posted on May, 19 2010 @ 12:55 AM
I appreciate you bringing this particular issue to the attention of the board. It's worth discussing, although the intent of citing the article is
clearly to refute it, I think your approach is mostly sound.
We're hitting on a very sensitive issue; race and economics always is. There are two basic differences between whites and blacks in this country
with respect to this issue. The latter group was unable to amass any wealth before the 150 years ago as they were effectively working for free and
some form of racial discrimination still exists to this day in the form of wage gaps in the workplace, particularly in middle income positions
(~$50,000 to $200,000). How relevant is the first point? Not very. Most whites didn't have a substantial accumulation of wealth over time until
the last half a century. The second point is slightly relevant, but as some of you have pointed out, any wage gap is particularly augmented by black
individuals propensity to consume (versus save). Now, we've identified the root issue!
Without any hard evidence its easy to surmise that blacks have a higher propensity to consume than other groups (with the possible exception of oil
barrons from the Dubai :lol. Understanding that begins with understanding the characteristics of black culture that lead to that propensity.
Blacks largely perceive that their survival is under threat, in one way or the other, and rightfully so. Considering their history of enslavement,
continual discrimination, particular groups of people that would love nothing better than to see them destroyed, and their current torrid economic
condition it's a logical conclusion. Additionally, being a minority in a country inevitably results in the feeling that they're "outnumbered".
Of course, this survival threat manifests itself in a number of behaviors, most notably a "live for the moment" attitude. Consequently, the time
horizon on which blacks (by and large) are acting is shorter relative to other groups; again rational if one considers that their survival is
threatened. This short-term perspective manifests itself in unsustainable consumption which is enabled in the United States by easy credit and, thus,
blacks find themselves in debt. Obviously, as one poster pointed out, the inability to save results in less net assets, especially over the time
period of interest in the study.
Rather than blame people for their actions, lets attempt to understand each other and work towards an ethical solution for our country at large. They
are members of this country too, by birth. Never forget that.