Revolution 2.0

Introduction I received my first bank loan when I had no credit history to speak of, no credit cards and no idea what a credit rating was. Oh, and no collateral. The banker, from National State Bank in Boulder, CO, came to my 2-bedroom cabin west of Boulder, saw a few loudspeakers I had built, interviewed me, and decided I was a good credit risk. Assuming that he wanted at least some form of security, I eagerly offered him the title to my ‘66 VW bus, which I had purchased used for $600 a few years prior. “No thanks.”, he said, “We are lending you the money personally.” The banker was white, as am I. As was just about everyone in Boulder. Would he have lent me the money if I was black? Would that have tilted his view of my character and prospects? To avoid even having to address such questions, the lending industry has turned to an all-numbers approach to lending. Must that be the end of giving consideration to character, drive and potential in lending money, or in business decisions in general? In our diver