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in America today for every $100 of white family while black families only have about five dollars and four cents in fact the percentage of the total wealth owned by black America's hasn't really grown appreciably since the Civil War this level of inequality isn't about failing to pull yourself up by your bootstraps it's a direct result of centuries of racist banking policies and practices that systematically kept black Americans from prospering after emancipation President Lincoln approved reparations to help former slaves transition from being treated as property to owning property each family was supposed to receive 40 acres and a mule but after Lincoln's assassination that order was reversed by President Andrew Johnson what the free slaves did get was a bank the Freedman's Savings Bank over the next decade former slaves deposited their hard-earned wages more than 75 million dollars into the bank but it turned out to be a one-way relationship the banks white management refused to give any loans to his black clients instead they lost nearly half the money on bad investments before the been closed in 1874 the federal government failed to hold anyone accountable for this loss soon after that Jim Crow laws were enacted across the south and O'Neal and became even less attainable for black Americans in the 1930s President Franklin Roosevelt's New Deal helped create a new middle class but it also further cemented the racial wealth gap with the help of the federal infrastructure tens of thousands of banks and credit unions were created at this time to issue mortgages that in effect all went to white families during this time neighborhoods were explicitly zone to reinforce segregation and those in black neighborhoods would denied mortgages these policies essentially helped create two separate credit markets one of the affluent white suburbs and the other of the black ghettos this is law professor Marissa baradaran she wrote about this history in her book the color of money the segregation of our banks and our neighborhoods and our mortgage credit it was a partnership of banks homeowners who didn't want to live in black areas at was builders who wouldn't sell to black it was the market deciding that a white neighborhood was worth more than a black neighborhood it was a regulators not stepping in it was a legislature not stepping in you know it's not just a Klan that did this you know the whole American society several rights leaders recognize the mental economic injustice and proposed to bold solutions including integration reparations and land grants but once again at this fork in the road of American history the nation took the wrong path instead of going forward with any of these radical solutions President Nixon proposed black capitalism a series of policies that encouraged black intrapreneurship and asked corporations to voluntarily support black owned banks this policy paid lip-service to closing the racial wealth gap but in reality did nothing to fix the underlying problem variations of the toothless black capitalism policy have been carried on by every administration since Nixon that we never fixed our legacy who crow white supremacy credit discrimination all of these problems and to put a little bandaid on it and say okay well we'll celebrate entrepreneurs bop entrepreneurs that's not the answer while US law been explicit racial discriminatory banking in the late 1960s racism in the industry is still alive and well in the early 2000s federally regulated banks and other financial institutions profited from selling many subprime loans which charged higher interest to compensate for higher risk of defaults many were designed to make repayments difficult or impossible these toxic loans were purposely peddled to black neighborhoods a one lawsuit filed by the city of Memphis wall Sparkle Bank officials testified that employees referred to minority customers as mud people and subprime loans at ghetto loans and data shows discrimination lending was based on race not economic status by 2006 higher income black Americans including many who could qualify for regular lowness we're four times as likely to have subprime loans as higher income white Americans the Federal Reserve's own survey at the time revealed as much but they didn't act to stop the bank's predatory lending practices by 2008 the housing bubble burst and no community fell the consequences more than black Americans from Jamaica Queens in New York City to Oakland California strong middle-class african-american neighborhoods that saw nearly two decades of gains watched them reversed in a matter not of years but of months any way you look at it that's an absolute tragedy so surely we've learned our lesson from this tragedy apparently not the trauma demonstration is rolling back regulations put on the big banks after the 2008 financial crisis and the subprime loans are being sold under the name of non-prime loans in many communities of color the racial wealth gap has not closed in 200 years and it won't close in the next 200 unless the government acknowledges his role in creating and perpetuating economic inequalities it's up to the government to fix the problem it starts hey thanks for watching Splinter's here to bring you new videos every week so follow us and check out our other videos for more and let us know what you want to see next