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/ …
-
Show this thread
-
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 likesShow this thread -
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 likesShow this thread -
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 likesShow this thread -
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 likesShow this thread -
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?
2 replies 0 retweets 0 likes -
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
Ie is it a steeper drop when it goes from 100% white to 90%, or from 10% to 0%?
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.