Last week, we talked about Fighting Words.  Remember? We talked about the Declaration of Independence and “life, liberty, and the pursuit of happiness”.

Well, since then, the Pew Research Center released a startling and sobering new study stating that the median wealth of White households is now 20 times that of Black households, and 18 times that of Latino households. The data, gathered from 2005-2009, indicates that a typical Black household had just $5,677 in wealth (assets minus debts), while the average Latino household had $6,325, and the ordinary White household had $113,149. And about one-third of all Black and Latino households had zero or negative net worth in 2009 alone.

Rev. Al Sharpton called this the Greatest Racial Wealth Gap in Decades; Time for Immediate Action:  Here are some excerpts from his statement:

“These horrific stats must be an immediate wake up call for everyone. When this racial wealth gap is the highest it has ever been since the government began tracking such information, we are not progressing, but rather regressing. If the notion of the proverbial American dream constitutes home ownership, how can people of color be making advancements if they are losing their houses in catastrophic numbers? According to the Pew study, the median level of home equity held by Latinos declined by half from ’05-’09. While predatory lenders targeted the most vulnerable in the years prior to the recession, these families are now suffering under the biggest virtual land grab against Blacks and Latinos we have ever witnessed.

Despite what many economists may have us believe, the poor and working-class are still struggling to gain employment, provide food and clothing for their children, maintain a roof over their heads and afford health care. And now there is no question that Blacks and Latinos are lagging generations behind Whites when it comes to wealth. When Whites are more likely to invest in stocks, they are more likely to sustain themselves as the market improves. But when people of color had invested in homes, they were the first ones to lose that equity — hence unable to pass on wealth to their children as well.

It’s a vicious pandemic that is likely far greater than even what we know since the Pew study only included data up until 2009. As the nation still reels under the Great Recession, Blacks and Latinos in general are now worse off than they were decades prior. Yes, we may finally have a Black President and some Black/Latino CEOs, but if the masses are left in the mire of despair, then we cannot and will not remain silent.”

We accept Rev. Sharpton’s call for action.  We (i.e. The Law According to Moses, OhioMBE, The 912 Group, Ohio Business Development Group, Moses Law Office, and COMBA) will do our part.  What about you and your people?  Are you going to get in on this action?  For sure, everyone does not (and should not) be doing the exact same thing.  There needs to be, and will be, some diversity in the approaches that we take to address and solve the problem.

This is urgent.  It is imperative that we take action.  As someone once said, “If you think you’re going to stop us, you’re crazy. You will not stop us. We will beat you … This is our chance. Please leave the cynicism and political maneuvering at the door … If you’re not on the bus, we’ll run over you with the bus. And I’m not kidding.”

Be Fearless.  Be Free.  Build Wealth.