Dedrick Muhammad, co-author of, “Foreclosed: State of the Dream 2008,” comments on why Barack Obama’s candidacy may have little impact on the racial wealth divide. The mortgage meltdown has revealed a staggering wage and home ownership gap between white and black Americans, one that has changed little since the height of the civil rights era. Indeed, the black homeownership rate is only 47 percent, compared with 75 percent for whites. And, in the subprime fiasco, African-Americans will lose between $72 and $93 billion. Find out here why a further entrenchment of the racial wealth divide looms and what can be done to address it. For more, visit: www.Extremeinequality.org.
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EXTREME INEQUALITY: Race and the Mortgage Meltdown
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Historically speaking, this fits. African Americans have disproportionately borne the burdens of various kinds of economic upheavals over the years. And the continuing low home ownership rates also reflect the way institutionalized racism — particularly the residential segregation that was the product of the era of “sundown towns” — persists today, long after many white Americans assumed blithely they had done away with it by passing a handful of laws.
By David Neiwert on July 2nd, 2008 at 5:14 pm
Couldn’t agree more, David. Plus they have often been sold inferior housing at inflated prices in undesirable neihborhoods, somewhat of a triple whammy. But as so many of our conservative “friends” will be quick tell us, affirmative action has fulfilled it’s objectives and it is time for it to be eliminated, for it now is discrimnating against that perienially abused group of worthies, white males, who have always had it very tough, simply ask any conservative radio mouthpiece.
By nonplussed on July 2nd, 2008 at 5:23 pm
Actually, there are a ton of white folks that suffer from the latest housing mortgage catastrophe, too, who aren’t rich white folk,and counting out white folk who don’t share the booty just isn’t right. They also don’t have healthcare, childcare, living wages, etc.
That said, remember before Bush came into office even, when the likes of Clint Bolick and Gale Norton and the privatizing crowd started the mantra of “equality of opportunity” and then set out with a campaign for home ownership for black communities. You just knew the devil was even deeper than the details. If I remember correctly it was even a campaign theme of Bush’s, the home ownership thing. I’ll have to check my notes again.
By Nettle on July 2nd, 2008 at 6:10 pm
Thanks for bringing it ‘home’, Laura.
Dedrick Muhammad is someone I’d like to see often in future.
Thank you, Dedrick!!!
By DWBartoo on July 2nd, 2008 at 10:32 pm
Thanks for everyone’s interest in the issue. Nettle, I don’t think I counted out white folks who will greatly suffer from the subprime mortgage crisis, just like I didn’t mean to count out Latina/os, Asians, and indigenous people. I was just focusing on the Black/white wealth divide which I think many still don’t understand the depth of this divide and how these economic downturns have a disproportionate impact. If you want info on inequality as a whole I suggest checking out http://www.inequality.org, http://www.extremeinequality.org.
Again thanks for the support.
- Dedrick
By DedrickM on July 3rd, 2008 at 1:31 pm