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It seems like the big banks have been playing games with our money again. On August 8, 2011, Bank of America's stock took a huge hit – down 20% in a single day. And while some folks might not care about the value of the stock market, this news hits Black people particularly hard.
Why, you ask? Well, for starters, we're less likely to have the extra cash to invest in the stock market in the first place. So when big banks like Bank of America take a hit, it can have ripple effects throughout the economy – including our own finances.
But this isn't just about individual stockholders taking a hit. Bank of America is a major player in the housing market, which means that a drop in their stock price could have serious consequences for homeowners and renters alike.
And let's not forget about the history of discriminatory lending practices that have disproportionately affected Black communities. When big banks like Bank of America take a hit, we can't count on them to prioritize the needs of our communities when making tough decisions about who to lend money to.
So while news of Bank of America's stock price may not seem like a big deal to some, it's important for us to pay attention – and to demand accountability from the banks that hold so much power over our lives and our communities.
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