Blacks, Hispanics hit harder by recession

From the Associated Press:

"The enormous wealth gap between white families and blacks and Hispanics grew larger after the most recent recession, a private analysis of government data finds.

White households had a median net worth of greater than $88,000 in 2002, 11 times more than Hispanics and more than 14 times that of blacks, the Pew Hispanic Center said in a study being released Monday...

Greater wealth means a greater ability to weather a job loss, emergency home repairs, illness and other unexpected costs, as well as being able to save for retirement or a child's college tuition."

Full story here.