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Understanding the Racial Wealth Gap: How America Made the Black-White Wealth Gap · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 0:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 0:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 0:31
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 0:35
  Speaker 1: are here illegally, your next you will be fined nearly
• 0:39
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 0:43
  Speaker 1: never return. But if you register using our CBP home
• 0:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 0:50
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 0:55
  Speaker 1: border and families will be protected.
• 0:57
  Speaker 2: Sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 3: You write a book about the racial wealth gap and
• 1:03
  Speaker 3: the fifteen cents on a dollar. How Americans made the
• 1:07
  Speaker 3: black white wealth gap. Is that that's the name, right
• 1:12
  Speaker 3: it is? So just let's just break that down. So
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  Speaker 3: fifteen cents on the dollar. Explain that and then also
• 1:20
  Speaker 3: in detail, and then let's also talk about how America
• 1:24
  Speaker 3: made the wealth gap, because a lot of times I
• 1:27
  Speaker 3: think people, you know, just think that it just happens
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  Speaker 3: by accident, or people aren't fully educated, that's why they're
• 1:34
  Speaker 3: making less money. Or they don't work hard, that's why
• 1:37
  Speaker 3: they're making less money, or they have bad spending habits,
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  Speaker 3: that's why they haven't accumulated wealth, even though we've talked
• 1:45
  Speaker 3: about a variety of different things from redlining to discrimination,
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  Speaker 3: to a variety of different factors that go into play here.
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  Speaker 3: But you guys are the experts. You are the Ivy
• 1:55
  Speaker 3: League college professors, so you're extremely intent people. So maybe
• 2:02
  Speaker 3: if they hear it from you, they'll have a better understanding.
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  Speaker 3: So can you explain that? Sure?
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  Speaker 4: Well, fifteen cents on the dollar is the Black White
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  Speaker 4: wealth gap. So that is the title of our book.
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  Speaker 4: And this comes from federal data that was released last year.
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  Speaker 4: It's a consumer survey that the Federal Reserve release every
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  Speaker 4: three years, and that data point tells us the typical
• 2:27
  Speaker 4: wealth that a black family has in comparison to a
• 2:31
  Speaker 4: typical white family.
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  Speaker 3: So a black family. When you say fifteen cents to
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  Speaker 3: a dollar, a black family has fifteen cents to every
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  Speaker 3: white dollar. Or are they earning fifteen cents to every
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  Speaker 3: white person that's earning a dollar.
• 2:50
  Speaker 4: That's a great question. So the wealth is what you have,
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  Speaker 4: what you hold. It can be influenced by your earnings,
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  Speaker 4: but the income is a separate topic.
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  Speaker 3: So okay, and so can you also explain how America
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  Speaker 3: made that possible?
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  Speaker 4: Yes, I mean in our book, which we hope that
• 3:08
  Speaker 4: everyone you know will read, we go all the way back,
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  Speaker 4: you know, to the eighteen hundred. So we conducted almost
• 3:15
  Speaker 4: four hundred interviews. We focus on seven black families. They
• 3:20
  Speaker 4: range in their economic experience and spectrum. We trace their
• 3:24
  Speaker 4: family trees back five to six generations, and so in
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  Speaker 4: doing so, we go back and we address, you know,
• 3:32
  Speaker 4: slavery and redlining and discrimination and other things that have
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  Speaker 4: happened over the decades and over the hundreds of years
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  Speaker 4: in the United States that created the Black white wealth gap.
• 3:44
  Speaker 5: And I just want to chime in. We very specifically
• 3:47
  Speaker 5: decided the subtitle would be how Americans made the Bakat
• 3:52
  Speaker 5: Wealth Gap, not how America made it. Because people take actions,
• 3:58
  Speaker 5: it's it's actions that people have taken. So how Americans
• 4:02
  Speaker 5: made the black white wealth gap, and the book you
• 4:05
  Speaker 5: really really see through these stories. We have looked at
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  Speaker 5: the entire black white wealth curve going back over one
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  Speaker 5: hundred and sixty years, and we've identified the things that
• 4:16
  Speaker 5: have happened through every different decade that have had the
• 4:19
  Speaker 5: biggest impact on the wealth not converging into equality. It's
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  Speaker 5: still very far from equality today.
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  Speaker 3: So what the What are some of the things that
• 4:30
  Speaker 3: I just want I just want the audience to use
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  Speaker 3: fully with. So we know redlining, that's one thing, right,
• 4:35
  Speaker 3: the freedmen bank when slaver, when slaves were first freed
• 4:39
  Speaker 3: and then they put their money into the bank and
• 4:41
  Speaker 3: then they got it was a Ponzi scheme. That's that's
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  Speaker 3: I would assume that that would be one earners.
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• 6:36
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 6:40
  Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador
• 6:44
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 6:48
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 6:52
  Speaker 1: some of the heinous migrant criminals caught because of President
• 6:56
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 7:00
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 7:04
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 7:08
  Speaker 1: one hundred thousand illegal aliens.
• 7:10
  Speaker 2: Have been arrested.
• 7:11
  Speaker 1: If you are here illegally, your next you will be
• 7:14
  Speaker 1: fine nearly one thousand dollars a day, imprisoned and deported,
• 7:19
  Speaker 1: you will never return. But if you register using our
• 7:22
  Speaker 1: CBP home app and leave now, you could be allowed
• 7:25
  Speaker 1: to return legally. Do what's right. Leave now. Under President
• 7:30
  Speaker 1: Trump America's laws, border and families will.
• 7:33
  Speaker 2: Be protected sponsored by the United States Department of Homeland Security.
• 7:36
  Speaker 3: DANG, I would assume that.
• 7:42
  Speaker 5: You do pretty well. I think you can write our book.
• 7:44
  Speaker 2: You well, I mean we know what THINGA two?
• 7:47
  Speaker 5: Yeah, this is some other things. Those historic events are
• 7:51
  Speaker 5: a big part of it. And of course we also
• 7:54
  Speaker 5: covered things like the attacks in the Greenwood District of Tulsa, Oklahoma,
• 7:59
  Speaker 5: which into many different black business districts around the country.
• 8:03
  Speaker 5: But we also get into industry practices, the way that
• 8:09
  Speaker 5: pricing is carried out, for example, and the insurance and
• 8:12
  Speaker 5: banking industry, and we write about how it came to
• 8:15
  Speaker 5: be that risk based pricing was integrated into industries and
• 8:20
  Speaker 5: how that in some ways perpetuates differences and a lack
• 8:25
  Speaker 5: of equality among racial groups. And so we go through
• 8:28
  Speaker 5: some of those different things different industries as well.
• 8:32
  Speaker 4: We all work for insurance as well, and what happened
• 8:35
  Speaker 4: in the insurance market and why it was first introduced
• 8:38
  Speaker 4: and who it benefited. And we look at that as well.
• 8:42
  Speaker 5: You know, em em in a domain student loans, you
• 8:47
  Speaker 5: know it just it goes on and on the GI
• 8:49
  Speaker 5: builds people get equal access. We very much cover also
• 8:54
  Speaker 5: things that happened to black Americans and things that happened
• 8:56
  Speaker 5: to white Americans. We are a white and black pair
• 8:58
  Speaker 5: of authors, and this is a gap between two populations.
• 9:03
  Speaker 5: And a gap occurs both when people are held back
• 9:09
  Speaker 5: from enjoying opportunities, are held back from doing things, but
• 9:13
  Speaker 5: also when, for example, white people were given more benefits
• 9:17
  Speaker 5: to things over time that black people didn't receive that
• 9:21
  Speaker 5: also create this gap. So we talk about, for example,
• 9:23
  Speaker 5: different land grant programs that benefited white Americans more. So
• 9:28
  Speaker 5: we really cover a large range. You will learn a
• 9:32
  Speaker 5: lot from the book. And the other thing I think
• 9:35
  Speaker 5: the book does for people no matter your racial background,
• 9:39
  Speaker 5: is it makes you start thinking about which of these
• 9:42
  Speaker 5: things in history did my family benefit from or not.
• 9:46
  Speaker 5: And it doesn't go straight down racial lines. There are
• 9:48
  Speaker 5: Black Americans, for example, who did benefit from things that
• 9:53
  Speaker 5: other Black Americans didn't, and there are white Americans who
• 9:55
  Speaker 5: didn't get the opportunities that a lot of white Americans did.
• 9:58
  Speaker 5: But you can kind of trace your own family tree
• 10:00
  Speaker 5: and it gives you a much more nuanced understanding of
• 10:02
  Speaker 5: your family's financial history.
• 10:05
  Speaker 4: I think that would be the GI Bill. So in
• 10:08
  Speaker 4: our reporting for this, you know, we were tracing a
• 10:11
  Speaker 4: family where the GI Bill didn't benefit that family. And
• 10:16
  Speaker 4: in my conversations with one of my aunts, she said,
• 10:19
  Speaker 4: you know, well, Ebanie, that's how our family got into
• 10:22
  Speaker 4: some of our early home ownership. Your grandfather used the
• 10:25
  Speaker 4: GI bill, So so yes, it's very nuanced, right, So.
• 10:30
  Speaker 5: Ebanie, just to close that point, Ebanie realized, while a
• 10:34
  Speaker 5: lot of Black Americans did not get the GI Bill,
• 10:36
  Speaker 5: and we write about that in the book, there were exceptions,
• 10:39
  Speaker 5: and her own family was an exception exception. So that's
• 10:42
  Speaker 5: why it's nuanced. It's not the same. Not everyone has
• 10:46
  Speaker 5: the same exact story, but there are generalities and patterns.
• 10:50
  Speaker 2: Yeah.
• 10:50
  Speaker 7: Well, we talked about home ownership, and when you speak
• 10:52
  Speaker 7: of the GI bill, we know that that's one of
• 10:54
  Speaker 7: the greatest assets you can have and wealth creation. Right,
• 10:58
  Speaker 7: A home that has boy but in the fifties appreciates
• 11:01
  Speaker 7: over time, it's passed down hopefully, and generational wealth can
• 11:04
  Speaker 7: be created from the equedets in that home.
• 11:06
  Speaker 2: We talk about the stock market here.
• 11:08
  Speaker 7: Obviously this is market Mondays and the disparities and what
• 11:11
  Speaker 7: we've seen over the past five years is encouraging, right,
• 11:14
  Speaker 7: with black men being the leading group of people who
• 11:19
  Speaker 7: are opening broker's accounts. Very encouraging an.
• 11:21
  Speaker 1: Illegal alien from Guatemala charged with raping a child in Massachusetts.
• 11:26
  Speaker 1: An MS thirteen gang member from Al Salvador accused of
• 11:30
  Speaker 1: murdering a Texas man of Venezuelan charged with filming and
• 11:34
  Speaker 1: selling child pornography in Michigan. These are just some of
• 11:38
  Speaker 1: the heinous migrant criminals caught because of President Donald J.
• 11:41
  Speaker 1: Trump's leadership. I'm Christy Nohm, the United States Secretary of
• 11:45
  Speaker 1: Homeland Security. Under President Trump, attempted illegal border crossings are
• 11:50
  Speaker 1: at the lowest levels ever recorded, and over one hundred
• 11:53
  Speaker 1: thousand illegal aliens have been arrested. If you are here illegally,
• 11:58
  Speaker 1: your next you will be fine nearly one thousand dollars
• 12:01
  Speaker 1: a day, imprisoned and deported, you will never return. But
• 12:05
  Speaker 1: if you register using our CBP home app and leave now,
• 12:09
  Speaker 1: you could be allowed to return legally. Do what's right.
• 12:13
  Speaker 1: Leave now. Under President Trump, America's laws, border and families
• 12:18
  Speaker 1: will be protected.
• 12:19
  Speaker 2: Sponsored by the United States Department of Homeland Security,