Biden to Urge Federal Reserve to Take on Racial Wealth Gap

Discussion in 'Economics' started by Arnie, Jul 28, 2020.

  1. Cuddles

    Cuddles

    https://datacenter.kidscount.org/da...loct=1#1/any/false/37/10,11,9,12,1,185,13/431

    https://www.acf.hhs.gov/sites/default/files/cb/cm2018.pdf pg 39

    https://www.ojjdp.gov/ojstatbb/crime/JAR_Display.asp?ID=qa05261

    and you see, libs don't attribute these realities as a "defect" of their skin or culture unlike cons, no matter how they try to spin and lob the accusation, but the reality of the inequity in their starting point in life.
     
    #31     Jul 28, 2020
  2. Corky5

    Corky5

    Getting pregnant at a young age with no skills and no husband and knowing full well the chances that you will will live in poverty and your children are much more likely to commit crime most certainly is a choice. Despite all that knowledge, they still insist on pumping out children out of wedlock.
    It all starts with the family and 75% of all blacks CHOOSE to have children out of wedlock. Thats called leading an irresponsible lifestyle and making bad decisions.
     
    #32     Jul 28, 2020
  3. ironchef

    ironchef

    What sets the US apart as a country is our compassion. After WWII, we spent our own resources to help Japan and Germany rebuilt from the ravage of war. Yet as a country, many turned our backs on our poor, not just blacks, blaming their misfortunes as their own making.

    We cannot choose our color and no one wants to be born poor, disable, dumb or ugly. We should support ways to help those less fortunate, have a rational discussion on the methods instead of resorting to rhetorics.

    Conservatives and liberals, instead of everyone talk but no one listen, let's figure it out together.
     
    #33     Jul 28, 2020
  4. Sure let's frame it propertly. What exact numbers are you looking for? FWIW, incidence of family violence, single parenthood, incarceration levels all strongly correlate with median income and median income in black households is roughly 70% higher than in white ones (https://www.census.gov/content/dam/Census/library/visualizations/2018/demo/p60-263/figure1.pdf). However, I am sure all the data is out there and we can pull it in.

    It's very hard to argue that socioeconomic background is the main contributor to success in future life. It's a self-perpetuating structural problem, poor people struggle to get out of poverty while rich people get richer. E.g. take the two of us, you are struggling to put together enough to get over PDT while I am trying to figure out which charity to donate a similar amount this week. There are numerous studies about it, and again, if you insist we can pull them in here.

    So far, we have the following line of reasoning based on the data and multiple prior studies:
    (b) poor people can't get ahead
    (a) black people are poor
    (c) (a) + (b) = black people can't get ahead
     
    Last edited: Jul 28, 2020
    #34     Jul 28, 2020
  5. Bugsy

    Bugsy

    Not arguing black people have high single parent percentage due to fathers leaving. How is this anyone's fault outside of the father's? Do you somehow think I committed a crime because of mommy?

    Personal responsibility. Where I grew up it was like 2% white people vast majority hispanic/ black. I committed crimes not because there were no jobs, but because I was young and stupid. Nobody makes anyone commit crime. There are too many minorities that do not commit any crime. Nobody forces anyone to hang out with friends who commit crimes. Take responsibility for your choices. Quit acting like minorities somehow need rich white liberals to protect them. They don't. Quit acting like crime is the only choice in minority neighborhoods. It isn't. How many people are robbing stores for bread?

    Once again. I'm not arguing crime statistics. I'm arguing it is laughable to state crime was their only choice.
     
    #35     Jul 28, 2020
  6. Bugsy

    Bugsy

    That's a nice assumption based on my background story. I actually have close to $40,000 in my brokerage. About half of it was saved by purposely driving a shitty 20 year old clunker and maintaining years of little to no debt while saving my money and studying and working thousands of hours of overtime. The other half I earned in the market as a result of my studying. I'm glad you can contribute to charity. I suppose according to liberals I shouldn't be where I am because it doesn't correlate with the struggles I've lived through, as you yourself have demonstrated by assuming I didn't have enough to PDT with nothing more than an assumption. How could I have made it without them standing and lifting me up on their shoulders. People such as I are incapable of making it without the help of wealthy white liberals. Except that's not how it works. A series of personal choices are why I am where I am.
     
    Last edited: Jul 28, 2020
    #36     Jul 28, 2020
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  7. Corky5

    Corky5

    Its not just black fathers leaving, black woman are getting pregnant without being married. They are aware that they are bringing a baby into an unstable environment with an unstable man but they dont seem to care and its condoned in the black community.
    Also, blacks commit the overwhelming majority of murders in this country.
    I see many brown people from India coming into this country with no money and many times not able to speak the language but yet they get out of poverty rather quickly, same with chinese and koreans. They also dont commit the violent crime blacks commit. If they can succeed so can blacks but they dont. You know why? Because Indian and Chinese people have strong family values. Thats what is lacking in the black community.
    Again, these are facts.
     
    #37     Jul 28, 2020
  8. You are where you are and it really proves my point. With all that hard work and sacrifice (very commendable) you still barely have enough to get over the PDT hurdle and nowhere enough to trade for a living. For comparison, my first-year bonus when I started trading was more than that, even after taxes. Is it because I am better than you are somehow? Not really, but I do come from a well-educated family and a lot of my success in life can be traced to my background.

    Most choices in life are theoretical and are subject to the whims of fate. Take yourself as an example, you could have
    1. studied well in your public school (free, just a matter of effort)
    2. gone to an Ivy League college (again, free if you are poor)
    3. majored in CS and finance (again, possible if you work hard)
    4. went to work at Citadel or Tower Research (possible if you have Ivy League and C++ on your CV)
    With all of the above, you are almost guaranteed to be very comfortable and have a buck or two set aside for retirement by the time you are 30. You probably would be a portfolio manager by now, taking home high 6 or low 7 figures, based on nothin aside from hard work and sacrifice. You can substitute whatever other road to success (me - liked science and computers, did a physics PhD, got an offer from a bank, moved to hedge fund etc) and it all sounds like smart choices were made.


    However, we have a tendency to discount the path dependency in out lives - when you were 14, you did not even think about this career path. So once you made a single wrong choice at step 1, the rest of the choices were cut off. For example, the probability of getting a trading job at a Tier 1 fund or a bank without an top tier education is very low.

    To conclude my TLDR - it's hard to argue that starting point matters. Someone who inherits a billion dollars can take a lot of risk and never be close to actually being poor. Someone who is born poor would have trouble risking a thousand dollars even on a relatively sure bet. The real question is how do we equalize opportunity in the society and I don't think either conservatives nor liberals have come up with a good answer to that.
     
    #38     Jul 28, 2020
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  9. Corky5

    Corky5

    Many whites, chinese, indian people are born into poverty but they succeed and dont engage in extreme violence. Its all about not having babies out of wedlock and having good values. The blacks need to get some structure and family values. The black community also seems to endorse the “ prison thug culture”.

    Remember, both Black Women and Black Men are fully aware of the Consequences of having babies out of wedlock but yet they CHOOSE to do it anyway.
    But its the American tax payers who become the surrogate fathers.
     
    Last edited: Jul 28, 2020
    #39     Jul 28, 2020
  10. Cuddles

    Cuddles

    I guess my point was that minorities' struggles which you faced are in greater preponderance among them, evidence which you asked for. I'm not sure what point you're pivoting to now.
     
    #40     Jul 28, 2020