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Race, Empire, and the Crisis of the Subprime

Author: Paula Chakravartty

Publisher: Johns Hopkins University Press

Published: 2013-04-01

Total Pages: 0

ISBN-13: 9781421410012

A major factor leading to the U.S. financial crisis was predatory lending by large banks to underprivileged and often nonwhite borrowers. Predatory lending of subprime mortgages targeting the most economically vulnerable minority communities helped trigger the current global financial crisis. This special issue of the journal American Quarterly explores the ways in which “subprime” becomes a racial signifier in the current debate about the causes and fixes for a capitalism itself in crisis. It signifies both the accumulated dispossession of racial exclusion in the twenty-first century gilded age in the United States and Global North more broadly, as well as the imperial ambitions of three decades of U.S.–led neoliberal rule over the Global South. Essays are divided into sections: debt, discipline, and empire; the pathologies of debt; and security, space, and resistance in the post-racial urban setting. Focusing on race and empire, that is, on racial and global subjugation, the contributors expose the ethical-political underpinnings of the current global financial crisis. Contributors include: Radhika Balakrishnan Jordan T. Camp Paula Chakravartty Ofelia Ortiz Cuevas Sophie Ellen Fung Daniel J. Hammel James Heintz Bosco Ho Zachary Liebowitz Tayyab Mahmud John D. Márquez Pierson Nettling C. S. Ponder Sarita Echavez See Shawn Shimpach Denise Ferreira da Silva Catherine R. Squires Michael J. Watts Elvin Wyly

The Financial Crisis Inquiry Report

Author: Financial Crisis Inquiry Commission

Publisher: Cosimo, Inc.

Published: 2011-05-01

Total Pages: 692

ISBN-13: 1616405414

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The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Race and Crisis

Author: Suman Gupta

Publisher: Routledge

Published: 2020-05-21

Total Pages: 155

ISBN-13: 0429686366

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As the European Union seemingly teetered from a financial crisis to an immigration crisis around 2015 and onwards, discourses of race appeared to congeal in various member states. In some instances, these came with familiarly essentialist constructions; in others these were refracted cautiously through concerns about security, national and cultural integrity, distribution of public resources and employment, and so on. New political alignments surfaced on the back of such concerns, and established organizations changed their agendas accordingly. The border regimes of EU member states became increasingly fraught, both in terms of their everyday operations and in terms of the close attention and vociferous debates they attracted. In most instances, the internal and external borders of the EU hardened, and with increasing frequency the cohesion of the transnational union seemed on the verge of fracturing. Indeed, very real fissures opened up with secessionist moves and referendums. Through each step in this juncture of upheavals, the significance of race has been reiterated in tangential ways and sometimes with unabashed straightforwardness. This volume explores this juncture around 2015, and the constructions of race and of crisis therein, for specific contexts and from a range of disciplinary perspectives. The introduction gives an overview of the juncture, focusing on the rise of Eurosceptic nationalist political parties and their electoral success. Subsequent chapters are addressed to the management and representation of immigrants crossing the Mediterranean, border regimes in the Czech Republic, the narratives that converged on Brexit, riots in England, antagonistic popular movements in Sweden, racialization in crisis management in Italy, perceptions of migrants in Greece, and how race may be structured in and challenged through classroom pedagogy. This book was originally published as a special issue of Ethnic and Racial Studies.

Inland Shift

Author: Juan De Lara

Publisher: Univ of California Press

Published: 2018-04-20

Total Pages: 240

ISBN-13: 0520964187

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The subprime crash of 2008 revealed a fragile, unjust, and unsustainable economy built on retail consumption, low-wage jobs, and fictitious capital. Economic crisis, finance capital, and global commodity chains transformed Southern California just as Latinxs and immigrants were turning California into a majority-nonwhite state. In Inland Shift, Juan D. De Lara uses the growth of Southern California’s logistics economy, which controls the movement of goods, to examine how modern capitalism was shaped by and helped to transform the region’s geographies of race and class. While logistics provided a roadmap for capital and the state to transform Southern California, it also created pockets of resistance among labor, community, and environmental groups who argued that commodity distribution exposed them to economic and environmental precarity.

The Color of Money

Author: Mehrsa Baradaran

Publisher: Harvard University Press

Published: 2017-09-14

Total Pages: 382

ISBN-13: 0674982304

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“Read this book. It explains so much about the moment...Beautiful, heartbreaking work.” —Ta-Nehisi Coates “A deep accounting of how America got to a point where a median white family has 13 times more wealth than the median black family.” —The Atlantic “Extraordinary...Baradaran focuses on a part of the American story that’s often ignored: the way African Americans were locked out of the financial engines that create wealth in America.” —Ezra Klein When the Emancipation Proclamation was signed in 1863, the black community owned less than 1 percent of the total wealth in America. More than 150 years later, that number has barely budged. The Color of Money seeks to explain the stubborn persistence of this racial wealth gap by focusing on the generators of wealth in the black community: black banks. With the civil rights movement in full swing, President Nixon promoted “black capitalism,” a plan to support black banks and minority-owned businesses. But the catch-22 of black banking is that the very institutions needed to help communities escape the deep poverty caused by discrimination and segregation inevitably became victims of that same poverty. In this timely and eye-opening account, Baradaran challenges the long-standing belief that black communities could ever really hope to accumulate wealth in a segregated economy. “Black capitalism has not improved the economic lives of black people, and Baradaran deftly explains the reasons why.” —Los Angeles Review of Books “A must read for anyone interested in closing America’s racial wealth gap.” —Black Perspectives

All the Devils Are Here

Author: Bethany McLean

Publisher: Penguin

Published: 2011-08-30

Total Pages: 503

ISBN-13: 1101551054

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Hailed as "the best business book of 2010" (Huffington Post), this New York Times bestseller about the 2008 financial crisis brings the devastation of the Great Recession to life. As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers? According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, many devils helped bring hell to the economy. All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature. Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the financial meltdown and its consequences.

Race and America's Long War

Author: Nikhil Pal Singh

Publisher: Univ of California Press

Published: 2017-11-07

Total Pages: 291

ISBN-13: 0520968832

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Donald Trump’s election to the U.S. presidency in 2016, which placed control of the government in the hands of the most racially homogenous, far-right political party in the Western world, produced shock and disbelief for liberals, progressives, and leftists globally. Yet most of the immediate analysis neglects longer-term accounting of how the United States arrived here. Race and America’s Long War examines the relationship between war, politics, police power, and the changing contours of race and racism in the contemporary United States. Nikhil Pal Singh argues that the United States’ pursuit of war since the September 11 terrorist attacks has reanimated a longer history of imperial statecraft that segregated and eliminated enemies both within and overseas. America’s territorial expansion and Indian removals, settler in-migration and nativist restriction, and African slavery and its afterlives were formative social and political processes that drove the rise of the United States as a capitalist world power long before the onset of globalization. Spanning the course of U.S. history, these crucial essays show how the return of racism and war as seemingly permanent features of American public and political life is at the heart of our present crisis and collective disorientation.

International Macroeconomics in the Wake of the Global Financial Crisis

Author: Laurent Ferrara

Publisher: Springer

Published: 2018-06-13

Total Pages: 298

ISBN-13: 3319790757

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This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.