![]() ![]() These initiatives have functioned as a potent political decoy to avoid more fundamental reforms and racial redress. Mehrsa Baradaran challenges the long-standing notion that black banking and community self-help is the solution to the racial wealth gap. Not only could black banks not "control the black dollar" due to the dynamics of bank depositing and lending but they drained black capital into white banks, leaving the black economy with the scraps. 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. ![]() The Color of Money pursues the persistence of this racial wealth gap by focusing on the generators of wealth in the black community: black banks. More than 150 years later, that number has barely budged. When the Emancipation Proclamation was signed in 1863, the black community owned less than one percent of the United States' total wealth. ![]()
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