Backyard Shock Doctrine: Wall Street’s Destruction Comes Home
An American era of eviction and destruction
by Laura Gottesdiener
August 1, 2013.
African Americans had every reason to celebrate Barack Obama’s election in 2008. History was made. Then reality set in. Economically speaking, the Obama era has been a five-year nightmare for Black America.
The unemployment rate for blacks now stands at 13.7%, almost twice the rate for all eligible workers. Under other circumstances, 13.7% unemployment would be a national crisis; it would dominate the headlines and the nightly news and the editorial pages; 13.7% unemployment would have any politician in office fearing for his or her career. In Washington, there would be blue-ribbon commissions, congressional hearings, and expert panels. But because we’re talking about 13.7% of eligible black workers, there is no outrage. Except for the anger and pain felt within the black community, that jobless rate is a silent scandal.
The wealth of African Americans is in similarly dire straits. Many black families saw their personal wealth, significant amounts of it invested in their homes, evaporate in the economic collapse of 2007-2009, triggered by a housing meltdown in which African Americans were disproportionately targeted for shoddy subprime mortgage loans. As of 2010, the median net wealth of black families was $4,900; of white families, $97,000. A third of black households had zero or negative wealth. Gains made across generations were wiped out like that.
Consider these statistics the vital signs of Black America in the Obama era. As Laura Gottesdiener writes in her debut at TomDispatch, there may be no more vivid illustration of their collective economic distress in these years than the foreclosure crisis pocking the inner cities of Atlanta, Chicago, Detroit, Minneapolis, and Philadelphia, among other places. Gottesdiener’s new book, A Dream Foreclosed: Black America and the Fight for a Place to Call Home, is a people’s history of the financial crisis that jolted this country and has never ended. It has been hailed by Naomi Klein as “riveting” and Noam Chomsky as a “most valuable study… with historical depth and analytical insight.” Andy Kroll