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matthews_bd's profile
BD Matthews
BD Matthews
BD Matthews
@matthews_bd

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BD Matthews

@matthews_bd

“Nonsense is a more effective organizing tool than the truth.”—On a quest to find bullets that remain unbitten—bdmatthews71@gmail.com

sovereignexceptions.wordpress.com
Joined April 2018

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    1. Trevon D Logan‏ @TrevonDLogan Jul 19

      One last parting note about this poorly conceived hit piece which attempts to lay everything at the feet of black pathology and dysfunction. It’s wrong in every way. I’ll cite some sources which may helphttps://quillette.com/2018/07/19/black-american-culture-and-the-racial-wealth-gap/ …

      4 replies 54 retweets 153 likes
      Show this thread
    2. Trevon D Logan‏ @TrevonDLogan Jul 19

      First, consider historical credit markets. As @MarthaOlney has shown racial discrimination in even basic credit markets would have made it impossible for blacks to get into serious debt. You have to be extended credit to do that and that didn’t happen.

      1 reply 2 retweets 42 likes
      Show this thread
    3. Trevon D Logan‏ @TrevonDLogan Jul 19

      Blacks were only extended credit when there was collateral, which in historical credit contracts was easy for the lender to repossess.https://www.cambridge.org/core/journals/journal-of-economic-history/article/when-your-word-is-not-enough-race-collateral-and-household-credit/D2E52122527DB8A1A8B6F7E3619114E8 …

      1 reply 3 retweets 42 likes
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    4. Trevon D Logan‏ @TrevonDLogan Jul 19

      Second, blacks had very high savings rates historically. This was first noted by Tobin (1951) “Relative Income, Absolute Income, and Saving” where the high rate of saving was (once again) due to discrimination.

      3 replies 4 retweets 51 likes
      Show this thread
    5. Trevon D Logan‏ @TrevonDLogan Jul 19

      Third, the access that blacks did have to wealth building were predicted on racial discrimination. Blacks were more likely to be homeowners in highly segregated areas. But these homes were also of lower cardinal quality and in areas where black home prices were falling.

      2 replies 3 retweets 36 likes
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      BD Matthews‏ @matthews_bd Jul 20
      Replying to @TrevonDLogan

      This point deserves further elaboration—was the fall in home prices exogenous? If the home prices were falling, they were higher before, which would imply higher past rates of wealth accumulation, no?

      1:36 PM - 20 Jul 2018
      2 replies 0 retweets 0 likes
        1. New conversation
        2. Trevon D Logan‏ @TrevonDLogan Jul 20
          Replying to @matthews_bd

          Exactly, and, more important, white home prices continued to accelerate. And this homebuying was subsidized by the federal government. In fact, we find whites *less* likely to be homeowners in highly segregated areas as the racial price differential was more acute there.

          1 reply 0 retweets 0 likes
        3. BD Matthews‏ @matthews_bd Jul 20
          Replying to @TrevonDLogan

          Exogenous or endogenous, though? Do tax dollars tend to redistribute money from big cities to burbs? The mortgage interest tax deduction theoretically does, but urban landlords can deduct their interest, too, so that’s a wash unless multifamily property owners are less levered.

          3 replies 0 retweets 0 likes
        4. Trevon D Logan‏ @TrevonDLogan Jul 20
          Replying to @matthews_bd

          Not a wash if (1) the deduction is a function of the amount financed (the home price) and (2) if the public goods distributed are unequally distributed.

          1 reply 0 retweets 0 likes
        5. BD Matthews‏ @matthews_bd Jul 20
          Replying to @TrevonDLogan

          That’s what I’m getting at with the leverage question. Adjusted for risk, are single-family owners more levered than landlords? (Keeping in mind that home price appreciation reduces leverage, so over time suburban owners get less levered, inner city landlords more)

          1 reply 0 retweets 0 likes
        6. Trevon D Logan‏ @TrevonDLogan Jul 20
          Replying to @matthews_bd

          That’s a great question. I defer to @leah_boustan on this as she’s the expert.

          0 replies 0 retweets 1 like
        7. End of conversation
        1. New conversation
        2. BD Matthews‏ @matthews_bd Jul 20
          Replying to @matthews_bd @TrevonDLogan

          If the home ownership base started out white, and they sold at declining prices to black buyers, it’s possible (depending on the slope of the curve fitting racial composition to home price) that the white residents lost more—what does the curve look like?

          2 replies 0 retweets 0 likes
        3. Trevon D Logan‏ @TrevonDLogan Jul 20
          Replying to @matthews_bd

          That’s a counter factual— the white homeownership rate was increasing at the same time. Also, you’d need to consider losses relative to inflation and the fact that subsidies made the new homes cheaper as supply was outstripping demand in white suburbs.

          1 reply 0 retweets 0 likes
        4. BD Matthews‏ @matthews_bd Jul 20
          Replying to @TrevonDLogan

          If supply was outstripping demand, prices went down. Inflation shouldn’t have a disparate impact here, except insofar as white homeowners were more hedged. But white people also own (proportionately?) more finanacial assets that *aren’t* hedged, like bonds and pensions

          0 replies 0 retweets 0 likes
        5. End of conversation

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