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dreamdancer

Racial Wealth Gap Grows Wider

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disturbing...

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There's long been a big gap between the wealth of white families and the wealth of African-Americans and Hispanics. But the Great Recession has made it much worse — the divide is almost twice what it used to be.

That's according to a new study by the Pew Research Center, which says that the decline in the housing market is the main cause.

The numbers are astounding. The average wealth of a white family in 2009 was 20 times greater than that of the average black family, and 18 times greater than the average Hispanic family. In other words, the average white family had $113,149 in net worth, compared to $6,325 for Hispanics and $5,677 for blacks.

That's the largest gap since the government began collecting the data a quarter of a century ago, and twice what it was before the start of the Great Recession.

Rakesh Kochhar, one of the authors of the report, says white households went into the recession in a much stronger position and, as a result, were better able to weather the storm.

One reason was investment in real estate. Minority families had most of their wealth in their homes, so when the housing bubble burst, Kochhar says, those households took a bigger hit.

"Especially Hispanics, for example. Sixty-six percent of their net worth derives from home equity," Kochhar says. "And they are concentrated geographically in parts of the country such as California, Arizona, Florida and Nevada, where the housing downturn was most severe."

The result is that the average Hispanic family lost two-thirds of its wealth between 2005 and 2009, according to the Pew report. Black families lost more than half of theirs.



http://www.commondreams.org/headline/2011/07/26-2
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

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Balme the very gov you hope to "fix" what you see as a problem.

And now being reported that yet again the DOJ is pushing for lenders to lower the standards for mortgage bowers.

Didnt take long to forget that mess

But, it is all to get the current pres re-elected so it all good
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

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disturbing...

Quote

There's long been a big gap between the wealth of white families and the wealth of African-Americans and Hispanics. But the Great Recession has made it much worse — the divide is almost twice what it used to be.

That's according to a new study by the Pew Research Center, which says that the decline in the housing market is the main cause.

The numbers are astounding. The average wealth of a white family in 2009 was 20 times greater than that of the average black family, and 18 times greater than the average Hispanic family. In other words, the average white family had $113,149 in net worth, compared to $6,325 for Hispanics and $5,677 for blacks.

That's the largest gap since the government began collecting the data a quarter of a century ago, and twice what it was before the start of the Great Recession.

Rakesh Kochhar, one of the authors of the report, says white households went into the recession in a much stronger position and, as a result, were better able to weather the storm.

One reason was investment in real estate. Minority families had most of their wealth in their homes, so when the housing bubble burst, Kochhar says, those households took a bigger hit.

"Especially Hispanics, for example. Sixty-six percent of their net worth derives from home equity," Kochhar says. "And they are concentrated geographically in parts of the country such as California, Arizona, Florida and Nevada, where the housing downturn was most severe."

The result is that the average Hispanic family lost two-thirds of its wealth between 2005 and 2009, according to the Pew report. Black families lost more than half of theirs.



http://www.commondreams.org/headline/2011/07/26-2



So what part of this is SOO DISTURBING?? The fact that more white people are living in more stable environments?...or the fact that we arent giving all our money to those less fortunate than us? If some people want what I have then do what I did....GET A FUCKING EDUCATION and find a way to market your abilities in the workforce. Its not all that difficult...but wait that would mean there'd be no time to sling crack and wait on welfare checks.

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so are you saying that the failed economy of the current and the previous administrations didn't help those that needed it most

I agree - Bushobama's model of tax and borrow and spend, spend, spend, is a failure.

about time people realize that. and the current attempt to accelerate it even worse is sickening

...
Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants

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disturbing...

Quote

There's long been a big gap between the wealth of white families and the wealth of African-Americans and Hispanics. But the Great Recession has made it much worse — the divide is almost twice what it used to be.

That's according to a new study by the Pew Research Center, which says that the decline in the housing market is the main cause.

The numbers are astounding. The average wealth of a white family in 2009 was 20 times greater than that of the average black family, and 18 times greater than the average Hispanic family. In other words, the average white family had $113,149 in net worth, compared to $6,325 for Hispanics and $5,677 for blacks.

That's the largest gap since the government began collecting the data a quarter of a century ago, and twice what it was before the start of the Great Recession.

Rakesh Kochhar, one of the authors of the report, says white households went into the recession in a much stronger position and, as a result, were better able to weather the storm.

One reason was investment in real estate. Minority families had most of their wealth in their homes, so when the housing bubble burst, Kochhar says, those households took a bigger hit.

"Especially Hispanics, for example. Sixty-six percent of their net worth derives from home equity," Kochhar says. "And they are concentrated geographically in parts of the country such as California, Arizona, Florida and Nevada, where the housing downturn was most severe."

The result is that the average Hispanic family lost two-thirds of its wealth between 2005 and 2009, according to the Pew report. Black families lost more than half of theirs.



http://www.commondreams.org/headline/2011/07/26-2



So what part of this is SOO DISTURBING??



the simplicity of your racial stereotypes?
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

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it all good



and you're the guy who agrees with glenn beck about hitler youth camps aren't you?



Nope, I never agreed with him
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

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The common dreams version of the article axed the Asians...

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Asians lost their top ranking to whites in median household wealth, dropping from $168,103 in 2005 to $78,066 in 2009. Like Hispanics, many Asians were concentrated in states like California hit hard by the housing downturn. More recent arrivals of new Asian immigrants, who tend to be poor, also pushed down their median wealth.



http://news.yahoo.com/wealth-gap-widens-between-whites-minorities-040224418.html

I guess this clearly shows that the economy, much like sickle-cell, is racist, and should be ashamed of itself.

By the way, the fact that certain areas have higher concentrations of Asians and Hispanics, and that those areas were "hit hardest", and also Asians and Hispanics were hit hardest, aren't independent. You can't conclude that they were in the wrong place at the wrong time. I wonder if people doing studies just put a bunch of things that coincide on a wheel and affix a little spinner to the middle of it. Then they spin the spinner and claim that whatever the arrow is pointing from and to is a causal relationship.

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One reason was investment in real estate. Minority families had most of their wealth in their homes, so when the housing bubble burst, Kochhar says, those households took a bigger hit.

"Especially Hispanics, for example. Sixty-six percent of their net worth derives from home equity," Kochhar says. "And they are concentrated geographically in parts of the country such as California, Arizona, Florida and Nevada, where the housing downturn was most severe."

The result is that the average Hispanic family lost two-thirds of its wealth between 2005 and 2009, according to the Pew report. Black families lost more than half of theirs.

Quote



Disturbing that you probably didn't consider this an attempt to divide the population against each other before you posted .

Yes the averages do show a widening disparity between whites and other races wealth .

Fact is the vast majority of whites are in the same boat as the other races mentioned.
A small number of whites have made insane amounts of money during this "financial crisis" . Those profits skew the averages.

This article is a clear attempt to divide the have nots along racial lines so that they will fight amongst themselves instead of flogging and jailing the criminal banksters and the politicians.

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Awesome...thats exactly what I was going for...

Do I win a prize?



I guess you can you stop by the Whitehouse and pick up your stash of crack... I mean that guy got an education.. and duuuude he gets a government check every month.

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Fact is the vast majority of whites are in the same boat as the other races mentioned. A small number of whites have made insane amounts of money during this "financial crisis" . Those profits skew the averages.



Side note: the version of the article on commondreams screwed up average vs. median. A few people coming out way ahead doesn't skew the median.

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One reason was investment in real estate. Minority families had most of their wealth in their homes, so when the housing bubble burst, Kochhar says, those households took a bigger hit.

"Especially Hispanics, for example. Sixty-six percent of their net worth derives from home equity," Kochhar says. "And they are concentrated geographically in parts of the country such as California, Arizona, Florida and Nevada, where the housing downturn was most severe."

The result is that the average Hispanic family lost two-thirds of its wealth between 2005 and 2009, according to the Pew report. Black families lost more than half of theirs.

Quote



Disturbing that you probably didn't consider this an attempt to divide the population against each other before you posted.



disturbing that the facts show that the population is divided...
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

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Dude...3 ways to accumulate wealth
1 - Work for it
2 - Inherit it
3 - Steal it.

If you ain't willing to do one of the three, whine all you want....and race has nothing to do with it unless you are one of the sorry, lazy suckers that use the "race card" as an excuse. Quite common these days.
My reality and yours are quite different.
I think we're all Bozos on this bus.
Falcon5232, SCS8170, SCSA353, POPS9398, DS239

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Yes, it is disturbing. It is disturbing that, in spite of all the affirmative action programs and other considerations given minorities, they still lag behind ol' whitey.
The only thing left is to just give them cash when they ask for it. (But we already do, don't we?)
HAMMER:
Originally employed as a weapon of war, the hammer nowadays is used as a
kind of divining rod to locate the most expensive parts adjacent the
object we are trying to hit.

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Yes, it is disturbing. It is disturbing that, in spite of all the affirmative action programs and other considerations given minorities, they still lag behind ol' whitey.
The only thing left is to just give them cash when they ask for it. (But we already do, don't we?)




DUDE..... you are famous... I saw ya picture on BING yesterday

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Yes, it is disturbing. It is disturbing that, in spite of all the affirmative action programs and other considerations given minorities, they still lag behind ol' whitey.
The only thing left is to just give them cash when they ask for it. (But we already do, don't we?)



your racial stereotypes are pretty gross man. presumably you were ok with giving all that money to those 'blue eyed' bankers...
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

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unless you are one of the sorry, lazy suckers that use the "race card" as an excuse.



like you're doing (and presumably you're white)...



Strike a nerve, did we?
So which nerve got hit?
-the sorry one
-the lazy one
-the race card one
My reality and yours are quite different.
I think we're all Bozos on this bus.
Falcon5232, SCS8170, SCSA353, POPS9398, DS239

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unless you are one of the sorry, lazy suckers that use the "race card" as an excuse.



like you're doing (and presumably you're white)...



Strike a nerve, did we?



it's not even a thread about you - but i've obviously hit a nerve with you as you keep coming back for more education...
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

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Get a job and quit yer bitchin',



just personal attacks from you - how unusual...

(obviously you like the racist nature of your society - you've probably taken full advantage of all the benefits given you being white - and still want more)
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

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The context here is important. Through much of the 1990s, black America had made truly significant economic gains. By the end of the last century, black incomes were up, and African American poverty hit an all-time low. All of those gains have since been reversed; the process started during the Bush years, before the crash, and has only accelerated during the recession.

And now, with a black/white wealth-gap of 20 to 1 – and proportionally limited prospects of helping the kids get off to a good start -- America's black community is going to have a very hard time digging itself out of the grueling depression in which it finds itself. Add to that the black incarceration crisis – there are now more African Americans behind bars in the United States (most of them for drug-related offenses) than there were slaves in 1850– and what you have are a set of daunting structural impediments to bouncing back from the crash.

White families are suffering, but they will recover in the medium-term. The same can't be said for black America. Tragically, the crushing depth of economic chaos wrought on African American families since the crash is likely to reverberate within that community for generations to come.



http://www.alternet.org/economy/151809/white_families_have_20_times_the_wealth_of_black_families%3A_how_racism%27s_legacy_created_a_crushing_depression_in_black_america/?page=entire
stay away from moving propellers - they bite
blue skies from thai sky adventures
good solid response-provoking keyboarding

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Get a job and quit yer bitchin',



just personal attacks from you - how unusual...

(obviously you like the racist nature of your society - you've probably taken full advantage of all the benefits given you being white - and still want more)



The US is trying to do a better job of overcoming that which we learned from you lot..http://en.wikipedia.org/wiki/Racism_in_the_United_Kingdom

You Brits have been doing it for CENTURIES.. perhaps you yes YOU.... might want to rail against your own predjuidices.. instead of your incessant jealousies against Americans. Pull those fucking TREEs outta your own eyes....

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