As part of the 43rd annual Congressional Black Caucus Foundation Conference, the National Association of Real Estate Brokers (NAREB) unveiled new and disturbing research on how communities of color are suffering a worsening racial economic disparity. The State of Housing in Black America reveals that while the private sector and financially secure consumers recover financial ground from the Great Recession, much of Black America is being economically left behind.
Longtime civil rights activist Dr. Benjamin Chavis Jr. wrote the report’s foreword, advising:
"African-Americans have a large buying power nowadays, yet we continue to be the most foreclosed and wealth-depleted community in America. We cannot and will not just be bystanders as the American economy continues to rebound."
Julius L. Cartwright, NAREB president added, “Not only has our homeownership rate plummeted, but also accessing mortgage credit has become nearly impossible outside of government insured programs such as the FHA and VA.”
The report examines how African-Americans and Latinos have been cut off from the housing market and home finance in addition to employment opportunities. Further according to the report, until economic equity and recovery are added to the long-standing issue of equal access to housing, the ability for communities of color — Black and brown — to build wealth will remain an elusive and distant dream.
I know a Sister who has her own business. She asked me to help give her some publicity. Her name is Morgan Wright. She is an independent business owner of a network marketing company called “Wake UP NOW! where she takes care of people’s finances and encourage others to…
In some of the first incarnations of DC graffiti, black owned business owners painted “Soul Brother” and other tags on their doors letting looters know that their business identified with the rage felt in the city streets.
Kwame Toure, Amiri Baraka and H. Rap Brown with a portrait of Malcolm X in the background
Prof. @Oba_Tayo is back again with another session!
Previously on this page we posted about “Black Wall Street” which is one of the most successful and wealthiest Black communities in America’s History. It was located in Tulsa, Oklahoma during the early 1900’s. The “Black Wall Street” was so successful because they practiced a method known as “group economics”.
What is group economics? It is a collective effort by the people in one community, race, or culture to build up their capital status by various ways of achieving income. It’s important to us a community because Black people spend the most money in consuming products every year!
The foundation of the community or the KEY reason was because of the people who worked OUTSIDE of the community. A Majority of the people didn’t work within Tulsa, they actually worked outside of Tulsa. Which was fine as long as they spent their money within the Black community of Tulsa. Example: Let’s say I worked as a school teacher outside of Tulsa. When I get paid, I go to my local grocery store spend $50, then I go to a restaurant spend $30, and spend another $20 at clothing store, That’s a total of $100, now then the owners of those businesses would spend that money (I spent) on other businesses within Tulsa, and then those owners do the same thing as well. Now what we have in place is a system of where money made from outside the community is circulating within the community continuously. Now the hundred dollars I spent, if $20 leaves the community for supplies for a business, that is fine because $80 is still circulating in the community. Now imagine that times thousands of people. That’s how Black Wall Street was established!!!
Post made by: @oba_tayo
On this date, June 28, in 1874, Freedmen’s Bank closed. Black depositors had some $3 Million in the bank, which had an imposing headquarters in Washington and branches in various cities President Frederick Douglass said later that the Freedmen’s Bank had been “the Black man’s cow and the white man’s milk.” [source]
The Freedman’s Savings and Trust Company opened in March 1865 and closed in June 1874 because of mismanagement, abuse, fraud, and the economic climate of the day. Thousands of African Americans were faced with financial ruin.
The unclaimed $200,000 in the Free Labor Bank left unclaimed by the African-American Civil War soldiers prompted the U.S. Congress to incorporate the Freedman’s Bank. Originally designed as a trust that invested solely in government bonds, the Freedman’s Savings and Trust Co. focused on charity as opposed to profit; consequently, it did not participate in the larger banking community. Although the bank denied representatives of the African-American community the right to be involved in decision-making, African Americans kept considerable amounts on deposit at the bank and trusted its soundness. [Continue reading.]
Thus leading to the legacy of distrust of blacks supporting other blacks or investing in black institutions at that… #learnyourhistory
Woo this just agitated me.
Fannie Mae Duncan, who owned a cafe and bar called the Cotton Club in Colorado Springs, Colorado, sitting on a bed with a cashbox - and a handgun - counting daily receipts in 1955. Ms. Duncan was born Fannie Mae Bragg on July 5, 1918 in Luther, Oklahoma. She ran her Cotton Club from 1948 to 1975 and hosted such icons as Duke Ellington, Billie Holliday and BB King. She died in 2005. Photo © Lew Tilley via Pikes Peak Library District. Thanks Robin Caldwell for the tip!