time and again, it comes to my attention that you do things against your best interest. You purchase products from people, you know support the KKK or neonazis. And, when asked why you do it, you answer, it's just so good. You spend your money with people that literally spit in your face. And, when asked why you do it, you answer, because this is what all the cool kids are wearing, driving, eating.
You destroy your hair and scalp. And, when asked why, you answer, because my hair is more manageable now.
You live in an area that is dangerous for your children to go to school. Oh, I don't mean the hood. I mean you move to the suburbs where the police shoot your children and arrest them on any pretense. And, when asked why, you answer, this is the better area, and the schools teach my kids more. Meanwhile, your kid is being bullied by the entire class, including the teacher, and your child was found in the hospital with a severe concussion.
What's ironic is, you bend over backwards, to do what? You bend over backwards to assimilate yourself into white society, not american society, white society.
We have hispanic peole and asian people come here, and make zero effort to learn english. And, within 5 years, they surpass you in economics, finance, education, wealth, group wealth, personal wealth. They don't leave their hood, they turn it into what they want.
You're the only group that tells your children, get a good education and find a job. It's the mindset of a slave and you haven't been a slave for 100 years.
So what is the real problem with you? You have a problem. What is it? Why do you do this? I want to know.
Misplaced Black Confidence in the Democratic Party
This confidence, is not based in reality. It is based in complete and utter brainwashing. Blacks have been completely brainwashed, to the point that they do everything to their own detriment on a daily, hourly, every 4 yearly basis.
They have been convinced that Democrats somehow are a good thing for them, yet their financial ruin is only realized during Democratic regimes.
There is a lot of discussion about Black people voting for Obama. Where 2008 Black people as a whole said they were going to vote for Obama, simply because he's half Black, 4 years later they are reconsidering, with the benefit of knowing his policies.
I'm here to ask the question, after 4 years, are you better off?
I have a reputation for the readers of my blogs, to not treat people like babies. In this case, I won't be any different.
Black Unemployment 37% Nationally
The news is not going to ask you to consider grow-up issues like this.
Four years, into the Obama administration are you better off?
are you employed
are you making more money
did your wealth go up
did your open a business
did your payroll taxes go up
did your medicare taxes go up
did your social security taxes go up
are you paying new taxes that didn't exist 4 years ago
did inflation go up
did more jobs get outsourced
were there attacks on your faith in god by the government
were there any favorable supreme court cases heard
can you do things today that you couldn't 4 years ago
Across the board, Obama has been devastating to the Black community, IN PARTICULAR. That means, of all the past presidents, Obama has done more specific harm to Black people, than any other president in the past 100 years.
Black wealth fell 60%. Black net worth fell from $30,000 to $5,000. It is sad, but Blacks are the only group that have absolutely no assets. The only "potential" asset they have is their home, but they use it as a personal residence, not as an investment vehicle, which removes it from being an asset. When Black people lost their personal residence, it gutted what wealth they had.
Black people do not open businesses. Black people are the only group in America that has over 250 people to 1 business. This means there is no Black wealth to speak of. This number jumped from 210 to 1 to 250 to 1 in the past 4 years. This means that Black wealth was smashed to nearly nothing in 4 years. The next group up is 90 to 1. That is nearly triple the wealth of Black people.
Black Foreclosure Rate Went from 34% to 51% in 2011
Black people do not count their dollars and cents. They do not calculate taxes. They do not shop around for goods and services. Corporations prey on Black people more than any other group in the U.S. Black people, single-handedly keep pay day loans doors open. It has been shown they pay 360% interest on pay day loans. If Black people lent each other money, and stopped using pay day loans, it would have to close its doors. Black people also pay credit card debt and fees more than any other group. In the past 4 years, those fees have gone up, and new fees have been introduced.
Wells Fargo, has decimated Black wealth, and under Obama it has full on raped, any and all aspects of Black wealth. They handed out predatory loans, their Black customers paid more in fees than anyone else and they foreclosed on Blacks more than any group in the U.S. The same can be said of Bank of America.
"OBAMA INHERITED THE WORST ECONOMIC CRISIS EVER" This is repeated over and over. Sooner or later, people will start to believe it. If Black people owned more businesses, owned more real estate, paid attention to taxation, they would see that there is an economic downturn every 10 years, and a full-on economic crisis every 20 years. What Black people don't know is that the DOT COM crisis did just as much damage as the housing bubble.
What's the difference between the DOT COM bubble and the housing bubble? Black people were not caught up in the DOT COM mania. Since, it didn't affect Black people, they don't remember it.
Before that, 30 years ago, there was another real estate crash. Millions were lost. More millionaires went broke in that crisis than today.
Before that, 40 years ago, there was an oil crisis. Carter went down in flames over it, and the entire nation was almost halted from it. I'd say it was much worse than this housing bubble. It literally affected everyone.
So, this crisis is nowhere near worse than the crisis before. Obama did not inherit something no other president has faced. Obama has done a terrible job of handling it, and has gutted Black wealth in the past 4 years.
Go over the list I mentioned at the beginning and if you pass every list item, then you vote for Obama, not because he's half Black, but because you have more money and are better off today than you were 4 years ago. If not, you have a duty as a grown-up to vote for someone else, because voting for Obama when you are worse-off then you were 4 years ago, is voting against yourself.
Obama has not been loyal to you. You should not be loyal to him.
From the research and the conclusions, that said researchers have drawn, these are the factors and causation of plummeting Black wealth.
Historic Factors:
Blacks of all economic classes lumped in with high risk loans, i.e. the Black middle-class given grade B loans, as if they were derelicts or of menial credit rating [Well's fargo testimony in open court sheds light on this, when whistle-blowers testified that Wells Fargo management said, "target Black neighborhoods with high interest loans because Black people are financially unsophisticated".]
Blacks pay highest insurance premiums than whites
Blacks pay higher costs for nearly every good and service, from food to housing, than do whites
Causation and Decimation of Black Wealth
when the bubble crashed and ARM loans adjusted, it imploded 65% of all Black wealth
Blacks have nearly no assets. And, what little wealth they do have is nearly 100% tied to their primary residence [which is NOT an asset, but only a sophisticated investor or someone financially educated would even understand that]
Why Obama vs Bush
in spite of his own advisers telling him to specifically target legislation at Blacks, Obama took a mass appeal role, which ultimately would nearly 90% only affect white people, not Black people
all legislation that took place to placate or help homeowners stay in their homes, occured in the latter half of the default scale, which affected white people more than Black people
institutional racism reared its ugly head, even after Obama and friends commanded private banks to cease and desist foreclosure procedures and directed them to work with their lendees. Blacks were denied every opportunity to renegotiate their loans.
this occurred on Obama's watch, regardless of similar circumstances happening during the bush administration.
Please note that everyone that was predicting the crash said that the crash actually started 2001 - 2002, not 2008.
Nouriel Roubini or Nassim Taleb, as well as Peter Schiff & George Soros, correctly predicted the housing bubble collapse, which then exposed a much deeper bubble (a super-bubble in Soros’ terms) that was the entire solvency/credit trap that has taken over and the failure of 30 years of economic policy. Black swans in Taleb’s language can not be predicted. Both he and Roubini correctly predicted that said market was built on sand and would eventually collapse, but neither one of them got right precisely when it would happen (they both thought in 2003).
That squarely puts the entire Bush administration as having been handed this crash and dealing with it for two terms, not the revisionist history notion that everything was peachy during the Bush administration and he handed Obama a sack of pissed off badgers.
This latter part is what people constantly get tripped on. They all believe that Bush dealth with nothing financial for 8 years, until the very end.
Need I remind you that it was Clinton's policies, demanding everyone be a homeowner, that led to the bubble during the Bush administration?
And, speaking of Clinton, everyone believes the propaganda that Clinton handed Bush a surplus. Just as fake as today's jobless / unemployment numbers [which I hope you're aware of] Clinton's surplus was a complete fabrication, made-up by upping the intra-governmental holdings while paying down the public debt.
He handed Bush, every bit of a deficit as Bush did Obama and Bush sr did to Clinton before him.
Bush also dealt with a housing crash as the beginning of his administration. People forget these things. He dealt with the dot com bust, also.
Obama has been abysmal for Black wealth and makes absolutely no apologies for it.
As to the dearth of Black Americans in high-groth entrepreneurship, [or from my perspective any entrepreneurship] having any connection to job growth is only indicative of a lost potential of wealth that COULD be generated. That is a completely different discussion, than the one at hand.
Yes, Black enterprise is completely lacking and a direct correlation can be drawn between its lack and negative impact it has on Black wealth and Black "jobs". At 1 in 36, versus 1 in 236 entrepreneurship of whites vs Blacks, no one can deny that Blacks are completely missing the economic boat [hell, we're out to lunch completely].
However, this post is dealing with what wealth we have or had, presently.
Blacks lost 65% of their wealth during the Obama administration. The single largest drop in the history of the entire United States, including during the slave era. The 10%-20% of Blacks that were free during the slave era had more money, than all of the free Blacks right at this second.
Traitorous, Double-Crossing, Quisling Black People
Is it alright if you innocently do not study history and yet convince your fellow African-American that Democrat is the way to go? Is it alright if you do absolutely no research and trust the news to tell you that Democrat is the party for Black Americans? Is it alright that you listen to urban myth that Democrats want to help Black people and somehow usher in a new golden age for Black people.
A lot of Black people have no interest in researching, thinking or studying politics and what the best approach is. They go to their church and rely on their preacher to tell them how to vote. Nonsense. Meanwhile the preacher is being paid thousands of dollars to tell them to vote for such and so, selling the entire congregation down the river.
Truth be told, most Black people concentrate more on sports, music and who's doing who, than concentrating on whether or not a supposed Black man is selling them down the river in the white house. Truth be told, most Black people could tell you the draft picks, starting line up and last season results of their favorite sport, but could not tell you any legislation that was passed in the last 8 years.
I made a vow to myself when i was 7. I vowed that the world did not need another Black ahtlete, singer, dancer. It needed intelligent superior Black people. I was to be one of those people. I do not open my mouth, nor put words down on paper nor machine, without first checking, cross referencing and getting historical backdrop.
If I say the Democratic party is not good for Black people, I need people to trust that upon my reputation that it is the correct thing to say. I need people to be a little bit more intellectual than they are used to. I need them to draw upon 200 years of experience and historical facts to keep up with what I am saying. For fifty years the Black population shifted from the Republican party to the Democrat party. For those fifty years, Black buying power has gone from $1.1 trillion in 1950 adjusted for inflation, to $1.1 trillion in 2012? That's right folks, Blacks have made no gains.
How is it that Blacks command a staggering $1.1 trillion yearly in buying power and yet are 10 times poorer than whites?
The 2001 Consumer Expenditure Survey showed that, despite their lower income, African Americans spent more on telephone services, utilities, shoes and children’s apparel than whites. As a proportion of their total household income, blacks spend more on groceries, housing, utilities, female clothing and personal care.
The average married black household’s income is around $48,000 – less for a single parent household. Moreover, in terms of income, the gap between whites and blacks has nearly quadrupled in the last 30 years, mainly because blacks typically earn 68 cents for every dollar whites earn. Add to this the above average unemployment rate among African- Americans and the fact that the housing bust wiped out whatever equity black folks had been able to accumulate.
According to one study, blacks in lower-income neighborhoods are more reliant on smaller grocery stores which carry more expensive goods. The same could be said for housing, transportation and car insurance. This should let us know that there are plenty of other barriers in place, including racism and classism, which seem to prohibit blacks from capitalizing economically on so-called disposable income. Likewise, the growth of black businesses has yet to be allowed equal access to markets where black folks tend to shop for phone service, electricity; natural gas and groceries. So it is inevitable that the “black dollar” will always find a route out of the community.
The majority of Black people are married, educated, middle to upper middle-class and are employed.
We are not welfare, food stamp people. Yet the Democrats try and portray that they are being kind and generous and offering "us" welfare and food stamps. It's a brain washing game. The U.S. is headed towards a communist agenda. Do you honestly think white people would embrace having Black people on an equal economic footing, in a communist system? No, they would not.
And, Obama is not in control of anything. Hoping that because someone has a Black face, makes them pro-Black is juvenile, at best. It's idiotic when the man shows you time and time again that he is not pro-anything other than wallstreet.
Blacks have lost 65% of their wealth under Obama. Anyone trying to defend him, is not someone I would call a friend. Because, defending that is traitorous to the Black American community.
Talk to any Obama kool-aid drinking bobble head and you get this: "There would be a lot more jobs for a lot of people of all colors if the Congress- the Tea Party Obstructionist Congress- would allow the Obama job programs to be implemented. "Gaining ground under Bush"? Kidding, right? What statistics a
re you using? The only new jobs during Bush were at McDonalds."
The very things you're saying, condemn your own points. Let's go over them shall we?
Obama elected 2008
democrat house / democrat senate: nothing was passed
republican house gained majority 2010
all negotiations with republicans were hampered by obama, who was going further than any republican in stripping medicare and other darling democrat programs
economy and DOW took a steep plunge as soon as Obama took office
Obama's job bill was to hire census workers
McDonalds was the only major employer hiring during OBAMA's administration not Bush
all census workers fired, plunging unemployment numbers to record highs
Obama takes office and TRIPLES THE IRAQ AND AFGHANISTAN TROOP DEPLOYMENT
after mid-term elections were over and Obama had not removed the troops like he promised and everyone wanted, culminating in a republican house, Obama finally caved in and promised one more year until troops were to be returned home, and, that was only after democrats came to him telling him that they would not win the house, nor the presidency if the troops were not removed by next election
I'm an investor, you see. I run several blogs, one namely being about investing. Investors do not listen to rhetoric, we pay attention to numbers, facts, legislation.
Black wealth has been DECIMATED under Obama. And, I don't think it's so funny people laughing about it, or cavalierly saying Bush was worse for Black people. There is NO comparison.
PEW RESEARCH: Black Wealth Gap Widens
- 2005 net worth $12,124 [ net worth is calculated by taking all your assets, paying off all debts, and the remainder is the net worth]
- 2009 net worth $5,677
The gap has widened by a factor of 10 between Blacks and whites, under Obama.
In fact, Blacks were super wealthy after slavery, compared to today. [pretty shocking]
But wait, even if you're not Black, or don't care, or the stat doesn't move you, MAYBE THIS WILL
Fraction of growth captured by top 1%
Bush: 2002-2007 65%
Obama: 2009-2010 93%
Yes under Bush the top 1% got 65 cents out of every dollar. But, under Obama they got 93 cents out of every dollar.
