14 Memorable Black News Events of The Decade
- By
MadameNoire
The Great Recession
Not since the Great Depression of the 1930s has the U.S. experienced a recession as severe as our most recent between 2007 and 2009. A number of factors have been said to contribute to the economic downturn, including subprime mortgages, reckless lending by financial institutions, increased loan default and foreclosure activity, sharp increase in oil and food prices and heightened unemployment. The Black community has been hit the hardest with an unemployment rate of 16 percent as of Dec 3rd and nearly 8 percent of blacks have lost their homes to foreclosure, compared to 4.5 percent of whites, according to the Center for Responsible Lending.
Comment Disclaimer: Comments that contain profane or derogatory language, video links or exceed 200 words will require approval by a moderator before appearing in the comment section. XOXO-MN
