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The Collapse of Black Wealth
American Prospect, by Monica Potts

Original Article

Posted By:zephyrgirl, 11/25/2012 3:20:00 PM

When Joe Parker was a young, newly married public-school administrator who wanted to buy a home in 1974, he didn’t even think about leaving Prince George’s County, Maryland. It was where he and his parents had grown up. But when Parker first tried to bid on a house in a new development in Mitchellville, a small farming community that was sprouting ranch and split-level homes on old plantation lands, the real-estate agent demurred, claiming there were other buyers. In truth, the development had been built to lure white, middle-class families to the county

Comments:
And yet they still all voted for BO.

      


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Reply 1 - Posted by: St. Pitbull, 11/25/2012 3:25:47 PM     (No. 9033352)

Not for the ONLY one who counts (in his eyes)!

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Reply 2 - Posted by: ruready?, 11/25/2012 3:28:47 PM     (No. 9033355)

Livin´ the lie. Guaranteed its blamed on racism.

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: rarebear, 11/25/2012 3:36:07 PM     (No. 9033367)

Recessions are color blind - and no Executive Order is going to change it. Isn´t that the way it´s supposed to be?

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Reply 4 - Posted by: janylou, 11/25/2012 3:46:52 PM     (No. 9033386)

Trickle up misery. How´s that hype and change working?

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Reply 5 - Posted by: suziannr, 11/25/2012 3:48:30 PM     (No. 9033389)

Be careful what you wish for.....and when the "producers" have given all they can....who´s your daddy then?

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Reply 6 - Posted by: beancounter, 11/25/2012 4:16:25 PM     (No. 9033414)

"World Ends - Minorities and Women Hardest Hit"

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Reply 7 - Posted by: bubby, 11/25/2012 4:22:35 PM     (No. 9033419)

They exchanged the opportunity for wealth for a cheesy little handout. Once again the black community has been victimized by one of their own which I guess is ok with them. Just as long as it wasn´t done by whitey.

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Reply 8 - Posted by: TheMotherCO, 11/25/2012 4:24:53 PM     (No. 9033421)

Afraid I did not finish the article - slaves after the civil war were allowed ships to go back to Africa or strike out west. None of them wanted to leave the USA.
I don´t like slavery and it was a bad thing, but they were from Africa and it was common for blacks to sell other black natives. Would they go back to Africa now? I doubt it seriously.

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Reply 9 - Posted by: SteelTurman, 11/25/2012 4:35:08 PM     (No. 9033428)

Wow.

Read the article and then the first comment.

You will be well rewarded.

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Reply 10 - Posted by: SteelTurman, 11/25/2012 4:36:56 PM     (No. 9033431)

I call this a ´must read´ if for no other reason than the first comment under the article.

Damn, just damn.

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Reply 11 - Posted by: NorthernDog, 11/25/2012 4:40:50 PM     (No. 9033435)

The article unintentionally points out that the government under Bubba´s reign opened the door to underqualified applicants being approved for mortgages, which then led to the housing collapse.

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Reply 12 - Posted by: eoddad, 11/25/2012 4:42:09 PM     (No. 9033436)

Hey, look at the bright side the got their Black President regardless of the disastrous performance. I´m kind of glad to see them joining the white middle class even if at a time when we are spiraling down to dictatorship and poverty.

Besides the Old Democrat Party of segregation and slavery what other party elects politicians who spew racial Revenge. Try National Socialist Workers Party (NAZI). The other "Get even Party"

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Reply 13 - Posted by: earlybird, 11/25/2012 5:22:38 PM     (No. 9033470)

The writer had to dig way back to the history of this county, the emancipation of slaves, etc., in a vain attempt to make this the story of a black county. The story is the same in counties of varied ethnicities - including all the myriad kinds of white - across the country.

Obama led riots in banks to force them to loan to everyone who wanted a house. Bubba Clinton had his "housing for everyone" (whether they can afford it or not) program.

The housing market decline was a solid Dem proposition that they alone engineered and should own.

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Reply 14 - Posted by: chance_232, 11/25/2012 5:57:51 PM     (No. 9033500)

But the good news is that they are now eligible for an "ObamaPhone" !!! CELEBRATE!


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Reply 15 - Posted by: Kurto, 11/25/2012 6:15:06 PM     (No. 9033525)

Nice article, but Ms. Potts should trade her race colored glasses for a wide angle lens.

Then she would begin to notice that 0bama´s economic policies have been disastrous for ALL Americans, not just the black ones. I have no doubt to the truth of what she has written, but it is also true that we are ALL in this sinking boat together.

"The Collapse of American Wealth" would be a less sensational, but more accurate title for the complete version of this story.

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Reply 16 - Posted by: Ida Lil, 11/25/2012 6:17:08 PM     (No. 9033528)

A middle class designation in a supposed classless nation that forces black Americans to over spend waste their money and moan they are abused because they didn´t have deep family roots to give them enough riches is one heck of a poor me fairy tale. Get the story right for a change.
80% of the other immigrants arriving in American had no more worldly goods than the slaves . In fact many were indentured and some arrived against their will too sold to those indentures by the British from debtors prisons . At least the slaves had a place to drop for awhile and food of sorts.
The present economy is leaving all races and ethnic inhabitants in the same situations.

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Reply 17 - Posted by: Judith, 11/25/2012 6:27:35 PM     (No. 9033543)

Ask them if it was worth it electing obama to live the high life in the whitehouse? Bet THEY don´t get the correlation either.
I think we better start studying places like zimbabwe and south africa to get a handle on what lies ahead.

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R_DBL_B
  


 
Reply 18 - Posted by: Fiesta del sol, 11/25/2012 6:30:50 PM     (No. 9033549)

I read the article. The author mentions predatory lending, but doesn´t mention the state of the black family. Does the black population of Prince George´s county align with the rest of black America? 70% of black kids are growing up fatherless. Single parenthood is a greater indicator of poverty. Interesting that the author goes back to slave ships, but doesn´t work current events in.

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Reply 19 - Posted by: tennisbum, 11/25/2012 7:02:28 PM     (No. 9033573)

Most of so-called black wealth is spent on ju-ray, cars and rims and baby mamas.....houses are down the list. Conservative blacks are no different than the vast majority of us!! Unfortunately their voices, if they have any voice in the black community, are drowned out by the brothas and sustas who are "takers" and leeches on society. Sadly, it isn´t going to change anytime soon...them "free phones be nice".

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Reply 20 - Posted by: secondtimelucky, 11/25/2012 7:44:28 PM     (No. 9033612)

after reading the article thru to the end, I concluded that the author is short-sighted. The housing bubble happened to everyone. everywhere. If you were a first time buyer, you likely purchased too much house with a minimal down. 3-10% was common. If you ´´bought up´´ you were told by both lenders and realtors that in a year or two you would gain so much equity in increased value that you could afford the higher priced home. If you neither bought nor sold, you probably took out a couple or 4 equity loans based on the inflated bubble value of your home. In any case, whether you were black in Maryland, white in Minnesota or Hispanic in Florida - it didn´t matter. Brokers and lenders were pursuing every color/race/economic cohort.

And now, there´s even more equality. Upside down is upside down, race is irrelevant...

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Reply 21 - Posted by: stonepony, 11/25/2012 7:45:57 PM     (No. 9033615)

when much of this wealth is built on a foundation of governmnet employment bad things will continue to happen...

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Reply 22 - Posted by: Japanorama, 11/25/2012 8:12:09 PM     (No. 9033631)

Darwin had much to say about this phenomenon.

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Reply 23 - Posted by: Italiano, 11/25/2012 10:26:24 PM     (No. 9033740)

These days, a "predatory lender" seems to be one that expects to be paid back in accordance with the terms of the note and security documents that the borrower signs. If you can´t afford it, don´t buy it. If you don´t understand what you´re signing, don´t sign. Nobody owes you anything.

I´ll refrain from posting further on what I´m thinking.



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Reply 24 - Posted by: ColonialAmerican1623, 11/26/2012 1:15:08 AM     (No. 9033815)

What about the wealthy blacks that do not want whites in their communities ?

Could we stop kicking this can down the road and move ´forward´ ?

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