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How the Poor Can Save Capitalism by Andrew Young, John Hope Bryant

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CHAPTER FIVE

The Working Family’s Hedge Fund

Since the founding of America, real estate has always been the working family’s hedge fund—a hedge against being dead broke at the end of a life of hard work. Real estate has been an absolute savior for the poor, and responsible subprime lending has done more to lift poor people out of poverty than anything else over the past fifty years. The equity these families built up funded college educations and provided collateral and start-up capital for small businesses, which are in turn the job fuel for cities and America.

The recent crisis of irresponsible, fraudulent, and speculative subprime lending did irreparable damage to these families’ hedge funds, but the crisis wasn’t the fault of so-called ignorant ...

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