Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-65980 Tue, 09 Apr 2024 01:31:02 GMT Speedballing Boozer Judge Gets Token Punishment iehi-feed-65979 Mon, 08 Apr 2024 16:55:20 GMT New York Lawmakers Create $5 Billion Shoplifting Black Market iehi-feed-65978 Mon, 01 Apr 2024 23:25:46 GMT Disbarred Florida Lawyer Indicted For Failure To Pay Taxes iehi-feed-65977 Sat, 30 Mar 2024 19:13:31 GMT Suspended Lawyer Bruce Jacobs Busted Pressuring Former Clients For Money iehi-feed-65976 Sun, 10 Mar 2024 02:20:02 GMT The YIMBY movement: not just for liberals any more iehi-feed-65975 Sat, 02 Mar 2024 18:54:09 GMT It's Me, Hi, I'm the Problem. I'm 33 iehi-feed-65974 Sun, 11 Feb 2024 22:04:39 GMT White people's net worth outgrew Black Americans' by 30 percentage points in the pandemic, New York Fed study finds While government support such as increased unemployment benefits and stimulus checks helped stave off a COVID-induced recession, financial asset prices rose so significantly with the reopening of the economy through 2021 that racial wealth disparities increased. And while those market-linked assets did fall in 2022 when the Federal Reserve rapidly increased interest rates, "those declines did not fully offset the earlier rises," according to the New York Fed.


More than 50% of Black financial wealth is invested in pensions, the New York Fed found. Less than 20% of Black wealth is stored in private businesses, corporate equities, and mutual funds. In contrast, less than 30% of white financial wealth is invested in pensions, with about 50% invested in businesses, equities, and mutual funds.

"Black workers are still more likely to be unionized, which may play a part in the pension story," said Jones. "But how folks are exposed to the ability to invest in the stock market -- whether or not it's something they grow up doing -- we know that's different for white families than for people of color." Black family members are less likely to get an inheritance, she said.

During the pandemic, the real value of Black-held financial assets dropped in 2022 to below its 2019 level and continued to decline steadily, while the real value of Hispanic-held financial assets dipped below its 2019 level in 2022 and stagnated. Neither group's real financial assets have recovered to their 2019 values.

Owning a business is another component of financial wealth, and separate data show Black-owned businesses had a tougher time during the pandemic.

While less than 10% of all U.S. business owners are Black, Black-owned businesses were also more concentrated in industries hardest hit when COVID first spread, according to Economic Policy Institute analysis of government data. In April of 2020, more than 40% of Black business owners reported they were not working, compared with only 17% of white business owners.

iehi-feed-65972 Fri, 09 Feb 2024 05:06:31 GMT New York City's Housing Crunch Is the Worst It Has Been in Over 50 Years iehi-feed-65971 Wed, 07 Feb 2024 02:41:05 GMT IRS Has Warned CPAs That A New Client Could Be A Scammer. iehi-feed-65970 Wed, 07 Feb 2024 02:38:52 GMT NewRez Is Restructuring By Firing Senior Caliber Home Loans Managers iehi-feed-65969 Sun, 04 Feb 2024 17:07:31 GMT New data reveals the small-business boom from the pandemic has real-world legs iehi-feed-65968 Sun, 04 Feb 2024 17:05:13 GMT An affordability crisis is making some young Americans give up on ever owning a home Americans are living through the toughest housing market in a generation and, for some young people, the quintessential dream of owning a home is slipping away...

The sustainable solution is to make it easier to build housing. That way we can actually start heading in the right direction with affordability and have that be sustainable and not just a short-term interest rate phenomenon," Daryl Fairweather, Redfin's chief economist, told CNN

iehi-feed-65967 Sun, 04 Feb 2024 04:18:53 GMT "We Can't Afford Anything Else": Woman Explains Why Young People Are Buying Lavish Items iehi-feed-65966 Thu, 01 Feb 2024 18:27:23 GMT Hong Kong And Chinese Bankers Face Massive Layoffs iehi-feed-65965 Thu, 01 Feb 2024 14:17:15 GMT Why the US economy is doing so much better than the rest of the world ''Gross domestic product, the broadest measure of economic output, did slow last quarter to a 3.3% annualized rate. But make no mistake, as Larry David would say, that's prettaaay, prettaaay good.

It's remarkable given economists were expecting 1.5% annualized GDP growth last quarter. It's even more remarkable considering a year ago they were all but certain there'd be a recession by now and the economy would grow at a meager 0.2% rate

Wild idea -- what if the main cause is that the US has best normalized interest rates to a functional level? I.e. malinvestment at the top is curtailed, and people can accrue savings again. Just a thought.

iehi-feed-65964 Wed, 31 Jan 2024 19:39:03 GMT UWM Sues Top Broker Atlantic Trust Mortgage iehi-feed-65963 Tue, 30 Jan 2024 02:59:28 GMT Wayne County Circuit Court JA Accused Of Embezzling Money iehi-feed-65962 Mon, 29 Jan 2024 15:29:35 GMT US Marine Veteran Is Busted Scamming VA Out Of $660,000.00 iehi-feed-65961 Thu, 25 Jan 2024 00:41:25 GMT FDIC Attorney Pleads Guilty To Sexual Exploiting Of Children iehi-feed-65960 Wed, 24 Jan 2024 02:29:19 GMT Scumbag Florida Attorney Pleaded Guilty In Tax Fraud Scheme