Wealth inequality has widened along racial, ethnic lines since end of Great Recession

[Agschmid]

The Great Recession, fueled by the crises in the housing and financial markets, was universally hard on the net worth of American families. But even as the economic recovery has begun to mend asset prices, not all households have benefited alike, and wealth inequality has widened along racial and ethnic lines.

[center][/center]

The wealth of white households was 13 times the median wealth of black households in 2013, compared with eight times the wealth in 2010, according to a new Pew Research Center analysis of data from the Federal Reserve’s Survey of Consumer Finances. Likewise, the wealth of white households is now more than 10 times the wealth of Hispanic households, compared with nine times the wealth in 2010.

Wealth Gaps by RaceThe current gap between blacks and whites has reached its highest point since 1989, when whites had 17 times the wealth of black households. The current white-to-Hispanic wealth ratio has reached a level not seen since 2001. (Asians and other racial groups are not separately identified in the public-use versions of the Fed’s survey.)

[center][/center]

Leaving aside race and ethnicity, the net worth of American families overall — the difference between the values of their assets and liabilities — held steady during the economic recovery. The typical household had a net worth of $81,400 in 2013, according to the Fed’s survey — almost the same as what it was in 2010, when the median net worth of U.S. households was $82,300 (values expressed in 2013 dollars).

Source.

Check how your state ranks.

[hr]

Behind these statistics are people's lives under stress, people losing homes, jobs, savings and stability. The collapse of middle class wealth has touched people of all races, but has been more severe in communities of color. What are we going to do about this, we need to do better.

[Number23]

1. And this has been going on pretty much for the last 50 years

The wealth gap between blacks and whites is now worse than it was 50 years ago.

Your chart points out 1989 as the worst time for the gap, things got a bit better under Clinton and even Bush for a while, and then started to decline again, under Bush, with the Great Recession. We are still not out of those woods.

I know alot of people don't like Huff Post but they did a write up about this last year. http://www.huffingtonpost.com/2014/12/12/racial-wealth-gap_n_6317202.html

There are so many resources and individuals that have talked about and addressed this topic. And yet, when people try to talk about it on DEMOCRATIC Underground and question ways in which the current presidential candidates are going to address it, they are accused of "division," "manufacturing outrage" and the pièce de résistance of privileged, paternalistic stupidity, "calling somebody a racist" instead of what we're actually doing. Which is recognizing that we are dying and wanting something done about it.

[Agschmid]

2. I'd love to see some conversation on this.

What actions can our candidates take which can help solve this problem?

- Better home ownership policies? Home ownership DRASTICALLY increases household wealth.

[Number23]

19. Yes, home ownership is seen by many economists as a surefire way for many to rise from poverty

This is why the sub-prime mortgage fiasco disproportionally affected so many minorities who were trying to follow the rules to wealth and were preyed on.

This is why housing discrimination faced by minorities for the last 100 years is STILL affecting us. Black people in 2015 are STILL FACING HOUSING DISCRIMINATION. Racism touches every single aspect of our lives, it's not just economic. It's everything.

[cstanleytech]

44. And it certainly doesnt help when some people stonewall new low income housing because of

NIMBY.

[Number23]

49. Exactly. And gentrification in formerly low income neighborhoods has been a huge issue for decades

[Rex]

3. Reagan and his minions really did a number on this country.

Trickle down economics is solid garbage, too bad it is STILL in use and pushed as the best thing since the wheel.

[Agschmid]

4. And it's self-prepetuating...

That lack of household wealth just compounds over time. Kids who come from families without much wealth have to take on more debt to pay for college, which means they spend their young lives servicing debts instead of saving for a purchase like a home. That, in turn, means they start building wealth later.

[Rex]

9. I do remember Dems clearly saying these and other policies by the GOP would hurt

the future generations to come. It was not sloganeering, the Dems really meant it! That was in 1989, the year I graduated from H.S.

So far, they have NEVER been wrong about the GOP...it always pushes forward a self-destructive agenda of spend and spend with no type of financial governor on the system.

I am just happy I got a college degree when I did! Not to be shackled with student debt, is a generational issue. Along with vanishing pensions and unions.

We better start taking what Dems say seriously, the decades that past now hurt our children in ways they don't even comprehend.

[NYC_SKP]

13. In some markets, however, bad loans were a way to further screw that very same demographic.

Homeownership in a volatile market with crappy mortgage instruments like sub-prime and interest only loans actually hurt a lot of people.

When I bought my first home in 1988 it took a big down payment, good credit, and the lender and broker were held to very strict standards.

Regulations changed ten years later, or so, and it became too easy to borrow and a lot of flipping created a false sense of security in home purchasing with none of the regulatory safety measures in place.

Then BOOM, home equity gone, homes in foreclosure, fortunes lost-- for the little people.

The wealthy brokers and bankers responsible for it came out of the crisis quite well.

[Agschmid]

21. This...

Homeownership in a volatile market with crappy mortgage instruments like sub-prime and interest only loans actually hurt a lot of people.

It actually disproportionally effected African Americans, especially in urban environments, you are entirely correct here. I think home ownership can still provide stability, but it isn't without risk.

[NYC_SKP]

26. You are absolutely right, African Americans were hit harder by this than others and ended up worse..

...ended up worse off than before.

As you say, it's a self-perpetuating problem and, I might go further, it's a problem that not only stays bad but gets worse; deeper and deeper despair and debt, greater dependency on systems that deliver more harm sometimes than good, and little evidence that it can get better.

I'm listening very carefully to the candidates to see who has the courage and integrity to speak directly and definitively to this problem.

So far, only one has met that standard, IMHO.

[William769]

5. This is a main focal point of the Hillary Campaign.

Contrary to what others want you to believe.

[Agschmid]

7. *Not being an ass*

What are the things she is doing to fight for more equality here? Actually asking the question. My OP was based on another conversation I had in a thread and I'm racking my brain on the things which could solve this problem and I am struggling. It's a big issue and it won't be an overnight solve that's for sure.

Thanks William.

[William769]

12. Putting families first, she has said this from day one of her announcemet (speaking of middle class)

As to the specifics? Will probably be gone into detail With the Official campaign launce on June 13th.

Not being on the campaign staff that's all I can give you.

[Agschmid]

18. Excited to see all the candidates proposals!

[bravenak]

6. Kick

[Agschmid]

14. Thanks!

What do you think of these ideas to work towards a solution to the problem?

- Eliminating disparities in homeownership rates and returns would substantially reduce the racial wealth gap.

- If public policy successfully eliminated racial disparities in homeownership rates, so that Blacks and Latinos were as likely as white households to own their homes, median Black wealth would grow $32,113 and the wealth gap between Black and white households would shrink 31 percent. Median Latino wealth would grow $29,213 and the wealth gap with white households would shrink 28 percent.
- If public policy successfully equalized the return on homeownership, so that Blacks and Latinos saw the same financial gains as whites as a result of being homeowners, median Black wealth would grow $17,113 and the wealth gap between Black and white households would shrink 16 percent. Median Latino wealth would grow $41,652 and the wealth gap with white households would shrink 41 percent.

Eliminating disparities in college graduation and the return on a college degree would have a modest direct impact on the racial wealth gap.

-If public policy successfully eliminated racial disparities in college graduation rates, median Black wealth would grow $1,313 and the wealth gap between Black and white households would shrink 1 percent. Median Latino wealth would grow $3,528 and the wealth gap with white households would shrink 3 percent.
-If public policy successfully equalized the return to college graduation, median Black wealth would grow $10,786 and the wealth gap between Black and white households would shrink 10 percent. Median Latino wealth would grow $5,878 and the wealth gap with white households would shrink 6 percent.

Eliminating disparities in income—and even more so, the wealth return on income—would substantially reduce the racial wealth gap.

- If public policy successfully eliminated racial disparities in income, median Black wealth would grow $11,488 and the wealth gap between Black and white households would shrink 11 percent. Median Latino wealth would grow $8,765 and the wealth gap with white households would shrink 9 percent.
- If public policy successfully equalized the return to income, so that each additional dollar of income going to Black and Latino households was converted to wealth at the same rate as white households, median Black wealth would grow $44,963 and median Latino wealth would grow $51,552. This would shrink the wealth gap with white households by 43 and 50 percent respectively.

More.

[bravenak]

23. Those are good ideas.

But we have to work on the disparities in education and employment in order for us to even get to that point. With the black unemploymemt rate so high, and the excess number of us in prison, we are not able to hold on to any money we get. Our middle class helps support our poor to such an extent ( I do this myself with family) that it's hard to save up enough for the down payments.
I've spent enough over the last five years, just on my family members with disabilities and fathers in prison to put 30 grand down on a house. As it is, I still live in an apartment until I can save enough.

[Agschmid]

29. You are absolutely right about education!

How are you going to get ahead, when you can't even get started.

[JustAnotherGen]

62. I think there are opportunities in skilled trades

That can't be overlooked.

Let's assume that primary, middle, and high school - all things were equal - for decades.

October 17, 2017 - everyone will pass their mid terms with flying colors.

But all things weren't equal. Skilled trades require training. That training could cost as little as $2500 for solar panel installation. This training could have smart people who were neglected as children by our educational system, job ready in a short amount of time. Not flipping burgers - but helping rebuild our infrastructure.

To a poor kid in Appalachia or Camden, NJ, or Biloxi - they don't have that $2500. If they want to learn it - we need that pathway.

Assuming all student debt is forgiven - then young people will buy homes. Assuming that young persons parents had white collar jobs - they are going to need someone to help with home repairs, updating heating/cooling to energy efficient standards, updating the old electric panel, etc etc.

We all win if stand back and say - can we offer realistic pathways to prosperity to those who were left behind 15 year ago?

[BrotherIvan]

67. ^^This!^^

[Liberal_in_LA]

8. kick

[HassleCat]

10. Reagan was right

He said a rising tide lifts all boats. He just forgot to mention what happens to people who have no boat.

[Rex]

22. He didn't forget, it turns out he just didn't care.

[LittleBlue]

11. K&R

[Agschmid]

17. Can you cross post this in the Sanders Group?

I'm blocked...

[sheshe2]

24. You are a supporter of Sanders..

And you got blocked!?

WTF?

[Agschmid]

25. Meh.

I stepped out of line, it is what it is.

[sheshe2]

32. You are not...

Allowed an opinion of your own?

That sounds like the 'lock step' mentality that many here have accused Obama supporters of for years. We were in lock step with Obama, meh~ So now you need to be in lock step with the Bernie Group.

[Agschmid]

33. I've come to terms with it.

It's been a somewhat "free-ing" experience.

Wish more people would be interested in this OP...

[sheshe2]

35. Sadly some are not interested in the truth.

I will keep kicking it.

[LittleBlue]

36. Done

Thanks for posting

[Agschmid]

37. Thank you!

[hrmjustin]

15. K&R!

[sheshe2]

16. Kicking.

And thanking you for all you have done tonight. It is beauty to behold.. Agschmid.

This needs to be addressed. Every candidate needs to have open and honest discussions about this.

[Agschmid]

20. I've certainly been busy the past 24 hours on here.

Luckily for some I have to work tomorrow, so I won't be around as much. I hope people continue to demand that we treat each other fairly, that we support our candidates rather than tearing others down, and that we continue to have conversations around the issues we will face in the 2016 GE.

I have faith in DU, and the people here.

[sheshe2]

27. Yes, you have been busy.

Well done.

Ha, you are a Massite as well. Cool.

Thanks.

[peecoolyour]

28. The Wall Street agenda leaves them out even more than the rest of us. nt

[Agschmid]

30. What steps do you think we can take to solve it?

What policy positions will reduce the dramatic difference in wealth?

[WhaTHellsgoingonhere]

31. That's because our Presidents, all of them...

are proponents of Trickle Down economics. Obama had trillions of $ to throw around in his first months in office and gave it all to the white, male douchebags who blew up the world.

And now jobs are trickling down and all the idiots rejoice because they forgot Obama proved he's a trickle down believer in his first few months.

[sheshe2]

34. WATCH THIS AND REMEMBER!!!!!!!!!!!!!!!

Bullshit.

Obama had trillions of $ to throw around in his first months in office and gave it all to the white, male douchebags who blew up the world.

And now jobs are trickling down and all the idiots rejoice because they forgot Obama proved he's a trickle down believer in his first few months.

Watch and remember where we were in 2008. Remember.

[WhaTHellsgoingonhere]

38. Thank you Michelle Obama!

Not everyone agreed with Greenspan, Paulson, Geithner, Rubin, Summers, the banisters, and Wall Street. Obama did but there were opposing voices.

Remember!!!!!

[sheshe2]

46. Bull.

Ya didn't watch the vid did you.

Michelle?

[WhaTHellsgoingonhere]

47. The first 2 minutes were like watching Fox News

It started with overproduced, idiotic hysteria. It was a piece of crap.

Did you make it yourself?

[Agschmid]

48. That somewhat mean spirited...

How do you think we solve the problem raised in the OP?

[WhaTHellsgoingonhere]

51. Really you guys?

the only way out is to give the crooks and robbers what they want at the barrel of a gun?

Do you remember what Iceland said to the motherfuckers and what happened to their economy after?

REMEMBER?!!!

[Major Nikon]

54. Results...

On Tue Jun 2, 2015, 10:32 PM an alert was sent on the following post:

Really you guys?
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=6770763

REASON FOR ALERT

This post is disruptive, hurtful, rude, insensitive, over-the-top, or otherwise inappropriate.

ALERTER'S COMMENTS

Over the top and disruptive, please vote to hide this post. The word used in this post is vile, and crude, no reason to post it but to disrupt.

You served on a randomly-selected Jury of DU members which reviewed this post. The review was completed at Tue Jun 2, 2015, 10:39 PM, and the Jury voted 2-5 to LEAVE IT.

Juror #1 voted to HIDE IT
Explanation: No explanation given
Juror #2 voted to HIDE IT
Explanation: No explanation given
Juror #3 voted to LEAVE IT ALONE
Explanation: When you least expect it, the Word Police strike!
Juror #4 voted to LEAVE IT ALONE
Explanation: It's a swear word. But if we start hiding swear words, the site would be blank.
Juror #5 voted to LEAVE IT ALONE
Explanation: Seriously? Profanity is now a reason to alert on a post? Seriously?
Juror #6 voted to LEAVE IT ALONE
Explanation: You're alerting because someone said "motherfucker"?! That's some motherfucking weak-ass motherfucking sauce right motherfucking there.

Motherfucking making DU motherfucking suck.
Juror #7 voted to LEAVE IT ALONE
Explanation: No explanation given

[Codeine]

55. Some motherfucking genius alerted

on this motherfucking post. Here's that motherfucking results, with no points being awarded for guessing which of these motherfuckers I am.

You served on a randomly-selected Jury of DU members which reviewed this post. The review was completed at Tue Jun 2, 2015, 10:39 PM, and the Jury voted 2-5 to LEAVE IT.

Juror #1 voted to HIDE IT
Explanation: No explanation given
Juror #2 voted to HIDE IT
Explanation: No explanation given
Juror #3 voted to LEAVE IT ALONE
Explanation: When you least expect it, the Word Police strike!
Juror #4 voted to LEAVE IT ALONE
Explanation: It's a swear word. But if we start hiding swear words, the site would be blank.
Juror #5 voted to LEAVE IT ALONE
Explanation: Seriously? Profanity is now a reason to alert on a post? Seriously?
Juror #6 voted to LEAVE IT ALONE
Explanation: You're alerting because someone said "motherfucker"?! That's some motherfucking weak-ass motherfucking sauce right motherfucking there.

Motherfucking making DU motherfucking suck.
Juror #7 voted to LEAVE IT ALONE
Explanation: No explanation given

[WhaTHellsgoingonhere]

57. Lol

It's not just the words. There are loads of colluding retired yard duties that dominate the jury system. Post something controversial at the wrong time of the day and that 2-5 vote is 6-1.

[WhaTHellsgoingonhere]

59. What was totally lost on the alerted +2

I was calling the banksters motherfuckers! And they ran to the banksters' defense!

They just didn't like I was picking on Obama and arguing with one of the yard duties.

[Agschmid]

63. I have a theory...

Juror 2 right? Lol.

[sheshe2]

52. Hysteria!?

Were you even awake then? Did you even watch what was happening then?

It started with overproduced, idiotic hysteria. It was a piece of crap. Did you make it yourself?

WTF!

Have you been sleeping since 2007?

http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%9308

The financial crisis of 2007–08, also known as the Global Financial Crisis and 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s.[1] It threatened the collapse of large financial institutions, which was prevented by the bailout of banks by national governments, but stock markets still dropped worldwide. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of U.S. dollars, and a downturn in economic activity leading to the 2008–2012 global recession and contributing to the European sovereign-debt crisis.[2][3] The active phase of the crisis, which manifested as a liquidity crisis, can be dated from August 9, 2007, when BNP Paribas terminated withdrawals from three hedge funds citing "a complete evaporation of liquidity".[4]

The bursting of the U.S. (United States) housing bubble, which peaked in 2004,[5] caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions globally.[6][7] The financial crisis was triggered by a complex interplay of policies that encouraged home ownership, providing easier access to loans for (lending) borrowers, overvaluation of bundled subprime mortgages based on the theory that housing prices would continue to escalate, questionable trading practices on behalf of both buyers and sellers, compensation structures that prioritize short-term deal flow over long-term value creation, and a lack of adequate capital holdings from banks and insurance companies to back the financial commitments they were making.[8][9][10][11] Questions regarding bank solvency, declines in credit availability and damaged investor confidence had an impact on global stock markets, where securities suffered large losses during 2008 and early 2009. Economies worldwide slowed during this period, as credit tightened and international trade declined.[12] Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion and institutional bailouts.[13] In the U.S., Congress passed the American Recovery and Reinvestment Act of 2009.

[WhaTHellsgoingonhere]

56. Did you lose your job then?!?!!!

were you unemployed for 3 years?

Are you the only wage earner in your household?

Were you a laid off college grad who went from a decent paying corporate job to delivering pizza?

Do you make less today than you did in 1989? That's nominal, not adjusted for inflation.

You're totally out of touch in your Obama bubble.

[sheshe2]

58. A year later.

I lost my job. Unemployed for 5 months. Yes, In am the only wage earner in my home.

Took the only job I could find at my age. I took a 50% pay cut. I was offered jobs that would have paid me what I was paid in the early 1985's. They wanted to pay me what I was paid 20 years ago.

I had to sell my home.

Do not preach to me.

[WhaTHellsgoingonhere]

60. Lol Preacher sheshe! Don't let hypocrisy stop you!

I'm sorry you lost your livelihood, too. The world imploded because all of the presidents are trickle down believers. What idiot would give $TRILLIONS to the criminals while the middle class crumbled.

And why do you defend Obama for doing this? Shock Doctrine response to crisis aimed at bailing out those responsible.

Good on ya, sheshe! Side with the offender like a victim of abuse.

[sheshe2]

61. You are tone deaf.

Done.

[JustAnotherGen]

65. Came off like

The poster thought it was funny you went through that. You can't infer intent - but as someone who just read the exchange?

Yikes.

Never ever share personal pain here - it will be used as a bludgeon.

[sheshe2]

73. Love you.

[Starry Messenger]

39. It sucks even in Silicon Valley

I write about this.

http://peoplesworld.org/state-of-silicon-valley-2015-a-tale-of-two-americas/

"Hardest hit by income inequality are Blacks and Latinos, who are surviving on much less than the now recommended minimum {for the Bay Area} of $84,000 per year for a family of four. Among the findings reported in the 2015 Index are:

* "There is a large gap between the highest and lowest earning racial/ethnic groups, which is larger in Silicon Valley ($44,037) and San Francisco ($50,069) than in California ($28,332) or the United States ($17,716)."

<snip>

Family income determines child poverty, and poverty in Silicon Valley hits Black and Latino children the hardest. "Per capita income increased in Silicon Valley (Santa Clara and San Mateo Counties) between 2011 and 2013 for all racial and ethnic groups, excluding Black or African American residents. White residents continued to have the highest per capita income ($64,998 in 2013, adjusted for inflation), and Hispanic or Latino residents continued to have the lowest ($20,961) and saw more modest income gains. The economic recovery that came swiftly for Silicon Valley after the Great Recession has not reached all residents here: "Per capita incomes for Black or African American and Hispanic or Latino residents in 2013 were still well below pre-recession values, down 20 and 12 percent, respectively since 2007." (2015 Index)

I am concerned that there will be a removal, via the rental increases here, which are fucking insane, of nearly all working class minorities to the outlying, semi-rural suburbs, at some distance from the jobs here.

[Agschmid]

40. I know price kept me out of the SF market when I was looking...

I was lucky to get into Richmond!

[Starry Messenger]

41. I didn't know you were a local!

I'm in San Mateo County, in a place that we rented before it got totally gouge city and for some lucky reason our landlady hasn't gone nuts on rent increases. She just had painters in today though, that makes me nervous.

Richmond is even starting to price people out, I just read the other day.

[Agschmid]

42. I'm not, I declined the job an stayed out East.

Some day, it's my dream.

Just financially it wasn't going to work.

[Starry Messenger]

43. Awww, it is beautiful here.

I don't know how long this market will hold out. We're all playing chicken with the economy. If it gets more overheated, it's bad, if it fails, that is also bad. Hopefully we hit the sweet spot someday and you can live the dream.

[Agschmid]

45. Sure hope so!

Now find some water so when I get there that's solved!

[JDPriestly]

50. K&R. Economic inequality and racial inequality go hand in hand.

[Agschmid]

53. Yup.

Big time.

[Enthusiast]

64. Kicked and recommended a whole bunch!

[BrotherIvan]

66. Thank you for posting

This is a real and ongoing struggle with GENERATIONAL poverty. It leaves one vulnerable to all kinds of abuses by employers who steal your paycheck and police who are using you as a revenue. There are no good jobs in your area because no one wants to invest. The schools are underfunded and crumbling and depressing. And college is a fantasy, even if you have the grades. As bravenak pointed it, the minute you take a step up, it's hard not to fall back down because you want to help your family.

These are REAL issues, not optics. Glad you got some exposure on it because I sure haven't been successful.

[Agschmid]

72. No problem!

[pampango]

68. Historically in the US and in progressive countries now, better income/wealth equality was achieved

through high/progressive taxes, strong unions and effective safety nets among other government policies. Those are all difficult to achieve in the current climate with republicans dominating both houses of congress. But then any effective policies to deal with this inequality are going to be fought against by republicans.

[daredtowork]

69. Quantitative Easing, Construction, and Home Ownership

One of the reasons the recession never ended for people of color is pretty clear to see in the Bay Area.

Bernanke and Yellen put the country on life support through Quantitative Easing. The main place where that heats up the economy is the housing market because it creates low interest loans. However, because of the recession, credit rules also tightened.

I'm not sure about the rest of the East Bay, in Berkeley low income people were pushed toward renting as a matter of policy. I'm still doing reading in this area, but it was deliberate policy. Some earlier papers on homelessness thought that rent subsidies were the way to handle the fact that growing inequality was placing too much pressure on the low end housing market, which pushed the people on the bottom out of housing all together. I haven't gotten to why some bright sparks thought it was better to keep pushing the mid-to-low income people through the rental market instead of offering them support for home ownership - but perhaps the foreclosure wave in 2008 made those local policy-makers double down on their decision to discourage marginal people from ownership rather than going to HUD and/or creating more supports.

The result is even greater inequities. We have massive white wealth growing wealthier on real estate equity, with massive credit and collateral power because of ownership, who can leverage their property to engage in more speculation by buying up the lower end properties the renters are now living in. This creates chaos for the renters because thanks to the speculation boom, rents have driven so high there is no place for the low-end renter to go once they are displaced from an old rent-controlled unit. According to Barron's this area is the third most over-valued real estate market in the country, and the parts of town that are targeted for gentrification (through rumors of development projects and withdrawal of services that support the poor and enable them to live there) are even more over-heated: "for sale" signs are popping up everywhere. I would be interested to know how many of the buildings being sold out from under seniors, disabled people, and people of color are going to outside investment groups (who also pay for the campaign literature and other perks of our various City Council "representatives&quot and how many are being acquired by established property owners from the wealthy white part of town.

Over the last year people have been talking about the shifting demographic in which the black population has been reduced from 30% to 7%. I think this explains the mechanism in a "no duh", freaking obvious sort of way. Black people weren't the 1% here, and they most definitely weren't the super rich. Quantitative easing, which was basically Real Estate Speculator Welfare, did not benefit them because they didn't have the same stake in property OWNERSHIP as white people did. Then speculation exacerbated the difference by buying the homes out from under people. This area writes a hell of a lot of papers about mitigating or preventing displacement, but as far as I can see policies don't actually DO anything but CAUSE displacement and then stand by talk about it.

Perhaps history will be able to detect some massive migration of low-income people of color based on how Quantitative Easing "relieved the recession" by creating white property speculation wealth.

[The Wizard]

70. We're doing the

Thorazine Shuffle. Two steps forward, three steps back. The greatest disparity in wealth since the Gilded Age.

[TheKentuckian]

71. Economics is not an upper class, white hobby but real and life and death for the disadvantaged.

If black lives and black futures matter than so does the money otherwise I deem you full of shit and actually about protecting your class interest using the people at and near the bottom as human shields.