January 26, 2013
LIFE IN THE ERA OF HOPE AND CHANGE: The Crisis Of The Black Middle Class.
The Clinton and Bush administrations set policies to encourage Black home ownership, but these made things worse. . . . So when the real estate bubble burst, it hurt Blacks much more than whites: 25 percent of African-Americans who purchased or refinanced homes from 2004 to 2008 have lost or are losing them, compared to 11.9 percent of white Americans. According to Sugrue, “the median black family today holds only $4,955 in assets.”
This is what happens when you violate Reynolds’ Law.