One of the headings I'm using in the introduction of my book
Beyond Oppression: Colonization and the Language of Heroes
is "From Slavery to Subprime Loans." And there's an article out today
at Truthout that talks about this in some detail. The piece, by Jon
Jeter, is entitled "Flat Broke, Black Voters Want More Than Just Another
Black President," and here are some highlights:
What
has befallen Black America is the heist of the century, a Ponzi scheme
so cataclysmic that it has not only capsized the global economy, but it
has also shone a light on slavery’s vibrant afterlife, in which the
African-American proletariat has been assigned the role of a permanent
debtor class.
And while
President Obama held no one accountable for the 2007-08 financial
[fraud] crash, Jeter points out that both President Reagan and President
H. W. Bush got indictments and sent hundreds of bankers to jail
During
the savings and loan crisis, for example, the Department of Justice,
under the Republican administrations of Ronald Reagan and George H.W.
Bush, jailed hundreds of them, including Charles Keating, whose Lincoln
Savings and Loan scandal cost taxpayers $3.4 billion.
The failure
of Lehman Brothers in 2008 cost taxpayers nearly 10 times that amount,
and yet the Obama administration did not prosecute a single Wall Street
executive for malfeasance. Indeed, the nation’s first Black president
bailed out everyone except the very people who were swindled out of
their homes and life-savings
And
really, in my view, the crux of the Black dilemma in America is that
every aspect of the culture, including our education system, financial
system, political system and system of justice, is a minefield designed to
strip African-Americans of wealth and dignity at any and every
opportunity, which Jeter speaks to here:
In
a material sense, slavery has continued practically unabated. Consider
that when Abraham Lincoln signed the Emancipation Proclamation on
January 1, 1863, Black people owned one-half of 1 percent of all assets
in the U.S. More than a century-and-a half later, according to The Color
of Money, by Mehrsa Baradaran, the Black share of the nation’s total
wealth has doubled to all of 1 percent. For all intents and purposes,
Black Americans have no greater stake in the country of our birth than
what we had when the first recorded African stepped foot in the “New
World” in 1619.