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And then came Jim Crow. More exploitation of blacks for white profit. Slavery did not end in 1865. Convict leasing took its place and blacks were jailed for basically nothing and forced to do labor. That didn't stop until the 1940's.Slavery benefitted the south, the north, France and Britain, until the Civil War swept it all away leaving the south destroyed and the north deeply in debt.
Those bonds would have collapsed at the sudden end of slavery, just as those mortgage-backed securities collapsed when the housing bubbled collapsed in 2007.Bullshit.
In the 1830s, powerful Southern slaveowners wanted to import capital into their states so they could buy more slaves. They came up with a new, two-part idea: mortgaging slaves; and then turning the mortgages into bonds that could be marketed all over the world. First, American planters organized new banks, usually in new states like Mississippi and Louisiana. Drawing up lists of slaves for collateral, the planters then mortgaged them to the banks they had created, enabling themselves to buy additional slaves to expand cotton production. To provide capital for those loans, the banks sold bonds to investors from around the globe — London, New York, Amsterdam,Paris. The bond buyers, many of whom lived in countries where slavery was illegal, didn’t own individual slaves —just bonds backed by their value. Planters’ mortgage payments paid the interest and the principle on these bond payments. Enslaved human beings had been, in modernfinancial lingo, “securitized.”
As slave-backed mortgages became paper bonds, everybody profited — except, obviously, enslaved African Americans whose forced labor repaid owners’ mortgages. But investors owned a piece of slave-earned income. Older slave states such as Maryland and Virginia sold slaves to the new cotton states, at securitization-inflated prices, resulting in slave asset bubble. Cotton factor firms like the now-defunct Lehman Brothers — founded in Alabama — became wildly successful. Lehman moved to Wall Street, and for all these firms, every transaction in slave-earned money flowing in and out of the U.S. earned Wall Street firms a fee.
The infant American financial industry nourished itself on profits taken from financing slave traders, cotton brokers and underwriting slave-backed bonds. But though slavery ended in 1865, in the years after the Civil War, black entrepreneurs would find themselves excluded from a financial system originally built on their bodies.
-Edward E. Baptist and Louis Hyman, American Finance Grew on the Back of Slaves
Haven't those grievances been addressed with the Civil/Equal Rights Acts of the 1960's? Black fortunes have skyrocketed since.And then came Jim Crow. More exploitation of blacks for white profit. Slavery did not end in 1865. Convict leasing took its place and blacks were jailed for basically nothing and forced to do labor. That didn't stop until the 1940's.
No. Nothing has skyrocketed. That's the fallacy right wing whites tell themselves as they deny everything such as you have done.Haven't those grievances been addressed with the Civil/Equal Rights Acts of the 1960's? Black fortunes have skyrocketed since.
Wealth begets more wealth, but you must attain a certain level of wealth for that to happen. For many white people that has happened, however few blacks are there yet. Nothing unfair here, just the laws of economics: "Them that has, gets."No. Nothing has skyrocketed. That's the fallacy right wing whites tell themselves as they deny everything such as you have done.
The black proportion of national wealth has remained basically the same since slavery. Whites on average are born into at least 6 times more wealth than blacks and they are born into what they did not personally produce. On the other hand, blacks are born into deficts they did not create. None of the legislation you mentioned provided economic solutions. While blacks endured slavery and Jim Crow, whites were given direct economic assistance from the government 8 times. Yet today we see whites opposing 1 direct economic assistace opportunity for blacks.
…. when the lazy people were the enslavers who did not want to do the work is another example of cognitive dissonance. You must be retarded.
The average white person inherits $15,000 to a black's $2,500. Not a significant difference in the grand picture. Also, blacks receive their inheritance about 5 years sooner than whites, based on life expectancy of their parents, so they have time to invest and grow it. Invested at 5 percent they would have over $3,000 by the time whites received their $15,000, cutting the difference from six time more to five time more.Whites on average are born into at least 6 times more wealth than blacks and they are born into what they did not personally produce.
There have been slaves as long as there has been civilization. There were slaves in Africa long before the first White man or Arab set foot there. The simple fact is that a free man works harder and produces much more than any slave. That has been proven all throughout history. Workers driven by the lash do as little as possible without being punished, free men do as much as possible for their own profit.There never should have been any slaves in the first place, so you really need to STHU. The fact remains that Whites were lazy and shiftless, which is why slavery existed in America to begin with. So don't be white talking to blacks about work.
Stop lying to yourself.The average white person inherits $15,000 to a black's $2,500. Not a significant difference in the grand picture. Also, blacks receive their inheritance about 5 years sooner than whites, based on life expectancy of their parents, so they have time to invest and grow it. Invested at 5 percent they would have over $3,000 by the time whites received their $15,000, cutting the difference from six time more to five time more.
I got my info from the same source that you did, the internet.Stop lying to yourself.
I believe those payments were to compensate farmers for their losses directly due to the Embargo against China. I personally think it's reasonable and proper for the government to reimburse businesspeople for losses caused by governmental actions.Trump handed out $125,000 checks to farmers who didn't work to earn them.
Why? Government caused people to lose jobs & income every day. Why do so few deserve such a huge handout?I believe those payments were to compensate farmers for their losses directly due to the Embargo against China. I personally think it's reasonable and proper for the government to reimburse businesspeople for losses caused by governmental actions.
Yep, and most of those people got government benefits. Businesses got grants and loans, taxpayers got multiple handouts, employment insurance was raised considerably and extended. Businesses are still getting handouts for having kept their employees on the payroll during Covid.Why? Government caused people to lose jobs & income every day. Why do so few deserve such a huge handout?
TQQQ stock exploded 500% because Trump printed money. Most people lost jobs, savings & value bigly because of this.
Hard working essential workers & people who lost their jobs & everything got $2k. Yet the farmers get $125,000 each.Yep, and most of those people got government benefits. Businesses got grants and loans, taxpayers got multiple handouts, employment insurance was raised considerably and extended. Businesses are still getting handouts for having kept their employees on the payroll during Covid.
No, you didn't get your stuff from the same source. And according to your numbers whites inherit 6 times more than blacks. I get tired of stupid --- wb's who try minimizing things in order to lie to themselves. Your numbers are wrong and you don't consider multigenerational inheritance. 2,500 isn't going to turn into 15,000 in 5 years unless compound interest is at least 50 percent per annum. There is no investment vehicle that has that kind of interest to include treasury bills. So you're talking out of your white ---.I got my info from the same source that you did, the internet.
The difference is that I added the actual dollar amount of those inheritances, which takes all the air out of your position.
I get tired of stupid
CovidElon Musk net worth exploded from $25 billion to $340 billion as soon as Trump exploded the US money supply 5 fold.
