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.