The New Poor: Blacks in Memphis Lose Decades of Gains

New York Times by Michael Powell | May. 31, 2010 (Special Report)

The combination of growing foreclosures and rising unemployment have destroyed black wealth and income and erased two decades of slow progress. Full Story »

Posted by Kaizar Campwala - via New York Times (Most Emailed), Google News (U.S. Economy), NewsRack (Poverty), Wil Kristin (t), miker1717 (t), Malorie Jae Lucich (t), Jeremy Caplan (t), Salvador Sala (t), Ish Harshawat (t), Patrick McDermott (t), Donica Mensing (t), Tiffany Hebb (f), Shams Kazi (f), Tshiung Han See (f), Larry Davis (f)

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Subjects: World, U.S., Business
Topics: Poverty, Racism, U.S. Economy, Black
Member Tags: black:dupe
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# Diggs: 16 (as of 2010-06-01)
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Posted by: Posted by Kaizar Campwala - May 30, 2010 - 8:05 PM PDT
Reviewed by: Kaizar Campwala (review), Sam Rose (review), Jake Carlson (review), Cathie Bird (review), Walter Cox (review)
Content Type: Article
Edit Lock: This story can be edited
Edited by: Kaizar Campwala - May 31, 2010 - 7:42 AM PDT

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Walter Cox
4.1
 by Walter Cox - Jun. 22, 2010

This story follows the usual prescription in contemporary journalism--it focuses on individuals to tell the larger story. In this effort it largely succeeds, and a devastating portrait of the large financial institutions emerges. Wells Fargo is singled out as a primary culprit in their aggressive promotion of lending practices that targeted prospective borrowers who especially lacked prudence in economic matters--the newly emerging black middle class.

See Full Review » (11 answers)
Cathie Bird
4.1
 by Cathie Bird - May. 31, 2010
See Full Review » (10 answers)
Kaizar Campwala
4.2
 by Kaizar Campwala - May. 31, 2010
Kaizar posted this story.
See Full Review » (10 answers)
Sam Rose
4.2
 by Sam Rose - May. 31, 2010
See Full Review » (5 answers)
Jake Carlson
3.7
 by Jake Carlson - May. 31, 2010

An interesting tale of the effects of the subprime mortgage crisis. The effect on wealth accumulation is not something talked about much.

See Full Review » (6 answers)

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