[lbo-talk] The myth of Obama blunders and weakness

shag carpet bomb shag at cleandraws.com
Wed Aug 3 13:52:50 PDT 2011

> SA writes:
>> Back in the 60's, Milton Friedman noted that blacks
>> systematically had higher saving rates than whites
>> (after taking their income level into account). He
>> attributed it to an attempt to cope with the effects
>> of discrimination, or something to that effect.
> I've always heard that it was related to a disproportionate
> participation in investment (including residential real estate). So
> yes, savings-rate was higher; but the whites were putting money into
> houses and stocks -- with typically larger returns. So the rate of
> wealth-growth was lower with blacks.
> /jordan

right. which, as an article doug posted here several years ago noted, the reason why they didn't invest in real estate had to do with redlining, etc.

Maybe Doug remembers it. There was a brief conversation around it.

Similarly, SA, poor people tax themselves more to get better schools according to Jonathan Kozol - his statistical response to the morons that like to explain that the bad schools are the result of the bad people living in the school district - bad because they don't, ostensibly, value education. Not so according to the numbers says Kozol.


-- http://cleandraws.com Wear Clean Draws ('coz there's 5 million ways to kill a CEO)

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