The Racial Ignorance Of Barack Obama’s Financial “Gurus”

[Bass v 2.0]

OPINION: The Racial Ignorance Of Barack Obama’s Financial “Gurus” | News One

The Black president is starting to get some backlash due to his repeatedly attempts at trying to please everyone, when is he going to learn that doing the right thing doesn't entail necessarily having to please people and or give them what they want? Every president needs to have had some military time as a leader so that way they can learn that taking care of people and being a leader means simply making the right choices, sometimes to people's chagrin?

 

[IanC]

the entire article-

Many prominent black scholars were absolutely stunned by the racially misinformed remarks made by President Obama’s Chairman of the Federal Reserve, Ben Bernanke. During a visit to Morehouse College, Bernanke stated that the reason for the massive wealth gap between blacks and whites in America is due to “financial illiteracy” and a lack of “financial education” on the part of African Americans.

According to the 2007 Survey of Consumer Finances, white family households possess 10 times more wealth than the median black family. Yes, the statistic is true, but it’s not because black people spend all their money on gold chains and rims. Much of the wealth in America is obtained through inheritance: imagine having parents who can give you a down payment to your first home on your wedding day, or a grandmother who dies and leaves you a house that is fully paid off. There are other forms of critical inheritance, like having relatives with good jobs instead of being the only person in your family to have an income above $50,000 or having parents with Masters Degrees and grandparents who are MIT alumni. Whites are more likely to have these benefits than blacks, in large part because much American power is passed from parent to child (think about how many universities didn’t even start admitting black people until the 1970s and 1980s?). To say that the wealth gap is simply due to black people mismanaging their money is like bombing someone’s house for three months and then criticizing them for not dusting the coffee table. Having 400 years of targeted policy in favor of whites is what led to the wealth imbalance which exists in America. Since targeted policies are what created the problem, targeted policy is what should be used to fix it.

hahaha, so all whites get help and big inheritances? that is the biggest difference, not the 45 years of working and spending wisely before retirement?

this reminds me of the argument that it isnt fair that white parents read to their children and get involved with their schoolwork. if black culture won't or can't help the next generation don't blame those who make the sacrifice to ensure that their children DO get a good start.

 

[IanC]

black children of middle class families are MUCH more likely to not be able to stay in the middle class. is that the fault of whites too?

 

[Luissa]

I noticed you didn't call Obama Uncle Tom for trying to please the white people but you accuse Steele of the same thing and call him Ucle Tom?

 

[Bass v 2.0]

I noticed you didn't call Obama Uncle Tom for trying to please the white people but you accuse Steele of the same thing and call him Ucle Tom?

You must not have the Bass' Uncle Tom vs Real blacks thread have you?

 

[JW Frogen]

You must not have the Bass' Uncle Tom vs Real blacks thread have you?

Personally, I am waiting for it to come out on Blu Ray, with special commentary from 'The Bass' on why he demands reparations for the hole in the ozone layer closing up.

 

[Bass v 2.0]

hahaha, so all whites get help and big inheritances? that is the biggest difference, not the 45 years of working and spending wisely before retirement?

Dude be honest before recently the system was obviously slaneted to give whites the best of everything and blacks lessw, the richest of whites didn't work hard and save anything, they have inherited most of what they have, its a fact, don't kind yourself into thinking otherwise.

this reminds me of the argument that it isnt fair that white parents read to their children and get involved with their schoolwork

Who has made any such stupid argument, if you want to state something don't use strawmen to bring it out..

if black culture won't or can't help the next generation don't blame those who make the sacrifice to ensure that their children DO get a good start.

Blacks do get involved with their children's schoolwork, quit the racial stereotypical "black culture doesn't do" argument, it has no credibility to it whatsoever.

 

[Bass v 2.0]

You must not have the Bass' Uncle Tom vs Real blacks thread have you?

Personally, I am waiting for it to come out on Blu Ray, with special commentary from 'The Bass' on why he demands reparations for the hole in the ozone layer closing up.

lol, dumb straw aruments.

 

[KittenKoder]

hahaha, so all whites get help and big inheritances? that is the biggest difference, not the 45 years of working and spending wisely before retirement?

Dude be honest before recently the system was obviously slaneted to give whites the best of everything and blacks lessw, the richest of whites didn't work hard and save anything, they have inherited most of what they have, its a fact, don't kind yourself into thinking otherwise.

this reminds me of the argument that it isnt fair that white parents read to their children and get involved with their schoolwork

Who has made any such stupid argument, if you want to state something don't use strawmen to bring it out..

if black culture won't or can't help the next generation don't blame those who make the sacrifice to ensure that their children DO get a good start.

Blacks do get involved with their children's schoolwork, quit the racial stereotypical "black culture doesn't do" argument, it has no credibility to it whatsoever.

Hello wanna-be-victim ... how are you this morning ...

... not that I really care ... but I'm so bored in my advantaged life for being white that I don't have anything better to do than post online all night.

 

[IanC]

hahaha, so all whites get help and big inheritances? that is the biggest difference, not the 45 years of working and spending wisely before retirement?

Dude be honest before recently the system was obviously slaneted to give whites the best of everything and blacks lessw, the richest of whites didn't work hard and save anything, they have inherited most of what they have, its a fact, don't kind yourself into thinking otherwise.

this reminds me of the argument that it isnt fair that white parents read to their children and get involved with their schoolwork

Who has made any such stupid argument, if you want to state something don't use strawmen to bring it out..

if black culture won't or can't help the next generation don't blame those who make the sacrifice to ensure that their children DO get a good start.

Blacks do get involved with their children's schoolwork, quit the racial stereotypical "black culture doesn't do" argument, it has no credibility to it whatsoever.

the richest of whites? and how many of those are there? most whites live paycheck to paycheck.

so its a strawman to point out that blacks don't focus on giving their children the best start in life possible? stable two parent families, emphasis on schoolwork, and teaching children to respect the law seem to be an option that many black 'families' would rather opt out of. as one example I would like to bring up how blacks like to blame their collective pitiful performance on the SATs by saying they don't have money for SAT prep courses. every library has practice tests available, for free. yet every year the same lame excuse is trotted out as if it explains the difference even though the average improvement for the prep courses is tiny compared to the black/white gap.

so if the 'black culture doesn't do' excuse lacks credibility, what is the reason for black underperformance? some nefarious outside interference that stops blacks from trying? some racist whispers from strangers that are overwhelming compared to the constant encouragement from loving parents, right? why do children from affluent black families in California get outperformed by poor white children? its always general excuses, with no realistic evidence to back it up, no apparent solutions except for outside groups to give even more stuff to the poor woebegone blacks.

 

[IanC]

According to the 2007 Survey of Consumer Finances, white family households possess 10 times more wealth than the median black family.

I wonder what the figures would be for families with the same incomes and no inheritance? I would be willing to bet that there would still be a huge difference.

 

[Charles Stucker]

I wonder what the figures would be for families with the same incomes and no inheritance? I would be willing to bet that there would still be a huge difference.

There are several factors besides inheritance, some of which can be fairly addressed and some of which cannot.
It is unfair to state "child X lacks supportive parents, but child Y has them, so we must GIVE child X better grades than are earned." Not only is it unfair to Y, it is unfair to X as well because X now has reduced opportunity to gain from public education.
It is unfair to tax working people into poverty because the government wants to spend more money to address the "issue"

It is fair to provide free education through 12th grade; this is done for all children (save those who opt out) and is generally regarded as a positive investment in the future. It is not fair to bus children an hour each way to achieve some ideal of racial integration.

It is even fair to tax inheritance, though the situation a few years ago was atrocious - those with extreme wealth had almost no inheritance tax, while those with moderate wealth could lose more than they inherited. The last needs some explanation; a father launched a small business, which grew during his lifetime to be relatively prosperous. When he died, the IRS cam in and valued the business at $3.8 million and assessed a total tax on the estate of just at $2 million. His heirs tried to sell the business, but could only get $1.5 million. The IRS seized everything remaining and auctioned it for $150000 then they billed the inheritors for the balance due - $350000. Talk about a farce; the business went out of business and the employees lost their jobs, the family went bankrupt and the government probably lost more tax base than they made up with the seizure. In contrast how much of the Walmart fortune went to taxes?

I have known black people on both sides of the spectrum - a single mother of two who works two jobs (~ 7-80 hours a week) to avoid welfare, and a black woman who had children every year or two and never wanted to work, but claimed she was "owed" the checks because of slavery. Until the latter attitude is eliminated, I doubt the situation will change, as welfare is a destructive mechanism, both for individuals and societies.

 

[IanC]

It is unfair to tax working people into poverty because the government wants to spend more money to address the "issue"

It is fair to provide free education through 12th grade; this is done for all children (save those who opt out) and is generally regarded as a positive investment in the future.

interesting take. I am pretty much a socialist. I think we should do our best to raise everyone up to their full potential. but I am also a conservative when it comes to holding people to personal responsibility. welfare is necessary but those who receive it should not be considered full citizens with full rights. why should someone who can't take care of themselves be able to vote for how we run the country? childlike adults shouldn't have the same political power as functioning members of society. 'to all by need, from all by ability' doesn't mean everyone is equal, it is inherent in the statement than some are able to make better decisions. have you ever wondered how some people can have more children than they can afford while others have only as many children as they can give a great start to? and then those children are supposed to feel guilty because their parents DID give them the means to be successful. and the children from poor and dysfunctional families feel embittered by their lack of opportunity and think that something has been stolen from them. ant and the grasshopper redux.