Predatory Lending and the Black Community

13 Apr

by Charles Lewis Nier III

Responding to a controversy regarding incendiary remarks that surfaced in the media from his former pastor, Reverend Jeremiah A. Wright Jr., United States Senator and Democratic presidential candidate Barack Obama came to the City of Philadelphia to deliver a major address on the issue of race in the United States. In a remarkable and widely-praised speech delivered on March 18, 2008, Senator Obama grounded his examination of the "complexities of race" on an analysis of the historical legacy of discrimination faced by African Americans. After invoking the words of William Faulkner for the proposition that "’The past isn’t’ dead and buried. In fact, it isn’t even past,"’ he proceeded to explain that "… many of the disparities that exist in the African American community today can be directly traced to inequalities passed on from earlier generation that suffered under the brutal legacy of slavery and Jim Crow." He proceeded to elaborate on some of the specific historical reasons behind racial inequalities, explaining:

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