Black Building Wealth today, spurred by profd

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MY COMMENT

 

 @ProfD

1 hour ago, ProfD said:

True.  Most wealth has been stolen. 

 

However, the Middle Easterners have managed to turn black gold aka oil into a vast amount of wealth.

 

Black folks can start building wealth as a group by:

 

1) owning our talents and abilities, intellectual property

2) using a Black bank

3) supporting Black businesses

4) buying sports franchises

5) investing in land and real estate

6) buying stocks and bonds

 

Putting money to work is the best way to generate wealth in the absence of having natural resources to sell.

 

And all the middle easterners black gold has the blood of middle easterners on it shed by other middle easterners. 

I support all your points to nonviolent financial growth. but I have to say, whites whether they be arab/asian/latino/african/male/female/christian/muslim/ or others have intentionally killed each other for financial gain. The gold rush, the oil rush, the manifest destiny land grabs, prohibition era liquor fortunes, first stock market era,  all had mostly white people killing white people while total complicity by law enforcement, once the first people/native americans were eliminated for the land if needed.  One thing I rarely read or hear black people say, especially in the american continent, is that we in modernity don't have that strong a heritage of murder for financial gain. I argue with no true proof, only personal experience or views that most black on black financial crimes happen today than ever before. Whereas for whites they killed each other in the near past way more than today for fiscal wealth. 

Black people in the usa at the least were enslaved and financially penniless permanently while whites were killing each other for land or oil or gold or liquor. So Black people have started our internal wars over money in the 1900s. Consider madam cj walker was the wealthiest black person in the usa, lived in Urban harlem, think on that. She was blocks from poor black people. She wasn't in a scenario like downtown manhattan's gilded age where rich people had houses lined up next to each other. 

If you consider black people in the usa started to be attested by whites as financially wealthy in the 1900s then based on usa history with the european colonies, the first phase of usa history, starting in the 1500s whites [european/asian/latin/male/female/arab/muslim/christian/ or other] had four hundred years to become financially wealthy by any means necessary while blacks have only been allowed to become financially wealthy within the law from in the 1900s. That is a variance. 

And, to @Pioneer1 initial point, the culture of white latin americans trying to become pure white stems from the simple fact that unlike the english european colonies that brought white women along, the spanish/french/portuguese colonies were overhwhelmingly male, so latin american whiteness is primarily mestizo, the spawn of a white european and an indios female , indios being first people/native american. It is minority mulatto, the spawn of a white european and a black african woman. Mestizo or mulatto children were and are taught in the castas of latin america or its modern derivatives that whiteness could be achieved through a mating structure. Even though genetic lineage doesn't matter how many matings are forced, a human beings lineage is never deleted. so, the mating concept is perpetual because it's goal can never be achieved, but its goal is always emphasized. 

Now that the neutral truth or history is out of the way, 

to the positive

 

I like your nonviolent financial calls. They each have positive value. I will mention warnings alongside the positives.

 

1) owning our talents and abilities, intellectual property

In modernity with the internet, owning your creativity is huge. I don't know the numbers but any artists knows , intellectual property theft in various fashions is rampant today, rampant. So I concur to this as a modern importance. It was important in the past, but with the modern internet, the ability to make profit off of intellectual property theft is much quicker than the past. My warning is, the law around intellectual property is really messy. It isn't an accident that the fiscal wealthiest media firms spend so much money or effort redesigning characters so that they can gain copyright on a newer version. Or that many of said firms don't release media that has public domain characters , cause the ability to legally deny others to profit is... a task, and since most court cases end up settling out of court, well, the expense is to high.

 

2) using a Black bank

I want to be more specific, not a black bank. but a Black Credit Union. I have nothing against Black Banks but credit unions are easier to start and more focused in their design. Credit Unions will allow financially applicable segments of the black community to have a bank for themselves. When I look at the fiscal wealthiest black community in any city in the usa, that being los angeles, they should have a credit union for themselves and to my knowledge they do not. I assume similar for the atlanta black fiscal elite. The black fiscal elite in new york city to be blunt, should have it as well. But, I rather black people of wealth in small regions make credit unions and then new black money can join whenever they can. Financially poor black people can't afford the extra fees or limitations of small banks, especially in context with pensions or similar financial tools. 

 

3) supporting Black businesses

As someone whose household members have always supported black owned businesses, I do support, buying black. But, I do think black people need to imagine how to own their own businesses moreso. From Jacobs to Famous to Lighthouse to Make My Cake to Jumbo to Charlie's to King Barka to various laundromats or hair salons , multiple Black businesses exist in Harlem that have thrived for decades to recently opened.  But New York City proves starting a firm requires more thought. I have witnessed multiple chinese owned restaurants fall in recent years, but I also recognized one chinese restaurant survive and thrive well. why? The one that thrived well is near columbia universty and was getting tons of asian customers even when i was a kid. My point is,the black dance school , liquor gallery, all failed. The black architect seems to be stable. But NYC is hard. Some business will never honestly work in NYC unless the average wealth increases at a rate above the average in the usa or the cost of living decreases at a rate below the average in the usa. 

So support black businesses but I rather hope black businesses focus on being efficient. instead of a dance school maybe you can operate in a school. instead of a gallery maybe you can get a church to be the host of a gallery and your wine, harlem has many black churches that do nothing most of every day, that are locked up or gated.  I know churches members have issues with certain activities but be a business person and make it work. Contracts, figure it out. 

 

Jacobs

https://www.jacobrestaurant.com/jacob-soulfood-restaurant-locations.php

Famous

https://www.famousfishmarketnyc.com/

Lighthouse

https://www.lighthousefishmarket.com/

Makemycake

https://www.makemycake.com/

Jumbo 

https://www.sugarhilljumbos.com/

Charlie's 

https://www.charlespanfriedchicken.com/locations

King Barka - don't hate, websites cost money

https://www.restaurantji.com/ny/new-york/king-barka-/

 

4) buying sports franchises

Not for me. In a soccer community elsewhere members were talking about owning a sports team and if I was a multi billionaire (meaning I have three hundred billion dollars in a bank account, not including stock evaluations/bonds/partial investments in firms or dividends from investments or stock)  I wouldn't invest one penny in sports clubs. I have said it in this forum before. I am not sold on sports franchises. 

The business model for sports franchises is simple. You buy a franchise and over time the speculators, the people who see,  continually state the value of the franchise is worth more, based on the increased ad revenue and real estate value of the club. It is the NFL model, which is applied to all sports today. But here is the problem. 

In the EPL, english premier league, the pandemic caused a catastrophic stop of the epl, where franchises had to take out ten million dollars a week or more, let alone the financial money pit of other teams. The problem with sports franchises is any investment in them has to assume, a financially positive environment, where sponsors will be able to pay increasing fees, fans will be able to buy increasingly expensive content, the real estate value with grow. But I can't assume a financially positive environment will exist for any firm all the time, and sports franchises in negative financial environments are some of the worst properties to own. If anything, the best time to buy or start a sports franchise is when the economy is at its lowest, because you are buying or starting on the cheap and you should be able to ride the bad times. The example is the NY Giants, the white family who owns them were bookkeepers, they bought the giants for a hundred dollars or thousand dollars in bad times.  so... buy sports franchise , not for me, not now , maybe if the shutdown continues for three years, all the unpaid rents of federal workers and utility bills and etcetera may shake the market enough to cause problems. Al the most profitable sports teams have situations that matter. The yankees, Real madrid have a legacy that requires time + success. The New York Knicks or rangers have an excellent location far better than most including the yankees. Like every NFL team, MAnchester United and every other epl team have a sponsorship deal that is totally disconnected to athletic merit. But is a closed system to new clubs for the most part.

Yes, the saudis now own newcastle united, the qataris own paris saint germain, the emirates own manchester city and nyfc, redbull own various sporting enterprises. But the oil lords invest because they want to keep their currency low. If the oil lords don't spend they accumulate so much wealth their currency will have to rise in value which will only help the usa as most countries currencies are pegged to the dollar. This is why during the covid 19 they were the only set of countries looking to spend, they had the money to spend and didn't want their currencies to skyrocket as other economies were falling during the covid 19. As for redbull, well, they have basically found a way to use the NFL model in all sports. They use specualtion and marketing to get an advertising industry to finance their ventures which allows them to skim off the top and market manipulate. 

 

5) investing in land and real estate

rough, as someone who was born and raised in NEw York City, land and real estate seem very wise long term BUT during the covid 19, many small business failed which meant many offices struggled. It is only because the city/state/federal government provided a bunch of financial crutches that the real estate industry didn't implode. But, again, that is bad fiscal capitalism. Based on revenue in my lifetime, all the banks in the usa should had closed permanently, all the investment houses in the usa should had closed permanently, all but the ford motor company should be around as car manufacturers (I will never forget how ford wanted to not get the government aid but the government demanded they get aid, ), all the airlines in the usa should had closed permanently,most food production firms should had closed permanently,  most real estate properties in nyc should had been bought by the city government way under market value for inability to pay debts.

Too often in the usa, the federal/state/city governments  provide welfare to failing businesses, which is dysfunctional. People complain about unemployed people getting welfare but welfare to the unemployed serves the function of maintaining a certain quality of life for the unemployed, which helps peace amongst the masses. But welfare to firms spits at the important function of being able to fail in free market capitalism. When a firm fails that means it was mismanaged. Every firm in the usa in my lifetime who was given welfare to survive did it to itself. 

AT&T sold Warner bros under market value to the discovery channel because it was unprofitable. It was a failure. AT&T demanded discovery channel accept all the warner bros debt, so AT&T had clean books with all of its profitable branches. 

The mergers of firms isn't because firms are making money, they merge because they are failing. 

The banks who take all races of peoples homes every day or treat Blacks or First peoples/native americans negatively compared to white customers crawled and begged in washington d.c. in their tailored suits far more sinfully in my mind than any "shaniqua" in an urban black neighborhood to the welfare office. 

So not for me. If you want to invest in land or real estate go ahead, but if you don't have a wise way to turn that land or real estate into revenue then your playing the common game today in the usa of tax breaks and tax liens and false speculations and overall market  gambles that... not for me. 

 

6) buying stocks and bonds

I always think of that white man standing with the car. 

The stock market craches don't include the bitcoin crashes, which they should cause it is the same situation. 

https://en.wikipedia.org/wiki/Stock_market_crash

 

When anyone invest in a trading environment the key isn't their investment, the key is when they pull out. I recall in New York city, many bitcoin billionaires who professed in local media, NY Times and Wall Street Journal, how they don't need money, they have bits, they are living it up... and then some time later, they looked like a modern variant of the man above or below:) in their case, holding a mop or holding a sign by themselves. 

Black people invested in the freedman's bank, that frederick douglass spoke for... black people of the late 1800s in the usa , most of DOSers who had any money lost all their money in the implosion of the freedman bank. So invest? yeah ok. But.. people look at some pension funds and say you see, invest. but many and i argue most pension funds in the usa went belly up. If you are so inclined only invest in stocks or bonds, perishable revenue or income. 

 

bitcoin crashes

https://www.webopedia.com/crypto/learn/biggest-bitcoin-crashes/

 

someone assessed the grey scale and made a color version. ahh chrysler, internals are worthless, but the cabin, nice:) 

 

IN CONCLUSION

 

Of the six, I think 2 with adjustment +3 with focus  have the best value overall. 1 has legal issues which are mighty. 4+5+6 are all true gambles. They each require a situation or environment which is not certain. 

 

Black Credit Union, yeah, I like that idea. focused, small, relies on true financial quality. gives great leeway once you pay the legal fees, protects from operations of other or larger banks. 

 

More black people own business in the usa today than ever before , holistically. But, too many black businesses fail in the usa as well, you have to think more on the financial reality of the industry you are in. It can't be village save me. 

 

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