It’s Not A Black Card, It’s African American Express

By Jesse Taylor
Wednesday, July 2, 2008 13:28 EDT
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imageThe Obamas took out a massive home loan and got a slightly lower-than-market-average rate (not for the size of the loan, but for all loans) at the height of the housing bubble. Oddly enough, banks prefer giving slightly lower rates on larger loans, because they can safely knock a couple of tenths off the rate and still guarantee tons of profit for the bank. I’m not sure why the Washington Post never looked at their own credit cards or auto loans or mortgages, but there’s a reason my bank offers me a higher rate on my car loan than they do Investment DuMoneybags who’s buying the second Mini Cooper for the weekends.

Meanwhile, the McCains could have just put the entire cost of the Obamas’ house on their AmEx, which does put things into perspective.

Jesse Taylor
Jesse Taylor
Jesse Taylor is an attorney and blogger from the great state of Ohio. He founded Pandagon in July, 2002, and has also served on the campaign and in the administration of former Ohio Governor Ted Strickland. He focuses on politics, race, law and pop culture, as well as the odd personal digression when the mood strikes.
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