Bloomberg Businessweek cover called racist over illustration

Bloomberg Businessweek is being criticized for the photo illustration they depicted on the magazine's Feb. 25 cover, which many critics consider to be flat out racist.

The cover features a caricature of a black family rolling in cash inside a pink house under the headline, "The Great American Housing Rebound: Flips. No-look bids. 300 percent returns," the subhead reads. "What could possibly go wrong?"

"The claim that minorities are creating a housing bubble through flipping, no-look bids, and 300% returns is simply not reality," Jacob Gaffney wrote on HousingWire.com. "Flipping is a form of fraud and not a typical transaction. No-look bids are not exclusive to Hispanic and African-American investors. No one is making a 300% return."

"It’s hard to imagine how this one made it through the editorial process," Ryan Chittum wrote on the Columbia Journalism Review.

Bloomberg Businessweek has become increasingly known for their provocative magazine covers -- enter Hurricane Sandy-themed "It's Global Warming, Stupid" and Fiscal Cliff-inspired "Babies," which represented members of congress as a bunch on crying infants.

The magazine's willingness to push the envelope earned editor Josh Tyrangiel a title as Advertising Age's 2012 Editor of the Year, but this time, even he admits they might have gone too far.

"Our cover illustration got strong reactions, which we regret," Tyrangiel told Yahoo News. "If we had to do it over again, we'd do it differently."

Do you think the cover is racist?