Posted on 11/15/2012 1:03:30 PM PST by rightwingintelligentsia
NEW YORK (CNNMoney) -- The housing crisis hurt low-income communities and minorities more severely than other groups, Federal Reserve Chairman Ben Bernanke said Thursday.
"Lower-income and minority communities are often disproportionately affected by problems in the national economy, and the effects of the housing bust have followed that unfortunate pattern," Bernanke said in prepared remarks presented at the Operation HOPE Global Financial Dignity Summit in Atlanta.
Bernanke pointed to homeownership rates for African Americans, which fell 5 percentage points over the last eight years, compared to a 2 percentage-point drop for other groups.
While there has always been a gap in homeownership rates between white and black households, that gap has recently grown wider. The homeownership rate was 44% for blacks and 74% for whites as of September, according to the Census Bureau.
(Excerpt) Read more at money.cnn.com ...
Took the words right out of my mouth. Actually, you said it more concisely than I.
Not only that, but Break-The-Bankie-Bernanke assumes that “poor” people stay poor forever. Incomes can/will fall and rise depending on many factors in any one persons lifetime.
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