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Inequality in the Savings Race

More news stories on Racial Differences

Dorothy Robinson, Metro International (New York), May 17, 2009

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But there is a great divide between the races in saving for retirement. According to a recent study by Ariel Capital and Charles Schwab, 62 percent of black households earning more than $50,000 a year own stocks and mutual funds, compared to 82 percent of white homes of equal economic status.

This disparity doesn’t have to continue, says financial planner Aaron W. Smith. As he points out in his new book “In the Black: Live Faithfully, Prosper Financially” (Amistad, $16), African-Americans do not need to feel like the underdog—by 2012, black buying power is expected to reach 1.1 trillion, according to the Nelson Company. They just need to become more informed about their financial options.

“I work with both white and black clients,” Smith tells us over the phone from his office in Virginia. “And let me tell you, both [races] are not financially literate. But the difference is that whites have a tendency to save more. And we traditionally tend to spend what we earn—not to mention the problems in the gap in income.”

In addition to that gap, there are many more obstacles when it comes to African-Americans and saving—more than 50 percent of black women are raising children in a household where a father is absent, meaning money is tighter. And as “In the Black” points out, there’s also a long-standing tradition of loaning extra money to family members instead of socking it away, and there’s a tendency to rely on Social Security or pensions as their primary retirement savings vehicle.

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Original article

(Posted on May 19, 2009)

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Comments

1 — Tim wrote at 6:11 PM on May 19:

There is a tradition of not paying off your credit cards, not paying your mortgage, and not saving anything past the next
paycheck in the Black community. Also a tradition of watching Rapp Stars wear their bling, carry YSL signature purses,and driving SUV’s with a $8000 set of spinner wheels. But only Bill Crosby dare mention this cultural difference with the white and asian communities.

2 — GA Peach wrote at 7:13 PM on May 19:

Why continue to compare the two races? This is a fruitless effort! It is again comparing apples to oranges. Enough already.

3 — Whiteplight wrote at 10:27 PM on May 19:

If you own or depend on stocks or other securities for your life, you have lately been feeling pretty poor. That means me. And all because ALL the politicians created the sub-prime mortgage crisis for a little short term gain by a few.

But one thing I have realized in all this is the slavery perpetuated on all by the proping up of the magical “credit score.” It is so important that it apparently is supposed to be more important than keeping a roof over your head. This ruse is being perpetuated by those GRIFTERS who want to buy homes through distressed bank “short sales” so that they can flip it and make some quick money. The same old scam arises like a pheonix from the ashes! And that isn’t all; If you are unemployed and apply for jobs you must give your social security number when asked and they can check your credit to see if you are worthy to work for them. Each time a prospective employer checks your credit, it dings it. So the next time you need credit, you pay higher interest, but you can’t get a job because you are over 50 and your credit rating is only getting worse. TO HELL WITH THE CREDIT RATING SYSTEM AND ITS LOBBY!

4 — DoppelGangbanger wrote at 10:41 PM on May 19:

I’m less concerned with differences between the races than with whites being perpetually blamed for them.

5 — Bon, Tax Slave of the NWO wrote at 1:28 AM on May 20:

“…But the difference is that whites have a tendency to save more…”

Yeah, must be those pesky White tendencies and qualities such as intelligence, foresight, patience, ability to delay gratification, and plan for the future.

Professor Lynn reports in “Race and Psychopathic Personality”:

“…Psychopathic personality is a personality disorder of which the central feature is lack of a moral sense…. failure to learn from experience… and a lack of long-term goals…..The impulsiveness component of psychopathic personality includes an inability or unwillingness to delay immediate gratification in the expectation of long-term advantage.

Blacks and Indians have the highest psychopathic scores…”

Stanley and Danko explain the ‘secrets’ of building wealth in their iconic book ‘The Millionaire Next Door’. These ‘secrets’ closely resemble White traits such as:

“…living below one’s means, allocating funds efficiently in ways that build wealth, ignoring conspicuous consumption, being proficient in targeting marketing opportunities, and choosing the ‘right’ occupation…”

To point this out, however, in the current PC Reign of Terror is heresy punishable by destruction of one’s career and reputation.

Also, the current anti-White government, in its ongoing goal to destroy Whites, is making it increasingly difficult to accumulate wealth via a myriad of crushing, satanic taxes and denying Whites the means to support themselves and their families.

Government-designed hyper-inflation, coming later this year, will also reduce White wealth.

None of this is by accident or through stupidity—I believe it is a meticulously planned, coldly calculated, forcefully carried out plan to destroy Western Civilization and the Whites who created it.

Bon

6 — Alucard wrote at 7:43 AM on May 20:

I’m sure whites are to blame. Maybe if blacks won’t spend all their money on shiny objects and stop living for the moment, they will actually start to keep up with whites and Asians. But then again, personal responsiblity has never been a highlight of ‘black culture’.

7 — Anonymous wrote at 10:48 AM on May 20:

The lesson learned is that it was a mistake to accept the ponzi scheme of slavery or liberate slaves into white society to create the host of problems and complexities of this unnatural association between the races that was never supposed to occur in a million yrs.
Can we understand that slavery was bad and not in the way the pc crowd wants it percieved.
Slavery was bad because it was not natural and has allowed for impurity and all the problems associated with it.

What we are witnessing is why the original single race was wiped from existence with the cleansing effects of H2O and it rid the earth of the only thing that extinuishes fires.

There are no answers to race mixing that wont lead to more problems that was endless or until the dominant chosen upper tier race is extinguished from the face of the planet.

Why didnt the elite understand 400 yrs ago when they founded the land separated by the great oceans inhabited by pagan Asian mongoloid reds who had to be mostly killed off, that eachof the 3 races were fully self contained and this trickery of the Ham servantude was a ponzi scheme that would destroy them?

Why wasnt hired help or sharecropping not used instead of slavery from the gitgo other than the clear deception of these pagan black slaves?

In todays dollars a slave cost an average of 50,000 each in todays money. Hoe hard could it have been to figure you were being conned even with the arithmetic on the back breaking crushing expense that bankrupted half the large slave owners anyway? Were they this stupid?

And today we see the lies where the souths main economy were slaves only. This is fiction but used only to justify how the slaves make the souths economy and nothing else. Typical snake lies. If anything the slaves were nothing but the worse ever white mans burden.

Why it is never mentioned as to the non elite 99% of the white race who didnt own slaves and were greatly harmed by slavery taking their jobs not to mention doing great harm to the economy.

What was the unemployment rate of whites in the south for the 250 yrs slavery existed?

Why wasnt sharecropping used?

Why is it not reported how slaves lived better than non-slave owning whites?

Cant we simply say that European American elites screwed up badly with slaves and that it was unequivocalble the worst possible mistaken ever made in European history to say the least?

In effect because of slavery America was a mistake and we know the Founders screwed up badly to say the least in spite of their genius ideas on nation building itself.

Cant we admit that the Founders failed to correct the slave problem in 1791 when they ratified the Madison written USC and failed to outlaw slavery and return 100% of them back to their origins?

Cant we admit that the Founders failed to correct the religion issue and actually made it worse allowing other pagan religions in more freely refusing to understand that they didnt have to have state sponsored christian religion as long as they banned any other religion here? Isnt that freedom?

We must must lay all blame this at the Founders feet because they had the chance to wipe out slavery and not just wipe it out but ooutlaw it and more importantly get the non-white blacks out of this nation without exception returning them unharmed to Africa. Was this not the ideal solution? This would have ended Marxism even before it began and saved the white race plus the 500 million dead from the past 150 yrs.

Can we not truthfully admit that because the Founders failed so badly this has made America a scourge to the white race and caused it eradication allowing the serpents to take over using of course their non-white mainly black and other red or yellow tools along with the brainwashed whites such as Bush. We cant blame Bush for it all but he was such a pathetic poor excuse for a white it defies description and he pupported himself as the 2nd great emancipator on his knees for Lincoln all the time and bragging about it plus allowed the neocons full control to screw up everything and send this mutt into the WH.

We know hindsight is 20/20 but would even the Founders agree if they could come back and witness the mess they created by mostly the utter lack of insight and ignorance.

Would the Founders agree they screwed up?

Or would they deny it and blame it on others?

We do know that whites are easily decieved and this is where the biggest problem lies. They refused to understand or heed the true meaning of the warnings to wise or how about wiser than serpents?

We do know that pride gets in the white mans way and he will deny being decieved to save face and this is a major problem.

Arent you supposed to learn from your mistakes?

8 — Michael C. Scott wrote at 3:10 PM on May 20:

Blacks in addition are far less likely to contribute to the 401(k) plans most companies offer. When I was in the microelectronics industry, one employer matched up to the first six percent of one’s income contributed to the plan at 40%. Thus, an employee who contributed 6% of his income to the plan was really saving 8.4%, and all of this was pre-tax dollars. Even the increase in value of the investment grows tax-deferred. Free money! Obviously, the MINIMUM one should contribute under such conditions was 6%. A 401(k) is also painless saving; if an individual doesn’t see the money appear in his or her checking account, it doesn’t take any real self-discipline to avoid spending it.

The MSM, as usual is ignoring every serious issue when it comes to comparing black vs. white wealth. Real estate is wealth. Savings in IRAs, a 401(k)s, mutual funds, stocks or bonds is wealth. A leased blingmobile is not wealth. The ridiculuous fascination with shiny objects on the part of some people does not receive anything like the ridicule it merits; this is a trait normally associated with some birds.

9 — Svigor wrote at 3:29 PM on May 20:

And as “In the Black” points out, there’s also a long-standing tradition of loaning extra money to family members instead of socking it away

Translation: a black can be exceptional, but the rest of his black family will be typical blacks.

“Black failure” writ small.

10 — margaret wrote at 6:25 PM on May 20:

Most of these savings are in retirement accounts. Blacks who work do not have to have these retirement accounts because according to national Review magazine, more than 90 percent of blacks who work work for government agencies, schools, hospitals etc that have government pensions. So they do not have to save.

Whites on the other hand, must make their way in the cannibal capitalistic private sector where pensions and tenure are a thing of the past.

11 — Anonymous wrote at 6:25 PM on May 20:

To Anonymous at 10:48, your well-conceived post holds a fatal flaw, and that is that the Founders could never, ever have conceived of something as ludicrous and baseless as political correctness, which now has us Whites completely hamstrung. The Founders were sapient but could never have imagined a world in which Whites fearfully give away their superior position because of brute force or racially-charged accusation.

It was indeed an indescribably fatal error to bring blacks to these shores and then simply emancipate them here among us, and had John Wilkes Booth stilled his hand, their repatriation may well have been forthcoming. It has often been discussed why subsequent commanders-in-chief failed to complete that task, with the usual response of the immorality of bringing people here against their will, forcing them to work for free, and then kicking them out when they were less familiar with Africa at that point than of the U.S. The only worthwhile reply to that is, what about the well-being of the founding population? Why is THAT not the primary question.

The Founders do indeed see what their creation has dissolved into and no doubt were the type of men who would admit freely and honestly that they did not foresee this horrific situation and deeply regret allowing it. They were far better men than those of today, who are petrified of the truth about the races.

12 — margaret wrote at 7:11 PM on May 20:

“We must must lay all blame this at the Founders feet because they had the chance to wipe out slavery and not just wipe it out but ooutlaw it and more importantly get the non-white blacks out of this nation without exception returning them unharmed to Africa. Was this not the ideal solution?”

Annonymous is absolutely right. There are a lot of pro slavery things about our revolution. Remember, the list of the signers of the Declaration is also a list of the richest persons in the colonies.

The revolutionary propaganda began right at the time the British began a campaign to abolish slavery in the British empire.

As we all know, slavery in the colonies was created not by legislatures at first, but by Judges who colluded with the employers of African indentured servants to make the servants into slaves. So the principle of Judicial creation of laws began in America.

In 1768 a Jamacian brought his slave to England. When the time came to return to Jamacia the slave, with the help of anti slavery activists brought a lawsuit against his owner that he could not be brought back to Jamacia. The slave won. He was free. That decision effectively abolished slavery In England itself.It was a great triumph for the anti slavery movement.

The founders, either slave owners themselves or ones such as John Adams who owned interests in ships that made money from the slave trade stepped up their revolutionary propaganda. They could see what was coming. Slavery was abolished in British colonies in 1833.

The founders did not want that to happen. So the revolution came about. There were other factors of course, but the preservation of the advantages of slavery for the rich elites was a major, major one.

Regarding the cost of slaves: Once an owner had a couple of slaves they naturally had children. The owner didn’t pay for these children. He had only the minimal cost of raising them and training them in the standard skills everyone had at the time. I’m sure the children learned by observing and doing.

In 16 years the slave owner had something worth $50,000. Not a bad return for the cost of raising a child.

Washington was President when the capitol was in Philadelphia. The state of Pennsylvania outlawed slavery. So Washington sent all his slaves home immediately.

A major reason the elites fomented the revolution was to preserve the advantages of slavery for themselves. Their talk of democracy and representation was just a cover for the kind of government they really wanted, a government where there was no real separation of powers but a government ultimately ruled by the Judiciary.

Don’t complain about Ginsburg, Brennan and the other anti white activists on the Supreme court. Don’t complain about the no Whites need apply rulings made by state and federal Judges for the last 45 years. Don’t complain about the destruction of entire school systems by school busing court orders. Don’t complain about the destruction of entire cities by judicial fair housing orders. Don’t complain about the illegal immigrants here at the invitation of federal and state Judges.

The situation is exactly what our founders intended, a country run by life long tenure Judges appointed by wealthy elites for the purpose of running the country for the benefit of the elites.

One of the biggest contributors to the NAACP ADL ACLU over the years was the financial markets manipulators Lehman Brothers. Lehman Brothers boasts about its contributions to the civil rights organizations dedicated to advancing blacks.

Lehman Brothers hides the fact that the founding Lehman Bros came to New Orleans in 1800 and for the next 60 years were the second largest slave brokers in America. Lazard Freres is another investment house that in the 20th century made enormous contributions to NAACP ACLU ADL but were major New Orleans based slave brokers in the 19th century.

All White nationalists should be glad that Lehman Bros, contributors to so many anti White organizations went bankrupt.

13 — White wolf wrote at 1:22 AM on May 21:

Posted by Anonymous at 10:48 AM on May 20

Wow, what a great article!! A great piece of race realism that I have ever seen on this site. I often think of all the damage done to this country because of the sin of slavery and think that the Elites of the day never cared about the problems of the common man. Alex De Tocqueville in his book, Democracy in America explains in perfect historical detail how never can former slaves and their masters live together. Most political commentators have read this information and would never quote its historical facts!!
The revolution was nothing but a attempt to gain power for the elites and to preserve the benefits of slavery. 5% of whites owned slaves, yet 100% of us suffer from it today. My family came to this country from Italy in 1906 and have been a victim of America race disaster. The sad part is that our mutt president is going to be the nail in the coffin for white America and Slavery. Why would we vote for such a unqualified fool? To make amends for Slavery?, yet just wait until Blacks seek reparations and white oppose and the whole world, especially Europeans start calling us racist and anti-black and we will cave in. African and Europeans are not a compatible people and need to be separated or ultimately we are going to go to war and that will be a moral disaster for all. We whites need to stop praising the founding fathers for the mess they have us in. Think of where this country would be if slaver would of never existed? We would of did our own labor and would not have had most of the civil problems we had the past 100 years and the real ones that are coming. Jefferson did not want them here not did Lincoln, but did nothing and actually did stuff that has us in this mess now. Blacks and whites will never live in peace!!!

14 — margaret wrote at 7:27 PM on May 24:

“It was indeed an indescribably fatal error to bring blacks to these shores and then simply emancipate them here among us, and had John Wilkes Booth stilled his hand, their repatriation may well have been forthcoming”

Perhaps, but I doubt Lincoln would have done anything other than to send a few hundred thousand dollars and a few shiploads of free blacks to Liberia.

That promise was made during the summer and fall of 1964 when Lincoln was up for re election. Remember the confederate side was as popular in the North as it was in the South. Lincoln had to suspend habeas corpus for the duration. It was the worst civil rights violation in our history.

Lincoln kept 40,000 newspaper editors and publishers in jail for the duration using his suspending of habeas corpus. There were riots when the draft was instituted. The immigrants who filled the northern cities had no interest in going to war. They came to America to work, and in many cases, such as the Russians and Germans, to escape the draft in their home countries.

Many of the leaders of New York, our greatest city thought of secession. They thought they could establish a great city state, like medieval Venice or 20th century Hong Kong. They even had a name for the new city state, Trilandia, for the 3 islands, Long, Manhatten and Staten.

The workers knew that the free blacks would be brought north to compete for jobs. We already had the population of Europe flooding in to depress wages and increase housing costs.

Many businesses profited from supplying goods to the military. But many more struggled because their workforce was at war.

Britian, France and German bankers were lurking around to pick up what they could.

So for those and many other reasons Lincoln claimed that he would send the free slaves back to Africa or the Caribbean.

I firmly believe it was just a campaign promise. Even if he were sincere, there would have been many problems

(1) Would the slaves want to go to Africa? Would Lincoln load them on ships like Lenin and Stalin sending the Kulaks, Tartars etc off to Siberian gulags?

(2) Would business tolerate a cheap work force allowed to leave?
Remember, the more workers there are, the less they have to be paid.

(3) Would the abolitionists (cause people) allow the objects of their enlightened concern to leave the country? Certainly not! These holier than thou busybodies made a good living out of their abolition movement. After the civil war the movement segued into a lift up the blacks and cause racial problems movement.

Even in high school history, I always thought Lincoln’s plans to send the slaves back to Africa was just a campaign promise.

Personally, I think our race problems would be solved if we could send every Judge, his or her entire family and half the attorneys to Africa or Siberia, or the moon.

15 — Clytemnestra wrote at 5:03 PM on May 31:

I think Lincoln would have been forced by Northern whites to repatriate the black slaves back to Africa had the elite not done what the elite always does and that is suppress any and all dialogue over it.

After all, most of the factory workers from Europe who were depressing the wages of Northern whites were peasants ideally suited for work in agrarian societies, such as the South. The logical thing for anyone who gave a damn about America was for Northern leaders to get the Southern leaders to accept cheap European white labor in the place of black slaves who could have then been repatriated to Liberia or Sierra Leone.

However, free white plantation workers would eventually save up enough money to leave the plantation and their children would also achieve upward social mobility and this would not keep White wages both in the North and the South depressed. Moreover, a thriving upwardly mobile middle class would demand more power sharing from the elites.

No, the elites want a permanent underclass to keep White wages depressed and the elite oligarchy at the top of the hierarchy. That is virtually impossible in a racially homogenous society. So, it was necessary to keep blacks as slaves and to keep them around after slavery was abolished. However, welfare entitlements kept them out of the workplace and birth control and abortion kept their numbers too small and there was no one to do the grunt work at coolie wages.

Notice that there was a large amount of poor white reasonably educated and skilled labor from eastern Europe after the Berlin Wall fell. Not to mention all the potential White refugees from South Africa and Zimbabwe. Cheap white labor that would easily assimilate into our language and culture and not cause all these problems.

Oddly enough, the elite and the business oligarchy opened the border to every illegal mestizo who wants to jump the fence and is trying to give them a pathway to citizenship.

I thought that this sort of thinking went on since the War Between The States ended, but until Margaret opened my eyes, I never suspected that this race treachery was put into place by the Founding Fathers! Puts history in a brand new light for me.


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