The wealth gap: A college degree has long been recognized as a great equalizer, a path for minorities to help bridge the economic chasm that separates them from whites. But a report by the Federal Reserve Bank of St. Louis raises troubling questions about the ability of a college education to narrow the racial and ethnic wealth gap, The New York Times reports. Graduates’ median family income in 2013 was at least twice as high, and their median family wealth (which includes resources like a home, car and retirement account) was 3.5 to 4 times greater than that of nongraduates. But while these college grads had more assets, the New York Times reports, they suffered disproportionately during periods of financial trouble. From 1992 to 2013, the median net worth of blacks who finished college dropped nearly 56% (adjusted for inflation). By comparison, the median net worth of whites with college degrees rose about 86% over the same period, which included three recessions—including the severe downturn of 2007 through 2009, with its devastating effect on home prices in many parts of the country. Asian graduates did even better, gaining nearly 90%. The New York Times has the full story.
A six-year low: Wall Street opened lower today as oil prices plunged towards six-year lows and data indicated manufacturing activity in New York state contracted in August. The Dow Jones industrial average fell 130.18 points, or 0.74 percent, to 17,347.22, the S&P 500 lost 11.75 points, or 0.56%, to 2,079.79 and the Nasdaq composite dropped 25.61 points, or 0.51%, to 5,022.62.
Following suit filing suit: The number of Xarelto lawsuits is notably rising in two states: Pennsylvania and Louisiana. Filings in the Philadelphia mass tort has risen to nearly 350 cases, while lawsuits filed in New Orleans federal court has reached more than 400. The federal multidistrict litigation is being overseen in the U.S. District Court in the Eastern District of Louisiana. The lawsuits against Bayer and Johnson & Johnson’s subsidiary, Janssen Pharmaceutical Division, include claims of serious health problems and even death as a result of using the blood thinner, Xarelto, because of uncontrollable bleeding events.
