The article blames predatory banks and "racism."

Might anyone suggest too much bling bling?

The article claims that wealth of parents is biggest predictor of wealth of children (no sources given of course). I recall reading the Bell Curve where it was stated that being born at top 5% IQ was preferable to being born top 5% of wealth.

Even Further Behind the Joneses

For every dollar white families have, black families now have just 10 cents. The economic fallacy of “post-racial” America.

But here’s something that is being talked about much less: The gap between the wealth of white Americans and African Americans has grown. According to the Fed’s data, for every dollar of wealth owned by the typical white family, the African American family has only one thin dime. In 2004, it had 12 cents.

This is not just a gap. It’s a deepening canyon.

The overhyped political term “post-racial society” is patently absurd when looking at these economic numbers. Experts on asset building in communities of color recently made that case to Congress: At a two-day conference called the Color of Wealth summit, they stressed that the nation's long-term economic future depends on the inclusion of all Americans in opportunities to build wealth.

Why such a big gap? The biggest predictor of the future economic status of a child is the net worth of the child’s parents. Even modest inheritances or gifts within a parent’s lifetime—paying for college tuition or the down payment on a home—can give a child a lift up the economic ladder. Historically, white families have enjoyed more government support and tax-paid subsidies for their asset-building activities.

[...]

... White families are five times as likely as a family of color to have ... access to responsible loan terms.

["Responsible loan terms"? WTF!?:confused: They are turning the tables and instead of admitting the borrowers are irresponsible, they are blaming lenders. Is this a blameworthy way of saying White familes are fives times as likely to have better credit profiles? Also, do Asians qualify as being "of color"?:confused:]

http://theroot.com/views/even-further-behind-joneses?GT1=38002