Bconx Alert

"The release of the Fed’s latest Survey of Consumer Finances, a triennial assessment of American financial trends, reveals that a focus on policy through a racial lens could come none too soon. The report found that, as a group, people of color held roughly 16 cents for every $1 held by whites in 2007. For Hispanics, the figure was 12 cents. For blacks, a dime*. And those figures were crunched before the collapse of the economy. Advocates fear that the gap probably widened since then because, while fewer minorities than whites own their homes, minority homeowners tend to have a higher percentage of their wealth wrapped up in their homes.

Similarly, blacks and Hispanics have fewer credit cards, but tend to drive up higher debts per card. As a result, said Jose Garcia, associate director for research and policy at Demos, a liberal policy group, “more of [minorities'] income goes to pay debt, and less goes to buy assets.” (article).

So, when a raging fever burns,
We shift from side to side by turns;
And 'tis a poor relief we gain
To change the place, but keep the pain.
~ Isaac Watts, Hymns and Spiritual Songs

*Remember the Grand Master Flash 'NYNY' lyrics?
On 42nd Street, lookin for some action
Women standing on the corner selling satisfaction
One young punk just leaning on the fence
Tryin' to make a dollar out of fifteen cents
Really is a prankster, tried to be a gangster
Real big wheel when a gun is in his hands
Just did a stick-up, just got picked up
One dead punk, killed by the man.

...everything ain't always what it seems...
...but'm down by law, & know my way around.