Wealth Gap Among Races Has Widened Since Recession

Annie Lowrey, New York Times, April 28, 2013

Millions of Americans suffered a loss of wealth during the recession and the sluggish recovery that followed. But the last half-decade has proved far worse for black and Hispanic families than for white families, starkly widening the already large gulf in wealth between non-Hispanic white Americans and most minority groups, according to a new study from the Urban Institute.

{snip}

Given the dynamics of the housing recovery and the rebound in the stock market, the wealth gap might still be growing, experts said, further dimming the prospects for economic advancement for current and future generations of Americans from minority groups.

The Urban Institute study found that the racial wealth gap yawned during the recession, even as the income gap between white Americans and nonwhite Americans remained stable. As of 2010, white families, on average, earned about $2 for every $1 that black and Hispanic families earned, a ratio that has remained roughly constant for the last 30 years. But when it comes to wealth—as measured by assets, like cash savings, homes and retirement accounts, minus debts, like mortgages and credit card balances—white families have far outpaced black and Hispanic ones. Before the recession, non-Hispanic white families, on average, were about four times as wealthy as nonwhite families, according to the Urban Institute’s analysis of Federal Reserve data. By 2010, whites were about six times as wealthy.

The dollar value of that gap has grown, as well. By the most recent data, the average white family had about $632,000 in wealth, versus $98,000 for black families and $110,000 for Hispanic families.

{snip}

Many experts consider the wealth gap to be more pernicious than the income gap, as it perpetuates from generation to generation and has a powerful effect on economic security and mobility. Young black people are much less likely than young white people to receive a large sum from their parents or other relatives to pay for college, start a business or make a down payment on a home, for instance. {snip}

Two major factors helped to widen this wealth gap in recent years. The first is that the housing downturn hit black and Hispanic households harder than it hit white households, in aggregate. {snip}

{snip}

Discriminatory lending practices were also a factor. “We know that communities of color, their rate of subprime or predatory loans was twice what it is in the overall population,” said Tom Shapiro, the director of the Institute on Assets and Social Policy at Brandeis University.

Black families also suffered bigger hits to their retirement savings, the Urban Institute found. On aggregate, the value of black families’ retirement accounts shrank 35 percent between 2007 and 2010, while white families’ accounts actually gained 9 percent over the same period. {snip}

{snip}

All in all, Hispanic families lost 44 percent of their wealth between 2007 and 2010, the Urban Institute estimates, and black families lost 31 percent. White families, by comparison, lost 11 percent of their wealth. The economic turbulence worsened a gap that has persisted for as long as social scientists have measured it, and has its roots in institutional racism, they said, which, for instance, prevented black Americans from benefiting fully from the G.I. Bill back in the 1940s and 1950s.

The Urban Institute study looked at mean wealth figures, where a small number of high-net-worth families skews the averages upward. Median wealth figures—where half of households have more wealth and half less—produces lower numbers, but the trends are the same, the Urban Institute researchers said.

{snip}

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  • The__Bobster

    The dollar value of that gap has grown, as well. By the most recent data, the average white family had about $632,000 in wealth, versus $98,000 for black families and $110,000 for Hispanic families.

    _____

    Actually, the numbers look far worse if median incomes are used instead.

    • bigone4u

      From memory, about $110k for whites and $4k for blacks is the median.

      • Triarius

        I read an article about white and black women’s average net worth in NYC.b iirc it was white women 107,000 and black women 7. Give or take a few bucks, of course.

        • KenelmDigby

          Not being nasty, but would you have one for $7?

    • E_Pluribus_Pluribus

      The NYT, if not the Urban Institute, did point out the likely distortion in using mean wealth vs. median wealth. Quoting from the article above:

      “The Urban Institute study looked at mean wealth figures, where a small number of high-net-worth families skews the averages upward. Median wealth figures—where half of households have more wealth and half less—produces lower numbers, but the trends are the same.”

      $110k for median white wealth — as bigone4u points out — is a LOT poorer sounding than $632k for mean white wealth, which may explain why the Urban Institute chose the more deceptive mean white wealth.

  • BAW

    The Republican and Libertarian parties should be rubbing Democrats’ nose in this…but aren’t…WHY?

  • MekongDelta69

    Blah, blah, blah, yadda, yadda, yadda…

    At the risk of repeating myself, indulge me in posting what I said yesterday:
    _____________________________________

    To make a LSS (Long Story Short), I registered on the site which carried the original article. I won’t bother repeating what I said there, but I tried posting AmRen’s URL (as I’ve always done, when I post somewhere else).

    It accepted the post, but b/c of the “.com”, it said my post was “awaiting moderation” (i.e. ‘censorship’). This isn’t unusual, as I’ve run across this before many times in the last 15 years or so on the Net.

    [Btw, of course my post didn’t ‘pass’ the ‘censor’ – and was deleted. Gosh Beav – what a shock!]

    Point being, wherever else you post, always mention AmRen’s URL (or Vdare’s, or the CCC, or some other site of like-minded individuals).

    Posting here is always great. It’s a stress reliever. I’ve seen many, many (new) people come on here since AmRen went online and then when it became ‘interactive’ (i.e. using Disqus, instead of being moderated for later posting).

    However, the way you get new readers here (and to the above-mentioned sites), is to pass around the info to your email lists, on original articles, etc., etc. I even do that on sites like Human Events, etc., etc. and I generally get great responses from the ‘Ann Coulter’ types (i.e. people who are ALMOST there, but can’t take that ‘final’ step, if you understand what I mean). It’s up to YOU to help them take that ‘final’ step.

    You can’t fight ‘City Hall’, but you CAN make a small difference. Remember – the left is RELENTLESS and has ENDLESS patience. They didn’t destroy this country in 24 hours. It’s taken them over 50 years, and they will not stop until there is nothing left.

    You will not get Jared Taylor (or someone like him) to run for president tomorrow. You will not get anything like that in even the so-called ‘conservative’ media. Once in a while, you will get a Pat Buchanan or Ann Coulter type to approach subjects, and that’s the best you will get. It’s not as satisfactory as having the absolute truth, but again, change doesn’t happen in 24 hours and it isn’t easy. YOU have to be as relentless as the left. And remember, YOU are NOT alone (just read the comments under every article ever posted – on the original site).

    /end of rant

    P.S. Btw, instead of listing any URL as “.com”, use “[dot]com”.

  • bigone4u

    All US wealth could be placed in the hands of blacks and within a year the wealth gap favoring whites would have reappeared. After robbing and killing each for the bling, getting their diabetes treated, and the batteries on their glow in the dark $300 sneakers were dead, there would be nothing left. Whites would again own what wealth wasn’t destroyed. IQ and self control matter.

    • Katherine McChesney

      I think you’re jumping the gun. If wealth is taken away from Whites, many Whites would have to go on welfare. Remember the jobs would be given to blacks whether or not they qualify.

      • bigone4u

        From my old Econ 101 lectures, income is a flow, but wealth is a stock. Wealth must be accumulated from the flow of income through the act of saving. Blacks lack the self control to accumulate a stock of wealth or to put it another way, they lack the ability to save and invest. Whites would not necessarily go on welfare if their wealth were stolen from them and given to blacks. Even if their jobs were stolen too, whites would create businesses and watch the black run businesses go under.

        • Michael_C_Scott

          Wealth is what you have left over after your living expenses are taken care of. On equal incomes, the person with lower expenses will accumulate wealth more quickly.

    • A certain talk radio host that ties half his brain behind his back just to make it fair (though I wish he’d untie that half, maybe it contains some really racial thoughts) said last year that if everyone who had at least $100,000 had that amount taken from them in order to give everyone who had next to nothing that same sum of money, within a year, most of the people to whom it was given would have nothing left, and the most of people from whom it was taken will have made it back.

      You know he didn’t have race in mind when he said that, but it’s easy for us to put two and two together.

      It goes back to the axiom that was pounded into my thick skull hundreds of times as I was growing up, though it took me awhile it figure out what it really meant: Poor people have poor ways.

      • bigone4u

        Lindsay Lohan is a good example of a white female with poor ways. Bankrupt. Her wealth apparently went up her nose.

    • Jefferson

      Blacks can not even create wealth in their own ancestral homeland, that is how low their I.Q’s are. The Chinese are sucking the wealth dry off of Sub Saharan Africa.

      Black stupidity = more money in the pockets of the Chinese. The exploitation of Sub Saharan Africa has created many Chinese billionaires and millionaires.

      • bigone4u

        How right you are. I used to laugh at economists who predicted Africa was the next big center of opportunity. Those economists ASSUMED that blacks could be trained to do factory jobs and turn out quality products like the Japanese. Jeez, even the African wood carvings are primitive compared to those from Asia. Blacks could never do factory work of quality. I’m guessing the Chinese are extracting minerals, using minimal black labor.

        • MBlanc46

          I’ve read, although I don’t claim that I know it for a fact, that the Chinese import Chinese labor when they do infrastructure projects in Africa.

          • Morris LeChat

            Yeah, I’ve seen videos of the chinese built cities in Angola and the Chinese workers.

          • Will

            That is because physical labor is not fun to the negro as opposed to having sex or consuming drugs and lazying about.

      • Michael_C_Scott

        The Chinese aren’t really even doing that. They pay timber and mining royalties to the black-run governments of those nations, and those government proceed to waste every last bit of that money.

        Likewise, if I pay you to fix my car, and you then spend all of it on beer and cigarettes, I haven’t robbed you.

      • jambi19

        Yet no one in the media/academia is out there bashing this modern day “colonialism”.

        • Michael_C_Scott

          It’s not even that. It’s straight-across commerce. During the colonial days, African “leaders” were never given any control of mineral or timber wealth extracted domestically, or any control over local construction projects.

          In today’s post-colonial era, local African “leaders” are given control over the royalties paid by foreign companies for mineral or timber extraction, which they then fritter away.

          In what ways do they use this money? Lots and lots of it goes straight into Swiss bank accounts. Plenty is spent on European luxury goods for the ruling black elites; think of them as kids playing “dress-up” the way American “middle-class” blacks do. Military equipment they don’t need, and which is usually inoperable very quickly, due to lack of maintenance. It’s just bling.

          The reason the media and academia are quiet about it is that so long as Africans are being robbed and exploited only by other Africans, they don’t mind. Remember the land mine campaign that drew so much of their ire? Sure; it was Russian and Chinese-made land mines, blowing legs off of Africans, but it was Africans themselves burying the damned things in unmarked minefields! The latter was conveniently ignored.

  • The only reason the gap was temporarily smaller was for the theoretical value of the houses they temporarily “owned” for the sake of the affirmative action subprime mortgages, which in turn was the cause of their houses being “valued” so highly.

  • Michael_C_Scott

    Spinner wheel rims, Chinese-made “Air Jordan” shoes, hair-extensions, glued-on fingernails, giant television sets, eating out every day and Courvoisier cognac are not, NOT “wealth”.

    Magpies and crows also like shiny objects, but nobody in the mainstream media has – thus far – attempted to worry over the “wealth gap” between corvids (do we call them “Avian-Americans” now?) and white humans.

    • Jefferson

      Black people and money go together like oil and water. Blacks like to live like Liberace on a Longs pharmacy salary, meaning they live WAY BEYOND their means.

      I have seen Blacks in the hood wearing Air Jordan sneakers that cost more than their monthly rent.

      • Michael_C_Scott

        Even so-called “middle-class” blacks don’t spend money the way we do. When times were good, how many of them were making accelerated payments on their mortgages? How many went to car dealerships and purchased new Saturns outright instead of leasing new BMWs? How many of them contributed anything at all to 401(k) plans, let alone at the maximum rate?

        They love to brag about how much better dressed their kids are than those of middle-class whites, but as a thought experiment, imagine a pair of 13 year-old boys. We’ll call them “Andrew” and “Shawntavious”. Which of these kids is more likely to be buried wearing a three-piece suit in a “tasteful” chartreuse color before he turns 14?

        One boy’s parents are already saving for their son’s college education and have opened a separate bank account for this. Which middle-class parents are these?

        • jambi19

          For some reason I never thought putting kids in 70$ neon basketball jerseys to match the neon nikes was better dressed.

          • Michael_C_Scott

            I have long believed that clown shoes would better accessorize some of the clothing they wear.

        • Morris LeChat

          I passed a hooptie today, a small sports car, two door, filled to the brim with young black males who were clad with gold chains and “teef”. The car was black but had ridiculous green neon embellishments all over it. Junk that was pasted on the side and stuff that was attached below the doors. This is why I don’t believe anything about black “fambly” retirement accounts. Blacks are just too busy being grand in the most ridiculous ways to ever save a penny.

          • Will

            As long as it gets them the weeminz, then it is job accomplished in their mind.
            Poontang and passing on their DNA on the cheap is their main objective.

  • a multiracial individual

    How have Jews and Asians done since the civil rights era?

    • Publius Scipio

      probably relatively well. Its hard to not do well when you have scholarships for just being anything but white and having hiring practices tipped in your favor.

    • Morris LeChat

      They were doing fine before the civil rights era, they never needed “help”

  • a multiracial individual

    What is the average wealth of a black male with an IQ of 115 vs. a white male with an IQ of 115?

    • Oom Paul

      I saw an interesting video clip of Thomas Sowell about this.

      http://www.youtube.com/watch?v=eUbOcgj8AjQ

    • Oom Paul

      This is maybe a better(shorter) clip. http://www.youtube.com/watch?v=RJAvWa9Fd0Y

    • Oom Paul

      LOL, don’t know if those clips contained the specific differences what I am referring to, but it is somewhere in that interview. It is very interesting to watch.

      Anyway, Thomas Sowell suggests that Blacks with above average skill would actually do WAY better than other blacks, and even better than whites with the same skill.

      The reason according to him is that companies want a more diverse workforce and don’t want to take chances on “average” blacks, so they are very eager to hire blacks with degrees.

      • Morris LeChat

        blacks with degrees are not smart, they are given “preferential treatment” all the way through their schooling. Their degrees were just plain GIVEN to them without them meriting them. The video clips you posted are at least ten years old, probably more like twenty years old. Twenty years ago, blacks with degrees MAY have been safe, that is NOT the case today.

        • a multiracial individual

          Do black lawyers take a different bar exam? Among high MCAT scores do you honestly think that it is 0% black?

          • Morris LeChat

            a person can take the bar exam many times until they pass it. AS far as the MCAT scores, you tell me what the percentage is.

          • a multiracial individual

            The chances of passing the bar diminish significantly after 3-4 attempts.

            1,127 Blacks received an MCAT score of 30 or better between 2010 and 2012. I will give you that academic excellence among Blacks is rare. However, your assertion that there is no actual academic success among Blacks is flagrantly untrue.

            https://www.aamc.org/download/321514/data/2012factstable25-2.pdf

          • Morris LeChat

            No, correction, it is very rare and probably NEVER exists in individuals that are not high yellow. You must remember, the word “black” encompasses a whole spectrum. Someone like Holder can not go to afrika and “blend in”

          • a multiracial individual

            Nice backtrack.

            [probably NEVER exists in individuals that are not high yellow]

            Perhaps you would like to retract this statement before I go and dig up records on South African medical students.

          • Morris LeChat

            go dig

          • Oom Paul

            When I studied in South Africa (I’m an Afrikaner) there were actually quite a few smart blacks in the class, and some even took top positions in the class. However most of them were actually from other African countries and weren’t local blacks. The top 1st and 2nd black guys were actually from Kenya and Malawi if I recall correctly and were very bright.

            So people here denying that there are smart blacks are kind of ridiculous.

            However if one were to look at the percentage of them that are smart there is quite a difference between the white and black populations. There were a lot more blacks in the class than whites, and the blacks seem to come from the whole of Africa and they were equally matched with the small white minority here in South Africa.

            I don’t think their financial disadvantage plays that big a role in these numbers, since most companies are lining up to give bursaries to any black that shows signs of intellect.

          • Morris LeChat

            The situation in south africa right now is that smart white people are not allowed to be in the class, sorry dude. They are not going to allow blacks to be upstaged, they found slow white people like yourself and put them in the class.

          • mnitrious

            You, sir, are an idiot. This pure Nigerian runs circles around you, mentally, in all likelihood: http://engr.pvamu.edu/cecstr/researcher/res_sadiku.htm

    • ricpic

      An interesting question. My guess is that a bright black, even with a decent job, would likely accumulate less wealth than an equivalently bright white. I use the term bright, as opposed to top tier intelligent, because that’s what an IQ of 115 amounts to, what people call sharp but not exceptional. Anyway, the disparity would be based on the pull of black culture on a bright black. The pressure to flaunt it as opposed to save it, to shine now instead of thinking in terms of decades, would be near impossible for a black to resist. In black culture the low status of a black who has it but doesn’t flaunt it, that alone would be unendurable to our bright black. There is no equivalent pressure in white culture no matter how materialistic white culture in America is perceived to be. Frankly, I think that over a lifetime the disparity in wealth accumulation – practically none even for a bright black – would be huge.

    • Andy

      I don’t know about wealth, but a black will make 98% of what a white with the same IQ makes.

  • But the political will of black people for white-dispossession has vastly increased.

  • pcmustgo

    I’ve read elsewhere Asians lost 50% of their wealth during this recession… Can you guys explain why this is? Owning ghetto businesses that Blacks used to frequent when they had cash?

    • robinaprichard

      I seriously doubt this. We live in a heavily Oriental area and they are still wealthy. They have their own businesses, work hard, network like crazy, and are very secretive. And they are not wimps like whites about racial matters, they tell it like it is.

    • robinaprichard

      Not true, unless maybe you are talking about Koreans who love to set up shop in black neighborhoods.

  • pcmustgo

    Whites do have more historical/family wealth to fall back on. Even Asians and Latinos, being recent immigrants, have less family/inherited wealth, on average, to fall back on. Less skills too.

    • pcmustgo

      Of course, Blacks lack of family wealth /inheritance is largely their own fault, just stating a fact. With asians and latinos, there’s an immigrant factor in there.

      • Jefferson

        There is a lot of wealth in Asian America. Here in the Bay Area I see A LOT of Asians living in upscale affluent neighborhoods.

        There are significantly more Asian American billionaires in the Forbes 400 than there are African American billionaires, even though Blacks vastly outnumber Asians in the general U.S population.

        Asians are the 3rd most common ethnic group represented in the Forbes 400 after Jews and WASPS.

      • Publius Scipio

        The immigrant factor has to involve willingness to assimilate though. It is easier for a pole who knows no english to assimilate within one generation than a chinese person in 3 because the pole has a culture which is nearly identical and also looks like the rest of us.Naturally people want to be around those that are FAMiliar because to do otherwise would drastically reduce the probability of success. It is no surprise that non-european immigrants are less willing to assimilate. Diversity is dangerous and destructive for everyone involved.

    • Morris LeChat

      most whites have little “historical family wealth”. The wealth they have is what they have earned. Those who do come from wealthy families usually blow through their money in a year or two once they get it. Then they learn the hard way the value of money and what REAL wealth is. It is not money, it is a mentality. Blacks will NEVER have that mentality. That software is incompatible with their hardwiring.

    • 10pin

      My family has been in America since the 1700s. We have zero “historical wealth”. My father’s father did own a few acres of worthless swamp land in Georgia that he bequeathed to my father. That brings in about $500 a year from people who use it to hunt deer.

      The idea that Whites are stealing money or resources from people, or have an unfair advantage due to “historical wealth” (which would be only just, good for you if you have it) is another myth cooked up by the hate industry.

      Everything I have, however meager, was gained by my family’s support and my own skill.

      I would like to build up “historical wealth” of a kind, so my sons and daughters will not have to go through what I did.

      • Morris LeChat

        My family has been here since the 1600s. WE also have no “historical wealth”. Most families that are wealthy lose that wealth. The English have a saying “Sandals to Sandals in Three Generations”

        http://trustmarketing.blogspot.com/2007/10/sandals-to-sandals-in-three-generations.html

        My ancestors that came over here in the 1600s came over with nothing, although one was the fourth son of an earl, but fourth sons don’t inherit anything. He became a protestant and was totally disowned. By the time my great grandfather was born the family owned much farm land. My grandfather and his brother sold it off bit by bit and lived a drunken bachelor life until he wised up in his mid thirties, when he only had his own house and little plot left, he then did blue collar work in an electric company. Neither of my parents went to college. My father worked his way up from entry level to a high management position but was let go in the eighties when companies started firing their workers who were close to getting a pension and replacing them with younger men at half of the salaries of the older men. BTW, that company went under ten years later, was bought out, so perhaps that strategy was not the best. Interesting though because it seems to be the philosophy that the elitists are using regarding the white ethnic group that made this country great- replacing them with cheaper people. My father started his own company but it failed and he was bankrupt when I was college age. SO, no “historical family wealth” here, yet I am doing fine. I pay all my bills and have an excellent credit rating. Others, that live off the government, just can not say the same thing.

  • APaige

    ‘Discriminatory lending practices ” only pertain to those that have lower credit rating or are too stupid to be unaware of the actual rate and other lower alternatives. Its a shame that blacks have both lower credit and lower IQ. It is common sense that any lending institution would charge more for higher risks!

  • fenway23

    “As of 2010, white families, on average, earned about $2 for every $1 that black and Hispanic families earned, a ratio that has remained roughly constant for the last 30 years. ”

    But let’s amnesty all the illegals and keep increasing the hispanic population through continued legal immigration!! Rest assured all it’s going to take is 30 more years and about a trillion more tax dollars and everything will be fine!! How do I know this? Well, every liberal keeps saying it over and over again like a broken record. And anyone who suggests innate differences in average IQ probably account for most of the gap is as an “ignorant bigoted racist.”

  • purestocles

    The “original article” is deceptive in many ways. As some have already remarked, median is a much better indication of wealth distribution than mean. But that’s just the start.

    I consulted a number of sources, Pew, U. S. census etc. Like bigone4u I used 113k as median for whites. So, according to the article, whites lost 11% of their wealth. Since they comprise roughly 70% of the population this actually works out to 93% OF THE TOTAL WEALTH LOST. Blacks lost 31% of median wealth of $5,700, but they comprise only 12% of the population so this means they lost only 2.3% OF THE TOTAL WEALTH LOST. Hispanics lost 4.8% OF THE TOTAL WEALTH LOST.

    So her use of the percentages 11% for whites, 31% for blacks, 44% for hispanics is very deceptive. A lie actually.

    Question Diversity covers the other side of the deception.

    • I think I was too vague in my point when I made it the first time, so I’ll cut and paste something I wrote in my own space last year about this subject matter.

      ***

      Let’s say you’re young Mr. and Mrs. Affirmative Action in 1990. In about two years, you saved up enough money to make a down payment on a house. In 1992, you buy a house for $60,000 in the working class salt-and-pepper part of town. When you buy the house, you had to have the requisite 20% down ($12,000), and a good credit score, and the mortgage payment couldn’t be any more than 28% of their gross household income. The total loan amount is $48,000, the sale price minus the down payment.

      In the meantime, the Federal Reserve Bank in Boston releases a phony loaded report about “racism” in mortgage lending. This leads to a gradual erosion in mortgage lending standards, the declining required down payment percentage (and eventually, eliminating the requirement for a down payment), not doing credit checks, and allowing for a mortgage payment to be such a high percentage of the household’s gross income that it’s actually higher that it’s actually more than their take-home pay. At the same time, interest rates are declining. All these factors combined serve to swell the selling prices of real estate.

      Mr. and Mrs. Affirmative Action’s $60,000 starter house is eventually worth $120,000, in that some time in 2005, someone made them an offer of $120,000 on the house, based on having been pre-approved for that amount based on the lower mortgage lending standards and lower interest rates. They turn down the $120,000 offer, but they’re comforted in knowing that they could get that much for their house. In their minds, they internalize their house being “worth” 120k, even though it was only “worth” 120k precisely because someone got pre-apped for a 120k mortgage based on easy mortgage lending standards that didn’t exist when they themselves got their $48,000 mortgage fifteen years prior.

      In the ensuing years, as people can’t make their mortgage payments, and banks are feeling the pinch, banks aren’t issuing mortgages for the insanely high amounts anymore, because they’re restoring some of the old lending standards. Now, Mr. and Mrs. AA would probably get offered $100,000 max if they put their house on the market.

      All along, Mr. and Mrs. AA had the house, and were making mortgage payments on it. But they only “gained” $60,000 of net wealth as “anything goes” mortgage bankers from the late 1990s to about 2006 pre-approving people for higher and higher amounts was bidding the price of existing houses up, and they only “lost” $20,000 of it as the party ended and standards were somewhat restored and pre-approved amounts were reduced, hindering the ability to bid existing housing sale prices too high. The house was there all along, but the “worth” of it was only in between people’s ears. Sure, Mr. and Mrs. AA are mad because they’re suddenly $20,000 poorer, but they’re not really because they’re only poorer in an illusory sense — The house is still there, and they’re still making the monthly nuts.

      If we had sane public policy, then there would have never been the subprime circus, and Mr. and Mrs. AA’s house would have slowly increased in value over the years, notwithstanding a lot of other factors, and they wouldn’t have been taken on this mental roller coaster ride of up-down-up-down, and wouldn’t be mad that their illusory “up” didn’t later beget an illusory “down.”

      ***

      If I write any more than this, then I will be in danger of repeating Q.D.’s Great Mortgage Rant of 2011.

  • Secret Tribunal

    Demographic change will cure the legacy of oppression.

    By 2016 when Diversity crushes and then outlaws the Tea Party, and the GOP looks like colorless Dems, the new tax laws will enshrine Tutu demand that Whites pay a race tax.

    You will be stripped of everything you worked for, because their number will be high enough to just swarm and take.
    Nobody is coming to your rescue.

    White privilege 2016, RIP.

    • Bad_Mr_Frosty

      That’s why White people are buying so many guns.

    • 10pin

      White privilege never existed. How can it die? It’s like saying Unicorn privilege 2020, RIP.

      • Secret Tribunal

        Whites once had the privilege of keeping blacks out of our neighborhoods, etc.

  • Funruffian

    I don’t believe this article one iota. It was written by a NYC liberal and just wreaks of misdirected blame. Middle class Whites have lost far more capital than any Minorities. No one has ever heard where a minority on welfare had to have their benefits reduced as of recent reports and I doubt it will happen soon.

    • Melanie

      Because the government can continue to print funny money, and keep finding ways to force whites to take the funny money for real goods and services, such as housing. There are lawsuits to force landlords to accept Section 8 renters. EBT cards sell for 40 cents on the dollar or less. What do the blacks care, what does the government care? It’s all just “free money” to them. To the globalists, it’s all just a string of zeros on a computer screen.

  • Morris LeChat

    black fambly retirement accounts…. is that a joke?

  • Morris LeChat

    What is coming is that the blacks that have seized power will seize everyones retirement account. All the 401K’s will be gone, savings too. They are looters. Whites have been appeasing and appeasing because they just want to sit their and guard their little piles of cash. Whites will end up losing everything. Only once they have nothing else to lose will things change. We should WELCOME the black looting of wealth in this country, it is only after that happens that whites will become one, and when they do become of one mind and one purpose, that will be the dawn of a new era.

  • Bon, From the Land of Babble

    when it comes to wealth White families have far outpaced black and Hispanic ones.

    Couldn’t be due to black/Hispanic choice of politics, could it??

    Millions of Americans suffered a loss of wealth during the recession since obama’s election…But has proved far worse for black and Hispanic families than for white families.

    TFB.

    Complain to your messiah at 1600 Pennsylvania Ave. He’ll get your message as soon as he gets back from his golf vacation.

    Bon

    • Morris LeChat

      if white people were the kind that sat around and waited for others to do the work for them, then this country would never have been founded nor built in the first place.

  • sbuffalonative

    Widened since the recession or since Obama took office?

  • WR_the_realist

    Blacks got subprime loans because they had subprime credit records. But the NYT of course says it was due to “racism”. Obama is now trying to again twist the arms of banks to lend to people who can’t really afford to service the loans. These people are of course predominately “of color”. When those loans go bust the banks will again be accused of “racism”.

  • gemjunior

    It’s all our fault. From where we sit we’re oppressing them just by being alive. As long as our quality exists, other brands just don’t cut the mustard. So until we’re gone, they don’t have a chance to measure up. I guess that’s why in their eyes, it’d be better if we were gone.

    • Melanie

      On the other hand, they chase us like fleas after a dog, they sue to live near us, work near us and for us, go to school with our kids-they have a dilemma. Having been exposed to white civilisation, naturally they want all the benefit of it. But they know, even if only subconsciously, that they can’t have the benefit of white civilisation without whites. They hate us for that. They are caught on the classic horns of a dilemma. Unfortunately, too many stupid whites have tossed themselves and the rest of us right onto the horns with them.

  • KenelmDigby

    The irony is that the financial disaster, (which has begotten the destruction of ‘minority wealth’), had its genesis in misguided attempts to ‘elevate’ minority wealth levels by getting them to purchase houses they just could not afford.
    The moral is that all attempts to artificially boost minority wealth beyond its natural, marketable value will end in disaster. Further the importation of more low-skilled, low waged minorities will cause even more poverty.

    • robinbishop34

      “[the financial disaster] had its genesis in misguided attempts to ‘elevate’ minority wealth levels by getting them to purchase houses they just could not afford”

      Bingo.

  • LHathaway

    No one believes these statistics. I remember being in the US Army and receiving a hand out every year saying my true income was something like $40,000 a year or more when I was earning only 10,000. Apparently, housing, free food health care and who knows what was ‘figured’ into the huge difference.

  • Big Sky

    But their mutt messiah muslim Obama spent a record 6.5 trillion over and above in his first term that jacked the national debt from 10 trillion to 16.5 trillion that was mainly reparations for all minority groups? That 6.5 trillion more spent than all previous presidents combined and the “gap” is still there getting wider? Same for education “gap” too? Aren’t they looking pretty pathetic as a race now like whites have been saying all along? Telltale?

  • robinaprichard

    White people need to stop apologizing for the failures of other races. We have enough troubles on our own.

  • robinaprichard

    These stats are probably total lies because the MSM never tells the truth except by accident and I see the poor all around me living better than we do. They do not make their mortgage payments and so they can afford to drive new cars, wear fancy clothes, go out to eat a lot, have lots of children, and generally live it up at our expense. They get preferential treatment in hiring, at university, and under the law.

    • One recent example of this preferential employment treatment is the post office. The US Postal Service wanted to discontinue Saturday mail deliveries effective this summer, in order to save money spent on staff salaries. I think they could usefully skip Wednesdays as well, and deliver mail only four days per week, but no matter. The public didn’t mind the impending end of Saturday deliveries one bit.

      USPS, however will continue delivering on Saturdays anyway, and will continue operating in the red. The reason is simple; greedy Afritard postal workers lobbied congress, which then worked itself into a tizzy about “disparate impact”. It seems too many “middle-class” blacks would be laid off from their high-paying, makework post office jobs.

      The implication is as clear as it is loathesome: the purpose of our postal service is not delivering mail. Rather, the postal service exists to provide paid adult daycare for incompetent Africans.