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I wanted to talk more about family structure and how despite what some conservatives say, it doesn't seem to close the wealth gap between whites and blacks/hispanics.
Looks like someone doesn't understand the difference between Wealth and Income.
No, it doesn't. The chart merely shows that two parent white families tend to own their own homes, rather than rent. Home-ownership requires a proven track record of financial responsibility, which is reflected through a Credit Report. Even when credit sores are sufficient, high debt-to-income ratios function as a bar to home-ownership.
It's a matter of culture and life-style, not institutional racism.
yup, shows that institutional racism, well- it does really still exist.
Despite what all the naysayers would have you believe on this forum with all their mockery and ridicule of SJW-ers...
(or maybe its like that guy on the radio was saying yesterday- that he is ok with white privilege, and wants his kids to have it too-
at least he's being honest)...
Yes, and to combat "institutional racism" I propose that whites and Asians start scoring lower on standardized tests, commit more felonies, have more kids than they can afford, avoid paying bills and utilize the grammar skills of a three-year-old.
I wanted to talk more about family structure and how despite what some conservatives say, it doesn't seem to close the wealth gap between whites and blacks/hispanics.
Conservatives argue with an ulterior motive. Their main objective is to find a causation other the combined impact of contemporary and historical racism. Hence, they grasp onto SYMPTOMS of the real problem and then try to say that the SYMPTOM is the causes.
You cannot understand household income without understanding individual income. Households are made up of what? Answer: Individuals. If you want to study why there is a huge gap in household incomes between blacks and whites, marriage plays less of a role than the fact that black individuals have less income than white individuals. Say that the median income of a black individual in America is 25K, hypothetically, and 50k for white individuals, hypothetically. Hence, you put two average black individuals into a household as a married couple, their combined income will still only equal that of the typical individual white person who lives alone.
Men with no income or with little income tend to marry less and are less attractive mates than are males with good incomes, regardless of race. Hence, because black males are more likely to be unemployed and more likely to have lower incomes, they tend to marry less. However, they would still be in poverty if they married. Two unemployed people getting married does not create an income just from the act of marriage. These people are not poor because they did not get married; rather, more likely they did not get married because they are poor.
The legacy of racism has resulted in black poverty being much higher than white poverty and hence class issues manifest much more disproportionately against blacks than it does against whites, plus, we still have to deal with the race issue too.
Last edited by Indentured Servant; 03-24-2017 at 10:50 AM..
Yes, and to combat "institutional racism" I propose that whites and Asians start scoring lower on standardized tests, commit more felonies, have more kids than they can afford, avoid paying bills and utilize the grammar skills of a three-year-old.
Well if all whites and Asians do that nobody will be able to pull out the "race/victim card". That can't happen.
FYI - I know the difference between wealth and income.
The reason why 2 parent black households have less wealth than single parent white families is because of the remnants of housing discrimination.
Two parent black homeowners, even those who have an income that is equal or greater than a white family, if they live in a predominantly black neighborhood, they will automatically have less equity (wealth) in their home because black neighborhoods are valued less than majority white neighborhoods.
This is a remnant of redlining from the 20th century that valued black neighborhoods as less than predominantly white, no matter any other statistics.
The whole credit spiel you stated above has nothing to do with the facts that due to institutional racism via redlining - something that occurred due to FHA loans (that black families could not take advantage of for many years as well BTW post WW2) the legacy of that racism lives on in our homes being valued less.
FWIW, I have a higher net worth than the OP chart as a 2 parent lead, college educated black family. However, that is only because I own 6 homes. Our first home that we purchased in Atlanta was not worth much money because it is in a majority black neighborhood. Even safe, good school having, majority black suburban communities in Atlanta are not worth as much as a majority white district with the same types of homes. This is because of the legacy of racism in America. My equity on my first home was only $20k when we first bought it and that was easily eaten up due to the housing crisis. Due to that crisis and due to having some other investments we purchased other homes in majority black neighborhoods with cash which we rent out and have full equity (wealth). We still only have about $20k on that original home which I still own. The other houses are in much more dilapidated neighborhoods but due to buying in cash we have $60-$100k in equity/wealth for each of those homes and they provide a source of income due to being rented out.
Black families have to buy 3 homes to equal the equity of a white family's home. It doesn't matter if we have good credit or not or if we have a good job and make a good income. Only if we move around predominantly white people can we have an equitable amount of wealth as white families and if "too many" of us move to those areas, white families will leave and that will decrease the wealth of the black families who remain. White flight is still very much occurring in America today.
If anything, this shows even with the institutionalized racism, Affirmative Action, staged against the whites and Asians, some people are still not good enough to look after themselves.
I am waiting for the claim that AA only benefits white women, but somehow black people overwhelmingly support it.
Last edited by lifeexplorer; 03-24-2017 at 12:28 PM..
yup, shows that institutional racism, well- it does really still exist.
Despite what all the naysayers would have you believe on this forum with all their mockery and ridicule of SJW-ers...
(or maybe its like that guy on the radio was saying yesterday- that he is ok with white privilege, and wants his kids to have it too-
at least he's being honest)...
Oh please. Keep that SJW stuff to yourself. Did it ever occur to you that these people may not have tried to do anything to better themselves?
Looks like someone doesn't understand the difference between Wealth and Income.
No, it doesn't. The chart merely shows that two parent white families tend to own their own homes, rather than rent. Home-ownership requires a proven track record of financial responsibility, which is reflected through a Credit Report. Even when credit sores are sufficient, high debt-to-income ratios function as a bar to home-ownership.
It's a matter of culture and life-style, not institutional racism.
Racially discriminatory mortgage lending practices are a fairly well-documented problem.
A study of mortgages leading up to the housing bubble burst as well as analysis of the homeowners most affected by the subprime mortgage crisis showed that middle income black and hispanic homebuyers were offered subprime mortgages at a much higher rate than even low-income whites. Even with good credit and income history.
Redlining has been an issue for a while, as well as partial redlining.
Analysis of mortgage underwriting in several major banks, such within Wells Fargo, showed that associates were actually falsifying data on mortgage applications to the detriment of black and hispanic homebuyers. For instance, if an applicant had excellent credit, the application would be sent with someone else's credit report information that wasn't as good. There were documented cases where people with verified income statements and years of tax returns and W2's had their applications sent to an underwriter with "No Verifiable Income" on it.
The Justice Department reviewed the data and found substantial proof that black and hispanic home-buyers were charged substantially higher fees and interest rates. They were also steered into subprime loans at much higher rates than similarly creditworthy white home-buyers.
And we're not talking about stuff from decades ago. Here are some links directly from the Justice Department:
So no, it's not a matter of culture and life-style. It literally is a matter of institutionalized racism that went under the radar.
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