Yahoo! News posted an article about a recent Bloomberg Businessweek cover depicting a black American family in a house surrounded by boatloads of cash. The accompanying article is supposed to describe the possibility of another housing bubble that may result from the recent nationwide increase in housing prices.
I don’t find anything particularly racist about the cover. There is nothing in the picture that sends a message that whites are superior to blacks merely because blacks may decide to go out, borrow for a house, and them flip it for a profit. Last time I checked, flipping was not immoral or illegal.
The controversy here, if there is any, is why black Americans have been duped into putting so much capital into homes versus diversifying their holdings. The wealth gap between blacks and whites stems in part from this poor allocation of capital where whites have more equity in stocks, bonds, and other financial instruments while black Americans fell for the “wealth building” philosophy of real estate agents, and two of the last three presidents.
What this picture tells me is that too many blacks may choose to make that mistake again …