WP: Why don’t black middle-class families enjoy the same level of economic security as their white counterparts?

The average black IQ in the United States is 85. That’s the highest average black IQ in the world because American blacks, on average, are 25% white.

The average latino IQ in the US is 89, the average white IQ is 100, the average oriental IQ is 105 and the average Ashkenazi IQ is about 108.

IQ correlates with educational attainment, income, law abidingness and household wealth. For instance, for blacks and whites with the same incomes, whites will have higher credit scores and more wealth, just as orientals and whites with the same incomes, orientals will have higher credit scores and more wealth.

I never see the MSM asking, “Why don’t white middle-class families enjoy the same level of economic security as their oriental counterparts?”

The Washington Post reports:

frican Americans for decades flocked to Prince George’s County to be part of a phenomenon that has been rare in American history: a community that grew more upscale as it became more black.

The county became a national symbol of the American Dream with a black twist. Families moved into expansive new homes, with rolling lawns, nearby golf courses and, most of all, neighbors who looked like them. In the early 2000s, home prices soared — some well beyond $1 million — allowing many African Americans to build the kind of wealth their elders could only imagine.

DASHED DREAMS: This is the first part in a series looking at the plight of the black middle class, particularly in Maryland’s Prince George’s County, the nation’s highest-income majority-black county.
Part 2: Half of the loans on newly constructed homes in one Prince George’s County subdivision during the housing boom in 2006 and 2007 wound up in foreclosure.
Part 3: The plight of the Boateng family, who face more than $1 million in debt, shows how some of the people swallowed up by the easy credit era have yet to reemerge.
But today, the nation’s highest-income majority-black county stands out for a different reason — its residents have lost far more wealth than families in neighboring, majority-white suburbs. And while every one of these surrounding counties is enjoying a strong rebound in housing prices and their economies, Prince George’s is lagging far behind, and local economists say a full recovery appears unlikely anytime soon.

The same reversal of fortune is playing out across the country as black families who worked painstakingly to climb into the middle class are seeing their financial foundation for future generations collapse. Although African Americans have made once-unthinkable political and social gains since the civil rights era, the severe and continuing damage wrought by the downturn — an entire generation of wealth was wiped out — has raised a vexing question: Why don’t black middle-class families enjoy the same level of economic security as their white counterparts?

The Washington Post article is the same type of dreary nonsense you expect from the MSM but the commenters are much sharper:

* Do you wish to understand the depressed property values in Prince George’s County?

Here’s Violent Crimes by County for 2013:

https://data.maryland.gov/Public-Safety/Violent-Cr…

And here’s some recent information about high school graduation rates:

http://www.washingtonpost.com/local/education/one-…

So, if the county could just cut its rates of violent crime down to something approaching the Maryland state average . . . and if it could boost its educational achievement to something approaching the state average, then property values would soar. But, of course, then it wouldn’t be anything like PG County.

* Oh the horror. It has to be …….dare I say it…..RACISM! BS! How about these good folks try something novel in this day and age……LIVE WITHIN YOUR MEANS AND SAVE MONEY.

* Many Asian immigrants showed up equally impoverished, yet they have the highest test scores, attend the best schools, and have great paying jobs. Blaming the distant past is faulty logic at best. It has a lot more to do with discipline, work ethic, and willingness to succeed in school.

* Why hasn’t the thing kept down the Irish in this country?

* Many white people come from families with no money and manage to save, invest and get ahead through thrift and hard work. GI Bill is and always has been color blind so stop with that lie. The folks in this story are making over six figures annually and somehow they are in financial trouble. Living beyond your means knows no color barriers and is an equal opportunity path to failure.

* This isn’t a case of predatory lending, or destruction of wealth. It’s a case of living beyond your means. Plain and simple. Did they really need a single family 3,600 sf house with granite countertops, tiled floors, two NEW cars?

The Washington Post perpetually paints black folks as victims, but in the Bryant’s case this clearly a case of making bad financial decisions and a clear cut case of not living within your means.

* Yes, there are “racial differences”, but so what? Nobody held a gun to any of these people’s heads and forced them to take out a loan. How long do you keep living your lives doing stupid stuff and blaming others for it?

* Reporters are financial illiterates, but stories about black families living beyond their means, buying new cars and going on expensive vacations doesn’t assuage their “white guilt” by blaming it on decades of “racism.” No racist white KKK member told them to buy a 3,600 sf house, or two new cars, or take expensive vacations, or live in a neighborhood that has high crime rates and lower property values. Yes, the Bryants got more for their money in PG county, but like Stockton and Vallejo in California, they were boom and bust regions. Can’t blame racism for that.

* WTF did you need private school for? We bought during that time and the real estate agents were trying to convince us that we could “afford” a lot more house. I told them to stuff it. We knew darn well what we could afford and were buying below that just in case the market crashed – which it did. Predatory lending is bunk – no one put a gun to these folks heads and forced them to borrow over 1/2 million bucks.

* Why would banks take the risk? One riot and all that money goes up in flames. The risk outweighs the possible gain. Where whites typically don’t riot and burn their own neighborhoods, the risk doesn’t outweigh the possible gain. Its simple banking.

* My sister-in-law was a loan officer at a bank during the housing boom in the 2000s. She approached me about refinancing to an ‘interest only’ loan. When I pointed out I wanted to keep paying on the principal and getting rid of payments at some point she reassured me the rising equity of my house would cover the loan and I could have more money in my pocket now. I thought this was a terrible idea and said so. She countered my thinking was “old thinking” and “everyone” was going to interest only loans now. My grandparents came to this country legally and were discriminated against socially and in employment opportunities because they were ‘foreigners’ and couldn’t speak a word of English. When she said “old thinking” I think she was referring to my grandparents from the Old Country. What I want to know is, do I have an EEOC case against my sister-in-law and her bank for trying to prey on me?

* Many states have online land records, these are public records.
This isn’t rocket science. And whoever had the assignment to fact check this story should be fired.

* Lets see-Blacks voted 99% for Obama in 2 presidential elections.Now after 6 years with a black President they are much worse off-what is the explanation.

* The Post did a real bad thing by not fact checking this story. Some simple review of the land records, available online shows a very different story. The Bryants kept their condo in Hyattsville when they bought this house. They stripped the equity out of that property, as well on the same day they refinanced their home in February of 2005. They then refinanced the primary home again in 2007.

Between 2005 and 2007, it appears that their primary residence mortgage balance went from $368k to 540k, as they refinanced twice, each time taking more money out. That’s a 150k taken out in two years on the primary and a 72k on the rental. The condo was sold in 2006 for $219k. Just on a basic review, it looks like they had over $250k in monies taken out from the properties and sale in just a few years and spent it all.

Do your homework, Post writers. This is pathetic that you didn’t back check this to make your claims of predatory lending.

* I have lived in PG County for 50 years. There is a big hole in this article. Shame on the Post for allowing it into print.

There is chronic corruption and incompetent public service in PG County. Our leaders are the most corrupt in the area with the possible exception of DC. Our schools are among the worst. Our police and fire departments have one scandal after another. We are a running joke among the other jurisdictions in the area.

No one with a brain would move into this county. I only stay due to inertia. My house is paid for and my children are all grown and gone. They live nowhere near PG County.

* This is not a real estate story, or a discrimination story, or a “predatory lending” story. It is a story of black pathology (see below). Who, in god’s name, would really want to buy a home in Prince George’s County, except blacks? Thus, prices fall.

From Wikipedia: “Prince George’s County accounted for 20% of murders in the state of Maryland from 1985 to 2006. … the county had a 23.1% increase in total crime for the years of 2000 to 2004. Between the years of 1984 to 2004, Prince George’s had a 62.8% increase in total crime. However, as of 2009, crime had generally declined in the county and the number of homicides declined from 151 in 2005 to 99 in 2009.”

* The article basically implies that blacks as a group are dumber than whites.

If it didn’t imply this, it would instead focus on how people (regardless of race) who can’t manage their money really got hurt by the predatory lending scams and the subsequent recession. And how too many Americans are just stupid in general.

Anybody who falls for these scams doesn’t have the maturity or intelligence to be responsible for these decisions. It’s hard to feel sorry for people who are having a hard time due to their myriad poor choices.

* “The county became a national symbol of the American Dream with a black twist. Families moved into expansive new homes, with rolling lawns, nearby golf courses and, most of all, neighbors who looked like them.”

Can you imagine the Washington Post writing that about white families like its a good thing?

* Anyone making an $800/month car payment on a BMW or Escalade has NO right complaining about how they can’t make their mortgage. Once again, certain people cry “racism” to mask their own poor decision-making skills.

* So when gentrification takes place in DC and housing values skyrocket the natives get mad because they’re priced and pushed out. To the east of the city where there is less gentrification, the locals are outraged that they haven’t enjoyed capital appreciation like the rest of the region and they CAN’T move out. Other than pointing out the obvious, what do you want? Pity?

* Back in 2005 banks were being attacked by Barney Frank and the rest of the liberal Democrat mob for being “racist” and discriminating against black folks in lending practices. Therefore, a lot of pressure was placed on banks to make loans to the same black folks, even though they would risk default if the economy went south or interest rates went up. Once again, the lying liberal media distorts the facts in order to peddle their ludicrous agenda, instead of holding people responsible for their own actions.

* And guess what? Attorney General Eric Holder is already pressuring banks to lend more to minorities again. Later on when many of these loans fail, Dems will claim that the “disparate impact” proves that there was racist predatory lending.

* First lesson in life, if a solicitor calls you, hang up, whatever he’s selling is not to your advantage.
Second lesson, don’t live beyond your means.
Third, save for a rainy day.

PART TWO:

* HOWEVER, when I came upon this qualifier tucked in halfway through the article (“The Post was unable to determine from the documents several factors that are likely to influence the types of loans borrowers are able to secure, including credit history, income and assets”), I couldn’t help but view the article’s claims as somewhat suspect. Why devote so much ink to this topic when such critical factors as credit history, income and assets were not analyzed?

* Hey, here’s a novel idea WaPo! How about doing an expose on all of the people who were not greedy, status-chasing idiots? How about doing a story on the rest of us, who were prudent, intelligent, and more than able to read the financial details and ramifications of the loan documents we were about to sign? How about doing a story about all of the prudent, hard working citizens who will be paying for all the morons who got bailed out, whether via reduced pension investment returns or paying off the public credit card?

How about not labeling the greedy idiotic behavior of EVERY SINGLE FAMILY in these stories as black victimhood?

* “She also liked that it was still largely black.”
How’s that not racist?

* IF a white person stated they liked to live in a community that was still largely white there would be an outrage.

* The Post should start a new section of the paper titled “Mugged by Reality”. These stories belong in that section and not front page above the fold.

About Luke Ford

I've written five books (see Amazon.com). My work has been followed by the New York Times, the Los Angeles Times, and 60 Minutes. I teach Alexander Technique in Beverly Hills (Alexander90210.com).
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