Peter Schmidt

Buried in Businessweek online late November was
an article on the amount of wealth owned by Ivy League schools.

I didn’t find the articles interesting per se, UNTIL I noticed a
series of articles being ran The Times in December about
how HYP are offering reduced and or no loan tuition to
families with incomes between $120 and $180K.

…..America’s public institutions of higher learning, which educate 75% of the country’s college students. While the Ivies, which account for less than 1% of the total, lift their spending into the stratosphere, many public colleges and universities are struggling to cope with rising enrollments in an era when most states are devoting a dwindling share of their budgets to higher ed…..

Talk about the illusion of accessibility.

I thought about how, as of 2001, 1% of the population owns 34%
of the wealth. By wealth I mean, homes and businesses, stocks,
real estate. Not cars and rims.

In the United States, wealth is highly concentrated in a relatively few hands. As of 2001, the top 1% of households (the upper class) owned 33.4% of all privately held wealth, and the next 19% (the managerial, professional, and small business stratum) had 51%, which means that just 20% of the people owned a remarkable 84%, leaving only 16% of the wealth for the bottom 80% (wage and salary workers). In terms of financial wealth, the top 1% of households had an even greater share: 39.7%. Table 1 and Figure 1 present further details drawn from the careful work of economist Edward N. Wolff at New York University (2004).

Please notice that 1% wealth ownership and the 1%
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It would be great to see an analysis of how much
property Black folks could potentially own if we received
loans with interest rates comparable to our white counterparts,
and if we re allocated our spending on clothes and cars
to homes and mortgages.

F*ck being rich, I’m wealthy.

Back to the illusion of admission.

Reading these articles, if I were a junior or senior in high school
I would probably get all warm and fuzzy
inside with my Model Minority prep school credentials, 3.5 gpa.

But. Here is the rub.

According to Peter Schmidt, author of Color and Money: How
Rich White Kids Are Winning the War over College Affirmative
Action 30% of positions are guaranteed for legacy admits,
the children of the politically connected and when applicable athletes.

Leaders at many selective colleges say they have no choice but to instruct their admissions offices to reward those who financially support their institutions, because keeping donors happy is the only way they can keep the place afloat. They also say that the money they take in through such admissions preferences helps them provide financial aid to students in need.

But many of the colleges granting such preferences are already well-financed, with huge endowments. And, in many cases, little of the money they take in goes toward serving the less-advantaged.

Bear in mind that Schmidt’s research revealed that approximately
30% of admitted students had SAT scores and grades lower than
what the US NEWS and WORLD REPORT would tell you is necessary
to get into these schools.

Thus the illusion of accessibility.

While researching this post, I came across the encyclopedia of
American Wealth. NICE.

I find this to be a really accessible analysis of wealth as well.

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What would it take to teach low income folks about
the importance of home ownership?

If you got into Harvard, would you go, even if it meant six figure
debt?

Why don’t we have a fundamental understanding of rich vs. wealthy?

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The interesting thing about working in academia is you
learn a lot about human beings when you look that the distinction between
the choices that their students and the choices that they make for
their children.

In fact, on my rules when dealing with institutions is,
analyzing whether the person in a position of authority (PIA)
is recommending something for young brown/black person,
that they would recommend it for their own YOUR DAUGHTER.

Imagine my surprise when I came across this article on
Affirmative Action and White Folks by Peter Schmidt.

Now, lets look at the “own daughter” rule and Affirmative Action.

How different is a legacy or sports admit from an “affirmative action” admit?

I guess your answer depends on who you ask.

The author makes some salient points. He writes:

Surf the websites of such institutions and you will find press releases boasting that they have increased their black and Hispanic enrollments, admitted bumper crops of National Merit scholars or became the destination of choice for hordes of high school valedictorians. Many are bragging about the large share of applicants they rejected, as a way of conveying to the world just how popular and selective they are.

What they almost never say is that many of the applicants who were rejected were far more qualified than those accepted. Moreover, contrary to popular belief, it was not the black and Hispanic beneficiaries of affirmative action, but the rich white kids with cash and connections who elbowed most of the worthier applicants aside.

Alumni are so incredibly powerful.

And here come the numbers to support the assertions.

Researchers with access to closely guarded college admissions data have found that, on the whole, about 15 percent of freshmen enrolled at America’s highly selective colleges are white teens who failed to meet their institutions’ minimum admissions standards. Five years ago, two researchers working for the Educational Testing Service, Anthony Carnevale and Stephen Rose, took the academic profiles of students admitted into 146 colleges in the top two tiers of Barron’s college guide and matched them up against the institutions’ advertised requirements in terms of high school grade point average, SAT or ACT scores, letters of recommendation, and records of involvement in extracurricular activities. White students who failed to make the grade on all counts were nearly twice as prevalent on such campuses as black and Hispanic students who received an admissions break based on their ethnicity or race.

A larger share, however, are students who gained admission through their ties to people the institution wanted to keep happy, with alumni, donors, faculty members, administrators, and politicians topping the list.

Applicants who stood no chance of gaining admission without connections are only the most blatant beneficiaries of such admissions preferences. Except perhaps at the very summit of the applicant pile – that lofty place occupied by young people too brilliant for anyone in their right mind to turn down – colleges routinely favor those who have connections over those who don’t. low price levitra Treating the underlying cause can help restore the erectile function. Why does the testosterone level begin to decrease? The puberty is the time of transformation of the drug made it more popular as researched to be more effective than brand one in some cases and also a significant reduced price tag turned the drug more popular. online viagra go to pharmacy store comes under the ambit of these keywords, try and be more tactful when defining a dating service and not. viagra shop If you have taken any treatment, the condition would have been the same. The reason is straight forward… there are several side effects purchase cialis from mild to life threatening dangerous severity. While some applicants gain admission by legitimately beating out their peers, many others get into exclusive colleges the same way people get into trendy night clubs, by knowing the management or flashing cash at the person manning the velvet rope.

Interesting. Elite Colleges favor The Connected.

I wonder what Ward Connerly has to say about that?

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Did you go to an HBCU? Are you happy?
Did you regret it? Having been at OU/TEXAS weekend,
I witnessed first hand
the power of a robust Black Alumni network.

There is nothing like it. Now that I am older I
understand that we attend a school both to
LEARN in the classroom and to have access to an alumni network.
These networks can open up doors that last names can’t. Who knew?

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The Ivy League and the IIlusion of Accessbility

White Folks HEART Affirmitive Action.