Housing Crisis

Shocking Maldistribution Of Wealth Due To Great Recession Of 2008: Pew Research Center Report

A new Pew Research Center report demonstrates the alarming fact of the shocking maldistribution of wealth among the major racial groups in America, due to the Great Recession’s effect, and the findings should ring alarm bells among all Americans in regard to the likelihood of social turmoil and disarray that could, sadly, lead to violence, if nothing is done about the reality of the failure of the “American Dream”!

The study shows that white households are TWENTY times wealthier than African Americans, and EIGHTEEN times better off than Hispanic families.

These statistics are staggering and unprecedented, and show the stratification of American society is the worst it has ever been, and far surpasses any democratic nation in Western Europe or Japan.

The median white household in 2009 had a net worth of $113,000 as compared to an average of about $5,700 for black families and $6,300 for Hispanic households.

At the same time, poor families with zero or negative worth were found in one third of black and Hispanic families, but only 15 percent of white families.

The average median wealth of black families fell by 66 percent between 2006-2009, 53 percent for Hispanic households, and only 16 percent for white families.

The housing and unemployment crises and declining income during the Great Recession also harmed black and Hispanic families much more than white households.

The real danger is that even lower income whites have been identifying with the Republican Party, while minority voters continue to connect to the Democratic Party, so the racial conflict that seems to be developing is endangering the country, and seems similar to the old North-South split on slavery in the 19th century and the civil rights movement in the 20th century, but now based on race nationally, instead of in geographical regions.

It has to make one fear for the future civil peace of the nation, if this manifestation is allowed to continue unabated!

How The Wealthy Stay Wealthy: Default On Mortgages Without Guilt! :(

The news has emerged that wealthy people are defaulting on their mortgages at a faster rate than average Americans, proving that the condemnation of people for taking on mortgages they can ill afford has been improperly exaggerated!

Conservatives love to blame poor people and middle class people for irresponsibility, when the indications are that it is rich people who are exploiting the system of mortgages, and greatly contributing to the rapidly growing housing market crisis!

More than one in seven home owners with a mortgage over one million dollars has defaulted, while the rate for those with lower mortgages is one out of twelve!

These wealthy people are ruthless, and have no conscience, as the burden on the economy can be borne by the average person, in their mind! These people have no shame and do not care about the effect their actions have on their communities!

Consider the fact that wealthy people in this country, the top one percent, have 17 percent of all assets and income in this country AFTER payment of all taxes! Is this not an indication of the maldistribution of wealth, and shows how these people have no patriotism or civic concern, as long as they can hoard their money and pass on their massive assets to offspring who will never learn what it is like to face the problems of everyday average people? 🙁