Black People : Whites 5 times richer then African American n US

Discussion in 'Black People Open Forum' started by ru2religious, May 18, 2010.

  1. ru2religious

    ru2religious Well-Known Member MEMBER

    Country:
    United States
    Joined:
    Jun 10, 2008
    Messages:
    3,163
    Likes Received:
    1,832
    Gender:
    Male
    Ratings:
    +1,891
  2. Knowledge Seed

    Knowledge Seed Well-Known Member MEMBER

    Joined:
    Feb 22, 2008
    Messages:
    2,747
    Likes Received:
    549
    Gender:
    Male
    Location:
    Atlanta, GA
    Ratings:
    +551
    Last Summer, Ariel Investments, a black-owned mutual fund company, conducted a survey examining the saving and investing habits of AAs and Hispanics. What they found was that these two groups were the least likely to contribute to savings plans such as 401Ks, IRAs, CDs, etc.

    According to a survey a few years ago, AAs spend $800 billion a year on retail alone.

    Is there any wonder why we have so little assets?
     
  3. ru2religious

    ru2religious Well-Known Member MEMBER

    Country:
    United States
    Joined:
    Jun 10, 2008
    Messages:
    3,163
    Likes Received:
    1,832
    Gender:
    Male
    Ratings:
    +1,891
    One of the issues that I found with this article is the fact that African Americans were in essence helping their families through many of their hard times. It seems that many of these issues were based on moral issue and the love for others then anything else.

    Should African Americans have a cold heart toward their families like European Americans? Secondly, this article express the inheritance factor, a luxury that many AA families do not have. Yet and still there is another issue with the fact that it doesn't matter the education that AA's have whether on an equal level, superior or lower level, we are still subjected to making far less at the same position then someone of EA decent makes.

    In a country that proclaims to be democratic and thrives on the illusion that there is equality for all especially with having a mixed president, these statistics contradict what is said verses what is.

    AA's spent $800 billion a few years back but if you think about it - with a population that reads 40 million + (many of our people do not take the census so the population could be much greater (perhaps in the 60m)), how much are we truly spending? If the average income for 20 million AA's is $24,000 then that would be $480Billion. Nevertheless, that is based on Down South AA average income. Income varies from place to place so the spending power can equal $800 billion with ease.

    The spending power based on population isn't as truly strong from that perspective if we are to see it in light as it is. We still live in poverty as a whole without real financial power unless we invest strictly into our own products but since we don't have any - we are bound to live this form of lifestyle unless we get out and create our own. They are creating thousands of new laws per year that makes it that much more impossible for us to really get out of the rut that we are currently in.

    Its really that simple -


    Peace


    Ru2religious
     
  4. warriorprincess

    warriorprincess Well-Known Member MEMBER

    Joined:
    Aug 24, 2009
    Messages:
    396
    Likes Received:
    201
    Ratings:
    +201
    It takes money to make money

    Thanks for this article. It brings up some unique points.I found the following three points to be very intersting........

    1. The report attributes part of the cause to the "powerful role of persistent discrimination in housing, credit and labour markets. African-Americans and Hispanics were at least twice as likely to receive high-cost home mortgages as whites with similar incomes," the report says.


    2. "African-Americans, before the 1960s, first by law and then by custom, were not really allowed to own businesses. They had very little access to credit. There was a very low artificial ceiling on the wealth that could be accumulated. Hence there was very little, if anything, that could be passed along to help their children get to college, to help their children buy their first homes, or as an inheritance when they die," said Shapiro

    3. There were also social factors, the study found. "In African-American families there is a much larger extended network of kin as well as other obligations. From other work we've done we know that there's more call on the resources of relatively well-off African-American families; that they lend money that's not given back; they help cousins go to school. They help brothers and sisters, aunts and uncles, with all kinds of legal and family problems," said Shapiro.
     
  5. warriorprincess

    warriorprincess Well-Known Member MEMBER

    Joined:
    Aug 24, 2009
    Messages:
    396
    Likes Received:
    201
    Ratings:
    +201
    I think that what we spend our money on is very closely linked to our values and philosophies.

    I think that parents who subscribe to the idea that "children are grown when they turn 18" are less likely to think about building an inheritance or leaving one for their children.

    I had friends (including myself) in undergrad who thought that it was quite normal to borrow money and take out a bunch of loans to pay for tuition.

    However, I also had classmates who had no idea how to even fill out a FAFSA form. Their parents were paying for their education and wouldnt let them take out a loan even if they wanted to. Their parents were not rich mind you, they were just strongly adverse to the idea of borrowing that much money and paying interest on it later.

    It is such a burden to finally finish your education and realize that you are already in debt before you get started. We see the burden that it presents, but we often are not doing anything to change it. We repeat the cycle over and over.
     
  6. Ankhur

    Ankhur Well-Known Member MEMBER

    Joined:
    Oct 4, 2009
    Messages:
    14,710
    Likes Received:
    3,006
    Gender:
    Male
    Occupation:
    owner of various real estate concerns
    Location:
    Brooklyn
    Ratings:
    +3,014
    we have 36 billion people here and spend 800 billion

    we are the descendants of a continent that maintains the wealth of the planet

    So

    1What would be the effect of us unifying economically and collectively ahead of the ecoomic Katrina on the horizon as every economist from Paul Krugman, Michael Hudson to Gerald Celente, to even fat cats like Greenwald and Sorros and Warren Buffet stating for a fact that all of their wealth is about to fold

    When do we start talking about seriously pooling the wealth that we have and Pan Africanism?
     
  7. medusanegrita

    medusanegrita Well-Known Member MEMBER

    Joined:
    Mar 13, 2010
    Messages:
    1,903
    Likes Received:
    564
    Location:
    STL Missouri
    Ratings:
    +565
    I don't even have to read this to have my own ideas about 'why.'

    98% of the jobs in this country that are able to hire people are owned by whites folks, white males at that. That's ups that collective average income.

    Then tend to hire more of their own... that ups that collective average income.

    Many of them have accumulated wealth passed down from the generations... some have it passed down from the owners who participated in profited in the slave trade... many of us do not have that... and they ups their collective income.

    Many of us are poor or if we have wealth... it derived from the present generation and not the one before it... meaning we come from poor families. That lowers our collective wealth.

    Many of us are unlikely to take on the few family businesses we have. Now that MJ is dead, how are they continuing to make the wealth they continue to spend? They will need to something to bring it in. When we do have a lucrative business, it bought out buy white folks - BET and Viacom anyone? I wonder why just can't keep stuff under our own wing and control? We also get to get rid of it and live off the vast amount of money.

    I already know the answers.... and personally I don't give a rooty-tooty that white folks have more money or wealth. First you say money is the root of all evil and that black folks are too materialistic.... and then you worry that we ain't got as much money as the wiiiiiiiite folks.

    Getting compared t the white folks all the time and finding out we are over represented in everything bad or under represented in everything good is a enough to send some black folks into a tizzy. There ain't NEVA been a time when black folks outpaced the collective wealth of white folks NEVA! And I dont think that should be a goal. It ain't mine. My is just to have a comfortable life, have a house, a coupla cars, and little bidness on the side and be debt free. I want my kids to have same thing, house, cars, material things, be debt free, maybe take over the bidness.
     
  8. ru2religious

    ru2religious Well-Known Member MEMBER

    Country:
    United States
    Joined:
    Jun 10, 2008
    Messages:
    3,163
    Likes Received:
    1,832
    Gender:
    Male
    Ratings:
    +1,891
    We are talking about the country of the United States right? There is only 300 million people in United States. How can AA make up 36 billion? Number 2 those numbers are not accurate at all in concerns to the population that we truly have in this country aka 36 million.

    If 40 million people were making an income on the average of $24,000 - that would be in access of $960 billion. Making $24,000 a year is at a poverty level. Let us use the 36 million it would be $864 billion a year. They said we were making $800 billion which seems to be based on the average of $24,000 a year per household income.


    Peace


    Ru2religious
     
  9. ru2religious

    ru2religious Well-Known Member MEMBER

    Country:
    United States
    Joined:
    Jun 10, 2008
    Messages:
    3,163
    Likes Received:
    1,832
    Gender:
    Male
    Ratings:
    +1,891
    Please note: Pan Africanism seems to be logical but the fact of the matter is - most countries don't want to deal with AA's without them having an economic strong hold within this country - but why would they want to deal with us on a Pan African level if we cannot deal with each other on a national level? Before we even speak on a Pan Africanism level we have to unify our financial power amongst ourselves. This has been something that we have been talking about and some of our greatest minds have suggested the same thing such as John Henrik Clarke and many others - yet we still have not managed to make this happen.

    The real question before Pan Africanism is, how do we stop giving our paper to the European companies and re-invest into ourselves? What is it going to take to make that happen especially in a time of a ruined economy?


    Peace



    Ru2religious
     
  10. warriorprincess

    warriorprincess Well-Known Member MEMBER

    Joined:
    Aug 24, 2009
    Messages:
    396
    Likes Received:
    201
    Ratings:
    +201
    ----------------------------

    most country don't want to deal with AA's without them having an economic strong hold within this country

    This is so true.

    Maybe we should explore some of the deeper reasons that this is not happening.
     
Loading...