Friday, December 31, 2010

Oldest Black Church in Georgia Now Facing Foreclosure

 

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by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

 

The oldest black church in DeKalb County had to recently shut its doors after facing foreclosure proceedings on its building. Flat Rock Community Church is 150 years old. According to Binita Miles, a senior pastor, the church is now having to deal with significant financial problems as a result of declining membership.
The church's mortgage is $6,500 and parishioners are now meeting in a local elementary school.


The challenges being faced by Flat Rock are being felt nation-wide. Quite a few black churches have found themselves to be victims of the recent foreclosure crisis and are working to find a way to pay the bills. African Americans at large were disproportionately impacted by the economic downturn and many of us are on the brink of homelessness. Not only do African Americans have the highest unemployment rates in America, we have less wealth to fall back on in the event of economic problems.

 

Click to read.

Monday, December 27, 2010

Gap Between the Rich and Middle Class Keeps Growing

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

It turns out that the gap between the rich and the middle class is larger than it's been in recorded American history. Much of the growth in the gap is due to the recent housing crisis taking place over the past three years.
According to the Economic Policy Institute, the wealthiest 1% had an average net worth that was 225 greater than the average American. That's higher than the previous record, which was 190 times in 2004.
An intriguing aspect of the divide is that it occurred while the wealth of all Americans declined on average. The richest households lost 27% of their wealth between 2007 and 2009, while middle class Americans lost 47% of their wealth during the same time period. So, the growth in the gap was mainly due to the fact that the middle class and poor suffered more during the recent recession than the wealthy.

 

Click to read.

 

 

 

Visit Your Black World for more black news, black politics,  and black celebrity gossip!

Friday, December 24, 2010

Dr. Boyce Video: Finding Black Economic Empowerment

Dr. Boyce Watkins on AOL Black Voices: Economic Prosperity

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Zachary Rinkins is serious about money. He's been running a very popular financial blog for the past several years, and has positioned himself as one of the most respected financial bloggers in the black community. I love what Zachary is doing because he reflects a generation of young people who are interested in seeing themselves empowered through economic success.

 

Click to read.

 

 

 

Visit Your Black World for more black news, black politics, and black celebrity gossip

Tuesday, December 21, 2010

Julianne Malveaux: Surviving and Thriving During the Holidays

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by Dr. Julianne Malveaux, President – Bennett College

When I look at the data that define the reality for African Americans in the economy, I am often alarmed and discouraged. One in four African American lives in poverty. Nearly one in three is out of work, according to unofficial data (official data says one in six). African Americans have lost billions of dollars worth of wealth in the foreclosure crisis. We aren't alone in our pain - our nation is hurting. But our pain is more pronounced, more acute, more debilitating.
This is hardly the first time African Americans have experienced disproportionate pain. Indeed, the story of our presence in this nation has been a story of us shouldering more than our share of economic pain. When people ask me about the wealth gap, I remind them that black folks used to be the wealth white folks accumulated. Under those circumstances, it is difficult to imagine that the wealth gap will ever be closed.

And yet we rise. I wrote my latest book, Surviving and Thriving: 365 Facts in Black Economic History, to remind me, to remind all of us, that even in harsh times African Americans have been more than survivors, we have been thrivers. We have made it despite horrible conditions, despite unfairness, despite racism. The playing field has never been level, and yet we have played on the slanted field, returning, returning, and sometimes winning. In the middle of a week of running around, talking about the book in Detroit and in Chicago, I had to smile at myself with air of satisfaction and acknowledge a job well done.

 

Click to read.

 

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Bishop Eddie Long Linked to Alleged Financial Fraud

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Bishop Eddie Long is in the media again, and not for good reason. Long and another Atlanta megachurch pastor, Gary Hawkins, have been linked to a mortgage company that is being investigated by federal authorities for allegedly stealing money from church members.
The company, Matrix Capital, has been allowed to hold financial seminars in the churches of both men, offering to help lower their mortgages in exchange for $1,500 payments. According to police, thousands of people paid money to Matrix, but ended up filing bankruptcy and/or losing their homes.
Fred Lee, the proclaimed front man for the company, was allegedly able to convince quite a few church members to give him their money primarily because he addressed them within the confines of their joint church environment. The Secret Service and the DeKaulb County Police are now investigating Lee.

 

Click to read.

 

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Friday, December 17, 2010

Black News: Woman Sues Tobacco Company and Wins $152M Verdict

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Marie Evans grew up in a housing project in Boston. In those projects, the children in the neighborhood were given free samples of Newport cigarettes, which Marie first received at the age of 9. By the time she was 13, she was a regular smoker, and in 2002, she died of lung cancer.
Marie's family decided to confront the maker of Newport cigarettes for their negligent behavior and won a stunning $152 million lawsuit against the company. The judgement consisted of $81 million in damages and another $71 million that had been awarded earlier this week. It took quite a few years to get there, but justice has been served. This is the largest judgement in history against anyone in the tobacco industry.
"It was her wish to sort of bring this suit, and I've honored that wish. It's been my mission to see this to completion. I'm sure she feels vindicated. I'm sure she feels thankful for the 14 members of the jury that they ruled that they committed these offenses," said William Evan's, Marie's son.

Click to read.

 

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Thursday, December 16, 2010

Wells Fargo Says It Plans to Be Nicer to Black People: Oh Really?

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

I got a call not too long ago. It was from Wells Fargo, the bank that has been sued by one county after another for engaging in predatory lending toward the African American community. My first question to my business manager was "What do they want? I'm probably not going to be interested." My personal negotiations with Wells Fargo didn't go very far. I had no interest in being associated with the company that many believe to have ripped billions of dollars in wealth from a community that has such little wealth to begin with. Also, after watching my grandparents lose the home they'd lived in for over 40 years, it was personal for me. I also applaud Tavis Smiley for ending his affiliation with Wells Fargo after the predatory lending allegations surfaced during the financial crisis.


You can imagine my dismay when the NAACP made a deal with Wells Fargo that led to the company immediately becoming the title sponsor of the organization's national convention this year. I spoke with NAACP President Ben Jealous about the matter, and I was ultimately left unsatisfied with the degree of transparency behind the deal. It's one thing to say that you're going into the demon's house to clean it up, but you must provide proof that you're not simply entering the house to enjoy the spoils of colluding with the demon. To date, the NAACP has not done an adequate job of describing the nature of its financial deal with Wells Fargo, and the group has also not made clear exactly how Wells Fargo is going to make up for the billions in losses that have been caused to the African American community. Having the most powerful civil rights organization in America as a "partner" effectively releases Wells Fargo from the threat of any significant criticism for their activities in the black community (other than conversations that occur behind closed doors). If this partnership is not clearly defined and empowered, Wells Fargo could hire thugs to rob old ladies in the hood and the NAACP wouldn't be able to say a thing.

 

Click to read. 

 

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Saturday, December 11, 2010

Congressional Black Caucus Shows Disgust Toward Obama Over Tax Cuts

Congressional Black Caucus Bashes Obama on Tax Cuts

1:23 PMDec 11

Source: BV on Money

The Congressional Black Caucus has joined the chorus of Democrats currently at war with President Barack Obama. The feud was built on the recent tax cut compromise the president made with Republicans. President Obama and the Democrats were pushing to ... Read More

Wednesday, December 8, 2010

The Democrats Get Angry at President Obama

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

President Barack Obama is at a unique point in his presidency. This is a place where no one thought he'd be, but then again, no presidency ever turns out the way we would expect. The president is finding that in addition to the burden of dealing with unrelenting Republicans, many of whom can't stand seeing a black man in power, he now has to deal with Democrats who are angry at him for compromising on the latest tax agreement.


I admit that I was shocked to see such strong Democratic opposition to Obama's tax deal with the Republicans. Effectively, the Republicans were holding the nation's unemployed hostage in exchange for having Bush tax cuts extended for the rich. This was a prime opportunity for the Democrats, given that the Republicans were revealing themselves to be working on behalf of the wealthy, at the expense of middle class Americans. Additionally, their push to give tax cuts to those who needed them the least was in stark contrast to their proclaimed objective of embracing fiscal discipline as it pertains to the federal debt.

 

Click to read.

Sunday, December 5, 2010

Fox News Commentator Says Extending Unemployment Benefits Undermines Values

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Fox News commentator Juan Williams made news again this week by stating that extending unemployment benefits for America's jobless would weaken their value systems. In Williams' words:
"Because employers, potential employers, will look and see that gee, they've been out forever, it doesn't make sense. And I think that's partly playing in to this cycle. And at some point then it becomes a matter of you lose your work ethic, your values are impacted, you know, getting up, showing up, dressing well, all that good stuff. So I don't know that that's smart."
I would say that Williams' comments are shocking, but they are certainly to be expected from the man who publicly sold himself to the most racist television network in the history of our country. I'm not sure why Williams felt the need to jump in on this issue in such an insensitive way, but it appears that he's working hard to earn the two million that Fox is paying him.

 

Click to read.

Saturday, December 4, 2010

Singer Jermaine Jackson Loses Drivers License Over Back Child Support Payments

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Jermaine Jackson, brother of the late Michael Jackson, is having his driver's license confiscated due to his inability to pay back child support. Jackson allegedly owes his ex-wife, Alejandra Jackson, over $91,921 in child support payments.
According to court documents filed in the Los Angeles County Child Support Services Department, Jackson won't be allowed to drive again until the child support is paid in full.
Back in September, Jackson told the courts that he can no longer afford to pay $3,000 per month in child support for his two sons, Jaafar and Jermajesty. He has asked the judge to cut his payments down to $215 per month, arguing that his ex-wife makes more money than he does.
Currently, Jackson lives with his mother, rent free. He married Alejandra in 1995 and divorced her in 2004.

Click to read.

Friday, December 3, 2010

Dr. Boyce Watkins: Black Unemployment Keeps Going Up

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Today's release of November unemployment data is not good news for President Obama. Unemployment rose nationally to 9.8 percent, after holding steady at 9.6 percent for the previous three months. The jobless rate jumped for nearly every racial/gender demographic. White women still have the lowest unemployment rate of both genders, when comparing African Americans and whites. Black males have the highest.

Black unemployment rose again from 15.7 percent to 16 percent. This number is slightly lower than the high of 16.3 percent experienced back in August. When scaled with the white unemployment rate of 8.9 percent, the black unemployment rate is 79.8 percent higher than that of white Americans.

 

Click to read.

Thursday, December 2, 2010

Dr. Boyce Watkins on TheLoop21.com - 12/2/10

Friday, November 19, 2010

Jack Johnson, DC County Exec and Wife Arrested for Corruption: What Can We Learn from This?

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

I was saddened to hear about the recent arrest of Prince George's County Executive Jack Johnson and his wife Leslie. Both Jack and his wife are well-respected in the DC area. Both have served their communities for decades, and both of them represent the essence of Prince George's County, the most affluent county in the United States with an African-American majority population.
Johnson was once an important ethical and legal protector of the county, serving as its lead Prosecutor. His wife has served the community for over 30 years in numerous capacities. He was also the first African American to become County Executive in the DC area. So, why are Johnson and his wife facing up to 20 years in prison for evidence tampering and destruction of evidence, among other charges? In fact, the story is quite bizarre, with reports of the FBI allegedly recording Johnson telling his wife to put nearly $80,000 in her underwear.

 

Click to read.

Does Obama Have Bragging Rights with GM IPO?

US auto industry rebounds with Obama in the driver's seat

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

President Barack Obama gained some bragging rights this week. The emergence of General Motors by way of a$20.1 billion dollar initial public offering (IPO) was a shot heard around the world. The IPO is the largest in American history, and largely unexpected by most of the financial community.

Just a year ago, General Motors found itself suffocating under the stigma of receiving a government bailout, and the Obama administration was heavily criticized for providing $36 billion in taxpayer funds to keep the company afloat. The argument by Obama was that allowing GM to fail would cause the loss of hundreds of thousands of American jobs, something that the president wasn't willing to tolerate. In an uncomfortable spurt of patriotism, the president's camp took the bold step of bailing out the company that many thought should be allowed to fail.

President Obama certainly has both the right and need to brag about the rise of GM. In the same way Republicans were quick to blame him for allegedly worsening the economic downturn, they must also allow him to soak up the credit when good things happen. Whether we are faced with good or bad economic times, the president is usually given more responsibility than he deserves. Such is the nature of politics.

Click to read.

Saturday, November 6, 2010

Dr. Boyce on CNBC: Cutting Taxes for the Rich is a Very Bad Idea

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Watch Dr. Boyce Watkins explain on CNBC that extending the Bush tax cuts for the wealthy is bad for America.   Click here to watch

Friday, November 5, 2010

Boyce Watkins on CNBC: Why are Republicans Fighting So Hard for the Wealthy Already?

 

Dr. Boyce appears on CNBC to ask why the Republicans are already fighting to extend Bush tax cuts for the wealthy.  To watch the video, please click here.

Friday, October 29, 2010

The Importance of Owning Your Own Business – Dr. Boyce Video

Dr. Boyce Watkins and Danielle Douglas

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

In case you didn't know this, one of the things that most people think about every single day is how they are going to make enough money to get by. Life is tough and finding enough money to live can be even tougher. What's worse is that the black community's struggle to build economic institutions and obtain financial security are things that keep us from being truly liberated in a fundamentally and historically racist society. The link between civil rights and economic prosperity was the seminal reason for my book, "Black American Money."
The commitment I made to the black leadership and the audience at the "Measuring the Movement" forum this year (hosted by Al Sharpton and the National Action Network) was to promote the idea of black entrepreneurship. Entrepreneurship is not just a matter of having your own business. It can also be as simple as finding some extra streams of income in order to obtain critical financial security. In this economy, you have no job security if you've only got one job. You have to find (what I would call) "a side hustle."

 

Click to read.

The Invested Life – 10/29/10

 

Chicago:

(video) Tom Forde talks about whether a Roth IRA is right for him, and what he’s learned as he’s researched it:

http://bit.ly/aGO9uC

(text) while Matt Sapaula says that financial security is important, but insuring yourself is every bit as vital:

http://bit.ly/bhh8eC

Portland:

(video) Kathleen Lansing explains why her road to retirement is scary, but it makes the small business owner proud to hear about the value of her life’s work:

http://bit.ly/9XdF7n

(text) While Jenn Meacham looks back on the most important financial lesson she learned, at age fourteen:

http://bit.ly/cY3cUS

Los Angeles:

(video) Lisa and Brandon Schindelheim explain how switching roles taught her about finance, and him about he difficulties in being Mr. Mom:

http://bit.ly/bkM7w5

(text) While Candace says that’s it important to educate not only yourself about finances, but your kids as well:

http://bit.ly/aDm6yX

New York:

(text) Jennifer Sherwood explains why shopping in fancy stores might be a rush, but so is saving money:

http://bit.ly/cAQsyV

(text) While Dr. Boyce Watkins says that you don’t need to have big money to build a portfolio:

http://bit.ly/a4e8YR

Colorado:

(text) Michael Jake is glad to hear that his business has grown enough to start hiring, but has his concerns:

http://bit.ly/ajLbzk

Dallas:

(text) On our show, we’ve seen former NFL star Winfred Tubbs thinking about buying a house. In this new blog, he reveals that he’s had to scrap those plans and live in his condo instead until the real estate market improves:

http://bit.ly/bZNNn6

(text) While Ed Butowsky talks up the value of utility stocks:

http://bit.ly/cQiuZW

Miami:

(text) Suzan McDowell reveals her list of the 10 must-by priorities she can’t live without, and what she learned about herself while compiling it:

http://bit.ly/bWYiX7

(text) While Ben Tobias explains that if you don’t know what’s important to you, you’ll never effectively maximize your happiness:

http://bit.ly/9e6k3c

Sunday, October 24, 2010

Is Racism an Occupational Hazard for African Americans?

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Most of us know Hanes Brands as the company that has Michael Jordan peddling underwear. The company is also responsible for other leading brands such as Champion sports apparel and Playtex, among others.

The company is now in the middle of controversy after an African American employee, Yunusa Kenchi, filed suit for discrimination. An embarrassing email has allegedly surfaced in which Kenchi was referenced using the n-word. The employee has taken the case public, and Hanes has yet to respond.

 

Click to read.

Tuesday, October 19, 2010

Black News: Magic Sells Lakers Stake for $35 Million

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Magic Johnson has officially put an end to an important era of professional sports. Johnson, a long-time staple in the stands at Los Angeles Lakers games, is no longer an owner of the team. TMZ is reporting that while riding his private jet, Johnson signed a deal to sell his five-percent stake in the team for a cool $35 million.
The Lakers are the most valuable team in the NBA with a 2010 market value of $607 million. Johnson is also a valuable commodity himself, with a net worth estimated at half a billion dollars. This is the latest move in a series of impressive business decisions made by the NBA Hall of Famer.
I still remember that day 18 years ago when Magic Johnson announced on national television that he was HIV positive. I was standing in my dorm room with my two roommates and my girlfriend, who was in tears. She didn't know a lot about sports, but she certainly knew about Magic Johnson. It was a sad day for all of us, since we were counting the days until Magic would move on to the afterlife.

 

Click to read.

Sunday, October 17, 2010

Meet Dr. Boyce Watkins

Q: What do you stand for?

A: I stand for fairness and doing what is right.  I am not a Finance Professor who happens to be black, I am a black man who happens to be a Finance Professor.  There is a great deal of inequality in America that runs along racial lines.  This is due to the fact that our country has built a 400 year social, financial and educational infrastructure that promotes the advancement of one group over the other.  It is my job as a public scholar to challenge this imbalance and work to find solutions to these problems.  My primary tools of choice are education and economic empowerment.  I work hard to teach youth, especially African Americans, the value of being highly educated and the additional value that comes from becoming Financially independent and empowered. Those were the choices that changed my life and gave me the freedom and strength to express myself honestly, creatively and (some think) intelligently.

I also want to challenge the NCAA to rethink the way it treats college athletes.  As a Finance Professor, I am not sure how we can justify earning millions for our coaches and administrators,  while allowing the sources of labor (the athletes) and their families to live in poverty.  This is wrong and unAmerican, for capitalism should give us the rights to freely negotiate our wages.  When we engaged in our campaign on CNN, ESPN and CBS to challenge the actions of the NCAA, people thought I was trying to attack them.  The truth is that I don't enjoy attacking anyone, I only want to fight for fairness.  One thing that my students have always said about me (whether they love me or hate me) is that I am fair.  I call it for what it is.


Q: Your work can be controversial, why do you do it?

A: I ask myself that question every single day!  Personally, I believe that the role of the black scholar in America is to work hard to uplift our communities.   Our intellect is needed, and in addition to engaging in scholarly research that lies in dusty academic journals, we should become active in our communities and throughout the world.  I believe strongly in the concept of Scholarship in Action.  The thing about Scholarship in Action is that it requires the combination of intellect, creativity, curiosity, commitment, passion and courage that stands at the root of all true genius.  I do not consider myself a genius, but I wake up every day thinking "I am one day closer to my last day on this earth.  How can I get the best return on my investment?"  That is what keeps me going.

Click to read more.

Friday, October 15, 2010

New Birth, Eddie Long’s Church, Gets Sued Yet Again

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

A woman who was once employed by the New Birth Missionary Baptist Church is suing, alleging that other employees retaliated against her when she complained about being sexually harassed. Tama Colson filed suit in the U.S. District Court of North Georgia, with the suit asking for unspecified damages.
Colson says that another employee showed her a picture of a penis on a cell phone. She says that when she complained about the incident, other employees retaliated against her. She is claiming that the church is responsible for the harassment she experienced, as well as the retaliation and emotional distress.
"New Birth has a strict policy against sexual harassment that requires employees to report the complaint within 48 hours of the abuse," Long and church spokesman Art Franklin told CNN.
"Tama Colson's complaint allegedly happened in October of 2009," the statement said. "Although, Tama Colson was aware of the New Birth sexual harassment policy she did not make her complaint known to New Birth authorities until August of this year. New Birth moved swiftly to launch an investigation that is ongoing.”

 

Click to read

Thursday, October 14, 2010

Dr. Boyce Watkins: Black America Must Outgrow the Jay-Z Business Model

"Boyce Watkins"

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Jay-Z is an amazing rapper.  Some think that he’s been in the game for a bit too long, but I don’t agree.  Personally, I think “Jigga” simply reflects the fact that hip-hop itself is aging.  Jazz was once solely the domain of rebellious teenagers, but now you’re sure to hear it playing in every old folk’s home across America.  The same is going to be true for hip-hop.

Jay-Z has said repeatedly that he will stop making music, and I’m sure that one day he will.  However, there is one area in which we need to retire Jay-Z: In his role as the pre-eminent black businessman in America.  It’s not that Jay-Z is a bad role model, it’s just that he’s been exhausted.

Don’t get me wrong, Jigga has made significant amounts of money by busting rhymes on his left and selling clothes on his right.  Good for him.  But is he really the best business role model for young black males, who are already consumed with a culture that teaches them that all they can be are rappers or athletes?  No, he is not.  Young black women also find that their leading role models in business are women like Oprah and Beyonce, both of whom keep us hyper-fixated on the entertainment industry.   It’s time to make a change.

Click to read.

Monday, October 11, 2010

CBC Joins Dr. Boyce Watkins in Call on Black Unemployment Issue

Congressional Black Caucus

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

From Black America Web via Clutch Magazine

On the heels of September's mixed unemployment report, the Congressional Black Caucus renewed its call for President Barack Obama and Congress to do something to specifically address the nation's high black joblessness rate.
The country's unemployment rate remained stuck at 9.6 percent, according to Bureau of Labor Statistics. The economic monthly report was a mix of good news and bad. The good: The private sector added 64,000 jobs last month. The bad: Government agencies cut 159,000 jobs, many of them federal Census workers and state and local employees.

 

Click to read.

Friday, October 8, 2010

Dr. King vs. Obama: What Would One Say About the Other?

by Mike Green, Huffington Post

When unemployment in Black America topped 16 percent and Black teen unemployment skyrocketed to an outrageous 45 percent this summer, the voices of outrage were muffled in the pockets of a few media that cared to cover the crisis. The majority of media wrung their collective hands over 9 and 10 percent unemployment challenges in White America, with overall teen unemployment hovering at 23 percent.

Dirty Secret

"A dirty little secret is that many jobs are not going to come back," says Johnathan Holifield, founder of Trim Tab System, LLC, a personal development and organizational leadership methodology, which applies innovation concepts and tools to generate exponential impact.

"Under the old model, recovery meant increased productivity, which meant increased hiring, Holifield said. "That is no longer the case. Because of the ingenious uses and applications and adoptions of new technology throughout our economy, we will continue to experience productivity growth but we will not have the level of job replacement and hiring that our recoveries in the past have been accustomed to."

Dear President Obama ...

Dr. Boyce Watkins, founder of Your Black World, underscores Holifield's point. He wrote a public letter to President Barack Obama that stated in part:

"In addition to massive unemployment, wealth inequality in America remains a persistent problem, causing African Americans to bear the brunt of this economic crisis in ways that are unimaginable to other Americans. Our homes are facing foreclosure more often and we are less able to rely on a source of background wealth to help us get through the toughest times.

"Yet, while we are the least prepared for the recession, we are being hit with a downturn that is twice as forceful as that being experienced by the rest of America. In fact, even after the recession is over, our unemployment rate will probably be as high or higher than the rate that white Americans are agonizing over right now. The United Nations has investigated this issueas a human rights violation, because it appears that we live in a nation that accepts a black underclass as a default way of life.

"To this point, your administration has remained disturbingly silent on the issue of black unemployment. The silence is deafening, but the economic hardship is loud and clear. I am concerned that many of your key economic advisers are unable or unwilling to process and empathize with the depths of black economic misery in America."

Never-Ending Recession

Dr. Watkins called on President Obama to institute political efforts and policy measures that would help create urban jobs through congressional legislation and generate more government contracts with African American companies.

At theLoop21.org, Dr. Watkins made a compelling case that suggests even when the economy recovers, the burden of unemployment for Black America will still be in double digits while the nation celebrates a long-awaited return to prosperity. He states:

"Our country spent 400 years firmly placing black folks at the bottom of the social totem poll, only allowing us to recently participate as laborers in the American economic system.

"The conclusion is that even during good economic times, it is acceptable in the eyes of the Obama Administration for black unemployment to be worse than it is for whites during a recession. The recession will never end for us."

 

Click to read.

Wednesday, October 6, 2010

Lack of Funding is a Huge Hurdle for Black Entrepreneurs

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Danielle Douglas, an entrepreneurship expert and CEO of Inspire Enterprises, conducted a survey of African Americans interested in owning their own businesses. The survey,which can be found here, was qualitative in nature, asking questions about the pitfalls that people run into when trying to become either full-time or part-time entrepreneurs.
Douglas made it clear that the greatest obstacle that African Americans face when trying to start their own business is a lack of access to capital. In an interview with AOL Black Voices, Douglas said this:
"Overwhelmingly, respondents number one frustration is lack of financial resources as it relates to start up capital , access to capital in general, and identifying viable resources to help them attain capital."

 

Click to read.

Tuesday, October 5, 2010

Wednesday, September 29, 2010

Why Do Black Athletes Go Broke? Let’s Figure Out Why

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

I am participating with MSN in a project called "The Invested Life." The program represents the launch of a series of web-based episodes that teach the fundamentals of investing to regular, everyday people. I've worked on the show for months, and I'll be engaged in the project for the rest of the year. It's been an interesting jump into the world of film making, with scripts, production schedules and all that good stuff. I've gained a newfound respect for how hard real actors and actresses actually have to work.
A guest on the show is a man named Winfred. Winfred is a former NFL athlete who found himself done with sports and trying to make sure that his wealth lasted until retirement. He made an interesting point that for many athletes, the challenge of retiring young with virtually no skill set can be a one way ticket to the poor house. As a man who is concerned about the plight of the black athlete, I constantly see men who've traded away their entire educational future in exchange for a very short and meaningless life of glamor in professional sports.

Click to read.

Dr. Boyce Watkins joins MSN’s “The Invested Life”

 

Click to watch Dr. Watkins’ episodes.

Thursday, September 23, 2010

Barack Obama Ditches His Top Economic Advisor

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

President Obama's top economic advisor, Lawrence Summers, is finally. out the door. The former Harvard University President resigned from Obama's Council of Economic Advisors amidst questions about his performance. Summers came to represent the very worst of the economic crisis. He was the man in charge, next to the man in charge, as the world came to associate Harvard University economists with the financial destruction of America.
Summers wasn't a bad economist, but he was hardly an adequate representative of the American people. He was part of the academic aristocracy, the nephew of (not one, but) two Nobel Prize winners and the son of two Yale university professors. Needless to say, Summers was born with a silver spoon in his mouth and doesn't know a thing about economic struggle. He worked hard for what he ultimately received, but quite a few doors were open to him from birth. He personified the white male affirmative action program that has been in existence since slavery. At the very least, the chances of a black man having two Yale professors in his family (let alone a Nobel Prize winner) are virtually non-existent due to Jim Crow. So, if Lawrence Summers had been born as one of "us," we wouldn't even know his name.

 

Click to read.

Wednesday, September 22, 2010

Dr. Boyce on CNBC: Should the Estate Tax Be Repealed?

boyceoncnbc

 

Click to watch Dr. Boyce Watkins discuss estate taxes – Video is here.

Tuesday, September 21, 2010

African American Woman Says She’s Exhausted of Defending Obama

Black Woman Tells Obama I'm Exhausted of Defending You

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

A black woman stood up in the Town Hall Meeting held by President Barack Obama yesterday and made a comment that got the attention of the world. She mentioned that she was "exhausted" from trying to defend the president to his critics:
I am one of your middle class Americans and, quite frankly, I'm exhausted... I'm exhausted of defending you. I'm exhausted of defending your administration, defending the mantle of change that I voted for. And I'm deeply disappointed with where we are right now.
I have been told that I voted for a man who said he was going to change things in a meaningful way for the middle class. I am one of those people and I'm waiting sir. I'm waiting. I don't feel it yet. And I thought, while it wouldn't be in great measure, I would feel it in some small measure... And quite frankly Mr. President, I need you to answer this honestly: Is this my new reality?
(Thelightnc.com)

 

Click to read.

Monday, September 20, 2010

Black in America on CNN: Their Incorrect Analysis of the Black Wealth Gap

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

I was recently checking out some of CNN's special, "Black in America," the show they seem to do once a year. In the series, African Americans are analyzed like lab rats in a cage, with producers highlighting every dysfunction imaginable, as if we have a monopoly on counter productive behavior. Although I've always had a good relationship with CNN, I can barely stomach some of what I see. This is not to say that black folks are perfect: but the idea that we are somehow less perfect than whites is nothing short of paternalistic, White Supremacist thinking.
The segment that threw me through the roof was one covering the wealth gap between blacks and whites. In this particular Black in America segment, CNN shows that the wealth gap between blacks and whites is $28,000 to $140,000, with whites being the leaders. They then go on to state that African Americans save and invest less than whites. I give a "check" on most of these numbers, I have no problem with the data.

 

Click to read.

Sunday, September 19, 2010

Your Black News: HBCU TV Network to Launch This Fall

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

NewsOne.com is reporting that there are plans to launch a 24-hour network dedicated to HBCUs. The network is set to be focused on "edutainment" and lifestyle for Historically Black Colleges and Universities. The company behind the platform, C3 Media LLC says that the network is set to fill a niche within the cable industry that has barely been reached in the past.

Much of the programming will also feature various sports teams sponsored by black colleges all across America. "The idea and vision behind the creation of the HBCU Network is to preserve and celebrate the African American colleges and universities, while also providing opportunities for their growth and further prosperity," CEO Curtis Symonds told NewsOne. "At the same time, we are passionate and excited about building a strong media brand and network from the ground up."

 

Click to read.

Thursday, September 16, 2010

Black Athletes Under Attack: NFL Owners May Lock Out the Players

by Dr. Boyce Watkins, Syracuse University 

For NFL fans and those who have teams in their cities, there's something you should know. Like a dark cloud hanging in the sky on a bright, sunny day, a pending NFL lockout is waiting on the horizon. A lockout is sort of like a strike, but the workers aren't the ones calling for it. Instead, team owners are the ones calling for a halt in NFL activities, where the league will be shut down and games cancelled. Even if games aren't cancelled, we might be forced to endure another season of tacky replacement players, and nobody wants that.
The AFL-CIO has decided to put it's power behind the NFL Players Union in this battle with team owners. The organization sent a letter to the owners of NFL teams, warning them that a lockout could have a powerfully detrimental effect on workers and fans in cities all across America. They also warned that cities could lose $140 million in revenue.

Click to read.

Wednesday, September 15, 2010

Black Scholars Watkins and Metzler on CNBC – 9/15/10

Video thumbnail. Click to play

Click to Play

Black Scholars Dr. Boyce Watkins and Dr. Christopher Metzler Discuss "Keeping The Bush Tax Cuts" on CNBC

Monday, September 13, 2010

Open Letter to President Obama: Let’s Deal with Black Unemployment Right Now

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

Dear Mr. President,


I write this letter with all due respect to yourself, as well as the office of the presidency. Your historic rise up the political ladder has been nothing short of inspirational, and your extraordinary vision has positioned you as one of the most celebrated leaders in the history of the United States. As a fellow scholar and African American male, I applaud your achievements. I am especially excited about how you, Michelle, and your beautiful daughters present such a magnificent image of the African American family.
While the black community remains inspired by your achievements and overwhelmingly sympathetic to your challenges from conservatives, there are concerns that the economic plight of black Americans has not been a priority for the Obama Administration. To be sure, opinions on this matter are far from unanimous. But the numbers tell a story that needs to be heard.

 

Click to read.

State AG Wants to Take Fisk University’s $74M Art Collection

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, September 4, 2010

Kodak Pays Millions for Discrimination

Friday, September 3, 2010

Tom Joyner Starts a Company to Get HBCUs Online

by Dr. Boyce Watkins, Syracuse University 

Radio show host Tom Joyner has decided to start making investments in the educational arena. Joyner has announced that he will help found a company designed to support Historically Black Colleges and Universities (HBCUs) in their quest to create online and distance learning programs.
Joyner's foundation has donated quite a bit of money to HBCUs. He is also a proud advocate for these campuses, which have struggled a great deal during the recent recession. Taping into additional revenue provided through online programs would provide a much needed boost for many black colleges and universities.

 

Click to read.

Thursday, September 2, 2010

Dr. Julianne Malveaux Speaks Up for Detroit Suffering

by Dr. Boyce Watkins, Scholarship in Action 

This week, Bennett College President and prominent black scholar Dr. Julianne Malveaux wrote a strongly-worded article about the economic suffering taking place in the city of Detroit. In the article, Malveaux describes Detroit as Ground Zero for the black economic experience over the past two years.
"Only one in four young black men graduates from high school in Detroit. The rest are lost and left out, swallowed by a city where urban blight, industrial desertion, and educational failure define daily life. Detroit is ground zero, exemplifying the absolute worst of urban life."
Dr. Malveaux goes on to highlight the problems that are caused in our communities by decaying schools and poor investment in urban infrastructure. She mentions that President Obama was quick to support the automakers in Detroit, yet there are quite a few urban citizens of the city who have yet to feel relief.

Click to read.

Wednesday, September 1, 2010

When You Die, Who’s Responsible For Your Debts?

by Dr. Boyce Watkins, Syracuse University 

 

You are going to live forever.  Death is beneath you.  Those who depend on you financially will always be able to rely on your immortality as a guaranteed source of financial security.  I hope you don’t think I’m lying, being sarcastic or sounding flat out silly. Perhaps you do.

Ok yes, I was being silly.  But the reality is that most of us are equally ridiculous when it comes to our perception of death and how our sudden passing could financially ruin those who care about us.   Death doesn’t care how many appointments you have, how many projects you’re working on, or how many plans you have for the future.  It just takes you, and it’s always at the least convenient time.  That’s the nature of the Grim Reaper, who might not be nearly as malicious as the bill collectors seeking to get their money back after you’re gone.  
While comprehensive financial planning is beyond the scope of this article, I can share a few tips on dealing with debt in the event of your death.  This information could help you when dealing with a deceased relative, and it should also be shared with your relatives in case you pass on unexpectedly. 

 

Click to read.

Dr. Boyce Watkins: How to Teach Your Kids About Money

by Dr. Boyce Watkins, Syracuse University 

Given that our children are likely our greatest expense and greatest love, perhaps it might be helpful to discuss how we teach them about money.  If you raise your kids to be financially responsible, they can be assets to you during retirement.  If they are taught about money in the wrong way, they become horrible economic liabilities that leave you riddled with guilt.  So, although I don’t claim to know everything about child rearing, I thought I’d share some guidelines you might want to consider when it comes to teaching your kids about money.

 

Click to read.

Sunday, August 29, 2010

Bad Financial Decisions of Fantasia

by Dr. Boyce Watkins, Syracuse University, Scholarship in Action 

One of the most magnificent voices in all of music is owned by Fantasia Barrino, the singer out of North Carolina. Most of us know that Fantasia attempted suicide recently. Of course the suicide attempt led to instant national media attention, and she was all over the news telling her story. Her management team, understanding the value the incident could have for her brand, pushed out the Vh-1 special before you could say the words "publicity stunt."
Now, I'm not here to say that I know what happened to Fantasia or whether the suicide attempt was genuine. But one thing that remains fundamentally true is that she'd been highly upset over the decline of her career. Also, we know that the television specials and additional PR from the incident have put Fantasia in the limelight in a way that far exceeds what she had access to last month. The final thing we know is that Fantasia is working furiously in the studio to get an album out in order to profit from the re-establishment of her celebrity status. Unfortunately, her team may be looking to replicate the experience of Jennifer Hudson after her difficult experience last year.

Click to read.

Monday, August 23, 2010

Dr. Boyce on CNBC – 8/23/10

Click to watch – Dr Boyce in a heated argument with Ben Ferguson over taxation of the rich