It's because of genes. They just aren't smart enough. On Nov 27, 2007 3:36 PM, Gruss Gott <[EMAIL PROTECTED]> wrote: > > A third factor is that even when blacks earn the same as whites, they > tend to be less wealthy. In 2000 the average white household in the > bottom fifth of income-earners was worth $24,000. For black households > the figure was $57less than Mr O'Neal might spend on lunch. Whites in > the middle fifth were five times wealthier than their black > counterparts; those in the top fifth were three times more so. > > Dalton Conley, a sociology professor at New York University and the > author of "Being Black, Living in the Red", thinks this explains a > lot. Extra cash cushions whites against temporary setbacks, such as > losing a job or falling sick. It makes it easier to buy a home near a > good school, and to borrow money for university. Blacks are less > likely to graduate from college than whites with the same family > income, but the gap disappears if you compare families with the same > income and net worth. Wealthier parents can more easily lend their > offspring cash to start a business, and assets mean you can plan for > the future. > > So what can blacks do to keep their grip on the ladder? Financial > education is one big thing, says Dawn Franklin of the National > Association for the Advancement of Coloured People. As the recent > collapse of the subprime-mortgage market shows, people without assets > need to be careful how much they borrow, and on what terms. "Just > because a bank says yes to you doesn't mean you got a good deal", she > says. > >
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