How Home Loans Segregated America
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- Опубліковано 9 вер 2024
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For decades, the American Dream of owning a house was denied to certain segments of the population... and we are still living with the effects today.
Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.
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Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson, AFC®
Directors: Katie Graham & Andrew Matthews
Written by: Philip Olson, CFP® and Julia Lorenz-Olson, AFC®
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Andrew Matthews
Images by: Shutterstock
Music by: APM
I thought that this was going to be one of those cases where there was some kind of emergent racial bias, not that the guidelines would explicitly state 'non-whites need not apply.'
@Michael Enquist against whites
There's a law from the time that said something along the lines of black people can't live in or even spend time in the homes in certain neighborhoods unless they're a white person's servant
@@hisomeone8276 wow
Oh, there was plenty of unofficial bias at work as well. Real estate agents were discouraged from showing or offering minority families houses in "white" neighborhoods. There was also the practice of "block busting" where one (usually Black, at least in Chicago) family would buy a house in one of those white neighborhoods, sometimes with the help of a shady real estate agent. Then the blockbuster agents would panic the residents with talk of how the neighborhood was "going downhill" and buy up houses on the cheap. These houses were then sold to Black families under a type of deed called land contract, because the minority families couldn't get a loan for a regular mortgage. The problem with a land contract (or contract for deed, as it was sometimes called) is that title to the property doesn't transfer to the new owner until the loan is paid in full. Miss one payment and the contract has been broken and the new owner is out in the street with no claim to the equity in the building and the seller can sell the property again. This led to many homes being sold multiple times by the same unscrupulous owner.
School boards would then redraw the school boundaries to keep the Black kids in segregated schools.
actually if I remember right there were some suburbs that officially didn’t allow non whites at least as long as it was legal to do so (mentioned in Adam Ruins Everything on the same topic)
I'm not from the US and I must say that I really noticed the segregation the first time I went to the US, you could easily tell "white neighborhoods" and "black neighborhoods" it was very obvious and a bit shocking. All the time I was wondering why and this video helped understanding it a bit more.
Did you also see the Asian neighborhood? They are the wealthiest group of people in this country. People tend to naturally segregate to some extent and im trying to figure out if you’re pick out a particular race of people and assuming the are all poor?
@@lukerider479 There’s a lot of poor Asian neighborhoods as well. Do you assume every Asian are rich Chinese or Indians? Stop talking out of your ass
@@lukerider479Asian were able to get loans for businesses in black neighborhoods that black wasn’t able to get which took money out of the community all buy design
My man's been rocking the stache for 10 years
One word: DEDICATION ✊🏼
*No 1: Don't Only Hope On Government For Income,*
*No 2: As An Individual Look For Different Self Income Not Only Waiting on Monthly Wages,*
*No 3: Always Save The Little You Can And Think Of What To Do With It When It Become Good For Capital.*
*It's 100% Good To Have Different Ways To Gain Income*
*Because Government have failed us so therefore let's try and survive*
Yes ! For real It is very important to have different streams of income and a diversified portfolio as for me I have already invested in crypto which is very profitable and easy to gain
Exactly I'm also happy to start investing too than to have my money sleeping in bank
Stocks are good but we have to make the right plans
A quote I recently heard that has really stuck: “you didn’t make good choices, you had good choices.”
“Options” could also fit.
Rich: I've got a million dollars in my pocket. Should I invest it, or throw a hella huge party? I'm gonna invest it cuz I make good choices!
Poor: I've got $150 in my pocket. Do I pay rent, or buy groceries? There isn't a good, right choice here.
No, wrong. I made good choices. I also made some bad ones, like buying an overvalued house in 2006 with no money down and 105% financing that went under water in 2008. I also had a lot of bad luck like when I was also laid off and then laid off again in 2010, declared bankruptcy in 2011 and spent the entire decade treading water until finally now in 2021 I’m out of debt (except my mortgage) and making good money.
I had ups and downs but now I’ve got life experience and make smarter decisions. I got no help from anyone and My race and gender had nothing to do with.
@@Cheesecakepi I heard it on "Little Fires Everywhere".
@Two Cents Spam alert!
Thank you for this honest and candid video of the historical economic disparities that have taken place in this country. Denying certain groups a fair opportunity in real estate has resulted in many of them being denied the American dream of creating generational wealth. Unfortunately, the impact lasts for decades.
This video is definitely BURGERS propaganda 😂 at 0:21
Why am I watching this when I'm not American or plan to buy in property in America
I'm not either but I learned something nonetheless
So you can understand how rotten humans are.
@@Iffy50 *some humans
So you can say, "Yeah, right", when you hear about American exceptionalism.
It's important to understand the socioeconomic effects of property ownership policy in general
I love how you brought the topic inheritance into this video! If black families are discriminated against in the past, they will not receive the same inheritance as their white counterparts, which makes them start with a disadvantage financially
What's the point in living then? Serious question.
I wouldn't say start, it's more of a midway point. Usually you don't get your inheritance until your parents die, which usually isn't when you're born.
A study showed that only 20% of millionaires today inherited their money. Maybe financial illiteracy is the real problem in 2021.
@@towhomitrayconcern6512 thinking about inheritance in terms of wealth alone is misleading. Let me give you an instance. Warren buffet started investing at age 11. Do you think he was so smart at 11 that he knew the right thing to do, NO! The cumulative knowledge of people around you matters a lot too. Bill Gates is also self made. He attended the only school in his community with a computer as at then. Inheritance isn't financial alone. It's a shame people don't get this. Been born among struggling people makes it a lot more difficult to rise. I'm not complaining just stating facts
@@towhomitrayconcern6512 And I bet these millionaires all went to awful public schools that where chronically underfunded.
Both my parents were meth addicts, I lived in a different hotel or rental home from the ages of 10-17. I didn’t graduate high school, but at 19 I decided I wanted to get my GED. Then I decided I would never live like how I did when I was younger. I went to a trade school learned HVAC repair and through the years of experience I have consistently upped my yearly income. I bought my house on a loan with a down payment that I saved from doing an actual budget and sticking to it. Debt free now, no credit cards and paid my student loan off. And started a savings account in a Roth IRA. None of this was taught to me. My house increased in value and now my net worth hovers around 185,000. It’s not easy but that’s life. A life you need to take control of.
That's great!
I appreciate you made it after so much difficulties but you can't ignore the fact many people in this society are artificially pushed into bad circumstances
@@bloodwargaming3662 oh believe me I do not ignore that people in our past years were forced into bad circumstances. If I would have ended up addicted to drugs or in prison I would just be another statistic. With each passing year it is becoming easier and easier for you to change your family history. At some point we need to take ownership of our own lives.
Living in Chicago, you can see this plain as day. Whether you are on the South side or North and see how entire neighborhoods will represent one demographic and if you look at average household incomes, you can tell immediately who typically lives where. Government policy can change a place in a few short years. Leave it to the individuals and they can be stuck in mud for generations. Systemic racism is a real thing.
Thank you for this! Baltimore is still suffering the consequences of redlining so many decades later. Cities like ours aren't "naturally segregated", it's by design.
and this mindset is what keeps people trapped in poverty.
@@jeanpierrerideout7560 😂
@@polygonDust To quote r kelly, "If I just believe it, there's nothing to it". If you believe you are doomed, you will be.
Agreed! Poplar Grove and North Avenue raised. Kudos to your handling of the person with the "mindset" comment. I no longer live in the area, but that doesn't change my roots. My grandma, parents, and most of my family are still in Baltimore. I remember visiting my Grandma's job when I was a kid and she worked in a laundry room. I didn't realize that was one of the few jobs she was allowed to work. I can't imagine going to her now while she's in her 80s and being like..."Oh, redlining is over on paper...some UA-cam commenter said it's just your mindset, Granny." Ugh. 😁
@@mikeyllo A classic example of someone who, instead of listening and learning, has already decided that it’s all in our minds. You can’t help but laugh at the befoolery! And while I love my city, I can’t blame you for moving on.
Should also remember the homestead acts, where nearly 10% of the land area of the United States was given for free. Whilst African-Americans did receive some of the lands, and the Homestead Act of 1862 specifically named African-Americans, land was disproportionately given to White Americans.
Are you factoring in the percentage of the population each group represented? Honest question as I am unaware
@Two Cents This person is a scammer and not the real two cents.
@@bigshoe84 Yes sir. For instance in the southern homesteading act, if you look at the impacts in Louisana, (Whites comprised 79 % of homestead attempts but only 50 % of Louisiana’s population. In Louisiana only 21 % of the homesteaders were African Americans, even though they comprised 50 % of the state’s population in 1870. link.springer.com/article/10.1007/s12114-015-9212-7
I don’t have words to express how important it is to be able to respectfully discuss the impact of racism in American socioeconomics. Thank you for using your platform to encourage reform.
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This episode hit so hard. Thank you for this. Let's keep the conversation going and let's make change for the greater good of our society.
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Actually Asians and Indians and Jewish people all earn a higher income and own more homes (per person) than white people do. Only AA’s and Latin people have less home ownership/income. The problem isn’t racism or govt policy, it’s the natural effects of EyeCue
TL ; DR = Asians have higher income, less arrests, and more home ownership than either whites or AA’s do. So quit pretending like you’re oppressed. You are the most successful group in the USA today. PS I’m not saying that’s a bad thing, I think it’s an awesome thing to be successful. But own it and stop pretending to be victimized
Nice video. It's sad to see that some people still don't believe this was real
IS real
@@Obiwancolenobi yep as long as they're still those incompetent piles walking around this still "is real". They continue to perpetuate it because they want to feel special. And it definitely didn't stop with the removal of this FHA band because other areas still perpetuated it illegally in their own local laws or a secretly while groups are carrying out lending and leasing. This is exactly why we still have undercover operations going around and checking that the equal opportunity is actually being maintained because it's not.
People know it was real but it doesn’t exist anymore and the problem is worse. Maybe there’s other factors 🤔
@@A-iv6pg I really don't think that these incompetent piles think it was real. They want to pretend that it never happened so that they can maintain feeling special and Superior. But then in turn prevents younger people from knowing about this stuff because they want to whitewash history.
And yes this discrimination is still a problem today. Investigation teams go and look into the situation all the time.
The thing is the long term consequences of such policies. And the half assed solution of the fair housing act on how was implemented. So yes it doesn’t exist anymore but the damage has already been done. Now we must find solutions to address these consequences.
I was so naiive growing up. People really do need to be informed of how it affects minorities today- not just a part of history that happened long ago (how my schools taught the subject) Love this video!
It doesn’t exist anymore and the problem is worse. Maybe there are other factors 🤔
@@A-iv6pg except for it does still exist and you're just incompetent and have your head up your butt
@@A-iv6pg the factors are described in the video, segregation, property tax funded education are still happening today. people still get arrested for their children attending schools not in their district.
@@n_u001 these incompetent piles just want to ignore facts and reality and substitute it with their own idea of facts in reality
@@UlexiteTVStoneLexite where is government housing discrimination at, it is nonexistent if u compare it to how it used to be. Yet the problem is worse
It's amazing how you have so much courage talking about such taboo topics. Most white homeowners prefer to think that home ownership is an acheivement, rather than a rigged game.
This video will be my evidence when I try to convince those who say redlining is not a thing. You guys always produce top notch content, this is no exception
“Apparently” redlining isn’t a thing anymore but the affects of it still persist to this day.
@@ajh.4131 My parents had to fight their realtor to see homes in upwardly white dominated areas. Even though it ended as explicit policy, realtors have unconscious biases towards racially homogeneous communities
Y’all are definitely invited to the cookout ✊🏽✊🏽✊🏽. Thanks for bringing this to light. My wife and I have already bought 2 homes and we want to educate people on the power of owning land.
Congrats!
@End Censorship! You mean that stuff coming from you??? Man you're really incompetent you've got everything all backwards.
@End Censorship! And the right just wants to control everyone else because they think they're special and Superior when they're not.
Discrimination against other people is wrong. The right is the party that wants to discriminate. The right is the party that's trying to take away people's freedoms. And I would know I used to be conservative and then I realized it was a pile of trash.
Also there's no such thing as immoral. There is no intrinsic morality. There is however treating people unfairly and that is exactly what you are doing.
You didn’t make excuses. You made moves. Congrats!
Amazing!! I WANNA GO TO A COOKOUT SO BAD! - Julia ; )
Fantastic video! The fact that no one talks about this is shameful. I had to take my sociology class in college to learn about redlining
This video has taught me that sometimes "the grasses on the other side of the fence is not that green". I do hope that the people of color and other persons living in the USA regardless of their sex, race, origin, and other factors be given with the same rights and privileges as what the white or Caucasian race enjoy.
i love yalls videos. all of it should be common knowledge and it’s amazing what you guys share. im a single 20 year old making about 24k/yr and i just closed on my first little 3 bedroom house, sooooooo happy. she’s a fixer upper for sure. im an active duty marine and i used the VA loan to only pay 4500 at closing, so i am very fortunate, to say the least. and it’s crazy, because just earlier today i saw my white friends BIG house and thought to myself, “imagine the equity in that house and how she’s likely going to own it someday”. my single immigrant mother tried her best when we were younger, but could barely afford her own car and rent, much less her sons. so i finished school, joined the corps, got my own lexus (because they last forever almost) and helped her finance a used toyota. right now i’m house hacking with roommates and diy renovating to rent out went im at veteran. my mother wasn’t able to give me quality insight on finances. but because of people like you, i’ve been able to move forward and pursue the american dream. thanks again guys. please never stop!
Thank you so much for posting this video! Home ownership has historically been a very difficult feat for POC and has contributed to a lack of generational wealth that still hurts non-white communities today
Asians have done quite well for themselves. They are a non-white community. African communities have also done very well for themselves.
@@jeanpierrerideout7560 they have countries to back them up! Many Asian borrowed money from financial institutions and families members in their respective countries! Black Americans built America for all of us but they only have America. So stop being an ass.
@@JoyFay "Home ownership has historically been a very difficult feat for POC and has contributed to a lack of generational wealth that still hurts non-white communities today". My point is not all POC struggle the same. Thanks for your insight. So stop being a coward and use your real account.
@@jeanpierrerideout7560 Thanks for missing the point of the video. It was about pointing out the racism in housing policy that many don't even know existed. The issue was so contentious in the civil rights movement that the fair housing act was the final act passed and only passed in the weeks after Dr King was slain. To this day, I meet people who deny this history even happened
@@jeanpierrerideout7560 yeah now look up "Model Minority Myth".
First things first thank you. Thank you so much for diving into this and being unbiased as possible. I have been asking the question personally for some time how much and how far has racism effected African Americans. This helps and encourages me to do better. Thank you.
Affected
@@LegacyFarmandHomestead thank you. Wasn’t sure which one but I was in a zone.
Lol, they were totally biased.
This topic is so under covered! I was talking to my best friend (who is white and socially liberal) and casually mentioned redlining and he had no idea what I was talking about. And I realized that if he didn’t know about it, then most likely almost nobody outside of the black community knows about it. So, I really appreciate you guys shining a light on what probably is the biggest contributing factors to the current, ongoing financial struggles of the black community. So many of the issues that are faced in this nation are a product of poverty. And understanding the true reasons people are struggling is the first step in potentially truly helping people.
Hi Two Cents,
I watched this story last night, and it had me thinking 4 questions:
1) How do we undo redlining? It's affected so many generations since its inception. And, although the practice was illegal, its effects still affect so many, even today.
2) Is it possible that redlining has morphed into other forms of housing or area segregation and discrimination?
3) Are there other practices, like redlining, that have and are still disenfranchising people, like my LGBTQ+ neighbors, my AAPI neighbors, and my BIPOC (Blacks, Indigenous, and People of Color) neighbors? I feel like there's so much we don't know that's keeping us from being better neighbors. It's hard to heal and recover from what we don't know.
4) How's the new baby?
Thanks for being willing to talk about this. Seriously.
So sad that this kind of discrimination isn't far enough from us today... 😔
Here in Brazil reality is quite similar...
Congrats you, guys, to talk about this!! 👏👏👏
This explains much of what’s happening today. Thank you for informing your audience of this.
Next topic should be ‘Black Wall Street’ in OK
Yes!
It doesn’t explain what’s happening today. The discrimination doesn’t exist anymore and the problem is worse
@@A-iv6pg yes it still happens today. investigation teams go out and investigate housing discrimination all the time because it still happens today. if you're ignorant and incompetent and have your head up your ass then you're obviously going to miss these things.
Yes! Would love to learn more about black Wall Street!
@@UlexiteTVStoneLexite just because something gets investigated means nothing. Lots of things are investigated doesn’t mean the thing is worse than before. The problem of black house ownership has got worse even though the legal discrimination has been outlawed which was what I was talking about.
Redlining gets too much press.
If you want to really dig into institutional racism, look at your school zones and ISD. School zones and ISDs were intentionally created to maintain and protect segregation in American cities. And they have remained the most successful institution at doing so. Even today, Realtors know how to point people to the "good schools".
Seriously, you think the "Defund the Police" issue got people uncomfortable? Just try to open up their school zones, even a little bit.
Completely agree!
Funding for schools needs to be a state thing and not a local thing. Every school should be getting the same amount of funding. This would greatly improve the school situation if we just actually took all the money from the state and divided it up equally across every school. If schools in wealthier areas want to have more money than cool they can do fundraisers from their local city on top of it but at least give every school the same chance.
Market: "ok so we loan on the basis of objective criteria to maximise profit"
The government: "ok but what if we made racism profitable"
I'd argue that many white lenders back then had a racial bias that made non white seen as less profitable
@@tomlxyz they may well have been, but that's just a question of time until the legs are knocked out form under them by competitors who DIDNT leave huge swaths of the available customers untapped.
I'm glad this is being brought to the attention of those who may have never heard of this.
My old boss (white lady) bought a house in the stone oak neighborhood of San Antonio, Texas a couple years ago and told me the HOA lady (who was an old white lady) told her they were very pleased to see her move in and they had successfully scared away a black single mom from being interested in the home by giving her ugly looks and making her feel uncomfortable. She said something like “redlining doesn’t exist anymore but we do what we can!” Like a psychopath!!!🤬 My boss told her she ran a nonprofit that specifically served low income black and Latino families on the west side and apparently the lady never spoke to her again but gave her lots of dirty looks. Even though I’m latina, that was the first time I learned about the history of redlining and how some racist people are desperate to keep it going.
slavery that ended more than 300 years ago impact financial situation of black community today.
Imagine what is the impact of US wars around the world (mostly in middle east and south America) in the last 100 years.
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Thank you guys so much for making it simple to understand, hopefully more people understand its easier for some to "pull themselves up by the bootstraps" than others.
@White Wolf just another incompetent person that wants to deny the evidence that is right there in front of them. What do you think the Earth is flat too?
@White Wolf I love how YOU made this political lol. All they did was read legal documents, show statistics and talk about peoples experiences. Somehow you saw the facts and decided it's propaganda lol
@@rendasf98 isn't that just so sad and pathetic? 😂🤣😂🤣 And this is the "facts don't care about your feelings" crowd. Oh man they can't even listen to themselves.
@@UlexiteTVStoneLexite exactly lol. Facts don't care about feelings until it's their feelings that are hurt
@White Wolf oh my gosh you incompetent pile. They literally read the section that they needed to read. there is no way to make that passage sound not racist because it is inherently racist down to the core. You are incompetent. The Earth isn't flat science is real and facts are real.
Can you do a video if government programs (food stamps, welfare, handouts, socialism, UBI) lift people out of poverty or perpetuate poverty?
Don't forget Medicade. Medicade keeps many people in poverty, especially those with expensive medical conditions that cannot afford their medical care with private insurance
Ahh, I wish there were statistics regarding Asian-American families. It feels like we are always left out in media even though we make up a non-insignificant portion of the US population :/
We are left out because we are successful. Asians today, even though we were victims of mass racism and even internment, now make MORE than white people do.
We did it through culture. Yes, blacks had it worse, 100%, but until we start addressing the deep cultural issues nothing will change. It has to be a combination of policy and family structure.
White, black, red, yellow, everything starts at the home.
@@BobLoblaw1978 I think research shows that Asian American wealth is largely driven by recent Asian immigrants to the US being far wealthier and better educated than the average American to start with, not anything as abstract as “culture”.
This is because for a long time Asians were heavily restricted in immigrating to the US due to the “yellow scare”, the same trend that led to Japanese-American internment camps.
An old stereotype of Asian Americans is running laundromats. Why? Because before the restrictions on immigration made the average Asian immigrant wealthier, that was the type of job that many Asian Americans were working.
Besides, family cohesiveness and wealth are connected- the wealthier you are the less likely you are to get divorced and the more likely you are to face problems directly or indirectly related to money. It’s not family cohesion that determines wealth, but wealth that determines family cohesion.
Source: studied sociology.
@@BobLoblaw1978 the person asked for statistics, not myths and anecdotes.
@Michael Enquist I think it's actually likely that is not true, I know plenty of Filipino's that are wealthy
@Michael Enquist I think thats an assumption. The highest earning ethnicity in the US are Indian Americans followed by Jewish Americans, South east asians also earn very highly.
OMGoodness, you've done such a great job in unraveling the entire system put in place so many years ago that's still affecting American culture and lives
Ok Personal Story, Back in 95 my Father got a home in a Chicago suburb that was predominantly Hispanic and White. After doing some work on the home fixing it up, he wanted to apply for something (refinancing i think) and had an inspector come over. The Bank though we (a black family) was an Hispanic Family because of our family name NOT being a traditional African American name. When they found that out, our rates jumped up with them labeling us as a bigger risk. which in the end, fucked over my father's financial plan and budget, causing us to lose the home. The Whole experience angered my dad to the point where he moved out of America.
If only everyone learned about this stuff in school.... then people would stop thinking systemic racism isn’t real....
Please provide an explicit example of systemic racism today in 2020 so I can show my family.
@@jeanpierrerideout7560 This video.
@@qwerty_and_azerty FHA won't give loans to black people today in 2020? I had no idea.
@@jeanpierrerideout7560 FHA had explicitly racist policies in the past, which led to systemic wealth inequality in home ownership. As the video explained, even though those policies have stopped, property is worth much less in black neighborhoods even to this day. Since even to this day, public schools are funded through local property tax, a poorer neighborhood gets less school funding which directly translates to worse education, and the effects spiral out from there. All this is explained in the video.
Given this systemic racism of the past by FHA, the correct policy in the present would be to fund schooling equally, regardless of neighborhood wealth. But that isn’t the present policy, is it? The present policy explicitly mandates unequal funding. And it’s Black communities that overwhelmingly get the short end of that stick. But, see, the present policy is clever, because it can avoid mentioning race explicitly. Instead, it uses the explicit racism of the past to continue being implicitly racist in the present.
Hopefully that’s a clear enough example for you. Present day systemic racism is often, as in this example, implicit. A surface level examination won’t necessarily reveal the issue until you dig deeper, often by examining how the present policy interacts with historical trends.
Cheers!
@@qwerty_and_azerty What do non-black Americans gain by keeping some black Americans poor?
Thanks for covering this topic. This is not in school history books. All you hear in the media is "self reliance" and "work hard". Highly misleading.
there is a book that speaks about it called "The Color of the Law"
@@natyego yup. Read it.
Learned this in high school and college. But I went to school in Cook county. Education differ depending where you are in america.
@@ldubview no doubt
@@natyego amazing book.. I thought I understood it... Then I read that book
Thank you for this. For some of us, these systems may seem invisible - even inconsequential, while for others the impact of these legacies are very real. It's up to us who have been "privileged" by our own ignorance to educate ourselves about the lived experiences of others, so that we may understand the impact and take meaningful steps towards equity.
This was a great video. This stuff just isnt taught in school and isnt talked about enough. Keep it up
@White Wolf ummmm because it's not? The discrimination was literally written into laws that we have records of. how is that lies and propaganda when we literally have the evidence right there that this actually happened?? Are you just completely incompetent??? I'm going to go with that one.
@@UlexiteTVStoneLexite there's not enough racism that minorities can claim is keeping them down today so they've gotta keep going in the past to feel like nothing is their fault
@@Mrflowerproductions these sad little people have to just tear others down because they think they are special. They just have to feel special and have to dominate other people because they've got really teeny tiny egos. Isn't it just terrible that these white piles want to make sure that everyone knows how tiny their egos are. They can't handle reality and want to make sure that they hide the past because they want to maintain their "specialness"
@@UlexiteTVStoneLexite Bruh, you’re white. Do u feel like you’re a special protector of minorities?
@@A-iv6pg yes I'm white no I don't feel special protecting other minorities I feel that all people should be treated equally that means all nationalities and genders. everyone should be given the same dignity and respect because everyone is a human being. This isn't about protecting minorities this is about acknowledging that all humans are equal. There's nothing to feel special about that because this should already be a given. that's literally like feeling special that you can tie your shoes or go to the bathroom in the toilet. everyone should be doing this and if you're behind on the game then that says something about you not me trying to do what everyone else should be doing.
Awesome videos. Sadly this issue still happens implicitly. It is unlikely to for a $200k home to be built next to a $500k house. There are zoning laws requiring parking, minimum yard size, home square footage and more that prevent different social classes from living in close proximity.
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I don't know who needs to hear this
But you need to start Investing.
Yeah I totally agree with you on this
A lot of people don't know the advantages that comes with investing and miss out
Investment is very important especially in cryptos, because of the current rise of rates
Can anyone recommend any realiabe source or link I can invest in
I started investing with just $1000 and I have made over $20,000 in some trading weeks
I can imagine how hard this must've been to discuss for you as well-off white folks, but as a latino and former immigrant who's lived through such inequality first and second hand, I appreciate it even more. Hopefully by bringing these topics out into the open, people will be better educated and demand more equality from our political leaders.
Y'all doing good work, Two Cents!
Thanks for answering my question from the previous episode! Really appreciate it. I have a better understanding now. Also, I found this video so revealing on the social and economic differences between various cultures in the US. We all see the economic differences, but now we know why. I'll be thinking about this video for days.
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I'd really like you guys to include native Americans in this kind of thing as more of a focus instead of being mentioned once in a single point. Yeah, we're a minority of the minorities, but we still count. We still matter.
Yes please. I second this
@Two Cents Did you guys get hacked?
If you feel so strongly, why not do something about it yourself?
@@Asharra12that's not actually their account, click on it and you'll see it's an impersonator
Agreed. I honestly love the Native American culture!
I was graciously gifted a big chunk of my home outright and got a mortgage with very favorable terms practically also gifted.
I practically inherited a way lower cost of living. Which means I could effectively live of only 800 euros (about 960USD) a month.
Thanks for this one, guys. Very important.
@White Wolf so history is now propaganda? You people need to get your head out of your asses.
@White Wolf sounds about white smh
@End Censorship! Another incompetent pile of trash
@White Wolf we don't like piles of trash. I mean trash kind of tends to make the area look bad and we're definitely looking at trash here.
@White Wolf you keep using that word I do not think it means what you think it means. Actual facts and evidence are generally not propaganda. Propaganda is usually false information. These laws were actually written into our federal documents therefore they cannot possibly be propaganda to expose them because these things actually happened. You are really incompetent and don't understand words.
I find it interesting that Hispanics have less of an inheritance but have a higher percentage of home ownership than African Americans. Do you think more access to debt would be beneficial or detrimental to the black community?
Hispanic people are hard workers
They have less inheritance because they have higher number of kids, therefor each individual has less of a chance to get a good inheritance than one that has lower average of brothers and sisters.
Hispanics have strong community ties so they do better, the culture of the "black americans" was destoryed long ago. Compare native black to african immigrants and you will see the major difference is lack of culture.
This is just too depressing.
Good thing it's all complete BS then.
@@ybergik What exactly did they get wrong? Most of this is very well documented
@@blackmesa232323 A lot of white folks hate the truth
@@ybergik they literally read directly from the laws that were written at that time and showed statistics. I'm sorry that facts and reality are BS to you lol
@@ybergik no it's not they literally showed us the legal documents that allowed this to occur. We have these legal documents and anyone can them so yes this actually happened. You are just incompetent. The Earth isn't flat and you are not special
Outstanding video as always, but the additional aspect of creating awareness alongside education makes it that much more powerful!
Well done!
@White Wolf trolling, shouldn’t you be on a white nationalist channel.
@White Wolf just another incompetent person that doesn't understand facts and evidence. The Earth isn't flat and science is real and evidence is real.
@White Wolf you really are that incompetent. They showed us the law that created this problem. It was written in our federal laws and you want to pretend that this didn't happen. It did and you are incompetent. I don't expect you to understand anything because you are incompetent.
@White Wolf the Earth isn't flat dude and you're not special. Yes science is real and you don't know anything because you are incompetent. These laws were written into our federal laws. We have the documentation that shows that this happened and you are incompetent because you don't understand that.
@White Wolf did you even watch the video? They literally listed facts. The description of the video has sources too. You continue to show that you didn't watch this video with an open mind. You weren't even willing to listen to facts because they didn't fit your narrative. Do your research. Everything they said is 100% true and backed by facts
I have always noticed this and wondered what was going on. Thanks for the honest truth, 2 cents.
Here is an unpopular opinion, I'm Hispanic in a mixed marriage with 2 kids. I am curious as to what in 2021 is stopping someone who's a minority from building their wealth like I did? I grew up on food stamps etc. barely graduated HS but learned from an old white guy (Dave Ramsey) about money now I'm doing very well. What I've seen is many people in my family are ignorant when it comes to finances and love to blame racism on their choice of a 30 yr fixed at a 6% interest rate with PMI and all that. We have a thing in my family where we love to be flashy and look like we have money but in reality don't have a whole lot that they own.
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Black people accounted for less than 10 percent of the population in the us in the 1930s so your statistic of 2% of the fed backed loans being given to black people is not shocking in the least nor is it helping your argument against oppression.
So you completely ignore everything else that was stated? The fact they blatantly stated if you're not white you are not allowed. Jeez get the fact america was founded and racist terms and sowed in racist terms into law and now are racing the consequences and are still blaming people of color. You're telling me that you think black people did not try and apply for those loans? You think they did not want housing?
@@moclock7241 No, what I said was exactly what I said and nothing more. Read my comment a few more times if you need to so you can understand what I said.
100% correct on whether or not other countries can print their own currency. One example of a country printing more of it's own currency (and it not working) or printing larger notes is Zimbabwe several years ago when it was experiencing hyperinflation. I forget the denomination of the note but it was a LOT.
This also happened in America in the 1800s when states were able to print their own currency and some did so *a lot* leading to vast disparities in the currency values between states. This prompted a national unified currency to be made in the U.S. 😅
Wonderful video, it is important for people to know this history.
Courageous to cover this topic. These two people have all my respect. Great channel, great episode.
I don't know who needs to hear this but stop saving all your money. Venture into Investing some, if you really want financial freedom.
Okay I'll strongly suggest you invest in bit-coin, gold, silver, crypto market, commodities, the world have advanced a whole lot that you most not be a pro to make money out the market
Hey this is a computer age, peeps who aren't even trader's make money from the crypto and forex markets, how many millionaires do know who have become wealthy by Investing in you savings accounts? I rest my case.
Oh yeah, I know him too I'm happy to see Mr Steven Clarke Robert mentioned, he is recognized on the Google, my wife recommended him to me after investing €71,000 and he has really helped us in times of this bad pandemic crisis
Exactly, money is always eager and ready to work for anyone who is ready to employ it, i was able to withdraw my profit of $13,000 after investing $5,500 on Mr STEVEN'S invëṣtment
I have been researching all this while for a digital asset Investment and i found bitcoin to be the most profiting of them all, I'm definitely bouncing on the opportunity,
thank you so much.
Every time someone posts about redlining, people get offended and downvote. They don't like learning how discriminatory America has been.
@End Censorship! No one cares what you think
Now imagine how much equity you could build in 60 years that these people got screwed out of
Yeah, they're missing the Percentage growth over the 60-90 years they were denied. So much growth potential denied :(
About the same as it is today. Inheritance does not last forever. As it is said, “shirtsleeves to shirtsleeves in three generations.”
My (white) grandparents worked hard for their wealth, coming from very little and using education to build a life- but their whiteness was also part of what allowed them those opportunities. Would my grandfather have been accepted into medical school if he was black? Would they have been given given a home loan to build their house if they weren't white? My ancestors were Italians, who faced a whole host of discrimination and hardship, but they still may have very well have access to opportunities and been able to meet more influential people solely because of the color of their skin. I bring this up because a lot of white people who have Irish or Italian heritage seem to think this excluded them from the benefits of racism. Just because your ancestors didn't own slaves doesn't mean you didn't directly benefit from segregation.
You people are great, big fan from a different continent.
Crazy I just found this video. I was finishing up a sociology class a few weeks ago and this was one subject I wanted to know more about.
I was denied a loan because they said my wife has no business being in Austin TX. I was in El Paso, TX and was approved for a home loan prior to me moving to Germany due to the Army. Was this redlining-ish?
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wait
so if 30% of white families receive an inheritance , after two generations, 9% of white families get an inheritance. After 3 generations, 3% of white families get an inheritance.
So it seems like wealth just isn't something that is passed generationally.
Also doesn't suburban housing have a NEGATIVE effect on mental health?
Look I get that things can be hard for some black people. But, in the modern era, being black is not an excuse to not build wealth.
www3.nd.edu/~adutt/activities/documents/oliver-hapconf_000.pdf
Thank you for your comment and view, trust me I don't take them for granted. I recommend you Mr Joe Gabriel start making millions in ..🅱️..T..C
+ 1 6 0 6 2 0 3 1 1 5 4 ~W.h.a~ts~Ap~
Good episode. I recommend looking at this case as follow-up, concerning the related inequality of public schools: Bradley, 418 U.S. 717 (1974)
Thank you for this video. This does still exist even though its against the law. I remember a few years ago my friend telling me her mortgage company got sued because they were charging higher interest rates to black mortgage applicants not due to income or credit, but solely based on race. The bank lost. Why ask race on a mortgage application anyways? It tells the bank nothing about credit worthiness or income.
One of the best your videos and researches! Thank you!!!
Thank you for covering this
Thank you so much for this video. I've been trying to explain this to people for years but you both explain it better than I ever could.
Just want to appreciate how you acknowledge your "privilege". Privilege doesn't mean you didn't have a hard life. I'm sure you all had your hardships. Privilege means you never had to face certain obstacles, others, like poor and blacks, may not face. Like in your face, the ability to purchase a new home, because you had additional help from your family, your education and your ability to afford it.
This needs to be a must watch for everyone
I was redline by my bank I come from generational poverty I'm the 3rd generation on section 8 I'm grateful for the help but have worked hard to better my situation last year I was attempting to purchase a house that had build in equity it was originally a habitat home, FHA approved me but last minute at closing the bank elevations credit union backed out on the loan, I had a 770 credit score and all funds to close .
Thank you! We don't address this stuff enough.
Having moved from Texas to Oregon, it is weird how few people of color live here. There is a significant Hispanic population, but almost no black people. I grew up in a far more mixed, larger city and I worry about my kid growing up without enough diversity. I am horrified by the history of exclusion, and the strange condescension toward segregation in the South. Nobody doubts the South has a bad history, but it is strange how many people here don't seem to recognize that everyone looks the same here, or acknowledge why that is. Same racism, different packaging.
Appreciate the video. Sad how common knowledge this is for black ppl and how it's still barely known among whites. Even to the point of denial
Yeah. I live in Kansas City and there is a street that divides the inner city white and black community (Troost Ave). You can see the difference in first hand in real time in side by side comparison over the years how redlining has divided the city. Literally on the opposite side of the street you will see the same houses, same structures, same business set ups but one side is considerably more worn down and one side constantly improving.
@@jamard6663 there are apparently streets like that in Chicago also
@@orange_blossoms_sunset minority is applying for housing and being denied is simply because they're minority is racism and we see examples of this all the time. Yes a large portion of it is racism.
@@orange_blossoms_sunset comments like this make me wish UA-cam counted dislikes
@@lucash7012 just report the comment. Enough reports and the comment gets taken down
Thanks for this video. We need to understand history without feeling attacked about facts. I appreciate your courage of this video.
Thanks for this very informative view. In the modern day, due to generally lower homeownership rates, personal finance is more important than ever.
I’m Asian, a student of history & a believer of the Christian faith. This episode gave a lesson in history and is very informative, enlightening, & heartbreaking all rolled into one!!!
Thank you very much for creating this particular episode!! This is probably one of the best if not the best content that you’ve ever created!
I will continue to look forward to educating myself with the various subject matter of this channel!! ❤
Absolutely masterful explanation to what we mean by "systemic" issues.
That doesn’t exist anymore
@@A-iv6pg yes incompetent pile it does still exist. investigation teams go out all the time and still find housing discrimination all the time.
@@A-iv6pg the average black homeowners home is still worth less than a white homeowner.
@@n_u001 it's almost like racism still exist or something
@@n_u001 exactly if it’s worse and racism has decreased significantly, maybe there are other factors 🤔
Choice and circumstance really is a case by case basis. Others inherited money , home , assets , I myself am a first generation American minority, grew up poor , nothing established by family , joined the military , started a career after military , bought my house with my money that I worked hard for , invested , 800 plus credit score , all off drive and work ethic. I didn’t get special programs like first time home buyer or privileges , now if people want another perspective let’s do a video about section 8 housing and the statistics of dependency, good and bad , is it help or enabling ? I’m all for helping people down on luck , but when others don’t help themselves then what ?
"It's called the American Dream because you need to be asleep to believe it"
It's called the American dream because we have something called the pursuit of happiness .
@@daveyboy_ oof
@@daveyboy_ Even when laws were created to restrict that pursuit for many people?
@@polygonDust Like who ?
@@daveyboy_ Wow, did you even watch the video?
When y’all said that people don’t appreciate how radical the idea of owning a home is, I felt that. It’s true, and I think the trend is moving in the direction of old, when only people with money will be able to own homes in the future. With how real estate is going these days and investors buying up property the way they are, I see it happening. I’m extremely grateful to have my little parcel. I am not rich, I just worked hard to achieve it. I sacrificed a lot, more than anyone will ever know.
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“if we were able to come to america and make a decent living then why can’t so many black people?”
-my college educated asian mom
Cultural differences such as valuing education, family, and self-responsibility. -My college educated Black father
www.facingsouth.org/2017/02/how-civil-rights-movement-opened-door-immigrants-color
Don't have figures on hand but I can guess a plurality if not a majority of asian americans were able to immigrate because of the immigration act of 1965, itself built upon groundwork laid by the civil rights act and african americans.
Typical "pull yourself up by the bootstraps" argument. Hard work and ambition are important, but when's the last time an Asian was systemically discriminated against? In fact, Asians have "model minority" status, as white racists aren't threatened by them and some Asians hate blacks just as much.
India is such a great country, we never had color or racial segregation. Even the caste system was a bad idea which underwent massive change under colonial rule. US just needs to calm down a bit.
I’m so glad that you guys made this video. It’s nice to see a financial channel recognize that choice AND circumstances play into our lives equally.
Thanks for commenting, I Will refer you to my trade analyst and accountant to make good income go more on digital assets ☑️
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Whoa, I am black and just realized I am also a fourth generation home owner, too! This was a super informative video 🙏🏾
Great video on educating us on the skewed system that many people inherit. Hopefully someday that will change.
I deeply congratulate you. Although I’m from Argentina, I can appreciate the quality, thoroughness, and depth of what you tell in this episode.
I wish that state TV in my country would produce content like this. They produce a lot of content but always blaming a single president or a political party. Not like you, that only want to show things as closest as the truth that is possible, not blaming a political party or a single president. Just showing how the government -and therefore the people- can inflict terrible suffering on minorities.
Thank you very much for being there. Kind regards.
A very serious subject, but I squealed when I saw the picture of your baby! ❤️
In France, up to 45% of heritage goes to the State, and it is redistributed to the whole population (free school and college, free healthcare, affordable housing, etc.). And when I say "heritage" it is not only money, but all, including homes. So when you get an heritage, you may have to sell the house to pay the taxes on the heritage. However, the exact percentage depends on the total value of the heritage, if it is less than half a million euros, it is just 20% ; and 30% if it is less than 1 million ; and 40% if it is less than 1.8 millions. You may find that to much socialist for the US, but I think it is more compatible with the "American dream" than what is done in the US. And of course it matches the motto of France : freedom / *equality* / *fraternity* !
And of course if you give to much money to your children when you are alive, your children have to pay the taxes while you are still alive. I think you only can give 100 000 € over a 10 years period not to pay taxes, so you can do all the gifts you want at Christmas of birthdays, but not to much expansive cars and definitively not a house or a business, or taxes have to be paid.
Thank you for making this
Excellent 2 cents! Excellent detailed revelation. I wanted to see the FHA documents myself and you made that possible. Thanks for sharing this story.
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F...o...r g.o.o.d t.r.a.d.i.n.g i.n b.t.c?
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I assume that prior generational home equity from parents isn't always transferred to children at the time of first home purchases & this equity is often split amongst siblings. Thus how much of this purchasing capability is generationally passed along compared to being afforded via a decent job in early adulthood? Is there any research on the multitude of factors that can lead to upward mobility?
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Durham, NC is my hometown and you can still clearly see the differences between white neighborhoods and Black neighborhoods. Even the high schools are still segregated. That’s despite Durham having a history of Black capitalist participation, the first Black owned life insurance company (in the country, probably the world) was started here along with the second oldest Black owned bank. Durham, NC was one of the first Black Wall Streets and inspired Tulsa and folks like W.E.B DuBois and Booker T. Washington. Even still, the impacts of segregation, redlining, and specific destabilizing actions (such as building a highway through the middle of downtown which disrupted the Black owned businesses there) are still obvious today.
Thank you for this episode!! Long overdue IMO ❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️
I tried to think about the best way to capture my thoughts on this, but the best i could come up with was 'Thank you for making this video'. How this isn't in schools is unreal! Thank you sooo much!
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F...o...r g.o.o.d t.r.a.d.i.n.g i.n b.t.c?
D....o.... w.e.l.l.. t.o.. l.e.t.. h.i.m.. k.n.o.w I... r.e.f.f.e.r.e.d..... y.o.u t.o h.i.m h.i.s s.t.r.a.t.e.g.i.e.s a.r.e t.o.p N.o.t.c.h✅.
thank you for doing this. Awareness is the first step. I love financial information and education but as I am british, I am always confused as to how it should be transfered for me. If you ever feel interested in making a video on the topic....
I'm from the Caribbean, the takeaways are the same just use what's applicable to your country's financial systems.
There's housing segregation in England too.
I love you guys. I really wish more people were like you and this world would be a better place.