I wish I had time to write more about this this morning. Hopefully by linking to it, others will make up for my failings because this is an important story. The headline says it all. There's a lot more to this study than just this finding, but here is, as Yves calls it, the punch line:
However, while white women in the prime working years of ages 36-49 have a median wealth of $42,600 (still only 61% of their white male counterparts), the median wealth for women of color is only $5.
It must be because I'm good at matching angles and shapes and I'm extremely right-brain dominant. Although I also totally nailed the reading emotions from people's eyes test, not known for being a man thing.
Update: This is now going to be Sunday, March 28, from 2-4 pm.
I'm a big fan of Yves Smith and her blog Naked Capitalism and I know I'm not alone. She has a way of taking complicated financial issues and explaining them to those of us without a finance background while also cutting to the heart of the issue. She also has a new book out ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism. For those interested, I propose we have our own book group about the book here at the Mighty Corrente Building two weeks from tomorrow (Sunday). Read below the fold...
It is the growth in the so-called entitlement programs — Medicare, Medicaid and Social Security — that is the major factor behind projections of unsustainably high deficits, because of rapidly rising health costs and an aging population.
But one administration official said that limiting the much smaller discretionary domestic budget would have symbolic value. That spending includes lawmakers’ earmarks for parochial projects, and only when the public believes such perceived waste is being wrung out will they be willing to consider reductions in popular entitlement programs, the official said.
Even Naomi Klein can't seem to shake it entirely. Klein, who is no dummy (to say the least), has not only given the world two great books -- No Logo and Shock Doctrine -- she's done the more impressive feat of changing the way many of us see the world. She's given us analytical frameworks to understand what often seems incomprehensible. Yet, so successful is the Obama brand, even she can't entirely see through Obama's marketing campaign. Read below the fold...