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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

      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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    2. 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
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    3. 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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    4. 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?

      2 replies 0 retweets 0 likes
    5. 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
    6. 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
    7. Trevon D Logan‏ @TrevonDLogan Jul 20
      Replying to @matthews_bd

      Another subsidy is highway construction, which led to greater suburbanization and created jobs held disproportionately by whites.

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

      I think the crux of the issue is whether suburbanization was an exogenous thing that reduced property values, or if it was the result of white city-dwellers expressing a strong/expensive preference not to have black neighbors.

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

      Because in the latter case—without endorsing the consumer preferences—you’d still treat neighborhood racial composition as an externality, and the question becomes: who should optimally bear the cost of that externality?

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

      I think that framework is problematic. The racial composition of a neighborhood being an externality can only come about via irrational preferences via race itself.

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

      We get into very tricky territory when we start deciding which preferences are irrational. Especially in a majoritarian system. Jim Crow, after all, was just society’s way of saying that a preference for desegregated lunch counters was irrational and thus invalid.

      2:33 PM - 20 Jul 2018
      1 reply 0 retweets 0 likes
        1. BD Matthews‏ @matthews_bd Jul 20
          Replying to @matthews_bd @TrevonDLogan

          A much safer truce is to say that we don’t understand one another’s preferences, but won’t judge some of them invalid (assuming they don’t impose externalities, natch)

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