Dr. Boyce Watkins: How Does Prosperity Gospel Work Anyway?

by Dr. Boyce Watkins, Syracuse University, Your Black World 

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.

 

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Dr. Boyce talks money on ABC News

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Brittany Sharpton Discusses Black Unemployment

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Black News: Michael Jackson Auction Fetches Big Money

New York (CNN) -- More than 80 Michael Jackson collectibles -- including the late pop star's famous rhinestone-studded glove from a 1983 performance -- were auctioned off Saturday, reaping a total $2 million.

Profits from the auction at the Hard Rock Cafe in New York's Times Square crushed pre-sale expectations of only $120,000 in sales.

The highly prized memorabilia, which included items spanning the many stages of Jackson's career, came from more than 30 fans, associates and family members, who contacted Julien's Auctions to sell their gifts and mementos of the singer.

Jackson's flashy glove was the big-ticket item of the night, fetching $420,000 from a buyer in Hong Kong, China. Jackson wore the glove at a 1983 performance during "Motown 25," an NBC special where he debuted his revolutionary moonwalk.

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Dr. Boyce Watkins: How Rihanna Is Profiting from Her Tragedy

by Dr. Boyce Watkins, Syracuse University 

I hated what Chris Brown did to Rihanna. I was angered, disappointed and irritated by the fact that many are quick to forgive egregious behavior on the part of celebrities, and a hit song can forgive all sins. At the same time, celebs are just like the rest of us, full of complexities that the world may never come to understand. Rihanna has walked away from Chris and she is now telling the entire world how bad of a man he is, and we're all taking her side.

The problem for Rihanna, however, is that her actions aren't making much sense.

Rihanna's recent whirlwind media tour has included the likes of ABC News, MTV and other major media outlets. Throughout this tour, she has allowed the world to enter into her dark reflection on the relationship she had with Chris Brown, with that reflection seeming to have almost no productive purpose. I am not sure why the he-say/she-say between two 19-year old kids should be the concern of the nation. But then again, I am sitting here writing about it, so I am as guilty as everyone else.

 

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The Fed Chairman Shows Serious Racial Ignorance

• Federal Reserve Chairman Ben S. Bernanke listens to businessmen following an address in Chatham, Mass., Friday, Oct. 23, 2009. (AP Photo/Charles Krupa)

Last spring when Federal Reserve chair Ben Bernanke visited Morehouse College, an undergraduate student asked him what accounts for the enormous racial disparity in wealth. Bernanke responded that the source of the problem was the lack of "financial literacy" and "financial education" on the part of blacks, particularly with respect to savings decisions.

He said nothing about the lack of access to inherited wealth, such as inheritances and other intergenerational transfers. Most wealth acquisition today takes place by such asset shifts. Even more astonishing, Bernanke never mentioned the notorious history of white violence that included the seizure, destruction and appropriation of black property.
Acknowledging this unfairness is not an excuse but a powerful truth; remedying it requires straightforward government action, rather than lectures on the value of saving. In fact, the racial wealth gap can be decreased - and without using a race-specific strategy of wealth redistribution.

We propose Children's Development Accounts, an expanded and non-incremental version of what Manning Marable of Columbia University has called the "Baby Bond" plan. It would provide an endowed trust fund for all children born into families with a net worth below the national median, progressively rising to $50,000 to $60,000 for children whose families are in the lowest wealth quartile. The program could be structured like the Earned Income Tax Credit, which uses a benefits phase-out schedule.

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