White Americans’ Hold on Wealth Is Old, Deep, and Nearly Unshakeable

[irosie91]

I should add that what the English people call "brown people" are a RACE that only the British people know. ------but as a group they do qualify as PERSONS
OF COLOR-----according to the NEW SPEAK of the politically elite of the
american democrat party

 

[Billy_Kinetta]

I have a NEED TO KNOW---------why are we NOT using the designation
"person of color" ----which includes almost EVERYONE ---in the
NEO-ANTHROPOLOGY studies

POC is one of the dumbest terms I've ever heard
African American is another

Yeah, I've never gotten the supposed difference between "people of color" and "colored people".

Hyphenated designations are equally stupid. I have an Irish heritage, but bloodlines determine nothing. I have no working connection with Ireland whatsoever.

I'm not Irish-American, but American.

"people of color" is NOT 'colored people'

Puh-leeeeeze ...

I don't subscribe to Newspeak.

 

[Dekster]

The following is the essence of the article. I had never heard the term 'Jim Crow Credit' before:

“First, you legally segregate, and then you let the market do it for you”

So just to run back the score: Southern slaveholding families were able to recuperate post-Civil War wealth losses within one generation, and by 1940 even those families’ grandchildren were doing better than their Southern peers. Also by 1940, low-income and working-class white families are ushered into wealth via federally backed housing and farming loans and derivative lines of credit. In that same time, freed African Americans are mostly robbed of what little bit of land they were able to possess after the Civil War, and passed over for the mortgage loans and credit lines awarded to white families.

In order to create, lose, and then re-create wealth—and then create new forms of wealth for other low-income white families—white families leveraged social networks and credit. This is the community context that the McKinsey report identifies as one of the crucial components needed for families to build wealth. Most African Americans were never able to develop this, and in the few areas where they did accumulate community-level wealth, it was taken from them. And they were unable to recover it due to racist residential and spatial settings.


The Amazing Resiliency of White Wealth - CityLab​

There was a pretty large payout to blacks over the farm loans disparity a few years back. It was a bit of a controversy as there were no clear apparent standards other than you were black as a lot of the checks were being sent to places like NYC where clearly there isn't a history of black farming.

 

[katsteve2012]

..blacks were far behind the whites long before slavery--long before the whites went into Africa--so you can't prove whitey ''keeps the blacks down'''
..blacks graduate at lower rates
...college grads earn more $$$$
College grads earn $30,000 a year more than people with just a high school degree - CNN
simple

So, black college graduates earn a lot more than you?

That's obvious.

 

[danielpalos]

The following is the essence of the article. I had never heard the term 'Jim Crow Credit' before:

“First, you legally segregate, and then you let the market do it for you”

So just to run back the score: Southern slaveholding families were able to recuperate post-Civil War wealth losses within one generation, and by 1940 even those families’ grandchildren were doing better than their Southern peers. Also by 1940, low-income and working-class white families are ushered into wealth via federally backed housing and farming loans and derivative lines of credit. In that same time, freed African Americans are mostly robbed of what little bit of land they were able to possess after the Civil War, and passed over for the mortgage loans and credit lines awarded to white families.

In order to create, lose, and then re-create wealth—and then create new forms of wealth for other low-income white families—white families leveraged social networks and credit. This is the community context that the McKinsey report identifies as one of the crucial components needed for families to build wealth. Most African Americans were never able to develop this, and in the few areas where they did accumulate community-level wealth, it was taken from them. And they were unable to recover it due to racist residential and spatial settings.


The Amazing Resiliency of White Wealth - CityLab​

what else is new when right wingers are in the majority.

 

[DGS49]

While it is true that "wealth" tends to perpetuate itself down through generations, that is no reason to excuse working class and poor people for continuing in poverty through generations, particularly in this country. The economy is NOT a "Zero-sum Game." If one person is wealthy that doesn't hinder anyone else from becoming wealthy.

There are millions of examples all around us of people who were born into modest circumstances, but either through entrepreneurship or education were able to attain remarkable wealth and position. Indeed, it is fair to say that nothing is holding "you" back. Conspicuously, for "Black" people, the opportunities are limitless, with or without "Affirmative Action," and "Diversity" bullshit.

Consider the model of immigrants over the past 75 years. MANY immigrant groups have a wonderful history of coming here "dirt poor," working their figurative asses off, getting their kids educated, and by the second generation their income and wealth is well above average compared to people whose roots are in this country. These are Koreans, Cubans, Vietnamese, Chinese, Italians (post WWII), and other less prominent groups. The record of legal immigrants from Mexico is more "spotty," but examples of prosperity are many.

Liberals believe that "Poverty breeds bad behavior"; Conservatives believe that "Bad behavior breeds poverty." If you are having children out of wedlock, dropping out of school, abusing alcohol and drugs, failing to work jobs that are available, failing to take advantage of free public education and programs that are available, etc., then you have no one to blame for your poverty but yourself.

And I fail to see the benefit of Black people pointing out and highlighting other people who have it easy. So what? How does that affect you? What is standing in your way? Only your own defeatism.

 

[Maxdeath]

I always get such a laugh out of the I failed because of someone/something else. I can only get a burger flipping job because the school forced be to quite. I can only be on welfare because the police hated me and arrested me for all those break ins.
You can be wealthy or broke. It depends on what you do. No one affects you but you.

 

[danielpalos]

some on left looked a little deeper than merely superficial fluff.

It is about equality and equal protection of the law for the Poor under our form of Capitalism.

 

[HereWeGoAgain]

The following is the essence of the article. I had never heard the term 'Jim Crow Credit' before:

“First, you legally segregate, and then you let the market do it for you”

So just to run back the score: Southern slaveholding families were able to recuperate post-Civil War wealth losses within one generation, and by 1940 even those families’ grandchildren were doing better than their Southern peers. Also by 1940, low-income and working-class white families are ushered into wealth via federally backed housing and farming loans and derivative lines of credit. In that same time, freed African Americans are mostly robbed of what little bit of land they were able to possess after the Civil War, and passed over for the mortgage loans and credit lines awarded to white families.

In order to create, lose, and then re-create wealth—and then create new forms of wealth for other low-income white families—white families leveraged social networks and credit. This is the community context that the McKinsey report identifies as one of the crucial components needed for families to build wealth. Most African Americans were never able to develop this, and in the few areas where they did accumulate community-level wealth, it was taken from them. And they were unable to recover it due to racist residential and spatial settings.


The Amazing Resiliency of White Wealth - CityLab​

What a load of horseshit!!
I came from a moderately wealthy family and at 11 my parents divorced.
As usual my mother was awarded custody. She didnt have a pot to piss in other than child support my dad paid for me and my brother.
I quit high school in the tenth grade and worked numerous shit jobs until I reached 21 and found my calling in machining.
I went from deburring parts,chipping out the machines,cleaning the bathrooms and anything else they asked of me.
I finally worked my way into inspection which made my jump into machining much easier since I already knew how to inspect my work.
In the end I was making parts for the NASA Shuttle program and managed to retire at 46 through investments and hard work.
I never received a dime from inheritance and never asked the government for shit because in my day that was frowned upon.

Your whining falls on deaf ears......

 

[squeeze berry]

the article was written to make the case for wealth re-distribution.

good luck with that

 

[IM2]

The standard excuses are being offered. This supports the opinion that racism is a mental disorder.

We know for certain that psychosis is. And psychosis allows whites like most of those responding to the OP to dismiss the reality of how whites gained this hold on wealth.

 

[harmonica]

..blacks were far behind the whites long before slavery--long before the whites went into Africa--so you can't prove whitey ''keeps the blacks down'''
..blacks graduate at lower rates
...college grads earn more $$$$
College grads earn $30,000 a year more than people with just a high school degree - CNN
simple

So, black college graduates earn a lot more than you?

That's obvious.

can't be --blacks graduate at lower levels

 

[IM2]

Is Extreme Racism a Mental Illness?
Yes
It can be a delusional symptom of psychotic disorders.

Is Extreme Racism a Mental Illness?: Yes: It can be a delusional symptom of psychotic disorders

 

[jwoodie]

The following is the essence of the article. I had never heard the term 'Jim Crow Credit' before:

“First, you legally segregate, and then you let the market do it for you”

So just to run back the score: Southern slaveholding families were able to recuperate post-Civil War wealth losses within one generation, and by 1940 even those families’ grandchildren were doing better than their Southern peers. Also by 1940, low-income and working-class white families are ushered into wealth via federally backed housing and farming loans and derivative lines of credit. In that same time, freed African Americans are mostly robbed of what little bit of land they were able to possess after the Civil War, and passed over for the mortgage loans and credit lines awarded to white families.

In order to create, lose, and then re-create wealth—and then create new forms of wealth for other low-income white families—white families leveraged social networks and credit. This is the community context that the McKinsey report identifies as one of the crucial components needed for families to build wealth. Most African Americans were never able to develop this, and in the few areas where they did accumulate community-level wealth, it was taken from them. And they were unable to recover it due to racist residential and spatial settings.


The Amazing Resiliency of White Wealth - CityLab​

I didn't inherit shit, but I got married before having children and paid my bills on time.

Bingo!

 

[katsteve2012]

..blacks were far behind the whites long before slavery--long before the whites went into Africa--so you can't prove whitey ''keeps the blacks down'''
..blacks graduate at lower rates
...college grads earn more $$$$
College grads earn $30,000 a year more than people with just a high school degree - CNN
simple

So, black college graduates earn a lot more than you?

That's obvious.

can't be --blacks graduate at lower levels

Yes it can be. Quite a few likely graduated at a higher level than you.

 

[IM2]

The following is the essence of the article. I had never heard the term 'Jim Crow Credit' before:

“First, you legally segregate, and then you let the market do it for you”

So just to run back the score: Southern slaveholding families were able to recuperate post-Civil War wealth losses within one generation, and by 1940 even those families’ grandchildren were doing better than their Southern peers. Also by 1940, low-income and working-class white families are ushered into wealth via federally backed housing and farming loans and derivative lines of credit. In that same time, freed African Americans are mostly robbed of what little bit of land they were able to possess after the Civil War, and passed over for the mortgage loans and credit lines awarded to white families.

In order to create, lose, and then re-create wealth—and then create new forms of wealth for other low-income white families—white families leveraged social networks and credit. This is the community context that the McKinsey report identifies as one of the crucial components needed for families to build wealth. Most African Americans were never able to develop this, and in the few areas where they did accumulate community-level wealth, it was taken from them. And they were unable to recover it due to racist residential and spatial settings.


The Amazing Resiliency of White Wealth - CityLab​

I didn't inherit shit, but I got married before having children and paid my bills on time.

Bingo!

Not getting married before having children and not paying bills on time didn't create the wealth gap.

Try again.

 

[NewsVine_Mariyam]

While it is true that "wealth" tends to perpetuate itself down through generations, that is no reason to excuse working class and poor people for continuing in poverty through generations, particularly in this country. The economy is NOT a "Zero-sum Game." If one person is wealthy that doesn't hinder anyone else from becoming wealthy.

There are millions of examples all around us of people who were born into modest circumstances, but either through entrepreneurship or education were able to attain remarkable wealth and position. Indeed, it is fair to say that nothing is holding "you" back. Conspicuously, for "Black" people, the opportunities are limitless, with or without "Affirmative Action," and "Diversity" bullshit.

Consider the model of immigrants over the past 75 years. MANY immigrant groups have a wonderful history of coming here "dirt poor," working their figurative asses off, getting their kids educated, and by the second generation their income and wealth is well above average compared to people whose roots are in this country. These are Koreans, Cubans, Vietnamese, Chinese, Italians (post WWII), and other less prominent groups. The record of legal immigrants from Mexico is more "spotty," but examples of prosperity are many.

Liberals believe that "Poverty breeds bad behavior"; Conservatives believe that "Bad behavior breeds poverty." If you are having children out of wedlock, dropping out of school, abusing alcohol and drugs, failing to work jobs that are available, failing to take advantage of free public education and programs that are available, etc., then you have no one to blame for your poverty but yourself.

And I fail to see the benefit of Black people pointing out and highlighting other people who have it easy. So what? How does that affect you? What is standing in your way? Only your own defeatism.

This advantage was by design, that's the salient point here, particularly since so many white racist claim that the symptoms of institutional racism are self-inflicted or non-existent.

If it was legislated, how is this not an example of white priviledge?

And why do you assume that because this topic interests me that means somehow I'm a failure in life? It's more of a sore point for poor white racists than it is for average black Americans.

 

[katsteve2012]

While it is true that "wealth" tends to perpetuate itself down through generations, that is no reason to excuse working class and poor people for continuing in poverty through generations, particularly in this country. The economy is NOT a "Zero-sum Game." If one person is wealthy that doesn't hinder anyone else from becoming wealthy.

There are millions of examples all around us of people who were born into modest circumstances, but either through entrepreneurship or education were able to attain remarkable wealth and position. Indeed, it is fair to say that nothing is holding "you" back. Conspicuously, for "Black" people, the opportunities are limitless, with or without "Affirmative Action," and "Diversity" bullshit.

Consider the model of immigrants over the past 75 years. MANY immigrant groups have a wonderful history of coming here "dirt poor," working their figurative asses off, getting their kids educated, and by the second generation their income and wealth is well above average compared to people whose roots are in this country. These are Koreans, Cubans, Vietnamese, Chinese, Italians (post WWII), and other less prominent groups. The record of legal immigrants from Mexico is more "spotty," but examples of prosperity are many.

Liberals believe that "Poverty breeds bad behavior"; Conservatives believe that "Bad behavior breeds poverty." If you are having children out of wedlock, dropping out of school, abusing alcohol and drugs, failing to work jobs that are available, failing to take advantage of free public education and programs that are available, etc., then you have no one to blame for your poverty but yourself.

And I fail to see the benefit of Black people pointing out and highlighting other people who have it easy. So what? How does that affect you? What is standing in your way? Only your own defeatism.

This advantage was by design, that's the salient point here, particularly since so many white racist claim that the symptoms of institutional racism are self-inflicted or non-existent.

If it was legislated, how is this not an example of white priviledge?

And why do you assume that because this topic interests me that means somehow I'm a failure in life? It's more of a sore point for poor white racists than it is for average black Americans.

 

[IM2]

And why do you assume that because this topic interests me that means somehow I'm a failure in life?

Because that's what Rush told them. And Rush knows everything.

Especially where the good buffets are.

 

[katsteve2012]

And why do you assume that because this topic interests me that means somehow I'm a failure in life?

Because that's what Rush told them. And Rush knows everything.

Especially where the good buffets are.

And the best deals on Oxycontin.