umaryland.edu/marshall/usccr/documents/cr11042.pdfLab, Digital Scholarship. â€Å"Mapping Inequality.†Ã‚  Digital Scholarship Lab, dsl.richmond.edu/panorama/redlining/.

What is Love Essay - 1558 Words

What is Love? Romantic Love Is love chemical? Love cant be just pheromones, surely body chemistry changes. Although, perhaps that is why people break up after a while. Maybe they were attracted to each other at one point, but then the pheromones they were giving off change and the other person is no longer attracted to them. What is attraction based on? What attracts one person to another? People have said they have fallen in love before meeting in person, thanks to the Internet. Pheromones cant account for that. If someone falls in love, without meeting the other person (in-person), what is left? Voice, a photo or two, etc. Perhaps attraction is oral. But attraction cant be just voice, because plenty of people†¦show more content†¦To me this doesnt feel like it can be the same love as a couple in a healthy relationship. Although Helen Fisher divides love into three categories, lust, attraction, and attachment, these categories dont help in determining what love is or how and why we are attracted to some people and not others. Her categories give us tools for putting romantic love into context, but not in explaining what love, unless you accept that its solely brain responses to a person. That feels like the whole chicken and the egg discussion. What will you react to? What will you be attracted to? What will get brain activity going? Cause and effect. What Dr. Fisher discusses is the effect of love, but not what it is. Lust (or sex drive), is physical, but does it come solely from physical attraction? Attraction is one of her categories, but why are people attracted to each other? And finally attachment, why do we feel attached to some people? What is falling in love, and out of love? How do we measure love? How is loving someone different from being in love with someone? In the marketplace, an items value is determined by what the public is willing to pay for it. There seem to be few tools for measuring love. You cant put a price on love, so its hard to say if one person loves another more or less than the other. Dr. Fishers MRIs might be just the thing couples need when they are fighting and one wants to prove toShow MoreRelatedWhat Is Love? What It Is?1527 Words   |  7 PagesWhat is Love? When asked the question â€Å"What is Love?† what are some of the first things that come to mind? Some people might say it is an emotion that we experience when we interact with the world around us. People can have love for many things such as money and other material possessions, family and friends, even the world around them. These are just a few examples of how we often use love in our lives. However, love is not only confined to our lives, it is also a very important emotion in religionsRead MoreWhat Is Love?1020 Words   |  5 Pages250 Tu/Thu 10/5/10 What is Love? 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Internal Controls Relating to the Bjb Company Free Essays

All publicly trader companies in the USA are required to maintain and have an up to date system of internal controls. Since the LJB Company is wishing to become a public entity, I am glad to be able to assist in this action. First, the rules and regulations must be reviewed and compared to the company and how it can become public. We will write a custom essay sample on Internal Controls Relating to the Bjb Company or any similar topic only for you Order Now To make the company attractive to buyers, investors, and other capital sources, it is crucial that the corporate organization and governance are well manifested. Corporate executives and the board of directors within a corporation must ensure that these internal controls are effective. The reliability and efficiency of the internal controls must be directed and supervised by the board of directors and corporate executives (Kimmel 345). Because the LJB Company is a small sized company in regards to the employee number, there should be a re-evaluation of the costs versus the benefits of being a publicly traded company. It would be best to know how the company would deal with stock in this case. A stock report needs to be made and discussed further regarding the number of shares, issuing stock, and stock value for the LJB Company. To safeguard the assets, enhance the reliability of the accounting records, increase efficiency within the financial operations, safeguard the assets of the company, and ensure proper compliance with the laws and regulations, the Internal Control report is crucial to the company. A controlled environment, risk assessment, activity control, information and communication, and group monitoring should all be a part of the internal control report (Kimmel 349). From the given information, the internal control components of an effective internal control system are not as efficient as they can be. Because LBJ is trying to go public in the near future, there are some requirements that must be met in within the internal control system. It is the responsibility of the management on how important ethics are within the organization. Secondly, the management should address the employees on what kind of risks are associated in regards to having unethical activity. One example is fraud. In order tor educe fraud, the management must implement policies and procedures regarding education in what the consequence of the employee and company will be if fraud is detected. Due to the small number of employees in the LJB Copmany, there is an advantage over competitors. Because employees show long term commitment, there is a loyalty and employee retention. It is also easier to manage the employees and implementing new rules and regulations will be handled in an easier manner. The decision to switch to pre-numbered invoices was a great idea by the accountants and the indelible ink machine purchase was a great investment. These pre-numbered invoices are going to be a great aid in preventing transactions more than once and will be helpful in keeping track of recorded transactions. It will also help the timeliness of the accounting entries from the employees’ transactions. This will restore the reliability of the accounting records and their accuracy. The use of physical controls like this is crucial in the internal control environment. In addition, the holding of checks in a safe place is in accordance with the principles of internal physical control as well and it reflects the safeguard of assets—which in turn, improves the reliability and accuracy of the accounting records. Because of the monthly bank reconciliation and sole purchasing of the supplies, the accountant is acting as a treasurer and controller at the same time it seems. This is a violation of the segregation of duties principle (Kimmel 355). Various frauds are possible when this dual role is employed. In order to deliver an effective and controlled system within the internal controls environment, the use of physical custody needs to be separated from record keeping duties. Fraudulent activity will be detected if documentation and independent verification is not employed. In regards to cash receipts, there should be a designated employee such as a cashier to handle the cash. Also, proper cash recording of receiving and having custody of cash, cash register and over the counter receipts, total deposits of receipts, register receipts, as well as bank deposit slips should be performed daily (as frequent as possible). Lastly, there should be a limited authorized employee number to handle the company cash safes and cash storage in the bank (Kimmel 352). The internal controls of the LJB Company would benefit from authorizing employees that are designated for treasury purposes only. These individuals would only deal with checks and approve payments while keeping account for the checks with an approved invoice, as well as stamping each approved invoice that has been paid. Secondly, there needs to be a safe or vault that stores the blank checks and it is restricted access to only certain authorized individuals. The machine needs to be printed with indelible ink for the correct amount. Lastly, there needs to be monthly reconciliations of bank and book balances; the company needs to have approved invoices of checks before issuing payment(s). The internal control principles are based on responsibility of different employees. In the case that all employees have access to the petty cash drawer, it will be impossible to determine who may be responsible for an error if it occurred. It would be recommended that only one person is responsible for this handling. This petty cash should be held in a safe or vault and the person designated for access should report to the supervisor on a weekly basis in regards to the withdrawals therein. Lastly for the LJB Company, to ensure proper employee conduct and ethical conduct, the hiring process is very important for the internal control issue. The human resources department should control and monitor background checks that are thorough and confidential. The company’s information and security is at risk with the employees, so making sure that the employee value integrity will be crucial in the long-run success of the company. In order to have better physical internal control and human resource control, there needs to be restricted access to computers and information therein. First and foremost, there needs to be an installed software program that blocks certain websites. Upon hiring, the employee should attain his or her own password and login to have access to the computer. Software also exists that detects the websites accessed and a track record of login at particular times. Once an employee has their own login and password, they are solely responsible for the work they do on that computer. In summary, if all of the above listed suggested practices are taken into account and properly implemented, the LJB Company will thrive as a the publicly traded corporation. References Kimmel. Financial Accounting. 6. VitalSource Bookshelf. John Wiley Sons. How to cite Internal Controls Relating to the Bjb Company, Essay examples

Conceptual and Empirical Review of Culture Effectiveness Surveys

Question: Discuss about the Conceptual and Empirical Review of Culture Effectiveness Surveys. Answer: Introduction: The article highlights the rise of the famous automobile organization Ford Automobile company and it is the perfect example of how organization used to get developed 100 years ago through Workers control. The process that Ford used at that period is now obsolete but still was extremely effective in the early 20th century. The main ideas and concepts derived from this article are mentioned below. When the company Ford Automobiles was initially found by forming partnership with Malcomson who was a coal dealer, the company used to use manufacturing technique which was extremely costly and time consuming. During that period the car assembling process was extremely complicated. The worker had to bring every parts of the car to one particular place and then they used to assemble the entire car. The process was so time consuming and expensive that it became extremely hard for Ford to sell car at an affordable price. It almost took 12 hours time for the workers to do their work. The production was also getting hampered. Due to this Ford hired famous management theorist Fredrick Winslow Tailor so that he can get some help in solving these problems (Aitken, 2014). When Frendrick WinslowTaylor heard the details of the problems that ford were facing him immediately understood the main reason behind time consumption. He also believed that all people should be given work which is suited to that persons capability. This is why he introduced Assembly line. In the year 1908 Ford implemented the assembly line theory which helped the company to reduce time and cost. The car was moved from one work station to another where every worker performed their specialized task before moving to another station. Ford also observed that some small works used to take longer time than big work this is why Ford changed the entire tooling method. In the year 1913 introduced a new assembly line. Less time consuming: Using the new techniques and machines introduced by Fords it became very easy for the company to meet its target production. Model T which was the most popular car of the company was produced within 93 minutes after implementing this assembly line process. This also brought down the cars price to 575$. This was a great sign of the power of the management theory assembly line. This gave a huge boost to the business (Anitha and Begum, 2016). Attractive Packages for employees: The main motto of the company was to reward every employee who works hard for the objective of the company. Ford believed in the concept that if employees are paid well, they will work more hard. So he converted this concept of his into company policy. Many MNC have implemented taylorism in their organization. As a result of which they even got huge benefit. Their philosophy was simple and that is work hard so that companies becomes successful in achiving production and in return get rewarded with money and all other extra benefits. This is the core concept of scientific management. So in other words it can be said that scientific management is the way through which work is done in an organization systematically and by providing right task to the right people. In this modern era it has been found that lots of companies including top brands like MC Donalds and Burger King follows this principle of scientific management. They make sure that whoever does a good job for a period of time then that person gets rewarded accordingly. They also provide incentives for extra work and all other extra benefits and rewards like employee of the month which boosts the morale of their workers hugely. So it can be concluded the model that Taylor for med to help Ford is still acknowledged by most of the companies around the world. Different researchers have given various definitions of organization culture. Robbie Katanga has described culture as how the organization does things. It is how the workforce behaves in the organization. Famous philosopher Aristotle has given another definition of culture which says that in we are what we do repeatedly. This means that an organization but have a fixed set of rules which must be followed regularly in order to have a proper organizational culture. The dedication of people working becomes powerful when incentives get attached with the culture. The more rewards is given to the people the organizational culture becomes productive. From the view point of Michael Watkins, a culture is almost an immune system of the organization. Organization culture prevents an organization from people who thinks badly for the organization. Like the immune system prevents the human body from bacteria and fungus, organizational culture also prevents the organization from wrong people. A goo d organizational culture takes the most positive thing from an employee working in the organization. Organizational culture has also been termed as story and the value of the organizations are the narrative. As per my finding culture of any organizations is the shared value and belief that makes an employee to behaved in an organization. There are different types of industries all around the world. One cannot compare work culture of Mac Donalds to work culture of Delloite because both these companies belong to completely different industries. Still both these companies have distinctive culture which has helped them to become successful in their own respective industries. I strongly believe with Michael Watkins and Robie Katangas opinions. It is a fact that if an organization has a proper culture then no employee can do any sort of mischief which could hamper the work flow of the organization. It is really the immune system of the organization. A few decades ago the difference in culture was only seen in different industry. Nowadays even companies belonging to same industry can have different culture. Due to globalization people from different countries are travelling to other countries f or work. These migratory people create huge impact on the organizations culture. So companies must make sure that organizational culture is designed in such a way that it welcomes people from any part of the world if that person has the capability of working. Bibliography Aitken, H.G., 2014.Scientific Management in Action: Taylorism at Watertown Arsenal, 1908-1915. Princeton University Press. Anitha, J. and Begum, F.N., 2016. Role of Organisational Culture and Employee Commitment in Employee Retention.ASBM Journal of Management,9(1), p.17. Cameron, K., 2015. Organizational effectiveness.Wiley Encyclopedia of Management. Denison, D., Nieminen, L. and Kotrba, L., 2014. Diagnosing organizational cultures: A conceptual and empirical review of culture effectiveness surveys.European Journal of Work and Organizational Psychology,23(1), pp.145-161. Hogan, S.J. and Coote, L.V., 2014. Organizational culture, innovation, and performance: A test of Schein's model.Journal of Business Research,67(8), pp.1609-1621. Huhtala, M., Feldt, T., Hyvnen, K. and Mauno, S., 2013. Ethical organisational culture as a context for managers personal work goals.Journal of Business Ethics,114(2), pp.265-282. Witzel, M. and Warner, M., 2015. Taylorism revisited: Culture, management theory and paradigm-shift.Journal of General Management,40(3), pp.55-69.