“In reality, the great depression pretty much evened the playing field as far as wealth. The problem we have today evolved as a result of GI’s returning from WWII. Hundreds of thousands of soldiers came home, bought a house, and started a family. But black soldiers were denied the opportunity. The Federal Hosing Administration would not insure loans to black families, and even if they did, often times developers wouldn’t sell to black families. So, whites got suburbia, blacks were limited to inner city developments. So while white families were building equity in their homes, black families were renters and getting nothing out of it. Eventually, black families that were responsible had saved up enough to by a nice new home in suburbia, but there was a great fear from the white community (a fear pushed by the slimiest realtors) that the influx of black families would depress real estate values. White people flooded out to newer developments, which of course made the real estate values plummet. Black families, having finally bought a house, got to immediately see their life savings go down the drain with their now worthless property.
After World War Two, America had a chance to fully bring the black community into the fold with every other ethnic group (all of whom were able to join the middle class after the war) but instead we dropped the ball big time, leaving a lasting schism in our society.”
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