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Forum nameOkay Activist Archives
Topic subjectIt wasn't meant as a Rebuttal
Topic URLhttp://board.okayplayer.com/okp.php?az=show_topic&forum=22&topic_id=4366&mesg_id=4380
4380, It wasn't meant as a Rebuttal
Posted by M2, Sun Jul-20-03 02:16 PM

It was meant as a statement on how the economic dynamics of the present are so different from those of the past, and those of other ethnic groups that are used as examples, that we can't superimpose them over the economic dynamics of Blacks in American and expect them to work.

I don't deny that Tulsa or Chinatown exists - I merely point out that the former existed in far different economic conditions than we have today and the latter is a totally different situation that isn't the source of that ethnic groups's wealth in the first place.

The Small Towns in the West and the South are interesting - but there are problems with that idea as well:

1. Where is the capital to start these businesses going to come from?

2. What about the people who can't start businesses? - After all Everyone can't be a business owner

3. 80% of all Business Fail and a business failure often creates so much economic hardship for the owner that they regret starting the business - what happens to those people?

4. In an area that isn't that well off to begin with, how much economic strength would really be generated by these people starting businesses, wouldn't it just create "Black Chinatowns" and is that any degree of progress?

It seems to me that educational programs that helped people seek out and acquire better opportunities in terms of employment would be more effective.

At the end of the day, the advantage in owning a business over a job in building wealth is that in SOME cases, you can make more with your own business, and the business can generated revenue for you even if you're not involved in it's day to day operations and that it can be sold for a large sum of money.

Thing is - that's not always the case with all businesses and plenty of people build weath with jobs.

The focus should be on general wealth building strategies that are almost always effective and that the majority of people can use.

If Blacks decided to spend 15% less (as a group) per year and decided to save that 15% instead - that would create 94.65 Billion dollars in Black Wealth Per year - and that's without any sort of capital gains or interest.

IF - Blacks invested that 15% in a manner that would generate even just 4% worth of appreciation per year - over the course of 10 years, that money would grow to 1.3 Trillion Dollars in collective Wealth for Blacks.

Even if we all try to spend 5% less and save/invest that 5% it would be over 400 Billion Dollars.

That's a true wealth building strategies that a lot of people can use.