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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

5
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Speaker 1: some of the heinous migrant criminals caught because of President

6
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Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

7
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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

8
00:00:28,160 --> 00:00:31,680
Speaker 1: crossings are at the lowest levels ever recorded, and over

9
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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fined nearly

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Speaker 1: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,

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Speaker 1: border and families will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security.

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Speaker 3: You write a book about the racial wealth gap and

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Speaker 3: the fifteen cents on a dollar. How Americans made the

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Speaker 3: black white wealth gap. Is that that's the name, right

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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

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Speaker 3: in detail, and then let's also talk about how America

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Speaker 3: made the wealth gap, because a lot of times I

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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

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Speaker 3: making less money. Or they don't work hard, that's why

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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

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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

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Speaker 3: League college professors, so you're extremely intent people. So maybe

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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

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Speaker 4: wealth that a black family has in comparison to a

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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.

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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

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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

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Speaker 4: four hundred interviews. We focus on seven black families. They

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Speaker 4: range in their economic experience and spectrum. We trace their

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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,

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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.

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Speaker 5: And I just want to chime in. We very specifically

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Speaker 5: decided the subtitle would be how Americans made the Bakat

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Speaker 5: Wealth Gap, not how America made it. Because people take actions,

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Speaker 5: it's it's actions that people have taken. So how Americans

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Speaker 5: made the black white wealth gap, and the book you

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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

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Speaker 5: have happened through every different decade that have had the

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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

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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,

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Speaker 3: the freedmen bank when slaver, when slaves were first freed

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Speaker 3: and then they put their money into the bank and

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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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Speaker 6: What's up? You ever walk into a small business and

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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens.

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Speaker 2: Have been arrested.

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Speaker 1: If you are here illegally, your next you will be

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Speaker 1: fine nearly one thousand dollars a day, imprisoned and deported,

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Speaker 1: you will never return. But if you register using our

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Speaker 1: CBP home app and leave now, you could be allowed

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Speaker 1: to return legally. Do what's right. Leave now. Under President

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Speaker 1: Trump America's laws, border and families will.

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Speaker 2: Be protected sponsored by the United States Department of Homeland Security.

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Speaker 3: DANG, I would assume that.

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Speaker 5: You do pretty well. I think you can write our book.

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Speaker 2: You well, I mean we know what THINGA two?

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Speaker 5: Yeah, this is some other things. Those historic events are

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Speaker 5: a big part of it. And of course we also

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Speaker 5: covered things like the attacks in the Greenwood District of Tulsa, Oklahoma,

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Speaker 5: which into many different black business districts around the country.

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Speaker 5: But we also get into industry practices, the way that

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Speaker 5: pricing is carried out, for example, and the insurance and

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Speaker 5: banking industry, and we write about how it came to

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Speaker 5: be that risk based pricing was integrated into industries and

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Speaker 5: how that in some ways perpetuates differences and a lack

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Speaker 5: of equality among racial groups. And so we go through

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Speaker 5: some of those different things different industries as well.

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Speaker 4: We all work for insurance as well, and what happened

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Speaker 4: in the insurance market and why it was first introduced

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Speaker 4: and who it benefited. And we look at that as well.

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Speaker 5: You know, em em in a domain student loans, you

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Speaker 5: know it just it goes on and on the GI

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Speaker 5: builds people get equal access. We very much cover also

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Speaker 5: things that happened to black Americans and things that happened

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Speaker 5: to white Americans. We are a white and black pair

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Speaker 5: of authors, and this is a gap between two populations.

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Speaker 5: And a gap occurs both when people are held back

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Speaker 5: from enjoying opportunities, are held back from doing things, but

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Speaker 5: also when, for example, white people were given more benefits

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Speaker 5: to things over time that black people didn't receive that

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Speaker 5: also create this gap. So we talk about, for example,

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Speaker 5: different land grant programs that benefited white Americans more. So

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Speaker 5: we really cover a large range. You will learn a

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Speaker 5: lot from the book. And the other thing I think

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Speaker 5: the book does for people no matter your racial background,

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Speaker 5: is it makes you start thinking about which of these

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Speaker 5: things in history did my family benefit from or not.

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Speaker 5: And it doesn't go straight down racial lines. There are

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Speaker 5: Black Americans, for example, who did benefit from things that

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Speaker 5: other Black Americans didn't, and there are white Americans who

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Speaker 5: didn't get the opportunities that a lot of white Americans did.

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Speaker 5: But you can kind of trace your own family tree

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Speaker 5: and it gives you a much more nuanced understanding of

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Speaker 5: your family's financial history.

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Speaker 4: I think that would be the GI Bill. So in

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Speaker 4: our reporting for this, you know, we were tracing a

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Speaker 4: family where the GI Bill didn't benefit that family. And

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Speaker 4: in my conversations with one of my aunts, she said,

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Speaker 4: you know, well, Ebanie, that's how our family got into

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Speaker 4: some of our early home ownership. Your grandfather used the

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Speaker 4: GI bill, So so yes, it's very nuanced, right, So.

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Speaker 5: Ebanie, just to close that point, Ebanie realized, while a

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Speaker 5: lot of Black Americans did not get the GI Bill,

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Speaker 5: and we write about that in the book, there were exceptions,

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Speaker 5: and her own family was an exception exception. So that's

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Speaker 5: why it's nuanced. It's not the same. Not everyone has

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Speaker 5: the same exact story, but there are generalities and patterns.

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Speaker 2: Yeah.

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Speaker 7: Well, we talked about home ownership, and when you speak

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Speaker 7: of the GI bill, we know that that's one of

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Speaker 7: the greatest assets you can have and wealth creation. Right,

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Speaker 7: A home that has boy but in the fifties appreciates

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Speaker 7: over time, it's passed down hopefully, and generational wealth can

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Speaker 7: be created from the equedets in that home.

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Speaker 2: We talk about the stock market here.

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Speaker 7: Obviously this is market Mondays and the disparities and what

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Speaker 7: we've seen over the past five years is encouraging, right,

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Speaker 7: with black men being the leading group of people who

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Speaker 7: are opening broker's accounts. Very encouraging an.

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Speaker 1: Illegal alien from Guatemala charged with raping a child in Massachusetts.

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Speaker 1: An MS thirteen gang member from Al Salvador accused of

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Speaker 1: murdering a Texas man of Venezuelan charged with filming and

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Speaker 1: selling child pornography in Michigan. These are just some of

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Speaker 1: the heinous migrant criminals caught because of President Donald J.

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Speaker 1: Trump's leadership. I'm Christy Nohm, the United States Secretary of

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Speaker 1: Homeland Security. Under President Trump, attempted illegal border crossings are

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Speaker 1: at the lowest levels ever recorded, and over one hundred

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Speaker 1: thousand illegal aliens have been arrested. If you are here illegally,

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Speaker 1: your next you will be fine nearly one thousand dollars

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Speaker 1: a day, imprisoned and deported, you will never return. But

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Speaker 1: if you register using our CBP home app and leave now,

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00:12:09,720 --> 00:12:12,800
Speaker 1: you could be allowed to return legally. Do what's right.

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Speaker 1: Leave now. Under President Trump, America's laws, border and families

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00:12:18,520 --> 00:12:19,360
Speaker 1: will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security,