Showing posts with label black money. Show all posts
Showing posts with label black money. Show all posts

Monday, September 6, 2010

African American Unemployment Rises 700% More Than White

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

This weekend, I was on the radio with Rev. Jesse Jackson. He'd just completed a march in Detroit, for jobs, peace and justice, only to find that his SUV was stolen upon arrival. But when I asked him if he was OK, his response was quite telling of the leader that he is: He simply said that the car doesn't matter at all when there are so many people suffering across America.
Well, the nation-wide suffering for African Americans has just intensified with the recent unemployment data delivered by the Bureau of Labor Statistics. It's most recent report showed that while white unemployment only went up from 8.6 percent to 8.7 percent, black unemployment went up from 15.6 percent to 16.3 percent. This increase of seven percent is at a rate that is 700 percent of the increase of white Americans.

 

Click to read.

Saturday, April 24, 2010

Boyce Watkins on ABC News - Love and Money Questions to ask Your Partner

by Dr. Boyce Watkins, Finance Professor - Syracuse University

As a Finance Professor, I find it incredibly ironic that many people get married without talking about money. They talk about every kind of compatibility from emotional, to spiritual, sexual, and professional, but they seldom take the time necessary to ensure that they can tolerate the idea of sharing their financial life with a person who may not be on the same page. This problem is compounded in black relationships, where many women describe economic hurdles as one of the reasons that black women have trouble finding the right mate.

 

Click to read more




Thursday, March 4, 2010

Dr. Boyce on Money: Checking Your Financial Security

by Dr Boyce Watkins, Syracuse University, Your Black World

I'd like to ask you a quick question that I ask my students here at Syracuse University. It is also a question I had to honestly ask myself when I thought I was on top of the world after spending 12 years going through college and graduate school to earn a PhD in Finance (which was unbelievably difficult). The question is this: Do you have financial security? If you don't have financial security, do you at least have job security? If you believe your job is secure, then how many jobs do you have?
If you are like most Americans, you probably have just one job. I am not here to tell you that this is wrong. But, I am here to tell you that you might want to rethink what it means to be economically secure.
At worst, economic security is not provided by just having a high income. In fact, in some ways, having a high income can make you less secure, since you are more likely to have higher monthly expenses. To some extent, having a high income from just one job can fool you into believing that you are financially secure, when the truth is that you might be one paycheck away from economic disaster.

Click to read.

 

 

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Tuesday, February 16, 2010

The Economic Policy Institute – 2/16/10

 

12/07/09
American Indians and the Great Recession—Economic Disparities Growing Larger
Issue Brief

11/12/09
Getting Good Jobs to People of Color
Briefing Paper

07/21/09
Unequal unemployment—Racial disparities in unemployment vary widely by state
Issue Brief

03/09/09
Stuck in Neutral: Economic Gains Stall Out for Asian Americans and Pacific Islanders in 2000s
Briefing Paper

10/31/08
Hispanics and the economy: Economic stagnation for Hispanic American workers, throughout the 2000s
Briefing Paper

09/18/08
Reversal of fortune: Economic gains of 1990s overturned for African Americans from 2000-07
Briefing Paper

01/18/08
What a recession means for black America
Issue Brief

Web-only Content

Date
Title
Type

12/16/09
A bleak future for black children
Analysis & Opinion

12/09/09
High unemployment: A fact of life for American Indians
Economic Snapshots

11/12/09
Reversing the Decline in Good Jobs [event]
Other

11/10/09
Jobs creation effort needs to focus on good jobs
Economic Snapshots

09/18/09
Three lessons about black poverty
Analysis & Opinion

07/08/09
African Americans see weekly wage decline
Economic Snapshots

04/22/09
Among college-educated, African Americans hardest hit by unemployment
Economic Snapshots

09/05/08
Jobs Picture, September 5, 2008 - Special Issue
Economic Indicators

08/04/08
Understanding the black jobs crisis
Viewpoints

06/10/08
Subprime mortgages are nearly double for Hispanics and African Americans

Wednesday, February 3, 2010

News: Homeowners Walking Away from Mortgages

Image: Benjamin Koellmann

updated 12:25 a.m. ET, Wed., Feb. 3, 2010

In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040.

“People like me are beginning to feel like suckers,” Mr. Koellmann said. “Why not let it go in default and rent a better place for less?”

After three years of plunging real estate values, after the bailouts of the bankers and the revival of their million-dollar bonuses, after the Obama administration’s loan modification plan raised the expectations of many but satisfied only a few, a large group of distressed homeowners is wondering the same thing.

Click to read.

Wednesday, January 20, 2010

Study Finds Financial Benefits to Marriage

Historically, marriage was the surest route to financial security for women. Nowadays it's men who are increasingly getting the biggest economic boost from tying the knot, according to a new analysis of census data.

The changes, summarized in a Pew Research Center report being released Tuesday, reflect the proliferation of working wives over the past 40 years — a period in which American women outpaced men in both education and earningsgrowth. A larger share of today's men, compared with their 1970 counterparts, are married to women whose education and income exceed their own, and a larger share of women are married to men with less education and income.

"From an economic perspective, these trends have contributed to a gender role reversal in the gains from marriage," wrote the report's authors, Richard Fry and D'Vera Cohn.

 

Click to read.

Thursday, January 7, 2010

Dr. Towanna Freeman: How do you find a way to be happy?

The following is an excerpt from the book, “The Millionaire Mentor” by Towanna Freeman (click her name to buy the book)

Happiness is a Choice You Make

If you are not a happy person that is a choice you are making. You have full control over your life and the decisions that you make. There are many factors which people measure happiness. Some people think money is happiness however they may absolutely miserable with what they do on a daily basis to make their money.

You might look at people who have absolutely everything and you strive to be like them. These things may be wealth, possessions, status, or even the position you hold at work. These things don’t create happiness. Happiness is a choice.

There are many people who have wealth and a high status who are completely miserable. They may be lonely, divorced and more. Happiness comes from within. These people may be working jobs they absolutely hate but just have a knack for making money.

Happiness is Subjective

There are things in life that can make you happy that are subjective. They are subjective because happiness comes differently for everyone.

You might find joy and happiness seeking thrills through rides like roller coasters and bungee jumping. This thrill may be more than torture for someone with a fear of heights who would never step foot on a roller coaster or ever be brave enough to jump from a bridge suspended by a bungee cord.

Everyone seeks happiness in their own way. What makes you happy is a natural high that you deserve to seek. There is nothing wrong with the things that you find joy in. You may be told you are crazy but that is because of the subjectivity.

Monday, December 21, 2009

Dr. Boyce Money – The Latest – 12/21/09

 

 

Dr. Boyce Money

Sunday, November 29, 2009

Dr. Boyce: How Does Prosperity Gospel Work Anyway?

by Dr. Boyce Watkins, Syracuse University 

Nearly every African American knows just how important the black church is to our community. We also know about "prosperity gospel," the act of preaching about God within the context of wealth building. I admit that this form of faith is a bit odd to me. I am a Finance Professor and I become confused when my pastor talks about money more than I do. The saddest truth is that it's hard to tell the difference between a pastor and a pimp: Most pastors aren't pimps, but any pimp could be a pastor. The same skill set is required in both professions.


My father is a preacher, but he almost never preaches about money. I've never heard him asking for money on the pulpit, or mentioning that giving money to him is one of the keys to gaining access to heaven. But I don't presume that my father is right about all things, and given that I write about money on a regular basis, I have gained an appreciation for what financial resources can do to enhance your life. Also, one must be aware of the pragmatic realities of running a church: You have the building fund, bills to pay every month and any community service initiatives that the church chooses to pursue. The proper use of money can certainly enhance your ability to do God's work.

 

Click to read.

Friday, November 20, 2009

Keeping the Cost of Your Funeral Low

by Dr. Boyce Watkins, Syracuse University 

Funerals are never fun. They are emotionally draining and you are forced to endure the shock of knowing that your loved one will never be back in your life. In addition to the emotional devastation, you have to deal with the financial burdens of paying for someone to be buried. We all know that funerals are not free or cheap, and the last place you want to be cheap is when it comes to burying the person you love.
But there are ways you can keep the cost down. They say you can't take the money with you, but someone who doesn't plan for their death may be taking their relatives' money with them to the grave. Here are some ways that you can bury on a budget: giving relatives dignity without creating financial hardship.


There is a funeral cost calculator on FuneralswithLove.com that helps you to figure out how much your funeral might cost and whether or not you're going to be able to pay for it. Effectively, the cost estimator first determines your total resources from prepaid expenses, personal savings/investments, and death benefits. Once you know what is available to you, you have to determine how much you want to spend. Some of us want to go out in style and some of us figure that since we're dead, our relatives should be the ones having all the fun.

click to read.

Sunday, October 11, 2009

Black Financial News: Insurance Costs Overwhelming Many Americans

"The high cost of each premium and the high deductible a person or family must pay per year is my biggest complaint against health insurers."

"For example, I pay around $300 a month for my wife and me for basic coverage, and pay a deductible of $750 each every year, not to mention a co-pay of $15 to $20 at the window."

"My yearly income is around $32,000 a year. Very little is left for goodies. Meanwhile, a doctor takes in $80 to $120 a visit that lasts 15 to 20 minutes. Imagine how much he makes a day, a week, a month, a year. Plenty of goodies here."

 

Click to read.

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Tuesday, October 6, 2009

Devin Robinson Says We should Boycott Haircare Products for One Week

Atlanta, GA October 5, 2009 - Professor Devin Robinson, an economics professor at Oglethorpe University in Atlanta, GA and best-selling author of Taking it Back: How to Become a Successful Black Beauty Supply Store Owner, will lead a one week long boycott against Non- Black Owned Beauty Supply stores.

Robinson stated, "Blacks make up 96% of the consumers of these stores, yet represent less than 5% of the retail ownership." As a previous owner of 3 locations, Robinson understands the industry inside out and offers comprehensive solutions for Blacks to recapture this industry. "The problem is with the distributors. Distributors are mainly Non-Blacks and they handpick who they will distribute products to. This oftentimes leaves aspiring black owners disenfranchised", said Robinson.

Click to read more.

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Sunday, October 4, 2009

Get Sponsored!—Identifying the One Person Who Can Change Your Career Overnight

by Fenorris Pearson 

Even when I was a Vice President at Dell Computers, one of the most cutting edge companies on the planet, our problems remained the same. The variables changed, but the bottom line always came down to figuring out how to sell to one customer at a time. Reaching this critical objective becomes more complex as technology changes and the world becomes more advanced. As complacent as we’ve gotten with new technology and global opportunities, this much has become clear: what got you here won’t get you there. In fact, what positioned you here, might not even keep you here…

…At least, not without a sponsor.

These days competition isn’t just stiff, it’s rigid. You need every advantage you’ve got, particularly if you’re a recent grad, female or minority. Think hard work, an MBA and a well-rounded resume will get you to the top? Think again; that might be what got you here, but to get there – the proverbial corner office or CEO’s chair – you’ll need more than just a spotless resume and a 4.0 GPA; you’ll need a sponsor.

Click to read more.

Monday, September 28, 2009

Black Financial News: Ebony Magazine is About to Be Sold

Can Ebony Magazine survive in the digital age?

 

by Dr. Boyce Watkins, MSNBC’s TheGrio.com, Your Black World 

 

The black journalism students here at Syracuse often come to me to find out how the industry works. They sometimes instinctively wonder if their professors' stories about being in a CBS newsroom in 1982 are going to help them survive in a world run by Twitter, Myspace and Facebook. The answer is a resounding "probably not."

While respecting the journalism professors teaching their classes, I simply use examples like Ebony Magazine to help them realize that black media is changing, and sites like theGrio.com, BlackVoices.com, and TheRoot.com, are examples of how black media has evolved. In fact, a journalist who doesn't understand technology and business models is in danger of starting his/her career as a dinosaur.

When it comes to recent reports about Ebony Magazine being offered for sale, I admit that I was saddened, but not surprised. The Ebony Fashion Fair has become one of the most celebrated events in black America, and the magazine has been nothing less than a tremendous source of national pride since its creation in 1945. But in the age of the web, oversized bureaucracies can be crushed under the weight of their own arrogance. Bloated payrolls, pompous corporate functions and a sense of entitlement make them easy prey for quick, hungry and rapidly evolving competition.

In spite of the tremendous love we have for Ebony/Jet, the truth must be confronted when realizing that it is what radio was to TV or what the train was to the airplane. Like radios and trains, there is still a place for print media, but that role is no longer dominant. The current economic climate only accelerated the inevitable, since advertisers were eventually going to stop spending $50,000 for magazine ads when they can buy the same number of eyeballs for $5,000 or less.

I present the following 5 questions I'd like to ask out loud about both Ebony Magazine and the state of African American media:

Click to read.

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Friday, August 21, 2009

Dr Boyce Money – the latest on AOL – 8/21/09

Thursday, August 20, 2009

Is our Economy Turning Around?

by Dr. Boyce Watkins, Syracuse University 

The economic downturn has hurt us all. Black unemployment has been nearly 70% higher than that for white Americans, and the blow is even greater for people of color, since there is less black wealth to fall back on during tough financial times. We must remember, however, that the global recession has literally led to starvation around the world, as there were many citizens who could barely buy food even during the good times.

The IMF's chief economist, Olivier Blanchard, says the global recession had "left deep scars, which will affect both supply and demand for many years to come." Blanchard also makes the additional point that economic models used to understand past recessions cannot be used to understand this one. When attempting to understand the cyclical nature of African American wealth, the models are even sketchier than they are for the rest of the world.

If you want to understand what happened to our economy, imagine you have a friend who appears to have the flu. The standard flu recovery time is going to be just a few days, so you expect to see them back at it within a week. They then go to the doctor, and it turns out that they have a sinus infection, extending the recovery period at least another week. But instead of coming back to work in 1 - 2 weeks, they are sick for an entire month. Well, this warrants another trip to the doctor, where you find out that the person actually has HIV. This changes the entire treatment strategy, since the short-term problems were nothing more than symptomatic triggers of serious long-term health issues. What's worse is that with or without serious intervention, the patient may never be completely healthy again.

Click to read.

Thursday, July 30, 2009

The Cause and Importance of the Deficit

chart_budget_deficit.03.gif

When George Bush took office at the beginning of 2001, the federal government was running a substantial budget surplus and projected rising surpluses "as far as the eye could see." Now, the United States is facing massive current deficits -- as a share of the economy, the largest since World War II -- and an increasingly dire and unsustainable outlook over the next 10 years and beyond.

How did we get into this fiscal mess? To quote a character in Ernest Hemingway's classic novel, "The Sun Also Rises," when asked by another how he lost his wealth, "Two ways. Gradually and then suddenly."

The gradual part was a series of policy actions adopted during the Bush administration. In 2001, the Congressional Budget Office projected that the 2008 budget would show a surplus equal to 4.5% of gross domestic product. The actual 2008 budget ran a deficit of 3.2% of GDP. Almost all of the reversal was the result of policy changes -- tax cuts and spending increases.

Then, in 2009, the bottom fell out.

Click here to read more

Sunday, March 15, 2009

Genma Holmes: Tavis Smiley Must Be Held Accountable Also

Genma Holmes

by Genma Holmes

While I was reading the lawsuit filed by the NAACP for predatory lending practices, my eyes kept returning to Wells Fargo. My something-smells-funny nose kept sniffing until I looked across my desk and saw the program guide from the recent State of the Black Union (SOTBU). In large font was the Wells Fargo logo, titlesponsor of the event. I wondered if the NAACP had any dialogue with Tavis Smiley prior to the lawsuit being filed. The bank that is being sued for institutionalized racism sponsors a think tank for black folks. (You cannot make this stuff up.)
Wells Fargo has sponsored the SOTBU for several years. SOTBU was the brainchild of Tavis Smiley and birthed from his weekly commentary on the Tom Joyer Morning Show. Tavis Smiley quit the TJMS in April of last year and moved on to other projects that needed more of his attention. One of those projects is to hold President Obama accountable for his political record and campaign promises made on the campaign trail as outlined in his recent book.
From his book:
“During the run-up to the 2008 presidential election, while I was still the resident political commentator on the Tom Joyner Morning Show, I caused quite a stir among the listeners, who are largely African-American, by insisting that we hold then Senator Barack Obama accountable for both his political record and his campaign promises. I wasn’t singling him out, but rather applying the same standard to him that we should apply to all.
I feel now, as I did then, that it is our responsibility as engages citizens to expect now-President Barack Obama to live up to the promises that made him an appealing candidate… As Martin Luther King, Jr.’s Letter from Birmingham Jail reminds us, ‘Human progress never rolls in on wheels of inevitability; it comes from the tireless efforts of men willing to be coworkers with God, and without this hard work, time itself becomes an ally of the forces of social stagnation.’
So, let us take Dr. King’s lead… and go forth and make real the promise of our democracy.” -- Excerpted from the Foreword (pages xii-xiii)
The SOTBU website states "Some of the most influential thinkers, entertainers, and political leaders of our time gather each year to discuss the State of the Black Union during Black History Month. Presented annually in February by Tavis Smiley Presents, the symposium was created to educate, enlighten and empower America by bringing people together and engaging them in thoughtful dialogue, leading the way to constructive action."
The man who has written a book titled Accountable, has accepted sponsorship for years from a bank that is being accused of forcing blacks into subprime mortgages while whites with identical qualifications got lower rates. Class-action lawsuits were filed against Wells Fargo and HSBC in federal court in Los Angeles. Los Angeles was also the host city for the State of the Black Union.
My words may anger some but this is equivalent to a child molester opening up a neighborhood daycare center. It is this type of irony in the black community by leaders and organizations that keeps folks from getting ahead. "Leaders" play nice and accept money from the very organizations that causes the most harm and perpetuate media stereotypes. This happens in many communities but it is perverse in the communities of color.
Does this means Tavis is going to turn his journalistic intuition on Wells Fargo and hold them accountable? I hope so. These are serious charges being leveled at a time when banks that are behaving badly are receiving TARP bailouts. Is he going to compile the number of loans that were given to blacks vs. whites and research the information and give it to the board of directors of Wells Fargo? Will he ask for their resignations? Now that is taking action. Will he helped them be a better bank by helping them exam how they conduct business with people of color? Will he turn down their sponsorship next year and take their logo off his website with a link to their mortgage department? That would be worthy of an NAACP Image Award! Is this not what several of the panelist ask often when others accept sponsorship or advertisement from organizations that do not tow the line when allegations or perceived racist misconduct occur? All the time.
Tavis has always asked his listeners and viewers to be watchful and test everything and everyone. How did Wells Fargo allege predatory practices get around Tavis who would not allow then Senator Obama to campaign without a thorough scrutiny of the issues and his character? President Obama who has been on the national political scene less than ten years is being exam microscopically by Tavis. While SOTBU, Tavis and the same panelists year after year have held meetings with very loud megaphones on radio and television turned blind eyes to the practices of Wells Fargo and others. Practices that have gone on much longer than President Obama has been in the White House according to the time line stated in the NAACP lawsuit.
Many of the speakers at Tavis' 2009 SOTBU event were the same faces sitting in the audience for the 2009 NAACP Image Awards. The award show was televised on the Fox Network, which was the subject of a boycott. (You cannot make this up.) Some body's PR people are not talking to the other folks' legal department and the legal department is surely not talking to the marketing representatives. In the fragile world of sponsorship and raising dollars for mega events to show accountability, this sounds like a church split or at the very least biting the hands that sponsor/televise your events. This is enough to leave one confused and bewildered.

 

Click to read.

Tuesday, March 10, 2009

Black Financial Scholar Dr Boyce Watkins Talks Obama Policy on NPR

Dr Boyce Watkins, Finance Professor at Syracuse University, discusses foreign policy, The Obama Administration and the Economy.  Click the image to listen!