Black People : Blacks' economic gains wiped out in downturn

Discussion in 'Black People Open Forum' started by oldsoul, Jul 10, 2011.

  1. OldSoul

    OldSoul Permanent Black Man PREMIUM MEMBER

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    Blacks' economic gains wiped out in downturn
    A generation that played by the rules and saw progress falls out of the middle class
    [​IMG]
    "Just being able to pull out my checkbook and pay a bill, even though there might not be much left in there,"
    Deborah Goldring says, of her hard times. "I really miss that checkbook with my name on it."
    Economists say the Great Recession lasted from 2007 to 2009. In 2004, the median net worth of white households was $134,280, compared with $13,450 for black households, according to an analysis of Federal Reserve data by the Economic Policy Institute. By 2009, the median net worth for white households had fallen 24 percent to $97,860; the median black net worth had fallen 83 percent to $2,170, according to the EPI.
    Algernon Austin, director of the EPI's Program on Race, Ethnicity and the Economy, described the current wealth gap this way: "In 2009, for every dollar of wealth the average white household had, black households only had two cents."
    Since the end of the recession, the overall unemployment rate has fallen from 9.4 to 9.1 percent, while the black unemployment rate has risen from 14.7 to 16.2 percent, according to the Department of Labor...


    Spike in unemployment
    Last April, black male unemployment hit the highest rate since the government began keeping track in 1972. Only 56.9 percent of black men over age 20 were working, compared with 68.1 percent of white men...

    College-educated blacks fared worse than their white counterparts in the recession. In 2007, unemployment for college-educated whites was 1.8 percent; for college-educated blacks it was 2.7 percent. Now, the college-educated unemployment rate is 3.9 percent for whites and 7 percent for blacks.

    The rest: http://www.msnbc.msn.com/id/43645168/ns/business-eye_on_the_economy/#
     
  2. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    The study of political economy and not just merely economics is in order.

    Also, when playing a few rounds, always be sure to take some earnings off the table.

    A economic disaster recovery plan or economic bunker wouldn't be a bad idea either.

    A depreciating, fiat currency doesn't help things either.
     
  3. Destee

    Destee destee.com STAFF

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    Brother Shikamaru ... are you suggesting that it's all about money management, and not race?

    I do think we need to learn more about money, for it surely seems to be passing most of us by.

    Great article Brother OldSoul ... thanks for sharing.

    Love You!

    :heart:

    Destee
     
  4. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    I am not suggesting that. Race will account or factor to a degree.
    History of Nubian people here in the US will factor as well.

    Being a Nubian, you would have to take those factors into account while creating financial strategies and tactics.

    Each individual person can increase their financial intelligence (and independence), improve their behavior, thoughts, and strategies with regard to commerce, finance, and money.

    This learning or education doesn't have to be (nor should it be) theoretical or academic. It can be very practical, usable, and approachable to peoples from all walks of life.

    I'm not saying that you do this, but many people spend more time per week keeping up on fashion, music, and entertainment than they would ever consider giving to doing some basic reading on commerce, economics, and money.

    Race aside, an economy is subject to the laws of supply and demand. One would want to prepare for and protect themselves from the downsides, contractions, or busts of the economy.
     
  5. Destee

    Destee destee.com STAFF

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    No Brother, i didn't mean to sound as if (you suggested) race was not a factor.

    I agree that it is, but even with it, we could fare better than we do financially with more understanding.

    I think we're on the same page ... :) ... Thank you for sharing.

    Love You!

    :heart:

    Destee
     
  6. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    It's all good.

    With regard to good starter books on this subject, many people seem to favor Dave Ramsey's material.

    I'm more partial to "Rich Dad, Poor Dad" by Robert T. Kiyosaki.

    In either choice, it is the start of life long learning that you will do with respect to commerce, economics, and money.

    The path that I personally pursue goes well beyond this where many may have not the interest to pursue, but all are always welcome to my resources.

    Nubians would need to go a bit beyond the basics for their well being and protection incorporating such subjects as sociology, psychology, law, and American history. This is where the term political economy comes into vogue.

    Political economy is the superset including the areas above and more.
     
  7. Shikamaru

    Shikamaru Well-Known Member MEMBER

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    The primary reason Nubian people find themselves here in the US, Europe, Brazil, and many other places around the world is due primarily to commerce and economics.

    Europeans need a cheap and exploitable labor pool to build their wealth by stealing the labor and lives of Nubian people.

    This all would be historical economics and probably a better discussion for another thread.

    As to the hear and now, it is about managing and protecting one's personal affairs.
     
  8. Light

    Light Well-Known Member MEMBER

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    I have studied economicz from the highschool dayz ... I was the only black person in "model senate"; when I waz in highschool. And from then on studied economicz politicz and religious and spiritual quandriez... And there is one thing that I know for sure; the money situation is a flop....

    Itz a joke, it alwayz has been;

    People give their friendz money when they need it " hell if your creating it who can stop you???" ...

    I have studied history over and over agian; and the history I studied was not written by Africanz or African Americanz... It it still holdz many truthz...

    For instance all the lawz that are written were made by land ownerz ... not special courtz and what ever... the lawz were made by whoever killed the most people and held their landz against outside attackerz...

    Hasnt any one noticed the lawz keep pushing you farther into being puppetz... think about it first you needed driver license next you needed inspectionz next you need cell phone lawz seat belt lawz insurance lawz warranty coverage = " I am living off of you!!!" But illegalz do it all the time, but you never see them on the newz??? Why because they dont have any money; but you do.... muhahahahahahaha

    Were are the wealthy putting their money ... thatz right into houses you cant afford... Why ??? Because the house holdz the money until the recession is gone and they make a profit from the investment... What started the recession ??? The housing market ... lol muhahahahahaah...

    If you dont know history your doomed to repeat it .....

    There are many familiaritiez between this recession and the depression...

    Most people that are scholarz do not help the average people because they believe they are to simple to talk to or work with...

    And many nerdy or geeky kidz in communitiez are destroyed or leave because they do not fit into the tightly knitted quitz of some communitiez survival techniquez...

    The only true resourcez of this world is your mind.... Every body wantz your mind and they want you and your children to stay stupid...

    It is sooooooooo easy to manipulate a dumb person in situationz ... You make them feel proud then use them for semi screwd up thingz ...

    And they will go along with then in the end when you need a scape goat ... you throw them in front of the train and pretend you tried to help them but the system was to big and tooooo great for them to handle they are sorry ... but you are their puppet...

    See it all about trickz and scamz... Think about it a waitress makez about three dollarz an hour "she accepted the posistion or he" because the manager tell her she will make a lot of money they are a busy establishment... Soooooo what does the waitress depend upon????????????????? A dream a fairytale that tonz of people will come through the door for her to serve and make money....
    When a ton of people do not come through the door she or he is angered; then you decide to stop in for a quick meal but do not have a lot of money... So you eat your meal and ohhhh you forgot about tipping, you look in your pocket for some money and find two dollarz for the meal... You pay and leave ; the waitress hatez you most of the time because you did not give them all the money they need to live...
    Why does this happen???
    Becuase the puppet payz attention to the people not the puppet master... Basically the puppet master should pay the person more money but instead putz a huge dream into the waitress mind that she or he will make lotz of money from the customerz "when in fact the manager is making more money off the waitress just by paying her less or him... and on top of that the waitress or waiter haz to pay the cook and manager at the end of the night....

    Doez it make senze I ask???

    In my opinion most people live in a emotional world basically if your happy life is going good. Most people just want to be happy and not have problemz... we all do.

    But many people out there cannot see happiness with you in the picture....

    In my opinion... if you cannot see all of the world having the thingz they want ... then people have forgotten the way the earth originally waz...

    I can remember a child fruit falling off the treez being angry because I rolled over in the grazz on rasberries or a apple ... now itz all gone...

    My point being ....

    Some one had to go and cut down all of the plantz and kill all the animalz....
    Lock all of it away from you and place guardz in front of it and pay them for it
    Next they had to set up a plan for how the people will recieve it and such
    Then they had to pay people to stop you from planting fruit and building your own homez
    Next they had tooooooooo etc......

    If you look back at what I wrote ... It simply makez no sense to do this ..... It is Mentally ill

    Many people want to go with the flow ...

    But dont want to live in the flushed sewerz .....

    Wake up ... or repeat the past....
     
  9. Ankhur

    Ankhur Well-Known Member MEMBER

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    http://destee.com/index.php?threads...rom-economic-katrina.58482/page-5#post-598836

    [​IMG]
    [​IMG]
    [​IMG]

    Geithner: "It's Going to Feel Very Hard, Harder than Anything They've Experienced in Their Lifetime, For a Long Time to Come"

    by Washington's Blog

    [​IMG]

    Global Research, July 11, 2011

    Washington's Blog

    AP notes:

    Many Americans will face hard times for a long time to come.

    ***

    Geithner says will be some time before many people feel like the country is recovering.

    Geithner tells NBC's "Meet the Press" that it's a very tough economy. He says that for a lot of people "it's going to feel very hard, harder than anything they've experienced in their lifetime now, for a long time to come."

    Of course, Geithner is a large part of the reason that it will be so hard.

    As I pointed out in May:

    Geithner has been a big part of the problem.

    He's previously said that his job as head of the New York Fed wasn't as a regulator, even though one of the Fed's core jobs is to regulate. As Dylan Ratigan writes:

    In Geithner's own words during confirmation hearings in March: "First of all, I've never been a regulator...I'm not a regulator." According to the New York fed bank's Web site, that was your job!!

    Quoting from the Fed's website: "As part of our core mission, we supervise and regulate financial institutions in the Second District." That district of course is the epicenter for bailed out banks and billion dollar bonuses.

    ***

    Indeed, as I've previously noted:

    Tim Geithner told the Today Show that:

    It's "deeply unfair" that some financial institutions that got taxpayer-paid bailouts are emerging in better shape from the recession than millions of ordinary Americans.

    Geithner also argued that President Barack Obama had no choice when confronted with a financial crisis.

    "As the president has said, we had to do some very unpopular things," Geithner said. "People looked at what had happened."

    "It's not fair. It's deeply unfair," he said. "He (Obama) had to decide whether he was going to act to fix it or stand back ... and that would have been calamitous for the American economy."

    There are only a couple of minor inaccuracies in Geithner's statements:

    The government hasn't done anything to fix the economy

    Geithner's entire approach is wrong, because the economy can't recover until many of the "financial institutions that got taxpayer-paid bailouts [and] are emerging in better shape" arebroken up

    The government has been anemic in addressing unemployment

    Moreover, it is not like their approach fell on them and they couldn't do anything about it. Geithner ... and the boys made a conscious decisionto side with the oligarchy at the expense of the people.

    As Simon Johnson and James Kwak write:

    [There was a] point at which the government had to decide if it would defend the financial oligarchy from populist outrage, or whether it would reform the financial system that brought us the financial crisis and severe recession. We do not think it was an easy choice. But ultimately Obama and his advisers chose to bet on the bankers they knew. The result has been even larger banks and an even more concentrated financial sector.

    ***

    Geithner ended the interview with this pearl of wisdom:

    "What happened in our country should never happen again," he said. "People were paid for taking enormous risks. It was a crazy way to run a financial system." Geithner said, "It's the government's job ... to do a better job of restraining that kind of risk-taking."

    Indeed ... too bad that Geithner and the boys are still encouraging that kind of risk-taking.

    Geithner was, of course, largely responsible for much of the failure of the government to restrain risk-taking in the first place.

    http://www.globalresearch.ca/index.php?context=va&aid=25580
     
  10. Ankhur

    Ankhur Well-Known Member MEMBER

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    http://video.google.com/videoplay?docid=-8566223412380787591#
    (Completely in audio, as well)
    What is difficult to understand, is that with warnings like this from Dr Claude Anderson in the church, warnings from the Nation of Islam for over 50 years,
    warnings from Agnostic Black Nationalists from the 70s,

    why is it that we are still amazed, and after having these warnings, have just sat through a racist neocon Black community destroying administration for 8 long years, and did not prepare for the inevitable?

    And when I say we I mean theso called Black and negro leadership who has not in over 30 years coalesced to form any economic leadership, leadership that the Yemenis, Senegalese, Chinese, Koreans and Dominicans already have,
    groups who are not and will not be facing the hell and trauma, you and I will be facing after the impending budgect cuts, union bashing and attacks on education all over the nation, because they hire and fund each other

    Here we are with a trillion dollars, but yet have to beg an outsourcing, union busting cororatocracy for jobs, they are not willing to give.

    like Malcolm said we are ex slaves, we dont like to be called that but that is the facts,
    and national white supremacy has no bones about letting us know that in clear and exact terms,

    therefore either we do for self or..............
     
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