Study: Blacks outpace general public in TV viewership, population growth, and smartphone ownership.

[cobbland]

Blacks also spend wildly to keep up their appearances.

The black hair care and cosmetics industry counts as a $9 billion a year business, but while African Americans are spending the most, they are profiting the least, said officials from the Black Owned Beauty Supply Association (BOBSA) in Palo Alto, Calif.

Beauty product lines designed for African Americans were once 100 percent owned and operated by blacks, today other ethnic groups control more than 70 percent of the market, a BOBSA spokesperson said.

Another report, released in May, titled, “The African American Financial Experience,” revealed that blacks have been hurt to a greater degree than any other group during the Great Recession.

The study, produced by the Prudential Company in Newark, N.J., noted that blacks were more likely to lose jobs and to own homes with appraised values that had fallen below what was owed on the mortgage.

“When most black people buy homes, we hurt ourselves economically,” said Dorothy A. Brown, professor at law at Emory University in Atlanta and a former special assistant to the Federal Housing Commissioner at the U.S. Department of Housing and Urban Development in Southwest Washington, D.C.

Home ownership has been an important vehicle in creating a solid white middle class, but it has not done the same for most black homeowners, said Brown, 53.

Officials at the Brookings Institution in Northwest Washington, D.C., said poorer white neighborhoods had more home value per income than poorer minority neighborhoods and, even when homeowners had similar incomes, black-owned homes were valued at 18 percent less than white-owned homes.

The current homeownership rate reveals that 73.5 percent of whites own homes while approximately 43.9 percent of African Americans are homeowners, according to the Harvard Joint Center for Housing Studies State of the Nation report for 2013.

“The recent crash and subsequent rebounding of the market, fiscal cliff jitters notwithstanding, show the white median net worth is down by only 16 percent while the black median net worth is down by 50 percent,” Brown said. “This is because the stock market has significantly rebounded and compensated whites’ losses in home equity, but blacks, without comparable stock investments, have not benefited.”

The Brookings study also revealed that, while many whites are comfortable investing in the stock market, most blacks are not.

Sixty percent of African Americans have less than $50,000 saved in company retirement plans and only 23 percent have more than $100,000.

The loyalty blacks have to their church also has proven costly, said officials at Faith Communities Today, a nonprofit based in Hartford, Conn.

A 2013 study revealed that black churches have collected more than $420 billion in tithes and donations nationwide since 1980, an average of $252 million a week.



“What people fail to see and understand is that, the church pastors aren’t waiting for miracles to fund their lifestyles, they don’t have to pray, day in and day out, to make their ends meet,” said Northwest resident and author, Byron Woulard.

“They are getting rich off God, not from God,” he said.

Woulard, whose books include, the 2011, “Pawn Queen,” noted that the money spent tithing could buy as many as 93,333 homes valued at $150,000; pay for tuition up to $15,000 a year for 933,333 college students, and feed every homeless American for a year.

“It’s the best hustle on the planet. If you don’t get it here on earth, you’ll get it when you die and go to heaven,” Woulard said. “And, it just so happens that not one person in the history of this planet has died, went to heaven, and come back to tell everyone that it’s true.”

The vast majority of those contributing to the large spending statistics are hard working and mostly poor people who spend in relative small amounts and only on items that are readily available to them, said Jared Ball, an associate professor of Communication Studies at Morgan State University in Baltimore and a radio host for WPFW 89.3 FM in Northwest Washington, D.C.

“Poverty is not the result of spending habits, but it is a well-structured planned outcome of an economic system which demands that it exist,” said Ball, 36.

“The objective reality that actually shapes our lives is in part due to misinformation and the conclusions reached by so many prominent thinkers in our world. Precisely at a time when black unemployment is worsening and predicted to reach even further epidemic levels, we also hear of research which suggests that black Americans think their lot is actually improving,” he said.

However, there remains one inescapable fact: when African Americans make money, they are quick to spend it, said Boyce Watkins, a Scholar in Residence in Entrepreneurship and Innovation at Syracuse University in New York.

“We don’t use money to invest or produce,” said Watkins, 42.” When we get our tax refund, we go straight to the store.”
http://washingtoninformer.com/news/2013/sep/18/blacks-have-little-show-hard-earned-dollars/?page=1

 

[Dr.Chemix]

It's amazing what you find out about once you climb out from underneath the rock

 

[7figz]

So we won ?

 

[Dr.Chemix]

We lost

black folks are just cash cows for the wealthy

 

[cobbland]

So we won ?

Sadly, no.

TURNING $1 Trillion BLACK SPENDING INTO POLITICAL POWER

Eulene InnisAugust 08,2013

[African American Empowerment: The Action Plan]

Black people contribute over $1 trillion to the US economy every year but have no substantial economic or political power and there-in lies the obvious reason why Black communities are super-saturated with fast food eateries, discount stores, hair and beauty shops and other money siphoning establishments.

To help combat this injustice, an Action Plan to turn Black spending power into political power was unveiled by the National Leadership Council on Tuesday, at a community meeting held at The First Church of God in Christ, located in Crown Heights, Brooklyn.

Bob Law, former Radio talk show host and Political Activist was the spokesperson for the National Leadership Council. He called for a commitment from the packed church, to hold on to their dollars and turn them back to Black institutions in our community which are doing positive things.

"Nation wide polls seem to indicate that people are not only fired up because of the Florida, Trayvon Martin verdict, but also because of the pattern of injustice demonstrated throughout the various government systems," Law said. "We must use the leverage we have. We spend over a trillion dollars but our communities are in shambles. We outspend every other ethnic group. The late Congressman Adam Clayton Powell said that we must use what is in our hands and what is in our hands is a trillion Black dollars.”

Leadership coalition member and the Pastor of Abyssinian Baptist Church in Harlem, Reverend Calvin Butts III, said: “We must use our strength and power which lies in our spending ." He referred to the Montgomery Bus Boycott of the 1960s “where people did not ride the bus but made sacrifices and walked with others who sought justice.”

“If African Americans stopped buying certain daily newspapers, the owners would lose significant revenue”, he continued, "their margin of profit would change, nobody knows about the strength of the Black churches. Adam Powell said, 'not burn baby burn, but earn baby earn’. When you accumulate economic strength, you gain respect. We have no more Black media, but we have ourselves, we can spread the word through our civic organizations”.

There are six times as many fast food restaurants in Black communities as they are in other ethnic communities. Eighty percent of the processed foods in the US are already banned in other countries. KFC, Burger King and others, put no resources in our Black communities. Attendees were asked to hold back their Burger and Fries monies and donate them to Black institutions such as Sankofa International Academy, an Afri-centric school which is saving and nurturing future generations.

Ollie McClean, Director of Sankofa, spoke of the need to educate our children with an education rooted in self knowledge so that future generations can break away from the bad customs ingrained by the atrocities of enslavement.

She cited the current state of public and charter schools which are failing our children: “When out of a trillion dollar income Blacks spend 321 million on books and 7.4 Billion on hair and hair products something is wrong with our priorities, the re-education of the miss-educated is paramount.

Attendees included community icon, the Reverend Herbert C. Oliver, known for his involvement in the Montgomery Bus Boycott and standing up to Police Commissioner Bull Connors in Birmingham, Alabama during the Civil Rights struggle; Candidate for city council in the 36 District, Rev. Conrad Tillard; Bishop Gerald Seabrook of First Church of God in Christ; Robert Cornegy, District Leader 56AD and others with community and political influence.

A circulated "Open Letter to the Black Community" seems to sums up the event’s purpose:

“The coalition is urging Black people to use our own money more strategically, like every other ethnic group. For we can turn Black consumer spending into real political power if we target and control our spending. Therefore, let’s make where we spend our money a political decision. Let’s begin by cutting back on spending in industries and local businesses that receive so many Black dollars, while giving so little back”.

A word to the wise is enough.
http://www.blackstarnews.com/us-pol...lion-black-spending-into-political-power.html

(1). 10 American Foods That Are Banned in Other Countries
http://topinfopost.com/2013/07/10/10-american-foods-that-are-banned-in-other-countries

(2).Revealed: Shocking list of popular foods and drinks readily available in U.S. grocery stores that are BANNED in other countries because their chemicals are deemed 'dangerous'

In Singapore, you can get sentenced to 15 years in prison and a $500,000 fine for using a chemical in food products that's common in frozen dinners

Mtn Dew and products used to keep carpets from catching on fire are made from the same chemical

A chemical found in Chex Mix is known to cause cancer in rats
http://www.dailymail.co.uk/news/art...countries-containing-dangerous-chemicals.html

(3). 80% of pre-packaged foods sold in the United States are actually banned in other nations
http://naturalsociety.com/80-percent-processed-foods-us-banned-other-nations/

 

[Dr.Chemix]

So we won ?

Black people contribute over $1 trillion to the US economy every year but have no substantial economic or political power and there-in lies the obvious reason why Black communities are super-saturated with fast food eateries, discount stores, hair and beauty shops and other money siphoning establishments.

[/quote]

Pure uncut ether. "Have no substantial economic or political power" But we wanna wake up in Bugattis.

Go to the hood, McDonald's everywhere. Go to a upper class neighborhood, salad bars.

Cash cows. Energizer batteries. Money slaves.

All that buying power and we have no power...

 

[Chef_Taylor]

We lost

black folks are just cash cows for the wealthy

And thats a damn shame...we're damn near all guilty of this.

 

[Chef_Taylor]

I dont pay tithes btw.

 

[Chef_Taylor]

Well said @chemix

 

[Dr.Chemix]

We lost

black folks are just cash cows for the wealthy

And thats a damn shame...we're damn near all guilty of this.

yea bruh...it's ALL of us. Not some of us. Fuck that high and mighty shit...nigga falls susceptible to the pitfalls my damn self at times.

 

[LEMZIMUS_RAMSEY]

Now you are convinced that fast food are to be erased from our lifestyle

 

[Colin$mackabi$h]

To think, we have the power to stop this...

 

[Mister B.]

We won't. As a whole, we're slaves....programmed slaves. Slaves who don't even know they're slaves..

 

[Ajackson17]

Lol, servants and slaves. I control whites, I'm their deity and they bow every sunday to me in reverence. Why won't you negros do the same and realize you can be free.

 

[So ILL]

If black America counted as an independent country, its wealth would rank 11th in the world.

This shit is mind-blowing.

 

[zombie]

blacks in america don't have wealth we have money and we waste it on bullshit.

 

[Rock_Well]

All the blacks in here shaking their head at this bout to go buy some new J's and chains right after they forget what they just read.

 

[Ajackson17]

All the blacks in here shaking their head at this bout to go buy some new J's and chains right after they forget what they just read.

No paying debt off and investing.

 

[Rock_Well]

On a serious note the L comes in when the majority of us remain ignorant of this. Marketers take data like this and use it to their advantage, just imagine if the majority of blacks got a hold of this data before they do.

its weird tho their seems to be a breakdown somewhere... i can easily find business owners that all agree not to target blacks becuz we don't spend no money. Wassup wit that?

 

[edwardnigma]

Black people buy bullshit.

A lot of rich blacks wont even invest in their own neighborhood or people or family.

They will buy the latest cars and spend even more hooking it up.

Its a nasty trait hut guess what?

That's mostly blacks here in America.

I think blacks outside of America are better at.handling wealth.