Archive for November, 2008

Minorities less affected by financial crisis

Monday, November 24th, 2008

Look at what has happened to our economy recently. Foreclosures are through the roof, major financial institutions have failed, millions are in danger of losing their jobs, and the stock market has crashed. So what’s the good news?

The credit markets have imploded. It is much more difficult to get a home loan or credit card. So what? Borrowing money is far less culturally acceptable in Asian and Latino cultures, so the impact to Asian and Latino Americans of tightened credit should be much less than the general population.

People of color have historically been dominant members of the under-served banking community, often unable to obtain credit cards, home or business loans, or lines of credit. Many do not even have a bank account, largely because banks avoid placing branches in the inner-cities.

It’s hard to miss something you never had in the first place.

This is not to say that people of color won’t be hurt by the worsening economic conditions. The loss of credit and stock market wealth will result in significant job losses in every sector and will not be color-blind. But if you weren’t relying on credit from the banks, which many minorities aren’t, you’re probably doing better than the rest of the population.

Ethnicmajority Consumer page

Barack Obama – nation’s first Hispanic American President

Tuesday, November 11th, 2008

Yes, Barack Obama is America’s first Black President, and African Americans overwhelmingly voted for him. But this is nothing new. African Americans would have overwhelmingly voted for whoever the Democratic candidate was.

Obama received broad-based support from all of the traditionally Democrat-leaning groups. But where he really gained support was younger voters and Hispanics. Not that Hispanics weren’t already leaning Democratic in previous elections, but in this election they chose Obama over McCain by 67 to 31 percent.

Frankly I am surprised that Hispanics have not voted Democrat in similar proportions on a more regular basis. Democrats are generally more pro-immigration, pro-labor, pro-middle class, pro-diversity, and pro-social welfare programs. African Americans figured it out long ago, and typically support Democrats at a 2-1 ratio.

Hispanics are responsible for almost all of the population growth in the country over the past two censuses and this doesn’t appear to be likely to change anytime soon. This, coupled with higher voter participation and more Democratic voting tendencies does not bode well for the Republican party – or the American people.

One party rule is not necessarily a good thing if it leads to too much government and too much bureaucracy. What we need are choices. If the Democrats are too far left, and the Republicans too far right, how about a third party with moderate positions?

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