What’s Crypto Good For? Corruption, Exploitation, and Billions for Insiders
As with the subprime lending crisis, crypto appears to be more of an example of predatory inclusion than enhancing financial access.
3 min read
Grand Casino, Biloxi, MS, five months after Hurricane Katrina made landfall in Mississippi.
On August 29, 2005, the eye of Hurricane Katrina made landfall in Waveland, Mississippi, and the western side of the storm grazed New Orleans. Five months after the storm, I visited the Mississippi Gulf Coast.
When I wrote this for Dollars & Sense Magazine in 2006, I focused on the housng crisis faced by Katrina survivors in Mississippi. Today, at the fourth anniversary of the storm, the housing crisis rages on, thanks to government inaction and skewed priorites.
- Mississippi has allocated just over half its funds on housing, and has lowered its commitment to housing by over $800 million in the past 2 years. Louisiana has allocated over 85 percent to housing programs and increased its commitment over the same period.
- Mississippi has spent just under half its funds, while Louisiana has spent almost 68 percent of its funds, widening its lead over Mississippi.
- Mississippi diverted $600 million from its housing program to a port expansion, while Louisiana intends to reinvest $600 million in unused Road Home funds for housing assistance for low-income residents.
- Mississippi took longer to spend less later for low-income residents than for wealthier residents.
But the housing crisis was just one part of the ongoing disaster. Katrina has also been a cultural and ecological disaster of epic proportions.
Framed family photos rest on the foundation slab of a home obliterated by Hurricane Katrina in Bay St. Louis, Mississippi.
I emphasize Mississippi in this blog post because I know that nearly all of the fourth anniversary coverage of the ongoing Katrina aftermath, will focus myopically on New Orleans. The situation in New Orleans is still dire. The housing crisis is dire. But there will not be an adequate recovery until the interconnectedness of regions and issues becomes a fundamental insight that drives policy.
The Gulf Coast Civic Works Act, still needing co-sponsors in the House, is a step in the right direction:
a hybrid model to partner directly with communities in planning, overseeing and administering recovery projects to assist the survivors of these disasters, provide communities with tools to build resilience against the impact of future disasters and revitalize the region economically. The bill would create a minimum of 100,000 prevailing wage jobs and training opportunities for local and displaced workers on projects reinvesting in infrastructure and restoring the coastal environment utilizing emerging green building techniques and technologies. This program would empower residents to realize their right to return with dignity and create stronger, safer, and more equitable communities.
Ask your Representative to co-sponsor this important legislation.
Carland Baker, Sr. on the site of his former townhouse, Longwood Apartments, 2012 2nd St, Long Beach, MS.
More reading and resources
- Marian Wright Edelman, Katrina's Children---Still Struggling
- Jeffrey Buchanan, Four Years Later, Let's End the Human Rights Crisis in KatrinaRitaVille
- The STEPS Coalition, Hurricane Katrina: Has Mississippi Fallen Further Behind?
- Institute for Southern Studies, SPECIAL REPORT: How is Obama doing on Gulf Coast recovery?
- Institute for Southern Studies, Hurricane Katrina and the Guiding Principles on Internal Displacement
- Children's Defense Fund, What It Takes to Rebuild a Village after a Disaster
- The KatrinaRitaVille Express
- Advocates for Environmental Human Rights
- Mississippi Center for Justice
- The Gulf Coast Fund