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Dr. Boyce and Chris Metzler on CNBC Debating the Rich vs. the Poor

10 Jul

 

Watch Dr. Boyce Watkins and Christopher Metzler on CNBC – should the rich be taxed more than the poor?  Click here to watch

 

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

24 Apr

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.

 

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The latest in Financial News – 3/22/10

23 Mar

India delivers growth for Domino’s Pizza

Chain’s new CEO expects international sales to surpass those in U.S. in 3-5 years.

How Much Dough is Earned in March Madness Anyway?

13 Mar

'March Madness' isn't amateur, it's big league exploitation

by Dr. Boyce Watkins

In 2006, the chairman of the House Ways and Means Committee, Bill Thomas, sent a letter to NCAA President, Myles Brand. In this letter, Thomas had this to say:

"The annual return also states that one of the NCAA’s purposes is to ‘retain a clear line of demarcation between intercollegiate athletics and professional sports.’ Corporate sponsorships, multimillion dollar television deals, highly paid coaches with no academic duties, and the dedication of inordinate amounts of time by athletes to training lead many to believe that major college football and men’s basketball more closely resemble professional sports than amateur sports."
In this letter, Thomas makes a very clear point that is also being mentioned by academics, coaches, former athletes, students, attorneys and fair-minded Americans throughout the country: the NCAA is a professional sports league. To call collegiate athletes in revenue-generating sports "amateur" is like calling Barack Obama a part-time politician in training.

Companies pay CBS Sports $100,000 dollars for a 30-second ad during the early rounds of March Madness. This cost jumps to $1 million dollars for a 30-second spot during the Final Four. The NCAA’s contract with CBS is an 11-year, $6.1 billion dollar TV rights deal, with the NCAA hauling in over half a billion per year in revenue. The amount of money made during March Madness exceeds that which is earned in the playoffs for the NFL, NBA or Major League Baseball. The average coach in March Madness earns roughly $1 million dollars per year and schools typically hire their basketball coaches without giving a "you-know-what" about the academic standards of the coach they’ve chosen to hire (you hear that Kentucky)?

Now, who said that any of this could be defined as "amateur"?

 

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Dr. Boyce: Why African Americans are More Optimistic than you Think

11 Mar

Why African-Americans are more optimistic despite fewer jobs

According to a recent survey by Experian, African-American consumption grew by over 50 percent from the year 2000 to 2008 ($590 billion to $913 billion), and it is expected to grow to over $1.2 trillion dollars by the year 2013. The study also shows that blacks are more economically optimistic than whites, with 36 percent of us stating that we expect our financial future to improve, as opposed to 31 percent for all adults.

The Experian study says a couple of things: First, it says that black people love to consume and that we are getting better at it. In fact, black people have historically been very good at buying things and working hard to get them, but we are not very good at production, investment and saving our money. We grab our tax refunds and run to the mall. We become highly paid corporate lawyers in order to purchase the house and car we really can’t afford. We are chubby kids in the economic candy store, accelerating our collective addiction to the monetary engines controlled by corporate greed.

 

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Dr. Boyce Money: Do you really have financial security?

5 Mar

by Dr Boyce Watkins, Syracuse University 

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.

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Julianne Malveaux on Bob Johnson and Black Money

22 Feb

Why, the email asks, do we still have Black History Month?  The writer might be white, or she might not. She identifies her self as a "conscious woman" and sends the email to one of my public addresses.  She seems chagrined that "race still matters" and wants to initiate an exchange of views with hers at the foundation – studying black history is obsolete.  We have a black president, the woman writes.  Black people have made so many strides.  Aren’t you holding on to the past, she argues, when you insist on having this month to study black history?

I am not in the habit of engaging in email debates with folks who are ill informed, so I ignore the note. Still, I am intrigued enough by it to print it out and paste it to my desktop for a few days. When I pick up high school history books, I see African American history sprinkled through, like seasoning, as opposed to being placed at a base. And I think of the tremendous vision of Dr. Carter G. Woodson, the second African American to receive a Ph.D. from Harvard (after WEB DuBois) and the founder, in `1915, of the Association for the Study of African American Life and History (ASALH). Woodson wrote the masterpiece "The Miseducation of the Negro" and founded Negro History Week in 1926. By 1976 the week had expanded into African American History Month. The Association, based in Washington, DC, sets a theme for Black History Month each year (notice that I use Black and African American interchangeably – for me they are the same thing). This year the theme is "The History of Black Economic Empowerment".

Economics is the study of who gets what, when, where and why. It is the study of the way the factors of production – land, labor, capital and creativity are paid in rent, wages, interest and profit. It is the history of the knife, of how the pie is sliced. And it is the story of why African Americans get so much less than our fair share of the pie.

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