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For all the talk of Wall Street reform and consumer protections the problem of predatory lending has not been eliminated.

Subprime lending continues in the auto financing industry and elsewhere, and unlike conservatives’ criticism of the housing market there are no federal subsidies to finger. Policymakers have, indeed, caused the problem but for reasons other than what many of us have been led to believe. True, Freddie and Fannie Mae advocated for the dream of home ownership even as it floated out of Americans’ reach. However, this reality only begs the obvious but lesser asked question: Why is the American Dream drifting out of reach in the first place? And might the answer to this question reveal that the hollowing-out of the middle class bears a reciprocal relationship to market volatility?

 

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Harvard Professor Henry Louis Gates Jr. cried foul when a neighbor’s call to the police resulted in his arrest at the door to his own home, the Chicago Tribune reports.

Refusing, allegedly, to identify himself to a responding Cambridge, Massachusetts police officer didn’t help law enforcement appreciate that the director of Harvard’s W.E.B. Du Bois Institute for African and African American Research was the rightful owner of the home — a far cry from the intruder his neighbor feared.

Professor Gates Jr. may not have intended to bait the officer into arresting him, but that’s the effect his apparent refusal to cooperate had.

“Is this what it means to be a black man in America?”, the professor rhetorically opined.

If “what it means” refers to negative racial assumptions applied to oneself — ascribing to the color of one’s skin the power to draw negative and unfair treatment — then yes. But in very real way, who or what is proposing the racism — the past or the present? Someone else — or the professor himself?

Psychologists call the phenomena of blurring the lines between the motivations of self and others “transference“. It’s no secret that sometimes we project our own assumptions on others, in this case an officer caught between a nosey neighbor and a prejudicially-minded professor.

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