There are nearly 150 million poor and near poor people in America who are not responsible for the damage done by the Great Recession. Yet they pay the price. When the largest economic institutions in the world were brought to their collective knees, they went crawling to the government’s doorstep in search of salvation. The government obliged, allowing Wall Street to socialize its failure on the backs of Main Street Americans. The housing and jobs crisis they created fostered a poverty unseen in generations...
April 17, 2012

Tavis Smiley and Cornel West discuss new book 'The Rich and the Rest of Us: A Poverty Manifesto': MyFoxDC.com

"There are nearly 150 million poor and near poor people in America who are not responsible for the damage done by the Great Recession. Yet they pay the price. When the largest economic institutions in the world were brought to their collective knees, they went crawling to the government’s doorstep in search of salvation. The government obliged, allowing Wall Street to socialize its failure on the backs of Main Street Americans. The housing and jobs crisis they created fostered a poverty unseen in generations" – Tavis Smiley and Cornel West

Here's an excerpt from the book:

There are nearly 150 million poor and near poor people in America who are not responsible for the damage done by the Great Recession. Yet they pay the price. The poor did not create the deindustrialization of America, unmatched corporate profiteering and greed, more than a decade of foreign wars, and unregulated tax benefits for the wealthy. When the largest economic institutions in the world were brought to their collective knees, they went crawling to the government’s doorstep in search of salvation. The government obliged, allowing Wall Street to socialize its failure on the backs of Main Street Americans. The housing and jobs crisis they created fostered a poverty unseen in generations—not just in inner-city ghettos and barrios, but also in suburbs and rural areas crossing racial, age, and gender lines. Nearly one-third of the American middle class—mostly families with children—have fallen into poverty.”

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