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Inheritance is another big factor. Blacks started with absolutely no wealth, and we are not that far away from segregation. I'm a white guy, and will inherit tens of thousands of dollars and a huge plot of land. Blacks have only really had the opportunity to accumulate wealth in past few decades, and even so, I could sit on my ass my whole life and receive more than they would accumulate in a lifetime, for the singular reason that I come from white ancestry that benefited from unequal advantage in this country for generations.
End private inheritance. It needs to become common inheritance of all.
Here it is folks. Follow the money.. It's all about financial education and what the financial institution can make off of people. davidgvns hits the nail on the head. As a whole African Americans do not have generational wealth so the financial institution did not target them. Now to some extent that is changing because the caucasion market is basically tapped out.
Just understand this. Always follow the money and for those who look down on anyone there is someone also looking down on you.
Here it is folks. Follow the money.. It's all about financial education and what the financial institution can make off of people. davidgvns hits the nail on the head. As a whole African Americans do not have generational wealth so the financial institution did not target them. Now to some extent that is changing because the caucasion market is basically tapped out.
Just understand this. Always follow the money and for those who look down on anyone there is someone also looking down on you.
You both my be right to some extent, but that is mostly history now and many blacks do not seem to be moving in a positive direction, the family unit is broken and there is very little emphasis if any put on education. Trying to catch up to an equal footing with white people, does not involve dealing drugs, having 8 kids to 8 different women. It involves getting an education and hard work.
I'm curious because I travel a lot for my job and most of the locations I visit blacks are living in the "rough" neighborhoods. I know it's not only blacks, but for some reason it seems many people don't know. Is it due to education or just a lack of opportunity?
Not much in the way of generational wealth being passed on it seems.
An related sidelight to this thread is that few, if any, of the 300 responses take any exception to the conclusion that "Few African Americans have any wealth." Nor am I directly challenging all of the anecdotal evidence or, at least, the racial stereotype that this presumes.
However, it seems like there is a presumed assumption that the 'wealth problems,' or lack thereof, of this particular group, is a product of victimization, rather than personal and cultural responsibility. That, in itself, may be revealing, since those who picture themselves as 'victims' are rarely able to move beyond that self-characterization.
People really need to stop believing the media's intentional portrayal of negative black behavior. The vast majority of black people are "productive members of society" who are trying to make strides.
Generational wealth is a very serious issue and deterrent to long term wealth building. Most middle class Americans were able to Bui,d wealth in the 1950s with easy access to low cost middle class housing, where blacks were intentionally excluded. It is a long path to build up from that.
I grew up middle class, but for quite a few reasons, I know I won't have any sort of inheritance, with the exception of some family land in the rural south. The path to appreciation on that us very winding. My parents were mainly self employed for their entire careers. No pensions or 401k to draw from in retirement.
The US has serious structural issues preventing the expansion of the middle class, and wealth building or the 99%. Until we address this, our problems will only worsen.
IMO The similarities between a labor based economy (slavery) and one were capital (money) was valued over labor, is they both still need people who were never going build capital. Just as the slave never reaped the benefits of his labor, we have an economic system dependent on workers who can't save money.
1. Slavery and the accumilation of wealth by the Slaveowners and their subsequent refusal to payback one penny for the FREE labor they stole over 400 years.
2. Willie Lynch teachings. Racist propaganda written to indoctrinate and instruct white society on how to treat Black people, Hispanics and the Native Americans...Disenfranchizing them immediately
3. Jim Crow Laws that kept Blacks disenfranchized and left out of the Economic process and future of America.
4. Cointelpro activities launched against Black commuinities to demonize and imprison young Black men, leaving the women to run the household which is impossible in most cases. Hampered financial strength in Black homes
5. Mis-education. Years of teaching Black people(since slavery) that they were nothing and less than human resonated with a lot of Black people that felt like this "animal" existence was who they actually were. Leading to low self-worth.
6. Societal rejection. Examples include but not limited to: Bank denials for small business loans or loans in general when Asians and Hindus get offical "Grants" to come to America and live, work and play,... unneccessary Name-calling by racists, KKK intimidation still in effect across the country, Black-balling of college grads from HBCU's, the list goes on.
7. Affirmative Action. Created for White housewives, not for jobless disenfranchized Black families.
I could go on, but 7 key factors is plenty enoguh to see WHY Black people(African American is a racist term), have little wealth in this country
Inheritance is another big factor. Blacks started with absolutely no wealth, and we are not that far away from segregation. I'm a white guy, and will inherit tens of thousands of dollars and a huge plot of land. Blacks have only really had the opportunity to accumulate wealth in past few decades, and even so, I could sit on my ass my whole life and receive more than they would accumulate in a lifetime, for the singular reason that I come from white ancestry that benefited from unequal advantage in this country for generations.
End private inheritance. It needs to become common inheritance of all.
Oh you must be high.
If the money I worked hard for and saved and invested was going to go to the government in the event of my death, I'd be sure to try really hard to spend it all on my children or some other deserving souls before I took my last breath. And you can take that to the bank.
1. Slavery and the accumilation of wealth by the Slaveowners and their subsequent refusal to payback one penny for the FREE labor they stole over 400 years.
2. Willie Lynch teachings. Racist propaganda written to indoctrinate and instruct white society on how to treat Black people, Hispanics and the Native Americans...Disenfranchizing them immediately
3. Jim Crow Laws that kept Blacks disenfranchized and left out of the Economic process and future of America.
4. Cointelpro activities launched against Black commuinities to demonize and imprison young Black men, leaving the women to run the household which is impossible in most cases. Hampered financial strength in Black homes
5. Mis-education. Years of teaching Black people(since slavery) that they were nothing and less than human resonated with a lot of Black people that felt like this "animal" existence was who they actually were. Leading to low self-worth.
6. Societal rejection. Examples include but not limited to: Bank denials for small business loans or loans in general when Asians and Hindus get offical "Grants" to come to America and live, work and play,... unneccessary Name-calling by racists, KKK intimidation still in effect across the country, Black-balling of college grads from HBCU's, the list goes on.
7. Affirmative Action. Created for White housewives, not for jobless disenfranchized Black families.
I could go on, but 7 key factors is plenty enoguh to see WHY Black people(African American is a racist term), have little we.
At the end of the day though, African Americans are far better off financially then the Africans in Africa, or any other Africans in other countries for that matter.
The poorest African Americans live like kings and queens compared to the many Africans in Africa, partially, the Africans who live in the slum villages in Kenya. In a kibera slum you have open sewers, children eat one meal a day (sometimes nothing), 60% of the people are infected with HIV, and the "shelter" is so permeable that if it rains many people can't even sleep though the night because everything gets wet.
I'm at the point now where I'm motivated to help these people by going there myself. It's the only way to ensure that the people in need actually get the money and I have seen SE Asian slums myself (Klong Toey). A famous African British singer (and a few others) already made the trip. Kibera in Need - KIN
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