Heard on the Street – here’s what we were reading last week:
Supporting Black-Owned Banks Isn’t as Simple as Moving Money: Over the last 20 years, the ranks of banks and credit unions in the US have declined by about half. The losses have been especially acute among African-American banks and credit unions. When people consider what they can do to support these minority institutions they quite naturally think about moving their deposits, but capital is what enables an institution to bring in additional deposits.
New York City’s $15 Minimum Wage and Restaurant Employment and Earnings: This is the first assessment of restaurant employment and earnings over the entire period of New York City’s historic minimum wage increases, 2013-18. Contrary to fears of massive job losses, $20 Big Macs, and shuttered restaurants, we found a thriving industry.
Big Brands Are Using Amazon’s Anticounterfeiting Measures to Crush Small Businesses: Amazon sometimes requires small businesses to get permission from manufacturers to sell their products on Amazon Marketplace. A new lawsuit argues that Amazon’s process for authorizing vendors to sell branded merchandise allows large companies to unlawfully drive smaller competitors
Closing the Racial Wealth Gap Will Boost GDP by 5%: The median household wealth of a white family in America is around $154,000, while the median wealth of a black or Hispanic family is one-tenth of that. A new study from McKinsey looks at what it would mean for the U.S. economy as a whole to close that gap.