The percentage of higher-income African Americans with stock investments is trending downward, from a high of 74 percent in 2002 to 64 percent this year. The proportion of higher-income whites with stock investments stands at 83 percent, virtually unchanged since the first year of the jointly sponsored survey, 1998.You don't really learn about the market in school. At least I didn't, and I went to fancy-schmancy schools. I think it's more of a family thing. A lifestyle, like Entourage, but not as fun and sensational ... unless you're in the know. Only generations of influence could inspire people to read the Wall Street Journal of their own volition.
So, it would figure that higher-income African Americans are also newly higher-income African Americans. And perhaps they read the WSJ, but there's still a nagging in the back of the head, a lynched negro hanging from a tree telling them that anyday now an old white man is going to bust into their house and say, "HAHA! We got you ni**a!!! Suckers. Just colored suckers, all of you!! *pulls out three fruity lollipops for ironic effect* You fell for the old 'buy & hold' Melanin-Man. Sheeeit, that's the oldest caucasian-con in the book. You give us your money, and we'll hold it for ya. HAHAHA!!! Well back to poverty with you negro. Black Tuesday bitches. Dems the breaks. You read the fine print. 'Past history is no guarantee of future results.' Game over son. Yeah that's right, we're gonna continue to appropriate the cool slang from your culture too ... SON! All us caucasoids are gonna split up your money. Here's a 'Ken Lay Is Still Alive' t-shirt for your trouble."
And thus you get:
"Black investors have focused on real estate and have not incorporated the stock market to the same degree as their white counterparts," said Lisa Toppin, director of human resources and diversity programs for Schwab.You can take my HD, but you can't take my home. Hard to argue with that logic. We can only hope time continues on and we learn that Ashton "Jim Crow" Kutcher is not going to Punk us for our savings/legacy.
Race Savings Gap [Washington Post]
(thanks hermes-press.com for the cartoon)