I don't want to hear it anymore. GM was bailed out with huge amounts of money from the USA Treasury and its CEO left with a golder parachuet.
Wall Street is racist and they may as well admit it !!!!! If ya ain't the 'color' of money the way they like it, ya ain't nobody,
OneUnited Bank has been criticized as having a poor record of lending to people in some low-income areas. It also paid for a luxurious lifestyle for its chairman despite posting huge losses.
This is absolutely no different than the issue with Countrywide. The minority banks cater to a very challenged patron and it was fine so long as it served the purpose of the Wall Street Wealth Merchants, but, now that they and the Republicans need 'scapegoats' so it all changes and there is EVERYTHING worng with issues of the 'same challenged' American populous.
The 'American Dream' is mostly unattainable by the people represented in Congressional districts where poverty exists. I have no doubt the Congressional people representing these districts seek to provide 'an edge' in the market place to minority citizens.
You know, I remember when President Clinton was in the White House, one of the issues he addressed was how to move minority citizens out of an impoverished status to where they can enjoy the American Dream. I believe it was Hillary at the time that had an interest in Wal-Mart and proposed to build them in stressed population areas.
Then there was a study indicating that Walmart did not improve the status of impoverished citizens, but, reinforced it. The reality was that Wall Street enjoys its profits and CEOs like the bonuses regardless of how poor their employees and contractors 'quality of life' remainds.
5. POVERTY RATES
Counties that have gained Wal-Mart stores have fared worse in terms of family poverty rates, according to this study.
Wal-Mart and County-Wide Poverty - by Stephan Goetz and Hema Swaminathan, Social Science Quarterly, June 2006
The presence of a Wal-Mart store hinders a community's ability to move families out of poverty, according to this study. After controlling for other factors that influence poverty rates, the study found that U.S. counties that had more Wal-Mart stores in 1987 had a higher poverty rate in 1999 than did counties that started the period with fewer or no Wal-Mart stores. The study also found that counties that added Wal-Mart stores between 1987 and 1998 experienced higher poverty rates and greater usage of food stamps than counties where Wal-Mart did not build, all other things being equal. Although the study does not attempt to draw a conclusion about why Wal-Mart expands poverty, the study's authors suggest several possible factors, including a loss of social capital that occurs when locally owned businesses close and the shift from comparatively better paying jobs at independent retailers to lower paying jobs at Wal-Mart (an earlier, unpublished draft can be downloaded for free here.) Many university libraries also carry Social Science Quarterly.
6. SOCIAL AND CIVIC WELL-BEING
This study found that Wal-Mart reduces a community's level of social capital, as measured by voter turnout and the number of active community organizations.
Wal-Mart and Social Capital - by Stephan J. Goetz and Anil Rupasingha, American Journal of Agricultural Economics, Dec. 2006.
The presence of a Wal-Mart store reduces a community's level of social capital, this study found. The study examined communities that had or gained Wal-Mart stores in the 1990s and controlled for other variables known to affect social capital stocks in a community, such as educational attainment. "Both the initial number of [Wal-Mart] stores and each store added per 10,000 persons during the decade reduced the overall social capital measure," Goetz and Rupasingha found. Communities that gained a Wal-Mart had fewer non-profit groups and social capital-generating associations (such as churches, political organizations, and business groups) per capita than those that did not. Wal-Mart's presence also depressed civic participation and is associated with lower voter turnout in the 2000 presidential election. Goetz and Rupasingha hypothesize that the drop in social capital is owned to the disappearance of local businesses and the decline of the downtown following Wal-Mart's arrival.
http://www.newrules.org/retail/key-studies-walmart-and-bigbox-retail#5
The 'idea' of moving Wall Street to 'Ghetto Main Street' was to improve their qualify of life by offering benefits and equity to minority citizens. The reality works out to be just the opposite. Where pvoerty exists these 'low end' employers enjoy the profits without the hassle of unions.
The point is there is no solution Wall Street can offer that improves the impoverishment of citizens in the USA. And if Henry Paulson can walk away form racking the USA over the coals for bailouts to banks then there is a double standard at work with the minority members of the USA Congress currently being 'muckracked' for November.
