Apparently, we are all a little late in discovering this, but over at the Columbia Journalism Review, Ryan Chittum gives good outrage:
The cover stands out for its cast of black and Hispanic caricatures with exaggerated features reminiscent of early 20th century race cartoons. Also, because there are only people of color in it, grabbing greedily for cash. It’s hard to imagine how this one made it through the editorial process.
Compounding the first-glance problem with the image is the fact that race has been a key backdrop to the subprime crisis.
Chittum goes on to note that the "narrative of the crash on the right has been the blame-minority-borrowers line, sometimes via dog whistle, often via bullhorn." That's very true. But regardless of whether you believe the "blame-minority-borrowers line" has merit or not, most of the people who argue it does at least stop short of using "Blue Gum Negro"-era racist tropes as part of their argument.
This is not the first time that Bloomberg Businessweek has done something strange with their cover. It's not the first time they've done something plainly risible with their cover. However, this is the first time they've put out a cover so manifestly gross that I can't imagine touching it without disinfecting my hand thereafter.
And, the Bloomberg Businessweek apology, via Dylan Byers:
"Our cover illustration last week got strong reactions, which we regret," Josh Tyrangiel, the magazine's editor, wrote in a statement sent to POLITICO. "Our intention was not to incite or offend. If we had to do it over again we'd do it differently."