

Black economic gains reversed in Great Recession - hezekiah
http://finance.yahoo.com/news/Black-economic-gains-reversed-apf-625380746.html

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gte910h
Misleading statistic alert: Super rich people happen to be white.

Come on folks, something usable in a statistic that doesn't just make us
groan.

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hezekiah
Learn the difference between median and average. It will change your life. :-)

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gte910h
Yup. The concept of the median and percentiles is flabbergasting to people
who've not heard of averages other than the mean.

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ghc
Er, um...he was suggesting you learn the difference, but I think you simply
did not read the article carefully enough. The statistics are not misleading,
as the article properly uses the median, not the mean.

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fleitz
Lets not turn a class issue into a racial issue, while the stats are true,
that $1 of white household wealth falls to very few white families (primarily
the Goldmans, Sachs, Morgans, Bushes, etc). In 2008 the US decided that those
that pay tax (those who work) should bail out those who do not (those who are
rich).

Why not have a trickle up effect where the gov't lets people stay in their
homes, and tells the banks to eat it, and folds them up because they didn't
meet their capital requirements.

Why should we let real people go bankrupt and bail out fictional entities. If
there is money for JP Morgan, AIG and GS there is money for the people
mentioned in the article. Open up the Fed Discount Window to real people and
close it to the banksters.

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yummyfajitas
I prefer a different trickle up effect. Instead of letting irresponsible home
buyers remain in their homes, why not redistribute those homes to responsible
renters who wanted to buy but couldn't afford at bubble prices?

This helps the same number of people, but avoids the moral hazard that your
scheme creates.

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gte910h
The moral hazard of a bank bailout, protecting people against being shot in
the street for losing all of someone savings, the lying on loan applications
encouraged by bank officers, the promises of low fixed rate permanent
loans/re-fi that never materialized, the shoddily done foreclosure apps, the
false bundling of securities?

Sounds like "letting judges adjust the principle on mortgages" is step one to
avoiding that moral hazard. Hopefully we don't have people feeling strongly
enough about moral hazard that they shoot the guys who sold the "safe"
investments in Mortgage backed securities.

