The Recession’s Racial Divide (op-ed)

"WHAT do you get when you combine the worst economic downturn since the Depression with the first black president? A surge of white racial resentment, loosely disguised as a populist revolt. [...] According to a 2008 report by United for a Fair Economy, a research and advocacy group, from 1998 to 2006 (before the subprime crisis), blacks lost $71 billion to $93 billion in home-value wealth from subprime loans. The researchers called this family net-worth catastrophe the “greatest loss of wealth in recent history for people of color.” And the worst was yet to come."

Barbara Ehrenreich and Dedrick Muhammad of the Institute for Policy Studies cite UFE's State of the Dream 2008 in this New York Times op-ed.

 


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