Thinking about what details small transactions can reveal.

Lesson summary from the financial crisis.

This is an absolutely brilliant. Deepak Bhargava, Center for Community Change finally creates the right narrative that has driven the US economy into this mess. I have been waiting to see how this would play out and which party might be able to build the right narrative that makes it clear.  Deepak nails it.   We have watched groups advocate for change on lending for years.  Hopefully, this is the moment that helps people listen to Center for Community Change as a fresh voice from Main St. 

I recommend the complete read.


Abuse and exploitation of poor people of color eventually harms everyone.  Predatory lending stripped wealth and homes from low-income communities across the country –but calls for reform generally fell on deaf ears in Washington.  Let’s be clear: the reason for this inaction is that the predators were wealthy and mostly white, and the prey were poor and largely people of color.  As is often the case, however, poor people of color were the “canary in the coal mines” for techniques that ultimately were used on a broader population through the sub-prime crisis and brought about the meltdown of balance sheets.

Ironically, some conservatives are now telling the ridiculous story that it was irresponsible borrowing by poor people of color and activism to promote community reinvestment that resulted in the crisis.  Progressives should be pushing out the message that, in fact, we are all paying the price for the failure to crack down on predatory lending because many perceived it to be “not their problem,’ while others profited from it.  We are –really!—all in this together, and when our policy fails to attend to the most vulnerable and disadvantaged, there is no escaping the karmic boomerang.