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Summary

Chapter 8 examines in detail the Love Jones Cohort’s attitudes to wealth accumulation and homebuying, as well as highlights that those in the Cohort operate in an environment of considerable structural racism when it comes to acquiring assets. Chapter 8 further addresses persistent myths surrounding racial wealth inequality, including conventional ideas that promote greater educational attainment, harder work, better financial decisions, and other changes in habits and practices on the part of Black Americans. In Chapter 8, the Love Jones Cohort are cognizant of how their SALA status, in conjunction with family background, gender, age, a desire (or otherwise) for marriage, and responsibility to both family (friends) and the larger Black community, can shape thinking about potential wealth-building opportunities. It is also clear that when it comes to wealth accumulation, while the freedom that comes with SALA status can be an advantage in some cases, buying a home on a single income can impose a significant structural economic obstacle.

A capitalization approach is used to estimate econometrically the effects of exchange rate, interest rate and tax law changes on thoroughbred yearling prices. The analysis found that exchange rate and tax law changes have significantly influenced yearling prices since the early 1980s. Another serious price-reducing event was the 1986 tax law change. Both of these factors have counteracted the positive impact of increased purse rates on yearling prices.

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8 - Homeownership and the Accumulation of Wealth

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Macroeconomic Factors and the Thoroughbred Industry

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8 - Homeownership and the Accumulation of Wealth

Summary

Macroeconomic Factors and the Thoroughbred Industry