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White-Minority Wealth Gulf Widens

ustreet_monstaustreet_monsta Members Posts: 2,536 ✭✭✭
edited July 2011 in R & R (Religion and Race)
Source: http://online.wsj.com/article/SB10001424053111904772304576468333980952942.html

The wealth gap between whites and each of the nation's two largest minorities—Hispanics and blacks—has widened to unprecedented levels amid the housing crisis and the recession, according to new research.

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The median net worth of white households is 20 times greater than that of black households and 18 times greater than that of Hispanic households, according to an analysis of newly available 2009 government data by the Pew Research Center, an independent think tank.

The disparities are the greatest since the government began tracking such data a quarter-century ago, with the gulf separating whites from other groups twice as wide as it was in the two decades prior to the recession and 2008 financial crisis, according to the study.

"In the four years between 2005 and 2009, there was a sudden and steep increase in wealth disparities," said Rakesh Kochhar, a senior Pew researcher and co-author of the report. He said that "using average, as opposed to median, net worth would not paint as accurate a picture because it would give greater weight to wealthier households."

The gloomy picture was precipitated by the housing bubble's collapse in 2006 and the recession from late 2007 to mid-2009, which took a "far greater toll" on the wealth of minorities than whites, according to the report.

From 2005 to 2009, inflation-adjusted median wealth plunged two-thirds among Hispanic households and 53% among black households, compared with just 16% for white households.

Wealth—the sum of such assets as a home, cars, stocks, bank and retirement accounts, minus the sum of debt—is a key indicator of economic well being, alongside income. Income refers to wages, interest, profits and other sources of earnings. The main difference between wealth and income is that wealth can be passed on.

"Wealth can establish the financial status of a family for generations," said Mr. Kochhar, who is an economist.

Late last year, the U.S. Census Bureau reported that the number of Americans living in poverty was at a 15-year high.

For all groups, home ownership is the biggest contributor to net worth. The surge in home prices early in the past decade was accompanied by a historic increase in home-ownership rate, to 69% in 2009 from 64% in 2004. But plummeting house values then became the biggest cause of the erosion in household wealth, the study found.

The price drop had a more detrimental impact on minorities than on whites: Hispanics and blacks derive more than half of their net worth from home equity, whereas it accounts for 44% of a white household's net worth.

As a result of the declines, the median black household had just $5,677 in wealth in 2009, while the median Hispanic household had $6,325. The median white household had $113,149 in 2009.

The two-bedroom house of Laevonne Gordon, an African-American from Escondido, Calif., was worth $265,000 when she bought it in 2005. Now, it is valued at $81,000, and she is behind on her monthly mortgage payments. "I'm trying to get a loan modification so I can keep the house," she said during a visit to Community Housing Works, a counseling agency in San Diego.

Hispanics were hardest hit by the housing meltdown because they are concentrated in areas that suffered the biggest depreciation in home values—Arizona, California, Florida and Nevada.

The median value of directly held stock and mutual funds dropped the most for Hispanics and blacks. The value fell 32% for Hispanics and 71% for blacks. For whites, the value fell 9%. Blacks and Hispanics in financial distress might have been compelled to sell stocks or stop contributing to their pension plans, diminishing the value of their holdings, Mr. Kochhar said.

Given that a bigger share of whites own stocks and mutual funds, and have retirement accounts, the stock-market rebound since 2009 is likely to have benefited white households more than minority households.

Extended unemployment and shrinking income are also likely to have adversely affected household wealth, said the Pew study.

Ms. Gordon, a mother of three in the process of getting a divorce, has been delivering newspapers since her home day-care-center business went downhill because many of her clients lost their jobs and their homes.

The findings are based on Pew's analysis of data from the Survey of Income and Program Participation, an economic questionnaire distributed to more than 36,000 households by the U.S. Census Bureau in late 2009.

Comments

  • I Self Lord & MasterI Self Lord & Master Members Posts: 2,998 ✭✭✭✭✭
    edited July 2011
    gotdayum at the wealth median...but extreme numbers distorts...avg cats arent in the $100,000s after subtracting debt..hell no

    can we get a wealth mode?
  • ustreet_monstaustreet_monsta Members Posts: 2,536 ✭✭✭
    edited July 2011
    Its crazy how we're moving backwards financially as a people.

    Where are the Democrats?

    Where is the media on issues like this?

    They focus so much attention the few who are succeeding that it distorts the big picture.

    Theres an entire generation of 00' babies growing up in worse poverty than their parents.
  • So ILLSo ILL Members Posts: 16,507 ✭✭✭✭✭
    edited July 2011
    Smh.............
  • I Self Lord & MasterI Self Lord & Master Members Posts: 2,998 ✭✭✭✭✭
    edited July 2011
    Its crazy how we're moving backwards financially as a people.

    Where are the Democrats?

    Where is the media on issues like this?

    They focus so much attention the few who are succeeding that it distorts the big picture.

    Theres an entire generation of 00' babies growing up in worse poverty than their parents.

    id say this is a result of relying/waiting on responses from those u listed and more

    we havent really realized that we are out here on our own.

    Our problems arent american problems...we need to realize and behave with that 🤬 in mind.


    Together we stand divided we fall
  • ustreet_monstaustreet_monsta Members Posts: 2,536 ✭✭✭
    edited July 2011
    id say this is a result of relying/waiting on responses from those u listed and more

    we havent really realized that we are out here on our own.

    Our problems arent american problems...we need to realize and behave with that 🤬 in mind.


    Together we stand divided we fall

    Yeah I was being sarcastic by calling out the media and the Dems. Black people need to take a hard look at ourselves and realize that not all criticism is hate. When Bill Cosby tried to get the conversation rolling he was savaged by the apologists and still hasnt recovered.

    Theres a HUGE vested interest in this country that profits off of our struggles and they arent really interested in leading change. The Church, the NOI, the police, the corporations, the political parties and the media are all proponents of the status quo with their parasitical policies.

    Cornel West and Tavis Smiley (2 well known "haters") are launching a poverty tour to examine and address some of these issues.

    http://www.theroot.com/buzz/smiley-poverty-tour-put-heat-politicians

    Let's see if this gets the attention is deserves.
  • I Self Lord & MasterI Self Lord & Master Members Posts: 2,998 ✭✭✭✭✭
    edited July 2011
    Yeah I was being sarcastic by calling out the media and the Dems. Black people need to take a hard look at ourselves and realize that not all criticism is hate. When Bill Cosby tried to get the conversation rolling he was savaged by the apologists and still hasnt recovered.

    Theres a HUGE vested interest in this country that profits off of our struggles and they arent really interested in leading change. The Church, the NOI, the police, the corporations, the political parties and the media are all proponents of the status quo with their parasitical policies.

    Cornel West and Tavis Smiley (2 well known "haters") are launching a poverty tour to examine and address some of these issues.

    http://www.theroot.com/buzz/smiley-poverty-tour-put-heat-politicians

    Let's see if this gets the attention is deserves.


    How is the Nation of Islam parasitic?

    and who considers Cornel West and Tavis smiley "haters" ?
  • rusty shacklefordrusty shackleford Houston TxMembers Posts: 1,736 ✭✭✭
    edited July 2011
    How is the Nation of Islam parasitic?
    .. divided we fall.
    ^^^they play their position..
  • I Self Lord & MasterI Self Lord & Master Members Posts: 2,998 ✭✭✭✭✭
    edited July 2011
    that's cute, but doesnt answer the question

    how are they parasitic?

    a parasite drains a host without without helping that host, if you didnt know
  • rusty shacklefordrusty shackleford Houston TxMembers Posts: 1,736 ✭✭✭
    edited July 2011
    that's cute, but doesnt answer the question

    how are they parasitic?

    a parasite drains a host without without helping that host, if you didnt know
    well in case you've just come down from the cave you were raised in.. you'd know that the NOI accepts donations as any structured religion will.. to show their appreciation, they use monies given to them to further the distortion of their flocks minds with racist "us aganst them" conditioning.. dividing mankind more & digging our collective grave deeper & deeper.

    hence, the NOI is as parasitic as any tapeworm..

    lol @ the molecular level this has to be broken down to for absorption..
  • DarcSkiesDarcSkies TRUST IN ALLAH BUT TIE UP YOUR CAMEL Members Posts: 13,791 ✭✭✭✭✭
    edited July 2011
    id say this is a result of relying/waiting on responses from those u listed and more

    we havent really realized that we are out here on our own.

    Our problems arent american problems...we need to realize and behave with that 🤬 in mind.


    Together we stand divided we fall
    I agree partly. But government is a big part of the solution and problem unfortunately.
  • edeeesqedeeesq Members Posts: 511
    edited July 2011
    The problem is that minorities value their "wealth" on things that depreciate (cars, rims, and more recently houses).

    We were always told that owning a home increases your wealth but not when you're in one of the worst housing crisis ever. Then consider we never outright own our homes, we basically rent them because we refinance over and over and over, paying $15,000 to get $5K in cash. SMH

    Then you have whites who diversify their income streams. Stocks, Annuities, Shares and bonds. You have Peter and Susan still driving their 2004 volvo when Tyrone goes to buy a new Chrysler 300 ever 2 years.

    I sell insurance and I know the most difficult conversation is to try to enlighten my people on the topic of "long term wealth".
  • I Self Lord & MasterI Self Lord & Master Members Posts: 2,998 ✭✭✭✭✭
    edited July 2011
    well in case you've just come down from the cave you were raised in.. you'd know that the NOI accepts donations as any structured religion will.. to show their appreciation, they use monies given to them to further the distortion of their flocks minds with racist "us aganst them" conditioning.. dividing mankind more & digging our collective grave deeper & deeper.

    hence, the NOI is as parasitic as any tapeworm..

    lol @ the molecular level this has to be broken down to for absorption..

    the NOI doesnt teach "us versus them"...it teaches awareness and actions in response to the fragmented state of this country. The NOI didnt create these divisions it was born out of them and it acts, and teaches, in accordingly.

    And regardless of what you think of their teachings they work directly in some of the most barren and marginalized neighborhoods of America with the people. Neighborhoods you and other people who claim to be so concerned with would never step in or take action in remedying. They employ , teach, and reform plenty of people this nation couldnt obviously care less about.

    Again, thats regardless of what you think of them. THOSE ARE FACTS. Those are contributions...thats assistance....parasites dont assist..they dont give anything and take everythign. You're wrong. Plain and simple

    You post on this board on some "we are all one" 🤬 to garner support for your 🤬 agenda only to disregard and even out right 🤬 on anything beyond it. Even 🤬 on black people as a whole occasionally lmao. Claiming to be on one's side and ones friend to help yourself, when you have ulterior motives and ill feelings.

    YOU'RE the parasite. The 🤬 one
  • rusty shacklefordrusty shackleford Houston TxMembers Posts: 1,736 ✭✭✭
    edited July 2011
    the NOI doesnt teach "us versus them"...it teaches awareness and actions in response to the fragmented state of this country.
    oh rlly? do they allow white folks into the "nation"? the last i checked, they tend to think a bad deed is only in balance when countered with another bad deed. they're victims of their conditioning.. even worse is the fact that you & anyone like you disgrace humanity as a whole to allow that racist cycle to continue throughout your pitiful lives as a co-conspirator in the plan for the destruction of mankind through divide & conquer.. 🤬 outta here.
    You post on this board on some "we are all one" 🤬 to garner support for your 🤬 agenda only to disregard and even out right 🤬 on anything beyond it. Even 🤬 on black people as a whole occasionally lmao. Claiming to be on one's side and ones friend to help yourself, when you have ulterior motives and ill feelings.

    YOU'RE the parasite. The 🤬 one
    gotdam.gif

    i guess this means you got your th12404065612.gif lil' panties inna wad over the opinion of someone you don't know & will never meet? i love the futility in all that marching & protesting.. snarlin' white faces contorted by the torture of witnessing the integration of public schools, firehoses & dogs.. ect, ect.... & actually makin' the establishment back up [if only slightly].... & then slam the freedumb gate behind you causing your backslide into the brainwashed zombies they crafted by breaking your minds. then get th12404065612.gif because i checked you on being too weak to beat the cycle? you're 🤬 warped. i don't know what to tell you beside get over it. i had to. homosexuality naturally exists in every stitch of the animal kingdom as a form of population control & so it go.. no amount of trickle down bigotry & disillusion is going to cancel out what has always been an integral part of the divine plan.

    i'm not exactly clear what a 🤬 agenda is.. i have one guideline that i live my life by: i'd give my life to save you or your mother's life without hesitation as i'd do for everyone else.. it's based on the hope that you'd do the same for me & mine.. & if you have a fraction of the good sense 🤬 gave billy goats, you'd probably stop wasting your life by allowing hate to consume & control you.
  • rusty shacklefordrusty shackleford Houston TxMembers Posts: 1,736 ✭✭✭
    edited July 2011
    And regardless of what you think of their teachings they work directly in some of the most barren and marginalized neighborhoods of America with the people. Neighborhoods you and other people who claim to be so concerned with would never step in or take action in remedying. They employ , teach, and reform plenty of people this nation couldnt obviously care less about.
    they also teach the division of mankind based on skin color.. the elite who make blood sacrifices to the sun believe they can balance the atrocities they gladly fund with various philanthropic offerings.. i dunno but... the NOI & the Babylonian elite sound like birds of a feather... but naturally, of course.
    Again, thats regardless of what you think of them. THOSE ARE FACTS. Those are contributions...thats assistance....parasites dont assist..they dont give anything and take everythign. You're wrong. Plain and simple
    oh yeah??? the 🤬 thought they were assisting their communities too..

    this is starting to look bad.
  • I Self Lord & MasterI Self Lord & Master Members Posts: 2,998 ✭✭✭✭✭
    edited July 2011
    lol im riled up? (panties in a bunch comment) you gave me a long response...took a breather and had to come back and add more to what you already gave a long winded response to.

    You were wrong plain and simple. im not about to dance w/ you nh
  • rusty shacklefordrusty shackleford Houston TxMembers Posts: 1,736 ✭✭✭
    edited July 2011
    lmgao @ gettin' th12404065612.gif @ me for pointing out that you're not only a bigot but a hypocrite too..

    sucks for you.
  • ustreet_monstaustreet_monsta Members Posts: 2,536 ✭✭✭
    edited July 2011
    Yall are getting off topic a bit.

    I wasnt taking a shot at the NOI intentionally. They serve a purpose at times. The NOI is a lot like the bird that rides the crocodiles back and pecks at the bugs that attempt to feed off him. They also have a history of turning on their own peoples and collaborating with the same government and system they rail against.

    edeeesq wrote: »
    The problem is that minorities value their "wealth" on things that depreciate (cars, rims, and more recently houses).

    We were always told that owning a home increases your wealth but not when you're in one of the worst housing crisis ever. Then consider we never outright own our homes, we basically rent them because we refinance over and over and over, paying $15,000 to get $5K in cash. SMH

    Then you have whites who diversify their income streams. Stocks, Annuities, Shares and bonds. You have Peter and Susan still driving their 2004 volvo when Tyrone goes to buy a new Chrysler 300 ever 2 years.

    I sell insurance and I know the most difficult conversation is to try to enlighten my people on the topic of "long term wealth".

    Back on topic.

    What we spend our purchasing power is a large part of the equation. It really starts with the value system we develop as children. I know people who spend a fortune trying to have the latest phone, the newest I-Pad, bags, shoes, jeans, and sunglasses that only should be worn celebrities. I don't know if rap music did it, but we've lost our minds to high end consumerism. All that money that could be in the bank or invested in a business in your own community is being burned on items that depreciate just as quickly as a car and doesnt have the practical value of a house.
  • ShuffingtonShuffington Members Posts: 3,775 ✭✭✭✭✭
    edited July 2011
    thought this was good
  • ustreet_monstaustreet_monsta Members Posts: 2,536 ✭✭✭
    edited July 2011
    Hello. This is a exalted forum. I wish to make lots of newfine friends.

    See ya gents

    Welcome "friend." Do you have any thoughts on the topic or are you just spamming my thread?
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