"There is ample evidence of the disproportionate impact of economic recession on Black and Latino communities. United for a Fair Economy (UFE) recently found that while the U.S. has been in a recession for more than a year, 'people of color have been in a recession for nearly five years and have entered a depression during the current economic crisis.' ... The foreclosure crisis has resulted in immense loss of wealth in Black and Latino communities, and it has been estimated that people of color may have lost as much as $213 billion due to subprime loans taken out between 2000 and 2008."
Read the full report (PDF) by the Research Institute on Social and Economic Policy (RISEP), the Miami Workers' Center, and the Kirwan Institute.
View the press release on CommonDreams.org.
"According to the U.S. Census Bureau, in 2007, 37.3 million people, or 12.5 percent of the U.S. population, lived in poverty. Yet these numbers may do more to distort than clarify the presence of poverty. First, it is important to note that people of color represent a disproportionate percentage of people living in poverty. United for a Fair Economy, in their report "The Silent Depression: State of the Dream 2009," revealed that 10 percent of whites live in poverty, as compared to 24 percent of Blacks and 21 percent of Latinos."
Read this article by Katie Beran and Celine-Marie Pascale in Z Magazine.
"The NAACP is very supportive of the creation of a strong and effective Consumer Financial Protection Agency with the protection of civil rights and a directive that it seek out and work to eliminate discrimination as a core part of its mandate. [...] in the American mortgage market predatory lenders have, for decades, targeted African American borrowers and other racial and ethnic minorities as well as the elderly with their nefarious products. [...] In fact, United for a Fair Economy estimates that people of color are 2 to 5 times more likely to receive a predatory loan than white borrowers."
Read Mr. Shelton's testimony in the Huffington Post.
In this issue:
• Letter to Members: Responsible Wealth Helps Break Down Walls
• "Say on Pay" Success: Shareholders and Congress Making Progress
• Lobby Day 2009
• New Yorkers Say: "Raise Our Taxes"
• UFE Highlights
• Estate Tax Legislative Update
- Sustaining OUR Movement
- Whose Deficit is it Anyway?
- Wealth inequality Declining! But wait...
- What's in a job?
- All Work and No Pay
Moderator: Heather McGhee, Demos
• Amaad Rivera, United for a Fair Economy (at 20:05)
• Christine Chen, Organization of Chinese Americans
• Estuardo Rodriguez, Raban Group
• Lennox Yearwood, Jr., Hip Hop Caucus
Watch the discussion on C-SPAN Video Player.
"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.
"For many Americans, the recession officially began in December 2008, but recent studies show it began much earlier — and had a greater impact — for minorities. [...] 'In communities of color, this has been happening for a long time,' Huezo said. 'For these communities, it is not a recession anymore; it is a depression.'"
Includes mention of UFE's State of the Dream 2009, and commentary from co-author, Jeannette Huezo.
Read the full article on StateNews.com (Michigan State University).
"Reform of our broken health care system should not be considered an option, but a responsibility we all have to meet our highest ideals as a country [...] Providing access to quality, affordable health care for all people is a means by which we can put these ideals into practice."
Read the full article by UFE's Mazher Ali in the Pocono Record.
"Every year, we celebrate Labor Day to honor the work of everyday Americans who built this country brick by brick, community by community [...] With a comprehensive strategy for rebuilding our middle class, we can do more than pay lip service to the work of Americans on Labor Day. We can instead genuinely and honestly show our commitment to honoring the work of all Americans by passing policies that help lower and middle-income Americans share in the nation’s prosperity."
Read the full article by Brian Miller in the Augusta Free Press.
"Crisis. Downturn. Recession. Deficit. War. Disaster. These words are becoming all too familiar to many of us. And there is little in the way of optimism to offer. While some of us are only starting to feel the impact of the current economic situation, there are many who have been waiting for signs of hope for a long time. [...] once we collectively adopt a “people first” mentality, it will be in those moments of disaster, moments where we have historically fallen short, that our potential will be realized."
Read the full article from United Methodist Women's Response magazine.