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

by Dr. Boyce Watkins, Syracuse University – Scholarship 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.

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

 

Click to watch Dr. Watkins’ episodes.

Barack Obama Ditches His Top Economic Advisor

by Dr. Boyce Watkins, Syracuse University – Scholarship 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.

 

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 Boyce on CNBC: Should the Estate Tax Be Repealed?

 

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

African American Woman Says She’s Exhausted of Defending Obama

by Dr. Boyce Watkins, Syracuse University – Scholarship 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)

 

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

by Dr. Boyce Watkins, Syracuse University – Scholarship 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.

 

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Your Black News: HBCU TV Network to Launch This Fall

by Dr. Boyce Watkins, Syracuse University – Scholarship 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."

 

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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.

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

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

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

by Dr. Boyce Watkins, Syracuse University – Scholarship 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.

 

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

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• Valuable Fisk University Art May be Repossessed by the State

  1:24 PMSep 13

  Source: BV Black Spin

  This week, Tennessee state Attorney General Bob Cooper asked a judge to allow the state of Tennessee to take possession of a 101-piece art collection owned by Fisk University. The collection was donated to the university by the late Georgia O'Keefe ... Read More

• John Boyd, President of the National Black Farmers Association: Black Farmers Deserve Justice Now

  1:15 PMSep 13

  Source: BV Black Spin

  When John Boyd steps before a crowd and talks about the indignities and discrimination that black farmers have had to endure from the federal government, he's not just speaking from a script. Boyd, who raises beef cattle, corn, wheat and soybeans in ... Read More

• Nicki Minaj Has Lady Gaga Swag, Laurie Ann Gibson Says

  12:32 PMSep 13

  Source: BV Black Spin

  Could Nicki Minaj be the next Lady Gaga? Laurie Ann Gibson certainly thinks so. Choreographer extraordinaire Gibson worked with Gaga to create the dance chemistry in Gaga's MTV Video Music Award-winning "Bad Romance" video and also put together ... Read More

• 10 Ways the NFL Can Punish Reggie Bush Properly

  12:00 PMSep 13

  Source: theBVX.com

  New Orleans Saint Reggie Bush may be stripped of his Heisman Trophy soon for NCAA violations during the 2004 and 2005 seasons while attending University of Southern California. But, is that all? We can think of ten more ways the NFL can punish Bush ... Read More

• Dr. Boyce Video: Meet Bruce George, Creator of Def Poetry Jam

  11:48 AMSep 13

  Source: BV on Money

  PRODUCTION PLAYER! DO NOT DELETE. ... Read More

• Daily SMH: Jennifer Hudson's Brother-In-Law Exploits Tragedy

  11:00 AMSep 13

  Source: theBVX.com

  Some people will say anything to get their rap career off the ground. Jennifer Hudson's brother-in-law and the father of her slain nephew is no exception to the rule. ... Read More

• MTV Video Music Awards Red Carpet Rundown

  9:00 AMSep 13

  Source: BV on Style

  The 2010 MTV Video Music Awards -- one of the most anticipated awards show of the year -- has come and gone. However, many of the outfits from last nights show are still fresh in our minds. Fun, short and flirty dresses, high platform heels, and ... Read More

• Black Man's HIV Status Leads to Breakthrough in Research

  2:21 AMSep 13

  Source: BV Black Spin

  According to scientists, HIV research is undergoing a "renaissance." Recent developments can lead to a plethora of new drugs to fight a disease that has crippled the black community. The most interesting part of it all is that much of the progress ... Read More

African American Unemployment Rises 700% More Than White

by Dr. Boyce Watkins, Syracuse University – Scholarship 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.

 

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Kodak Pays Millions for Discrimination

• Kodak Set to Pay $21.4 Million in Racial Discrimination Lawsuit

  6:40 PMSep 4

  Source: BV on Money

  I'm not sure if the company's executives would consider this to be a Kodak moment, but it's certainly a moment in racial history. Kodak, the large film company based out of Rochester, New York, just had a racial discrimination suit settled for the ... Read More

• Regina King to the Emmys: Racist as Ever

  6:00 AMSep 4

  Source: Blackvoices Main

  From The Huffington Post: Since the Emmy ceremony, I have been going back and forth about whether or not I should compose this letter. I try hard in my daily life not to engage in uncomfortable situations regarding race. But sometimes it's very ... Read More

• Tom Joyner Helps HBCUs to Start Online Programs

  12:35 AMSep 4

  Source: BV on Money

  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 ... Read More

• Sean Bell's Fiancee May Run for City Council

  8:26 PMSep 3

  Source: BV Black Spin

  Nicole Paultre-Bell, the young woman who lost her unarmed, would-be husband Sean Bell on the day before their nuptials nearly four years ago in an out-of-control hail of police bullets, is mulling over possibly running for the position of Queens City ... Read More

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.

 

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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.

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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. 

 

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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.

 

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