Sanders’s claim- African-American community ‘lost half of their wealth’ in the Wall Street collapse

[geek tragedy]

https://www.washingtonpost.com/news/fact-checker/wp/2016/02/18/sanderss-claim-that-the-african-american-community-lost-half-of-their-wealth-in-the-wall-street-collapse/

Census data from 2005-2011 and Federal Reserve data from 2007-2013 support Sanders’s assertion about such staggering loss in wealth (43 to 53 percent loss, depending on the time frame and data used) among African Americans. Most of the loss in wealth was due to people losing owned homes — the major source of wealth in the black and Hispanic communities.

These data are more outdated than we generally require at The Fact Checker, especially since many communities have started seeing wealth recover since the crash. But there were no comparable, post-2013 national data to update the figure. Moreover, housing finance experts we consulted said they don’t anticipate black wealth to have increased significantly since 2013. We will look for the updated Federal Reserve data, anticipated by the end of this year, to see if politicians should update their talking points on this matter. Until then, Sanders earns the coveted Geppetto Checkmark.

[frazzled]

1. What wealth?

This is like one of those bad medical studies, in which you have a 20% higher chance of getting a particular disease if you do X. Even though the chance of getting that disease is one in a million in the first place. It's statistically insignificant.

Such a statement shows a great misunderstanding of the economic position of a vast majority of African Americans in this country. 20% of black people don't even have a bank account, much less retirement savings.

[geek tragedy]

3. are you really claiming that black America losing 50% of its wealth is irrelevant? nt

[noretreatnosurrender]

5. Losing Their Homes

Perhaps you missed this -

among African Americans. Most of the loss in wealth was due to people losing owned homes — the major source of wealth in the black and Hispanic communities.

Because of predator loans they lost their homes.

[noretreatnosurrender]

2. Legalized Theft

Yes it is true and we know where that money went. This is legalized theft of the worst kind.

[Hoyt]

4. I don't think many argue with that claim. It's how we do something about it that matters now.

I don't argue with his claim that people deserve universal healthcare. Again, it's how we do something about it that matters.

Same for college debt, etc. Yep, it's a problem Senator Sanders. Almost everybody gets that. But how can we best do something about it?

[Skwmom]

6. But good old boy Warren Buffet (Clinton Backer)was PROUD of how Wells Fargo conducted business. n/t

[Jefferson23]

7. So his claim was supported until two years ago, is that correct?

[geek tragedy]

8. it's still presumably correct, as the numbers from two years ago are the most recent numbers

and no one has reason to believe that the numbers have changed much since then.

there is nothing to indicate it's inaccurate

[Jefferson23]

9. Good. n/t