The cover stands out for its cast of black and Hispanic caricatures with exaggerated features reminiscent of early 20th century race cartoons. Also, because there are only people of color in it, grabbing greedily for cash. It’s hard to imagine how this one made it through the editorial process. Compounding the…problem with the image is the fact that race has been a key backdrop to the subprime crisis. The narrative of the crash on the right has been the blame-minority-borrowers line, sometimes via dog whistle, often via bullhorn…the record is clear: minorities were disproportionately targeted by predatory lending, which has always gone hand in hand with subprime. Even when they qualified for prime loans that similar-circumstance whites got, they were pushed into higher-interest subprimes…minority borrowers were disproportionately victimized in the bubble. But BusinessWeek here has them on the cover bathing in housing-ATM cash, implying that they’re going to create another bubble.
more, at the Columbia Journalism Review.