There have been a lot of debates recently about Wall Street and its role in fights for racial justice. For Saqib Bhatti and Maurice Weeks, co-founders of a new organization, the Action Center for Race and the Economy, understanding and combating the power of finance is an indispensable part of the struggle for both racial and economic justice, fights that cannot be separated out from one another.
MW: To me, the Trump administration is actually a perfect example of the demonstration of our analysis. On the one hand, you have a group of people who are just outright racist, who are just pushing forward the most hateful, xenophobic ideas that you could possible imagine. And on the other side, you have this group of people who are some of the economic justice targets that we have been fighting for the past ten or twenty years. Folks from Goldman Sachs, Steven Mnuchin, and that whole bunch.
In our analysis it makes a lot of sense that those two camps of people came together. There is a wealth extraction plan that they are pushing forward and the tool to do it is the racist hate language. Blaming the problems of the economy onto Black and Latino, brown folks and whoever else they can blame. It makes perfect sense that those two things are together and it is a really important calling for us to focus on race as a central piece of the work that we are doing. Because, if we don’t, it can be used as a tool against us.
SB: I would add that one of the original sins of the Democratic party going into the 2016 election was the failure of the last administration and the supermajorities in Congress to actually offer meaningful relief to struggling families in the aftermath of the financial crisis. The focus was on “How do we make sure that we can keep the financial system afloat?” and they left working families, struggling families behind.
One of the things that really is important about that is that one of the ways in which Wall Street ensured that they were able to push through their agenda was by racializing the issue. It was that the home owners who were facing foreclosure, they are irresponsible Black and Latino families who got into loans they couldn’t afford and so they didn’t deserve help. The reality is, we know, that Black and Latino families were actually targeted with predatory mortgages.
But, the other side of that, though, is that while it is true that Black and Latino families are disproportionately the people who impacted by the foreclosure crisis, in raw numbers it was a lot more poor white folks who were foreclosed on because there are a lot more poor white folks in the country than there are poor Black and Latino families.
The “white working class,” they very much were impacted by the same pro-Wall Street policies that were justified by scapegoating people of color. What is interesting now, of course, you had Donald Trump who really appealed to a lot of folks who felt left behind by the Democratic Party by saying the system is rigged. He wasn’t wrong that “The system is rigged.” It was rigged. Of course, it was rigged by the very people that he has put in his cabinet. So, it is this vicious cycle. As Maurice said, this is the perfect example of how race and class and racial and economic analysis go hand in hand and come together to give us the moment that we are in now.
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