Thursday, July 28, 2011

White Families Have 20 Times the Wealth of Black Families: How Racism's Legacy Created a Crushing Depression In Black America

The economic crisis has hit most families hard--but since many black families had less wealth to start with, its impact on them has been nothing short of disastrous.

Racism is real and measurable, and it definitely impacts economic outcomes. But at a time when overt, in-your-face institutional racism is largely a thing of the past, discrimination alone can't explain the entire black-white achievement gap – African Americans' lower average incomes and persistently higher levels of poverty and unemployment.

But a large part of that gap can be explained by differences in accumulated wealth. If you look at black and white families with the exact same incomes, the white families will have far more accumulated wealth – cash in the bank, retirement savings, investments, real estate, etc.

AlterNet-Read more


  1. TGIA, this is completely innaccurate crap.

    Many "white" American males are less successful than minorities and this causes a lot of jealousy towards minorities. Not that I know what "white" means in America. Most Mexican Americans might be considered "white."

    There is nothing as offensive and racist than a condescending pretentious white American leftist male expressing his pity for minorities who have much better prospects in life than he does . . . than you very much.

  2. <span><span>Many "white" American males are less successful than minorities and this causes a lot of jealousy towards minorities.</span>  
    This doesn't invalidate the OVERALL estimation/statistics. If you still disagree go and argue with AlterNet, I can't be bothered enough to listen to your verbal diarrhea.</span>

  3. Well said.  Racism is alive and well in the U.S.  If anything, having a black president seems to have made it okay for people to be right up front about their backward, ignorant beliefs.

  4. <span>"condescending pretentious white American leftist male" </span>

    You didn't read the article you boring twit! The writer based his article on the New York Times source. Here:

    "and, as the New York Times reported, by 2009, the “median wealth of whites [was] 20 times that of black households.”

    If you want to systematically dispute statistics and reports without reading them, it will only show that you have an agenda that goes behind online discussions. You're on the government's payroll. Of that I'm 100% sure. You're only here to spread crap!

  5. <span>"You're on the government's payroll. Of that I'm 100% sure"</span>

    I'll even raise the percentage to 200% if, mathematically, this was possible.

  6. Anan, the statistics are based in science and your response is based in subjectivity.  Who's dishing the crap, really?

  7. "<span>Racism is alive and well in the U.S.  If anything, having a black president seems to have made it okay for people to be right up front about their backward, ignorant beliefs.</span>"

    I wish I could disagree with you. And I would have anytime before early 2009. But now I am not as sure.

    Its scary to see ann expressing some of my own thoughts and fears.

    Why didn't the responsible "grown up" honorable Republican elders do more to stop the birther nonsense? And there are many honorable respected elders in the Republican party.

  8. Ann, TGIA often deletes my responses, so not sure you will see this.

    I don't work for the CIA, Mossad, some Shiite clique on Nejaf/Qom, Mi6, the global Sufi conspiracy, RAW, the Chinese government, Korean government, "big corporations," Fayyad, Barghouti, PM Maliki, Bibi, "the chosen one" or any other group. I speak for myself. Although I admit to being a fan of Turkey, Indonesia, Erdogan and Lula.

    Please reference one time I have dished out "crap" or an illogical arguement?

    Ann, do you really disagree that there is a lot of jealousy in America towards successful minorities [including minority entrepreneurs] and foreigners? Much of what passes in America for anti business rhetoric is a veiled attack on foreigners since a majority of all US HQed multinational business have mostly foreign employees, owners, customers, increasingly even management. It is also widely known by Americans that most of the world's rich people are not <span>caucasian</span> America and that America's share of the global rich is dropping fast.

    The statistics this article is based on is intentionally misleading.

    We all know that Americans like to borrow, rich and poor Americans alike. As a result many very high income Americans have more debts than assets. By definition their wealth is negative.

    The large numbers of Americans who choose to have negative wealth [by partying and borrowing like mad] make any study like this completely meaningless and decieving.

    A far more useful study would compare real incomes.

    Ann, I use to collect and do econometrics on data sets. Some of which were too big to hold on even a "cloud" hard drive. If you want to continue this discussion we go into the weeds of the models and the assumptions behind the models.

    I have seen data that first and second generation immigrants from the African continent [such as the President] statistically are more affluent than caucasion Americans. However, I worry about whether the data for such analysis are independently and identically distributed or iid. I think the standard deviations for such studies is too high and question if a standard distribution function is appropriate for these data sets.

  9. <span>I don't work for the CIA, Mossad, some Shiite clique on Nejaf/Qom, Mi6, the global Sufi conspiracy, RAW, the Chinese government, Korean government, "big corporations," Fayyad, Barghouti, PM Maliki, Bibi, "the chosen one" or any other group. I speak for myself. Although I admit to being a fan of Turkey, Indonesia, Erdogan and Lula. </span>

    You don't work for any of these except one! And you know that I know which one it is.
    Another point, if none of these are your employers it's simply because none of them is mad enough to hire an irrational, messed up twit.

  10. The report talks statistics, data, numbers, percentages and you talk about "jealousy" and "racism"?!!!!! Get help quickly madman. You're definitely a psychological mess!

  11. Please cite a single exam of something false I have written. Just one.

    You are extremely well intentioned and slightly unaware that some people aren't as benevelent as you.

    I think you are implying I work for Israel. What?

    At Michael Totten I am frequently accused of working for Sayyed Nasrallah, Sayyed Khamenei and Hamas. And you accuse me of working for Israel.

    Why impugn the motives of others? Why not focus on ideas and data?

    TGIA, I am dealing in facts. There are many people with high incomes who live in mansions that have negative wealth. You know this as well as I do.

    A more useful study would be to state what percentage of Black Americans, Asian Americans, Brazilian Americans, have negative net wealth. To talk about mediun wealth in an environment where many choose to have negative wealth as a matter of choice is . . .  not very relavent.

  12. "<span>psychological mess!</span>" . . . "<span>irrational, messed up twit."</span>

    How could you?      :(    You are better than this.

    What is with our species? Why do people here and at Michael Totten's blog continually make up nonsense like this about me.

    What have I done to any of you?

  13. <span>"Why not focus on ideas and data? "</span>

    Are you kidding? "focus", "ideas", "data"?!!

    I post a video about the devasting effects of Depleted Uranium that you dismiss out of hand and argue, without watching it, "god" forbid, that "the Takfiris are a bigger threat" !!!!! Is this your idea of "focus, ideas anmd data" ?!!

  14. You really want to know? Are you really interested in knowing what's wrong with your brain? It's simple. You're totally irrational with a profound inability to understand and grasp what is said or discussed. You regress in length to issue that have no relation whatsoever with the subject, the post or the comment. A tiny example:We talk about depleted uranium, you dismiss it out of hand and say that the takfiris are a bigger problem! Do you realise the insanity here? Not to mention the cowardice and callousness of such a response knowing that thousands of children are dying born ill formed?

  15. <span>You also talk with authority about something you ignore or have very little knowledge of. Example: A report/study/research published in the NYT shows that whites are 20 times wealthier than blacks. You dismiss it as "jealousy" (!!). You accuse the author of being a "racist", a "leftist" and other irrational accusations, all this WITHOUT reading a word of the f*&%$# article!! Not a word!!  
    Another example: The 0.6% Muslims proportion in the US also in the (CIA fact book)..But you know better. It's all crap. All this  without reading a single word of the frigging article and/or the Wikipedia link!!! And you still wonder why people LOATHE you?!! You're a f%%$#$ idiot who cannot resist the urge to blather to no end in sight!! You're a laughing, yet highly irritating, stock!

  16. Finally..I'm not fooled by your sweet talk and sugar coated venom. Your ability to slander is staggering. You accused Jemmy of supporting a certain Haqqani, a man he has never heard of, and said it many times and I was a witness the whole time to the whole thing! You have fabricated the whole thing!! You made it up!

  17. <span><span>Fleming...  (You cannot possibly be thinking that I wouldn't find out who's behind this 'phony picture',do you?)</span>  
    First and last I'm going to ask you to refrain from making attacks on other people based on their ethnicity, race or backgrounds. Not to defend him but for me and for millions of other Americans who have a consitution to abide by, he's as much a real American as you and all your "real American" buddies.  
    <span>Anan hangs only with his fellow ethnics.  Because they are so isolated and unwelcome among real americans</span>    
    What does this shit mean, fleming? Just because your ancestors owned slaves and could whip them to submission, should that make you a "real" American? For me he's no more, no less American than you or (again) your whole thick-necked supremacist tribe.    
    As usual, you have nothing to contribute but this far right supremaist diarrhea waste you've been leaving on this blog (when you could) and elsewhere before. Just remember this and remember it well!! I will not tolerate those whiffs of barely disguise racism and hate mongering (but shouldn't you know that already?) and if needed you too I can boot you out in less time than it takes to say, STFU!</span>  
    Be warned!</span>

  18. I dont know where that name came from. Not my doing.

    A real American is someone who embraces our culture. Anan plainly does not. See the questions I asked. He falls short.

    Sorry, but there is a dominant culture here, just like there is
    in all countries. It's pretty clear from anans comments that he is more loyal to his ethnicity than the country that provides his freedoms and provender. I don't cotton to ingrates and traitors.

  19. <span>Ah yeah? Funny it's the same IP adress, huh fleming? Simply Pathetic! Low and pathetic! 
    One and only (  
    Phony picture (</span>

  20. One and only ( Thursday, July 28, 2011
    Phony Picture! ( Friday, July 29, 2011
    Funny that!

  21. Is it also a characteristic of a "real american" to lie with a straight face?

  22. I didn't say it wasn't my post. Just that I didn't come up with the name. No idea where phony picture came from.

    Geez, Settle down.

  23. TG
    As dumb as this faschist prick is , he thinks the system works by the name he wears . poor prick with an Ipad 

  24. <span>that goes behind</span>


  25. <span>I didn't say it wasn't my post. Just that I didn't come up with the name. No idea where phony picture came from. </span>

    Your post, your ip adress but you didn't chose the name? Who did then? How is this remotely possible?

  26. I don't know, and dont really care. Unlike you and vaa, I don't have all the answers.

    Oh to be so full of wisdom and insight, like others here, rather than be a "poor" brainwashed amoral racist prick (with an iPad),however. And a white guy to boot!!! Truly, woe is me

    =-O :-P

  27. <span>I would never say you're racist! I have no reasons to believe you're one! Haha ha haahaaha ha ha! Stop you're killing me!!</span>

  28. You have commendable patience to respond to Anan and this other guy ("one and only" -- let's hope).  

    When I first started visiting this site, I remember posting how distressed I was about the US bombing Afghanistan.  Anan asked me if I was paid by the Taliban or did it for free!  So please, Anan, don't feign horror and innocence when someone accuses you of acting on behalf of imperialism.

  29. Well thanks, ann. I'm responding because I'm stuck at home with chest infection and have a bit of time on my hands. Also I got fed up with the insufferable pantalonades emanating from this bazar sage.. It had to stop. As for accusing you of being paid by the Taliban for merely suggesting that you're distressed at the bombing of Afghanistan that's typical trade mark of anan. Jemmy knows that well. I have no respect for this blathering fool. He loves the sound of his own voice. He says in thousand words what could be said in 10. I'm just glad he now spares us the avalanche of acronyms.

  30. Ann you have no idea what I found offensive in your remarks.

    Maybe you should talk to actual Afghans. By far the greatest cause of anger by Afghans at Americans and Europeans and Asians and the UN is the widely believed conspiracy theory that America backs Al Qaeda and the Taliban against Afghans and their beloved Afghan National Army.

    More than 85% of Afghans "LOVE" their Afghan National Army. And the Taliban and Al Qaeda are killing them in record numbers.

    Most Afghans hate the Taliban and their foreign backers.

    One of my friends embedded with the Taliban and told me that even the Taliban think America and Britain [and the UN and others] back the Taliban. Many of my friends have told me that most Afghans believe America backs the Taliban and are very angry about it. [Although the anger agianst Britain for backing AQ and the Taliban is stronger.]

    I assumed that you were backing the Taliban against the Afghans become of some anger you had or maybe because of some misplaced loyalty to the Pakistani Army.

  31. <span>Maybe you owe Ann an aopology for your "assumption"! Just saying!</span>

  32. Maybe I have a simplistic view, I admit I am not as well informed as some, but I've always paid attention to what is going on in the world and have formed my world view from that.  

    The U.S. does not go to war for humanitarian or altruistic reasons.  It goes to war over resources.  Afghanistan either has a strategic location militarily or a lot of valuable natural resources.  It's wrong to kill people - noncombatants, and it's especially cynically wrong when the war is being waged so we can take their resources.  I just have never bought the "war on terror" aspect as the reason we attacked Afghanistan.  

    IMO, again I'm not a historian, but I think the existence of the Taliban is backlash against CIA/ US and maybe Soviet intervention.  And Pakistani.  I wonder if at some point before all that, Afghanistan was a stable country, or was progressing in that direction.  I think human beings, if left to solve our own problams, will strive to sort things out and have justice in our societies.

    I give the benefit of the doubt for people who aren't native born US citizens, but for those of us who grew up as Americans, it's disgusting that we look away from, or accept or even cheer for, our military to be dropping bombs on people while we sit over here oblivious to the destruction our tax money is making possible.  (I know Real Housewives is compelling, but come on!)