Affirmative Action

Opinions 19 THE BIGGER PICTURE: Blaming Affirmative Action for college rejections epitomizes anti-blackness

Article by Amy Qiao Graphic by Henry Van Voorhis

In conversations concerning college acceptances, remarks like “he only got in because he’s Black” or “she only needed a 1300 on the SAT to look competitive” are often thrown about carelessly. However, the students (often Asian or white) making these claims fail to recognize the gravity and ignorance of their sentiments. It is time to address how these widely used lies, recently fueled by a lawsuit against Harvard’s Affirmative Action policies, perpetuate harmful anti-blackness in our communities.

Affirmative Action programs were built on notions to diversify campuses, eliminate stereotypes and, most importantly, provide equal opportunities to historically oppressed minorities, and they do just that. According to Janelle Wong, the director of Asian American Studies at the University of Maryland, Asian American success post-college is attributed to their admissions in higher education through these exact policies; they fail to recognize that they are direct beneficiaries of Affirmative Action.

Moreover, in 2016, researchers found that omitting African Americans and Latino applicants from admissions processes only increases an Asian American’s chances of admission by 1%. This would make it unlikely that a rejected Asian American student would be admitted even if Affirmative Action wasn’t ruling. Scholars state that Asians were able to gain success in America after whites started treating them as equals. Nathaniel Hilger, an economist from Brown University, found that Asian Americans were able to close the wage gap with their white counterparts simply because they were treated better. Brown correlates the increase in Asian income with the disappearance of discriminatory institutions from World War II and the alleviation of racial prejudices. Today, there is no doubt that Asians and Blacks alike still suffer from racist violent attacks and slurs. However, racism against Blacks is still ingrained in our very own foundational systems (prison-industrial complex, police brutality, etc.) and has not been lessened like discriminatory programs against Asians have. Not to mention, Blacks are still recovering from the impacts of decades of slavery and segregation.

“We, [Asians], need to stand in a higher moral ground and make some sacrifices,” said Li Wei, Rollins College’s Coordinator of Asian Studies. “The system isn’t perfect, but we must work with the people, and understand [America’s] history. This country owes a great deal to Black Americans.”

When a Black student is admitted into a school, they are often ridiculed instead of celebrated. Not only does this invalidate their high school merits, but it pits them against their Asian peers when they should be working in solidarity.

For decades, the “Model Minority” notion has been disguised as a compliment for Asian Americans, praising them for their success that was seemingly achieved with diligent hard work and strong family values. However, it is all a myth. The commonly generalized “rags to riches” narrative is not applicable for every Asian American, and it is dangerous to assume every person’s experiences are the same. By stereotyping all Asians in this way, it fiercely categorizes Blacks as “lazy” in contrast to Asians and assumes all Asians are successful, which is far from true. In fact, 12.3% of Asian Americans, consisting mostly of Southern Asians, live below the poverty line.

Conservatives often use Asians as their mascot to dismantle Affirmative Action, an action that would significantly benefit whites. UC Berkley Professor Ling-Chi Wang states that “at no time has anyone in the Asian American community linked concerns to the legitimate affirmative action program for the historically discriminated minorities.” Asian Americans must stop believing that Affirmative Action policies that help other minorities discriminate against them. White conservatives continuously attempt to divide Asians and Blacks from each other just so they can prevail, and it must be stopped.

When Asian American and white students aren’t admitted into their school of choice, they often direct their anger toward their peers who were offered admission, blaming Affirmative Action to be the sole cause of their rejection. However, they fail to point their fingers to the substantial number of students who receive admission solely based on their familial connections: legacies.

The legacy admission system is an inequitable cycle that continuously rewards affluent (often white) families that are not in need of an advantage in social climbing, let alone deserve it. Legacies take up an overwhelming amount of the student body makeup. In fact, NPR reported that in 2018 over 14% of Harvard’s undergraduate school consisted of legacies.

In a 2011 project studying 30 of America’s most selective schools, a Harvard researcher found that legacy applicants had a 23% higher chance of admission than a regular applicant. Moreover, a “primary legacy” applicant (a student with a parent who was as an undergraduate) had a 45% higher chance of admission.

“It’s a terrible system because most students are not qualified to get in,” senior Julee Sharma said. “Also, immigrants don’t have that luxury of having someone go to college before them.”

This system reinforces the idea that a child needs well off parents to flourish later in life. However, true ambition, merit and embracement of diversity should trump any nepotistic standard held by college admission processes.

Upholders for legacy admissions claim that they fund colleges and programs for financial aid. However, researchers found in 2010 that there is no significant evidence that suggests legacy preferences impact alumni funding.

If we want to build a future where Blacks can close their poverty gap, we must give them the means to do so—means that Asians have been given. Race conscious policies are crucial to end systemic racism and support underrepresented minorities. We should focus on derailing the inequitable legacy admissions process, not Affirmative Action.

WALL STREET MEETS ITS MATCH

Article by Madeline Peckham Graphic by Emma Kim

This newfound unity is a welcome sight, but mean, it’s a survival skill, right?” it’s hard to say if it will last or not. Promises of Some high school and college students got

It’s no secret that the stock market is a lu- unity are made within politics all the time, but involved as well, starting investments young. crative business. Though it can be risky, when are rarely made to last. This community driv- “I was referred to Robinhood by a friend someone knows what they’re doing, it’s easy to en unity, however, seems serious. Many Wall and thought it would be a good way to put reap serious benefits. Streeters didn’t believe the r/WallStreetBets away some money to save,” UCF freshman

Many people who don’t trade for a living community, and were scrambling to respond Andrew Lipscomb said. will get into the stock market recreationally, when Redditors accomplished what they set They were able to use this as a learning exfollowing trends and occasionally getting very out to. perience, and went from knowing very little lucky. On the other hand, people who do it Effects on the economy, though mildly con- about investing to understanding how it works professionally oftentimes cerning when considering and what to do in the future. take advantage of a variety of complicated techniques, one of which is “At one point in your life, almost everybody is going a crash from the highly elevated price for companies like GameStop, have “Aside from buy high and sell low I knew nothing. I learned that some stocks are super volatile and if it dips after you sell, you ride the “short selling.” to be invested in the stock been good, showing lots low and if you are willing to double down buy “You’re promising to sell a stock, and a very market...I mean, it’s a of much-needed spikes after the depression during a few more,” said Lipscomb. Other students that want to start investing short period of time at a survival skill, right?” the pandemic. should take tips from others that did, and apmaximum price,” Hon- “The companies them- ply it to themselves. ors Economics teacher - Brandon Burmeister, Honors selves just got flushed with “I would not recommend super volatile Brandon Burmeister said. Economic Teacher a ton of cash,” Burmeister stocks like GME, AMC, or DOGE right now “What you’re basically do- said. “Right? I mean, they unless you can sit there and stare at the graph ing with shorting is like, just got hit with a ton from 9 a.m. to 11 p.m,” Lipscomb said. “I you’re doing that to basically bet against the of cash because a ton of people bought their would get things like Tesla, and the companies stock.” stocks.” that supply them with materials.”

Analysts do this in order to make money off Many people have hopped on the bandwag- Students should take this as a time to underof a declining company. Betting against these on despite not knowing anything about stocks stand what investing can mean for them, and if companies often ends up being the final blow, and investing at all. This has lifted spirits in a it’s a good idea for them. They don’t even need once and for all killing it within its industry. time when we cannot be together physically, to know anything about investing to start.

Seeing hedge funds “shorting” nostal- and has allowed many people to begin to un- Investing and the stock market create opgic companies such as AMC, Nokia, and derstand the stock market, something that is portunities for everyone that is eligible to buy GameStop caused some Redditors to get in- crucial in our lives. and sell, and the GameStop AMC phenomevolved. “You know, at one point in your life, almost non was just one example of this. The average

Their unity has been impressive to say the everybody is going to be invested in the stock citizen does in fact make an impact, especialleast. During a time of extreme division be- market, whether they know it or not, right?” ly when unified. One thing is for sure; Wall tween people due to political and economic Burmeister said. “They’re going to be invest- Street has met its match. strains, seeing the unity of the regular day-to- ing in securities mortgages, you’re going to be day person against the powerful corporations buying a mortgage on a house, you’re going and hedge funds was inspiring. During such a to be buying, you know, a loan on a car, sturough time, it was nice—for those involved or dent loans or something like that. All of those not—to see a community band together for a things are traded as securities on markets. So I common cause.

UNFAIR BUT NOT UNPREDICTABLE

Article by Jake McCreary Graphic by Emma Kim

funds to satisfy their backers. Robinhood out- become licensed “accredited investors.” Those lines this clearly in a blog post made shortly that pass gain access to valuable perks like

Following the famous r/WallStreetBets following the incident. complete autonomy over one’s retirement savfiasco, social media fell into chaos and “As a brokerage firm, we have many finan- ings and the ability to invest in exclusive assets. outrage as apps and brokers, most notably cial requirements, Private corporaRobinhood, closed all trading on previously including SEC net Since Robinhood profits from tions like FINRA and rising stocks, including GameStop, AMC, and more. capital obligations and clearinghouse de- reckless and risky decision NASD exist solely to regulate brokerages

While this initially seems like a betrayal posits,” Robinhood making, they have no incen- and investors to ensure against the ideology of “little guy” empowerment, Robinhood’s actions were clearly telegraphed and predictable. Unfortunatesaid on January 28, 2021. “Some of these requirements fluctuate tive to reassure that incoming investors stay informed, which that everyone plays fairly and makes optimal decisions, and ly, someone in the end had to come up based on volatility in is why these companies’ inter- with the backing from empty-handed, and novice investors who hopped onto the trend ended up suffering the markets and can be substantial in the cur- vention is necessary. government agencies like the SEC, they have the most due to lack of experience. To avoid rent environment.” the jurisdiction to act future confusion, the installation of sever- Experienced investors should and did know on this issue. Since Robinhood profits from al gatekeeping tests are needed to ensure what was to come. Those that bought the reckless and risky decision making, they have that amateur investors have a solid grasp on stocks at high prices caused by the initial rap- no incentive to reassure that incoming inveshow the system generally id stock growth were met tors stay informed, which is why these compafunctions. Unfortunately, someone with dismay when Rob- nies’ intervention is necessary. What many investors don’t realize is that Rob- in the end had to come up inhood’s artificial freeze caused the stock to drop The public ire and shock at the actions of brokers could’ve easily been avoided if all of the inhood’s primary source empty-handed, and nov- back down to normal lev- Reddit investors knew what they were getting of income isn’t its user base. In fact, the main source of income for the ice investors who hopped onto the trend ended up els. Thus, they were forced to sell their stocks back at a far lower price then what themselves into. Think of it as a driving permit exam; To ensure the safety, whether physical or financial, of both yourself and others, a simapp is user data. Citadel suffering the most due to they initially paid. ple yet effective test is administered in order to Management, a notable hedge fund organiza- lack of experience. Preventing future public outrage and harm to make certain that all users understand the system they are entering as well as all of its minute tion, exchanges payment beginning traders, the mechanics. While hedge funds meeting their for information on what stocks are rising solution is clear: the installation of preliminary match was a flashy show for those spectating, and falling — information that gives them tests to ensure that no investor is uninformed. it’s important that we remember to prioritize fantastic tips and advantages when it comes An example of the effectiveness of similar the safety and security of those involved. to where they should invest. tests is the Series 65 License exam. The Finan-

As hedge fund backers like Citadel take cial Industry Regulatory Authority requires financial blow after blow from Reddit war- people to pass a 130 question test in order to riors, they demand higher payments from key clients like Robinhood. Therefore, Robinhood had to close trading on many of the popular stocks to buy them time to raise the