Marketplace Morning Report How Black prosperity was built up and torn down in Tulsa
May 19, 2025
Explore the harrowing history of Tulsa's Greenwood, once thriving as America’s 'Black Wall Street' before a violent mob erased its prosperity in 1921. Learn about the enduring impacts of systemic racism on wealth creation and intergenerational opportunities. The discussion also highlights current efforts for economic reparations to address these historical injustices, shedding light on the challenges faced in securing needed compensation. Meanwhile, a recent U.S. credit rating downgrade hints at broader financial implications for all.
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Greenwood's Lost Prosperity
- Tulsa's Greenwood neighborhood was once a thriving Black economic hub called "Black Wall Street."
- Its destruction in 1921 erased intergenerational wealth and black prosperity there.
Decline in Black Homeownership
- Black homeownership in Tulsa has sharply declined to half that of whites, unlike in 1920 when rates were equal.
- This reflects systemic issues like redlining and housing segregation that sustained economic inequity.
Push for Economic Reparations
- Advocates urge economic reparations including cash and land for descendants of massacre survivors.
- Reparation funding is needed for housing and community rebuilding to close the racial wealth gap.