The Color of Money
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Minority Bank Deposit Program (MBDP), 185, 220-221, 263 Minority banks, 220-221, 224-226, 232, 263-268. See also Black banking and banks
Minority Business Development Agency (MBDA), 221, 264 Minority Business Resource Center, 220
Minority Depository Institution Program (MDIP), 263-264 Minority Development Enterprise Week, 222, 228 Minority Enterprise Small Business Investment Company (MESBIC), 183 Mischel, Walter, 251, 346n37 Mitchell, Doyle, 340n92 Mondale, Walter, 254 Money multiplication, 13, 93-97 Money multiplier effect, 93-94 Moore, Frank R., 307n78 Moral inferiority, blacks accused of, 78-79, 152, 153, 246 Mortality rates, 313n142 Mortgage-backed securities (MBS),
235-236
Mortgages: segregation’s impact on,
90-93; New Deal’s impact on, 105-112, 313nn19,20,22,28; provided by black banks, 113-120; change in nature of, 235-239; subprime,
236-239, 256-260, 348n68, 349n77; investment in, 245; cost of, 309n121; main barrier to black, 314n47; discrimination in, 342nn110,112
Mosely-Braun, Carol, 231 Moton, Robert Russ, 307n78 Moynihan, Daniel Patrick, 153, 154, 166, 181, 330n105 Moynihan Report, 154-155 Mullainathan, Sendhil, 252 Murphy, Edgar G., 296n179 Murray, Charles, 251 Mutual aid societies, 12, 15-16, 40-44, 297n14 Myrdal, Gunnar, 97
Nash, Lawrence, 244 National Black Economic Development Conference, 172 National Negro Bankers Association (NNBA), 84-87 National Negro Business League (NNBL), 50, 51-52, 300nn62,64 National Negro Insurance Association (NNIA), 314n47 National Savings Bank, 27 “National Strategy,” 182 Natural selection, 64-65, 68 Negro as a Businessman, The, 53 Negro Bankers Week, 86 Negro Family: The Case for National Action, The (Moynihan), 154-155
Negro in Business, The (Washington), 52 New Deal: impact on housing and mortgage lending, 4, 105-112; black exclusion from, 101-105, 132; impact on consumer credit market, 112-114; impact on black banking, 122-125; and immigrant banks,
125-127; versus Johnson’s Great Society, 152; Katznelson on, 312n1 New Markets Venture Capital (NMVC), 231-232
New Market Tax Credit (NMTC), 231, 266, 340n92 Newton, Huey, 161-162, 188-189 New York, banks in, 75-81, 196-199, 308nn45,49. See also Harlem Nixon, Richard: and black capitalism, 3, 4, 133, 164-166, 174, 176-184, 206; integration under, 167-171, 327n33; and affirmative action, 186; and results of black capitalism, 188-191, 192; and Robinson’s disenfranchisement with Republican Party, 197; on government interference, 212; campaign tactics of, 213-214; and change in purpose of black capitalism, 225; relationship with black radicals, 328n54 North Carolina Mutual Life Insurance Company, 56, 62-63
Obama, Barack, 247, 250, 254, 262-263, 268-269, 284 O’Connor, Sandra Day, 224 Odum, Howard, 65 Ofari, Earl, 193, 331n134 Office of Economic Opportunity (OEO), 151, 167, 323n84 Office of Minority Business Enterprise (OMBE), 180-183, 193, 196, 220, 225 Ogletree, Charles, 355n8 Olin, John, 336n205 Oliver, Melvin, 345nn23,27 OneUnited Bank, 271-273, 277, 352n152. See also Unity Bank and Trust Company Open communities, 168-169 Operation Breadbasket, 159, 325n115 Opportunity deserts, 262 Overton, Anthony, 75
Panic of 1873, 29-30 Panic of 1893, 41, 44-45 Patman, Wright, 186
Payday lenders, 261 Pease, Robert, 236 “People’s banks," 35 Percy, Charles, 174 Perlo, Victor, 296n160 Phrenology, 64
Pierce, Joseph A., 300-301nn74,75 Pierson, Paul, 355n6 Piven, Frances Fox, 320n20 Plessy v. Ferguson (1896), 38 Police, 248-249, 262 “Poor Pay More, The," 144 Populism, 35-36, 66-67 Populist Party, 35-36, 295n156 Porter, Michael, 227, 339n63 Post Office, 185, 330n101 Poverty: solutions to, 146-155, 321n26; War on Poverty, 151, 152, 191, 227; King on, 158-159; Clinton’s efforts to alleviate, 227-228; perpetuation of, 249-251; psychological effects of,
251-252; addressing, 253; Obama’s efforts to alleviate, 262-263. See also Black poverty Powell, Adam Clayton Jr., 118, 129, 130 Powell, Lewis, 223 Prather, Leon, 62 Preferred stock, 266 Presidential campaign (2016), 247-248 Pressley, Ayanna, 273 Price, Raymond K., 179 Procurement set-asides, 184-185, 221, 223-224 Project Moneywise, 148 Project OWN, 148, 323n68 Property values: segregation’s impact on, 90-93, 308-309n110; in ghettos,
110-111
Proxmire, William, 145, 146-147, 148-149, 232-233, 235 Public Works Administration (PWA), 104 Pugh, Michael, 270, 271
Race thinking, 36-37 Race Traits and Tendencies of the American Negro (Hoffman), 56 Racial covenants, 108 Racial hierarchy and subjugation: as justification of slavery, 10, 15; enforcement of, 36-38; perpetuation of, 64-67, 68; and New Deal,
101-105, 107-110; restoration of, 290n41; Hoffman on, 301n87; cruelty of, 303n123
Racial pride, 32-33, 316n90 Racial tribalism, 247-248, 284 Railroad finance, 27, 28, 29 Rainwater, Lee, 320n8 Randolph, A. Philip, 82, 127-128, 171-172 Rangel, Charles B., 243 Reagan, Ronald: supports black
capitalism, 3, 213, 221-222; on black enterprises, 4; and War on Crime, 156; on civil rights, 215; on welfare, 216; and Martin Luther King Day, 335n2
Reconstruction, 16-22, 33, 295n151 Rector, Ricky Ray, 218 Redeemed Christian Church of God, 353n166 Redlining, 105-106
Regents of the University of California v.
Bakke (1978), 223 Reparations, 151, 172-173, 208-210, 281-283, 355nn7,8 “Republic of New Africa," 172-173 Revolving credit, 113 Ridge, Tom, 231 Riegle, Donald, 239 Riegle Community Development and Regulatory Improvement Act (1994), 229, 230-231 Rioting, 60-62, 142-144, 147, 153-154, 156, 248-249 Roberts, John, 138
Robinson, Jackie, 80, 196-198, 241, 242 Roche, James, 187 Rockefeller, John D. Jr., 79, 80 Rockefeller, Nelson, 180, 197 Roeser, Rom, 180-181 Romney, George, 167-170 Romney, Mitt, 255 Roosevelt, Franklin D., 101, 127 Roosevelt, Theodore, 63 Rosenbloom, Richard, 183 Rumsfeld, Donald, 167, 181 Runs, on banks, 88 Rustin, Bayard, 137-138, 143
Sagarin, Edward, 30
St. Charles Street AME Church, 271-273 St. Louis World’s Fair (1904), 303n123 St. Luke Penny Savings Bank, 43-44 Samuels, Howard J., 148, 323n68 Sanders, Cheryl J., 272 Sandoval, Hilary, 225 Santelli, Rick, 256
Satter, Beryl, 314nn29,41 Saunders, Kim, 266 Savings banks, 23-24, 26 Savings glut, 257-258 Scarcity, psychological effects of, 251-252 Scott, Walter, 262 Seale, Bobby, 189 Securities, 203, 204, 243, 244-245, 333n182 Segregation: impact of, on black
banking, 4-6; de Tocqueville on, 11; bank failures and, 45-46, 87; in North, 69-71, 137, 288n9; and black nationalism, 81-83; impact of, on housing prices, 90-93, 308-309n110; inability to multiply money due to, 93-97; in housing, 105-106, 107-110, 218-219, 310nn123-125; of immigrant groups, 126; of black banks and businesses, 129; in communist propaganda, 131-132; King on, 140; and creation of ghettos, 156; and black poverty, 171; as homicide predictor, 217; in Ferguson and Baltimore, 248-249; continuation of, 254-255; and impact of 2008 economic downturn, 255; and reparations program, 282-283; measuring extent of, 317n104. See also Integration; Jim Crow laws Separate but equal, 38-39. See also Segregation Shafir, Eldar, 252 Shank, John, 183 Shapiro, Thomas, 345nn23,27 Sharecropping, 33-35, 297n152 Shaw, George Bernard, 78 Sherman, William T., 15, 16 ShoreBank, 229-230, 231, 268-269 Siciliano, Rocco C., 188 Sills, James, 268 Simmel, Georg, 207 Single-parent households, 251 Sivart Mortgage Corporation, 114-115 Skrentny, John David, 186 Slavery: effects of, 10-11; and creation of black bank, 14-15; debt and sharecropping as, 33-35; muted in name of national unity, 64; reparations for, 151, 172-173,
208-210, 281-283, 355nn7,8; addressing injustices of, 281-283 Slaves: as currency, 10-11; emancipated, 15-26; property rights of, 288n8
Small Business Administration, 148, 184-185, 221 Smith, Adam, 206, 207 Smith, Kevin, 245 Sneed, Donald E., 199, 333n165 Social Darwinism, 64-65, 68 Spaulding, Charles C., 56, 58, 84, 86, 308n107 Sperling, Gene, 339n65 Stanley, John, 289n16 Stans, Maurice, 180, 182-183 Staples, Robert, 189 Stuart, Merah, 53 Student debt, 261 Sturge-Apple, Melissa, 251 Subprime mortgages, 236-239, 256-260, 348n68, 349n77 Subsistence farming, 19-20 Summers, Lawrence, 231 Sunstein, Cass, 260 Supreme Court, 37-38 Sweet, Gladys, 90-91 Sweet, Ossian, 90-91
Tabb, William K., 205
Taggart, Harriet, 245
Talent, James
, 228
TARP bailout funds, 268-269, 271
Tax credits, 266
Tax deductions, 253-254
Tea Party movement, 256
Terrell, Henry S., 321n24
Thaler, Richard, 260
Thieblot, Armand Jr., 194-195, 332n145
Thomas, Ken, 282
Thurmond, Strom, 155, 169, 324n102 Thurow, Lester, 206, 334n185 Tillman, Benjamin, 37, 63 Tocqueville, Alexis de, 11 Trasvina, John, 254 Travis, Dempsey J., 73-74, 114-116, 170-171 Tri-State Bank, 317n94 True Reformers Bank, 41-42, 297n6 Truman, Harry S., 131 Trump, Donald, 247-248, 255 Tulsa, Oklahoma, 56-57, 59-63 2008 financial crisis, 255-260, 267, 268-270
Tyson, Cyril deGrasse, 152, 323n82
Undertakers, 54-55, 301n79 Unemployment, 1 Union movement, 102-103
Unity Bank and Trust Company, 199-200, 333n165. See also OneUnited Bank Universal Negro Improvement Association (UNIA), 81-82 Urban decline, 141-142, 229 Urban Partnership Bank, 269 Urban poverty, 104-106, 227 Urban renewal programs, 141
Vagrancy violations, 21 Vardaman, James K., 37, 63 Vaughan, Walter R., 355n8 Venable, Abraham S., 181, 182, 193 Veterans Administration (VA), 106 Vietnam War, 152, 323n84 Voting, 36
Voting Rights Act (1965), 135, 137
Wachovia Bank, 282 Wage Earners Savings Bank, 42 Wage regulation, 101-103 Walinsky, Adam, 217 Walker, C. K., 54 Walker, Maggie, 43-44, 86, 87 Walker, Wyatt T., 242 Wallace, George, 155, 324n102 Wallison, Peter, 256 War on Crime, 155-156, 214, 216, 218-219, 335n8 War on Drugs, 216-217, 335n7 War on Poverty, 151, 152, 191, 227 Warren, Michigan, 168-169 Washington, Booker T.: on black banking, 2, 45, 300n64; on black enterprise, 46-49, 51-52, 298n34; invited to dine at White House, 63; Frazier on, 121; rejection of racial equality ideal of, 160; on interracial relations, 298-299n35-37 Washington Cabal, 28-29 Waters, Maxine, 266, 267, 271 Watson, Thomas, 35, 295-296n158 Watts, Daniel, 208 Watts riots, 142 Ways, Max, 179
Wealth: of black versus white families, 1, 249, 345n21; Washington on, 48-49; Du Bois on, 49-50; outcomes of, 250; perpetuation of, 250; lack of,
252-253; accumulation of, 253; impact of 2008 financial crisis on, 255; social mobility through, 292n79
Wealth gap: impact of, 1, 8-9, 261-262; black banks and, 1-2; and community self-help, 3-4; justification and explanation of, 6-7; debt cycle and, 112; source of, 141-150, 321n24, 345n23; eliminating, 150-155, 279-281, 283; widening of, 246, 249-250, 253-254; credit market and, 315n56; Federal Reserve study on, 320n23; significance of, 345n27 “We Are Still Walking," 119 Weber, Max, 50, 217 Weems, Robert, 328n54 Welfare, 152, 216, 221, 227 Wells Fargo, 258 Wesley, Charles, 288n9 Weston, Milton Moran II, 117-118 White resentment, 59-63 White supremacy, 36-38, 64-67, 68, 82 Wicker, Tom, 179 Wilcox, James Mark, 101-102 Wilkins, Roger, 166 Wilkins, Roy, 133, 170 Williams, Teri, 277 Williams v. Mississippi (1890), 38 Willis, Jim, 273, 274 Wilmington, North Carolina, 62 Wilson, Daddy, 28 Wilson, Henry, 24 Wilson, William Julies, 345n23 Wilson, Woodrow, 66-68 “Wonderful Hair Grower," 54 Wood, Betty, 288n8 Woodson, Carter, 99, 100, 297nn2,3, 312n158 Woodward, C. Vann, 36, 284 World War II, 130 Wright, Deborah, 269 Wright, Richard R. Sr., 83-84 “Wrong Road, The" ad, 177
X, Malcolm, 3, 4, 83, 160-161, 178, 325n123
Yancey, William, 322n8 Yield spread premiums, 349n75 Young, Andrew, 120, 328n48 Young, N. B. Sr., 46 Young, Whitney, 135, 138, 188 Yunus, Muhammad, 229
Zimmerman, Julian, 313n19 Zip codes, 150