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Cartoonist

(7,298 posts)
Fri Mar 18, 2016, 08:54 PM Mar 2016

How has Wall Street benefited minorities?

Can someone help this dumb low-information white male voter?

Me, and millions of white working-class males have been hammered by Wall Street and the banks. My $40,000 a year job was sent to China. I was evicted from my apartment for not being able to pay rent. I need every dime I can grab, so I can't keep any of them in an off-shore account.

I find it inconceivable to vote for a bought and paid for Wall Street shill rather than a man who opposes the greed of the 1%.
Yet, here on this very site, there are many members of minority groups advocating just that. And to confuse me even more, I am being called a racist for supporting a Jew who wants economic equality.

So help me out. What am I missing? Has Wall Street been creating good jobs for minorities that aren't available to me? Are banks extending low interest loans to minorities that us white people can only dream about? Are minorities getting scholarships that are denied to white students? Is the healthcare industry giving free coverage to people of color?

I only get my news from the internet, so I'm unaware of all this. I sure hate being the last to know.

42 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
How has Wall Street benefited minorities? (Original Post) Cartoonist Mar 2016 OP
Don't be silly. Wall Street will eventually trickle down some of their loot to minorities. Tierra_y_Libertad Mar 2016 #1
Wall Street is involved in developing Africa. Lots of valuable raw materials come from there Baobab Mar 2016 #34
Wait - JustAnotherGen Mar 2016 #2
This subtle or not so subtle race baiting is ruining our board. DemocratSinceBirth Mar 2016 #3
A cudgel? Cartoonist Mar 2016 #8
Who cares what religion a candidate practices or even if he or she practices no religion at all. DemocratSinceBirth Mar 2016 #11
You are correct Cartoonist Mar 2016 #13
The race-baiting was in the claim that Bernie didn't care about racism Ken Burch Mar 2016 #22
Race baiting is ok if you're Hillary though. Broward Mar 2016 #41
Plenty of people manage to openly support Bernie without being called a racist. kcr Mar 2016 #4
BernieBro Cartoonist Mar 2016 #7
Let me guess kcr Mar 2016 #9
Insulting guess Cartoonist Mar 2016 #10
Well, you don't seem to actually want to explain why you think Bernie Bro is racist. kcr Mar 2016 #12
You lose that bet Cartoonist Mar 2016 #14
No, I didn't. But name calling in and of itself isn't racist. kcr Mar 2016 #15
I agree with your last sentence. Cartoonist Mar 2016 #16
I don't know. Got anything else like "I think Bernie Bro is racist?" kcr Mar 2016 #17
Well they can deliver the best President ever. dogman Mar 2016 #5
Wall Street is a blanket term Cartoonist Mar 2016 #6
there are lots of minorities hill2016 Mar 2016 #18
There are a lot who live in poverty on the other end of the spectrum. CentralMass Mar 2016 #29
We're concerned about the people receiving 1000s of times more money, working on Wall Street, All in it together Mar 2016 #39
"street smart": they are not easily lured by empty promises of "free stuff" . oasis Mar 2016 #19
By getting capital to minority business owners Recursion Mar 2016 #20
Is that happening? Cartoonist Mar 2016 #21
Sure? I mean there are 8 million minority owned businesses in the US Recursion Mar 2016 #23
So Bernie is all wet Cartoonist Mar 2016 #25
Again, no idea why you'd draw those conclusions Recursion Mar 2016 #26
The op is not looking for sincerity. JaneyVee Mar 2016 #28
I admit I am misinformed Cartoonist Mar 2016 #32
I got that idea from you Cartoonist Mar 2016 #37
"less developed countries" are the new "minorities" Baobab Mar 2016 #36
"OFN and Goldman Sachs’ 10,000 Small Businesses program to increase minority business lending" Nye Bevan Mar 2016 #24
Do you understand what America would look like without.... JaneyVee Mar 2016 #27
I can imagine what it would look like without a corrupt and morally bankrupt Wall St. CentralMass Mar 2016 #30
Thank you Cartoonist Mar 2016 #35
What you're missing is that Hillary is quite liberal Onlooker Mar 2016 #31
I didn't miss that Cartoonist Mar 2016 #33
GATS Baobab Mar 2016 #38
Hillary isn't sure where she is on the left or right, and she does the bare minimum for the America people All in it together Mar 2016 #40
The same people that are choosing a conservative over Bernie in the primary Broward Mar 2016 #42
 

Tierra_y_Libertad

(50,414 posts)
1. Don't be silly. Wall Street will eventually trickle down some of their loot to minorities.
Fri Mar 18, 2016, 08:58 PM
Mar 2016

Well, maybe, someday, if one of their two candidates perform for them in the White House as well as they do in person.

Baobab

(4,667 posts)
34. Wall Street is involved in developing Africa. Lots of valuable raw materials come from there
Sat Mar 19, 2016, 12:27 AM
Mar 2016

Diamonds, rubber, rare earths, tantalum, gold, a great deal of mineral wealth comes from Africa. Charles Taylor the warlord did business with Firestone.

JustAnotherGen

(31,681 posts)
2. Wait -
Fri Mar 18, 2016, 09:03 PM
Mar 2016

Minorities at DU are picking on you because you are homeless because you lost your job? I don't understand how that ties into health care. Or college students.

DemocratSinceBirth

(99,705 posts)
3. This subtle or not so subtle race baiting is ruining our board.
Fri Mar 18, 2016, 09:07 PM
Mar 2016

And as a matrilineal Jew who has felt the lash of anti-semitism I find the use of my mother's religion as a cudgel appalling.

DemocratSinceBirth

(99,705 posts)
11. Who cares what religion a candidate practices or even if he or she practices no religion at all.
Fri Mar 18, 2016, 09:27 PM
Mar 2016

It's of no moment.

Cartoonist

(7,298 posts)
13. You are correct
Fri Mar 18, 2016, 09:32 PM
Mar 2016

Unless a person uses their religion to guide their policies, like Cruz or Huckabee.

Bernie doesn't do that.

 

Ken Burch

(50,254 posts)
22. The race-baiting was in the claim that Bernie didn't care about racism
Fri Mar 18, 2016, 11:09 PM
Mar 2016

or, at best, cared less about it than about economic justice.

Bernie has never been timid in opposing all forms of institutional and grassroots bigotry. The poster was simply saying that it was absurd to accuse him of being a bigot when the candidate he is supporting is a civil rights activist from a religious and ethnic minority, and whose relatives were killed for their ethnic/religious identity.

The poster wasn't using Bernie's identity as a cudgel at all.

kcr

(15,300 posts)
4. Plenty of people manage to openly support Bernie without being called a racist.
Fri Mar 18, 2016, 09:08 PM
Mar 2016

If you can't manage to do that, there might be a reason for it.

kcr

(15,300 posts)
9. Let me guess
Fri Mar 18, 2016, 09:22 PM
Mar 2016

You've also wondered why there can't also be a White Entertainment Television Channel?

kcr

(15,300 posts)
12. Well, you don't seem to actually want to explain why you think Bernie Bro is racist.
Fri Mar 18, 2016, 09:32 PM
Mar 2016

All I can do is guess. Sorry I hurt your feelings, there. But I bet I'm not wrong.

Cartoonist

(7,298 posts)
14. You lose that bet
Fri Mar 18, 2016, 09:35 PM
Mar 2016

The name BernieBro is being used in a derogatory manner by certain people on this site. You must have missed those posts.

kcr

(15,300 posts)
15. No, I didn't. But name calling in and of itself isn't racist.
Fri Mar 18, 2016, 09:40 PM
Mar 2016

In fact, sometimes the very people being called that name are being namecalled because they're being racist. It isn't the only problem on the list of bad behavior, so Bernie Bro isn't synonymous with racist. But it's on the list of bad behaviors that sometimes earns the name.

Cartoonist

(7,298 posts)
16. I agree with your last sentence.
Fri Mar 18, 2016, 09:50 PM
Mar 2016

I don't disagree with everything else, but we still see things a little differently.

And yeah, your white TV remark was a racist insult. Got any more?

kcr

(15,300 posts)
17. I don't know. Got anything else like "I think Bernie Bro is racist?"
Fri Mar 18, 2016, 09:58 PM
Mar 2016

I can only work with the material I get.

Cartoonist

(7,298 posts)
6. Wall Street is a blanket term
Fri Mar 18, 2016, 09:14 PM
Mar 2016

All major corporations are tied to the financial institutions of Wall Street, including universities and hospitals.

I am no longer homeless, though my future is dark. Bernie offers me light. Hillary is Wall Street's shadow.

CentralMass

(15,265 posts)
29. There are a lot who live in poverty on the other end of the spectrum.
Sat Mar 19, 2016, 12:00 AM
Mar 2016

38.5% of African American children is the country are living in poverty.

All in it together

(275 posts)
39. We're concerned about the people receiving 1000s of times more money, working on Wall Street,
Sat Mar 19, 2016, 12:41 AM
Mar 2016

For moving money around, rather than that income going to regular Americans, People of Color or not, who are getting wages that are too low to live on. Or no jobs at all (because many jobs have been sent overseas) so that the top .01% can make even more money. So many African American youth have lot job opportunities because factories have moved overseas as well as other even better jobs because of downsizing. There are fewer jobs of all kinds for all of us. Obama has made a huge difference in re growing the economy, and there is still more to do. If we reign in Wall Street and the biggest corporations we can keep the economy from taking another down turn with fewer jobs and fewer opportunities. Hillary wants to protect those people who have it great already and let them keep on stealing from us. Let's celebrate and thank Obama at the same time we ask what more can we do to have better lives for everyone. We have much to do to make sure Black Lives Matter. and rooting out racism in our justice system. And we need to expand Social Security, not raise the retirement age. Hillary wants to enhance Social Security, she wants to make it a low income program. Once that's done the Republicans would cut it more and more. I'm glad Obama beat Hillary once and Republicans twice. We should be proud of what he's accomplished in the face of complete opposition from the Republicans. Unfortunately Hillary and the TV and radio talkers are ignoring or smearing Bernie Sanders and supporting the Republican point of view.

oasis

(49,151 posts)
19. "street smart": they are not easily lured by empty promises of "free stuff" .
Fri Mar 18, 2016, 10:14 PM
Mar 2016
And they aren't the only ones.

Recursion

(56,582 posts)
20. By getting capital to minority business owners
Fri Mar 18, 2016, 10:58 PM
Mar 2016

And granting access to diverse markets to minority investors?



That's what Wall Street is for, right?

Cartoonist

(7,298 posts)
21. Is that happening?
Fri Mar 18, 2016, 11:07 PM
Mar 2016

That's great!
I guess Herman Cain was right. If you're not rich, it's your own fault.

Recursion

(56,582 posts)
23. Sure? I mean there are 8 million minority owned businesses in the US
Fri Mar 18, 2016, 11:22 PM
Mar 2016

Many of those use the commercial papers market; many also received capital from institutional investors.

Furthermore, 68% of African American workers, 66% of Hispanic workers, and 80% of Asian workers have a 401(k) or other individual retirement plan

If you're not rich, it's your own fault.

That's a weird conclusion, and I'm not sure why you'd draw it; there are tons of obstacles to becoming rich, particularly for minorities. That said, minority business owners rely on Wall Street just like white business owners do.

Cartoonist

(7,298 posts)
25. So Bernie is all wet
Fri Mar 18, 2016, 11:49 PM
Mar 2016

Wall Street is doing a fantastic job. There is no reason to enact new regulations. It is wrong to ask them to pay their fair share of taxes. And when corporations send jobs overseas, everyone benefits.

Thank you for informing me that poverty is vanishing among minorities due to the opportunities offered by Wall Street. I called myself dumb and uninformed in the OP, and I wasn't being sarcastic. I was under the impression that the middle class was in decline and that the income gap was increasing.

Hillary is going to do a great job of promoting Wall Street policies because the street smart people are going to get rich. Time for me to bone up on vulture capitalism.

Recursion

(56,582 posts)
26. Again, no idea why you'd draw those conclusions
Fri Mar 18, 2016, 11:53 PM
Mar 2016
Wall Street is doing a fantastic job. There is no reason to enact new regulations.

What a weird thing to think. Where did you get that idea? Personally I agree with both Democratic candidates that banking, insurance, and finance need more regulation.

Thank you for informing me that poverty is vanishing among minorities due to the opportunities offered by Wall Street.

Not sure how you got that out of what I said. Poverty is certainly lower for minorities than it was a generation ago, and incomes for minorities are higher than a generation ago (it should not be surprising those two are linked). "Vanishing" is really strong, and I'd personally walk that one back if I were you.

However, your question was how has Wall Street (which I took to mean "the financial sector&quot benefitted minorities, and I've given you the answer.
 

JaneyVee

(19,877 posts)
28. The op is not looking for sincerity.
Fri Mar 18, 2016, 11:58 PM
Mar 2016

It was just a misinformed rant posing as a naieve question.

Cartoonist

(7,298 posts)
32. I admit I am misinformed
Sat Mar 19, 2016, 12:15 AM
Mar 2016

But my question is legitimate. I read many posts here by Hillary supporters who have no problem with her ownage by Wall Street. I can't figure out why. I'm not getting an answer either, just insults.

Baobab

(4,667 posts)
36. "less developed countries" are the new "minorities"
Sat Mar 19, 2016, 12:30 AM
Mar 2016

We cannot discriminate against their corporations. It will be just the same except the carve outs change. Instead of minority owned businesses certified LDC owned businesses get to discriminate.

Nye Bevan

(25,406 posts)
24. "OFN and Goldman Sachs’ 10,000 Small Businesses program to increase minority business lending"
Fri Mar 18, 2016, 11:35 PM
Mar 2016
It’s widely recognized that small businesses are drivers of economic growth and job creation. However, many small businesses—in particular minority- and woman-owned—are finding it challenging to access the capital they need due to a decrease in mainstream finance. Only 50 percent of small businesses who sought credit last year were approved, and minority-owned businesses were three times more likely to get turned down for a bank loan.

For high-sales banking firms, loan denial rates were twice as high for minority-owned businesses.

Opportunity Finance Network (OFN)—the national network of community business lenders—recently partnered with the Goldman Sachs 10,000 Small Businesses to increase small business capacity and lending in low-income communities in the U.S. Today, they’ve selected 24 small business lenders—community development financial institutions (CDFIs) and other mission-driven lenders—across the nation to participate in the Small Business Finance Collaborative.

http://www.diversityjournal.com/14662-helping-minority-businesses-succeed-ofn-goldman-sachs-10000-small-businesses-partner-program-increase-minority-business-lending/
 

JaneyVee

(19,877 posts)
27. Do you understand what America would look like without....
Fri Mar 18, 2016, 11:55 PM
Mar 2016

A financial sector? From agriculture to vaccines? We would still be living like pilgrims.

Cartoonist

(7,298 posts)
35. Thank you
Sat Mar 19, 2016, 12:27 AM
Mar 2016

That's the difference.
As I said in my OP, I once earned a living wage. Wall Street was once my friend.

 

Onlooker

(5,636 posts)
31. What you're missing is that Hillary is quite liberal
Sat Mar 19, 2016, 12:03 AM
Mar 2016

Hillary and Bernie voted the same way 93% of the time when they were both in the Senate. When Hillary was Senator, she was ranked 11th most liberal, more liberal than Obama. She does have some important differences with Bernie, but she's hardly the right-winger than some portray her as.

As far as Wall Street goes, Bernie doesn't dismantle Wall Street. He changes it. Wall Street is still going to drive the economy even under Bernie's plan. Will his plan be better than what we have now? In many ways yes, but that's true of Hillary's plan, too. Is Bernie better than Hillary on Wall Street? Yes. But, Hillary is actually pretty good on these issues, too.

Cartoonist

(7,298 posts)
33. I didn't miss that
Sat Mar 19, 2016, 12:24 AM
Mar 2016

I was all set to vote for Hillary. I even forgive her for her Iraq war vote. But what you're missing is that Hillary has sold her soul to Wall Street since she left office. There is now a hyuuuge difference between our candidates.

All in it together

(275 posts)
40. Hillary isn't sure where she is on the left or right, and she does the bare minimum for the America people
Sat Mar 19, 2016, 12:58 AM
Mar 2016

She's very slow in standing up for real needed change. She's afraid of losing support from those who are right wing and can't wait for Bernie to get out of the race so she can go back to her middle (right wing) positions. Remember she told us she'd tell us what she'll do once she's the President. She and Bill Clinton took the party right, more austerity and less hope for those that could use help, people down on their luck. Families that need extra help, get less help. Etc.

We just want equality and a fair deal, and let America be a land of opportunity especially for those who've been held back by racism and slavery.

Broward

(1,976 posts)
42. The same people that are choosing a conservative over Bernie in the primary
Sat Mar 19, 2016, 01:18 AM
Mar 2016

will excoriate you if you decide to stay home for the general and not vote for Hillary. IOW, they are actively backing a
right winger yet you'll be vilified for passively doing nothing.

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