I wish I had time to write more about this this morning. Hopefully by linking to it, others will make up for my failings because this is an important story. The headline says it all. There's a lot more to this study than just this finding, but here is, as Yves calls it, the punch line:
However, while white women in the prime working years of ages 36-49 have a median wealth of $42,600 (still only 61% of their white male counterparts), the median wealth for women of color is only $5.
Note that most of the data being studied was before the current economic meltdown. Also, it's a window into the effect of the fact that African Americans were preyed upon by financiers with subprime loans:
Black women, in general, were more likely to have participated in the subprime loan crisis with upper-income black women being five times more likely to have received a high-cost mortgage than upper-income white men.
- BDBlue's blog
- Login or register to post comments
- 1+[CSE]+#b94+
Front page
Comments
What a horrifying discovery.
Wow.
I think I have my Feminist Friday posting for tomorrow.
I saw a documentary on PBS a few months ago about the sub-prime loan industry. They did, in fact, specifically target people of color, as they were more likely to both live in urban areas where the home prices were higher, and have less ability to purchase a home with a traditional loan. Of course, there's the institutionalized racism that often prevents qualified AAs from getting "regular" home loans in the first place.
But I did not know there was also a gender effect.
I'm just blown away by this post. Thanks so much for putting it up.
Never vote for people who hate you.
ERA Now!
The Widdershins
There was an article in The Atlantic
That investigated the fact that places like Countrywide got pastors that preach the prosperity gospel to help sell their mortgages to their church communities.
Slimy shit, that.
He who will not reason is a bigot; he who cannot is a fool; and he who dares not is a slave.
- Sir William Drummond
I manage property here in Southern California,
what I see is that my African American tenants are getting clobbered disproportionately.
You know, Baltimore is in huge financial trouble because of the number of mortgages that are in default, and they are in default because African Americans, with good credit and incomes, were shoveled into sub-prime loans that had astronomical leaps in interest. They have audio tapes where brokers are referring to blacks as "gorillas". It's bad.
It's just insane what we have allowed to happen.
"Someone needs to point out that elephants produce infinitely more shit than donkeys." Brad Mays