Archive | black money RSS feed for this section

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.

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.

 

Click to read

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.

Click to read.

 

 

****************************************************

Brought to you by The Great Black Speakers Bureau, the top black speakers bureau in the world and Your Black World where you can get black news and black social commentary from Dr. Boyce Watkins and other leading black scholars.

****************************************************

Dr. Boyce: Russell Simmons Rants on Banks

18 Feb

russell_simmons

by Dr. Boyce Watkins 

Hip hop mogul Russell Simmons seems to feel that banks are not treating the poor in a proper fashion. This week, in a rant on his site, “The Global Grind,” Simmons had this to say:
“They trick customers into doing things that are not good for them through lack of transparency, and surprise them with new fees when they can least afford it. I’m learning an important lesson about ethics or lack of ethics in this industry. In fact, I’m fighting with a bank right now that doesn’t know what kind of ass whipping they are going to get when I expose them for the abusive practices and exuberant fees they are charging the poor. What they are doing is trying to double their already outrageously high fees in exchange for providing absolutely nothing to my customers.”
Simmons went on to try to create a “movement” by adding a call to action:

“Let’s start the biggest public discussion ever about how banks treat us and expose these banks for their unequal treatment and unconscionable conduct. The time is now.”

 

Click to read.

The Economic Policy Institute – 2/16/10

17 Feb

 

12/07/09
American Indians and the Great Recession—Economic Disparities Growing Larger
Issue Brief

11/12/09
Getting Good Jobs to People of Color
Briefing Paper

07/21/09
Unequal unemployment—Racial disparities in unemployment vary widely by state
Issue Brief

03/09/09
Stuck in Neutral: Economic Gains Stall Out for Asian Americans and Pacific Islanders in 2000s
Briefing Paper

10/31/08
Hispanics and the economy: Economic stagnation for Hispanic American workers, throughout the 2000s
Briefing Paper

09/18/08
Reversal of fortune: Economic gains of 1990s overturned for African Americans from 2000-07
Briefing Paper

01/18/08
What a recession means for black America
Issue Brief

Web-only Content

Date
Title
Type

12/16/09
A bleak future for black children
Analysis & Opinion

12/09/09
High unemployment: A fact of life for American Indians
Economic Snapshots

11/12/09
Reversing the Decline in Good Jobs [event]
Other

11/10/09
Jobs creation effort needs to focus on good jobs
Economic Snapshots

09/18/09
Three lessons about black poverty
Analysis & Opinion

07/08/09
African Americans see weekly wage decline
Economic Snapshots

04/22/09
Among college-educated, African Americans hardest hit by unemployment
Economic Snapshots

09/05/08
Jobs Picture, September 5, 2008 – Special Issue
Economic Indicators

08/04/08
Understanding the black jobs crisis
Viewpoints

06/10/08
Subprime mortgages are nearly double for Hispanics and African Americans

News: 7-year old boy raises $160K for Haiti Relief

26 Jan

Talking about giving back, Charlie Simpson, a 7-year-old boy from England has raised over $160-thousand for the relief fund for Haitian earthquake victims.

The unselfish kid asked his mother if he could set up a sponsored bicycle ride around his local park in West London.  Originally expecting to raise around $1,000 for UNICEF Haiti appeal with a 5-mile bike ride on Sunday, donations poured in from his webpage and are still coming.

His mother Lenora Simpson stated,

" He was really upset by the pictures on TV. He actually burst into tears. He sat on my lap and we had a chat about the things he could do. He decided to do the cycle ride and he made me do a sponsorship form and that was it. We sent it out on the web and it just went everywhere."

Click to read.

Study Finds Financial Benefits to Marriage

20 Jan

Historically, marriage was the surest route to financial security for women. Nowadays it’s men who are increasingly getting the biggest economic boost from tying the knot, according to a new analysis of census data.

The changes, summarized in a Pew Research Center report being released Tuesday, reflect the proliferation of working wives over the past 40 years — a period in which American women outpaced men in both education and earningsgrowth. A larger share of today’s men, compared with their 1970 counterparts, are married to women whose education and income exceed their own, and a larger share of women are married to men with less education and income.

"From an economic perspective, these trends have contributed to a gender role reversal in the gains from marriage," wrote the report’s authors, Richard Fry and D’Vera Cohn.

 

Click to read.

Follow

Get every new post delivered to your Inbox.

Join 61 other followers