It is said that Mark Twain once quipped that “history does not repeat itself, but it rhymes.” One cannot escape comparisons with 1968, and with widespread civil unrest, troops in the streets, warring abroad and a rabidly reactionary Republican president seeking re-election while executing his own Southern Strategy replete with dog-whistle appeals to “law and order,” such comparisons are not without merit.
The 10th annual Martin Luther King Jr. Day report by UFE explains that the Great Recession took a greater portion of wealth from Black and Latino families than it did from White families. Today, the average net worth of White families is, respectively, more than six times higher and 5.7 times higher than the average Black and Latino families. Median wealth disparities are even greater.
The racial wealth gap has been enormous ever since the Census Bureau began measuring it 25 years ago. But it has never been larger than today. The median wealth of a white family is now at least 20 times higher than that of a Black family and 18 times that of a Latino family.
Congresswoman Maxine Waters and the African American members of the House Financial Services Committee were recently honored by the NNPA - the Black Press of America - for their work to strengthen the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
The Alameda County Board of Supervisors proposes to cut General Assistance (GA) beginning April 1, 2010, to only three months of every year to thousands of unemployed workers living in poverty. Pack the press conference, rally and meeting of the Alameda County Board of Supervisors to protest these cuts on Tuesday, Feb. 23, 9 a.m., 1221 Oak St., Oakland.
1) Lennar paid federal lobbyists $240,000 to win them a $320 million cash bailout characterized as a retroactive tax refund. 2) In the accounting for its fourth quarter report, announced on Jan. 7, 2010, Lennar used $284.9 million of the $320 million to offset its quarter losses. 3) Lennar then reported the remaining $35.6 million as profit, earned income. 4) Taxpayers, yet again, footed the bill.
Since President Barack Obama signed his stimulus package into law in February, the U.S. Department of Transportation has handed out more than $150 million in contracts to companies for street, highway and bridge construction. New statistics released by the Transportation Equity Network (TEN) show that from that pot of money not a single dollar had been allocated to any African-American owned business.
The current economic crisis requires more than a color-blind stimulus. It demands a complete economic restructuring that addresses the racial wealth divide.
I believe healthcare, housing and education are basic human rights, not privileges. Nancy Pelosi, my opponent, can come up with $850 billion when her buddies need it; now, my buddies, THE PEOPLE, need a bailout!
As the foreclosure crisis worsens, the Federal Reserve Board (the Fed) is proposing rules to restrict abusive mortgage lending practices. While this is a good step, 32 California groups assert that not enough is being done to help working families and their neighborhoods, encouraging stronger rules to protect families from being sold loans they cannot afford.
The subprime mortgage crisis will cause African-Americans to experience wealth losses of between $71 billion and $122 billion over its duration.