Why some are rich and you're not.

[Concerned American]

Trump`s daddy gifted him $400 million and he declared bankruptcy 5 or 6 time. Yes, taxpayers bailed him out. Being a millionaire today isn`t as impressive as it would have been 5 or 6 decades ago and there`s millions of people like me that don`t really give a shit about money because they have what they need. Am I a commie?

Trump has never filed bankruptcy. His businesses have, but those are totally different. Nice try to muddy the waters though.

 

[Concerned American]

Trump`s daddy gifted him $400 million and he declared bankruptcy 5 or 6 time. Yes, taxpayers bailed him out. Being a millionaire today isn`t as impressive as it would have been 5 or 6 decades ago and there`s millions of people like me that don`t really give a shit about money because they have what they need. Am I a commie?

LMAO, so you are discounting the $600M+ that Trump has accumulated since then? How many million have you accumulated in your life?

 

[Hafar1014]

LMAO, so you are discounting the $600M+ that Trump has accumulated since then? How many million have you accumulated in your life?

A million excuses

 

[Concerned American]

A million excuses

At least!!!

 

[August West]

Yes

I am always amused by what you clowns define as work and/or a job.

Being a steelworker is a job and one that you couldn`t handle. What I did for 35 years, you couldn`t do for 35 minutes. Steel mills operate 24/7 including holidays. You tell me what you consider work or a job. There were women in the mill that would kick your cowardly ass up and down the street.

 

[task0778]

Rich people have money to invest and the less rich don't. It ain't really that complicated, some rich people started out rich but a lot of others didn't and they found a way to invest and grow their wealth. Sometimes it's a question of choices; some of us make some very good choices and some of us didn't. There's probably an element of chance and misfortune in there, but IMHO we are all pretty much a product of our environment and the decisions we made.

 

[Woodznutz]

Rich people have money to invest and the less rich don't. It ain't really that complicated, some rich people started out rich but a lot of others didn't and they found a way to invest and grow their wealth. Sometimes it's a question of choices; some of us make some very good choices and some of us didn't. There's probably an element of chance and misfortune in there, but IMHO we are all pretty much a product of our environment and the decisions we made.

The key to success is often (not always) access to capital. White owned banks are often reluctant to loan to blacks thus a major complaint from would-be black entrepreneur's is lack of access to capital. The simple solution is for blacks to save in black owned banks and build 'black capital'.

 

[task0778]

The key to success is often (not always) access to capital. White owned banks are often reluctant to loan to blacks thus a major complaint from would-be black entrepreneur's is lack of access to capital. The simple solution is for blacks to save in black owned banks and build 'black capital'.

I know of no clean data that looks at access to capital based on race, gender, or any other discriminator. I can't deny that possibility, but too many people use it as an excuse for their lack of success when they probably made some bad decisions along the way.

 

[Woodznutz]

I know of no clean data that looks at access to capital based on race, gender, or any other discriminator. I can't deny that possibility, but too many people use it as an excuse for their lack of success when they probably made some bad decisions along the way.

Lots of info out there.

Why Aren’t Black-Owned Businesses Creating Wealth? And How Do We Fix It? | Hi Mark Capital

Why Aren't Black-Owned Businesses Creating Wealth? And How Do We Fix It? Black entrepreneurship is growing, but wealth creation for Black founders isn& ...

himarkcapital.com

 

[Concerned American]

Rich people have money to invest and the less rich don't. It ain't really that complicated, some rich people started out rich but a lot of others didn't and they found a way to invest and grow their wealth. Sometimes it's a question of choices; some of us make some very good choices and some of us didn't. There's probably an element of chance and misfortune in there, but IMHO we are all pretty much a product of our environment and the decisions we made.

I saw it during the real estate bubble in CA in the late 90s, early 00s. People discovered they had equity in their homes and because of American's addiction to instant gratification, they took second mortgages and bought toys, cars, boats, motorcycles, took trips with never a thought that all that money had to be paid back. SMFH. Some people just don't deserve to have money.

 

[Unkotare]

Some people just pick their parents well. In my area we have the Heinz and Mellon families and none of them ever had real jobs. Hard workers?

 

[August West]

The key to success is often (not always) access to capital. White owned banks are often reluctant to loan to blacks thus a major complaint from would-be black entrepreneur's is lack of access to capital. The simple solution is for blacks to save in black owned banks and build 'black capital'.

Where are these "black owned" banks?

 

[Hafar1014]

Being a steelworker is a job and one that you couldn`t handle. What I did for 35 years, you couldn`t do for 35 minutes. Steel mills operate 24/7 including holidays. You tell me what you consider work or a job. There were women in the mill that would kick your cowardly ass up and down the street.

Unions killed the steel industry and gave it to Japan

 

[Concerned American]

Where are these "black owned" banks?

I'd like to know how ethnic ownership of a stockholder-owned company is determined.

 

[Woodznutz]

Where are these "black owned" banks?

Blacks that have the means are reluctant to open banks because black people generally don't have a strong savings habit. There are a few around. Some hire white staff to attract white depositors while they remain behind the scenes. However, they are just as strict in their loan policies as any other bank. Black borrowers still must be creditworthy.

36 Black-owned Banks and Credit Unions, Sorted by State

Black-owned banks and credit unions provide access to capital for majority-Black communities. To find a bank that might be a good match, check out our list.

www.businessinsider.com

 

[August West]

I'd like to know how ethnic ownership of a stockholder-owned company is determined.

Me too.

 

[Concerned American]

Unions killed the steel industry and gave it to Japan

While unions share the blame by making the steel and coal industries decline, they are not the only cause. Hopefully we can see a resurgence in these industries.

The decline of the steel and coal industries in the U.S. was primarily due to foreign competition, outdated technology, and productivity gains that reduced the need for labor. Additionally, environmental regulations and the rise of cheaper energy sources, like natural gas, contributed to job losses and decreased production in these sectors.

Stanford University Wikipedia

 

[Concerned American]

That's my point. There are too few.

I don't think there are ANY ethnically-based/owned financial institutions--nor should there be.

 

[Hafar1014]

While unions share the blame by making the steel and coal industries decline, they are not the only cause. Hopefully we can see a resurgence in these industries.

The decline of the steel and coal industries in the U.S. was primarily due to foreign competition, outdated technology, and productivity gains that reduced the need for labor. Additionally, environmental regulations and the rise of cheaper energy sources, like natural gas, contributed to job losses and decreased production in these sectors.

Stanford University Wikipedia

I remember Fairless Hills PA Steele production facility. We lost the ingot market to Japan but still had the finished Steel market. There is no reason why we cant get it back

 

[Concerned American]

I remember Fairless Hills PA Steele production facility. We lost the ingot market to Japan but still had the finished Steel market. There is no reason why we cant get it back

I'm a firm believer in American ingenuity, ambition and competitiveness although it has been suppressed badly in the last 25 or so years. American pride in the accomplishments of her citizenry also needs to return.