This Day In History (July 12)- Newark riots begin in Newark, NJ
July 12, 1967 marked the day that the Newark Riots began in Newark, New Jersey.
The riots lasted six days and resulted in 26 dead and hundreds that were injured. During this time period, particularly African Americans suffered the most, due to a lack of power (especially in politics) and police brutality. Poverty, unemployment, and low-quality housing also accompanied the harsh circumstances. Two white police officers had arrested an African American cabdriver and was seen being dragged into the precinct. Rumors were started that said that the man had been killed in the station. This news instigated the attacks- 26 people were killed, 725 were injured. In today’s world, Greece is suffering from riots, but for a different reason. Greece is in massive amounts of debt to other countries, while experiencing a recession and an “inefficient” economy. The riots have begun due to the proposed budget cuts, and if Greece “defaults,” this could negatively affect the entire world. “Contagion” could spread to other struggling economies, who are also fighting with heavy debt. This could also cause losses in U.S. mutual funds, in which most are invested in European banks. There is a proposed $17 billion bailout for Greece, and hopefully this will help them with their debt issues and protect countries on a national and international level.
http://www.1967NewarkRiots.com/
“Contagion is the real issue, not Greece per se,” said Gary Schlossberg, senior economist at Wells Capital Management.
