If you’re white, and you were raised in the bottom 60% of the income distribution, you have a 22% chance of being in the bottom 20% as an adult.
America’s minorities, it seems, can’t catch a break when it comes to housing. Before the subprime boom, they were much less likely than their white counterparts to be able to get a mortgage. Then, when the subprime boom started, they were much more likely to be sold a predatory mortgage.
If you’re a high-income Latino with a mortgage, you’re almost twice as likely to be facing foreclosure than a high-income non-Hispanic white person. And in general, the foreclosure crisis is hitting blacks and Latinos much harder than it is whites, according to a startling new report from the Center for Responsible Lending.
As someone who knows a fair amount about Felix the Cat, I can concur with Skip Gates that he is not and was not a caricature of African-Americans. I can also concur with Paul Krugman and James Fallows that it is by no means necessary that Felix be African-American for Niall Ferguson’s FT lede (“President Barack Obama reminds me of Felix the Cat. One of the best-loved cartoon characters of the 1920s, Felix was not only black. He was also very, very lucky”) to be utterly inappropriate and offensive.