Black Financial News: Jobs Report is Optimistic

In the strongest employment report since the recession began nearly two years ago, the government said Friday that the nation’s employers had all but stopped shedding jobs in November, taking some of the pressure off of President Obama to come up with a jobs creation program.

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Michael Reynolds/European Pressphoto Agency

Demonstrators outside the White House on Thursday as President Obama met with business leaders and economists to seek ideas for creating jobs.

The Labor Department reported that the United States economy lost 11,000 jobs in November, and the unemployment rate fell to 10 percent, down from 10.2 percent in October.

The government also significantly revised its September and October job loss estimates. September’s data was adjusted to show a loss of 139,000 jobs instead of 219,000, and in October 111,000 jobs were lost, instead of 190,000. Even allowing for the November loss, the revisions added 148,000 people to the list of those employed in the United States in November.

Though the pace of job loss has been declining since a peak in January, the November number was surprising. Economists had been expecting a turning point to come in the late spring or summer, with employers finally adding workers as a recovery takes hold. The last time the number was so bright was in December 2007, when the economy added 120,000 jobs.

“It is clearly a much better picture, and appears to be mostly genuine,” said Nigel Gault, chief domestic economist at IHS Global Insight, who said he was encouraged by gains in the average workweek and the number of temporary workers hired. “It shows employers have come back so much and are starting to rehire.”

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The Amazing Legacy of Ted Kennedy

by Dr. Boyce Watkins, Syracuse University  – MSNBC’s TheGrio.com

(AP Photo/Charles Dharapak, FILE)

Many of us once joked that Bill Clinton was the "first black president" (which he wasn't). We had it wrong. If such a title were to be given to any white man, that should have to be the late Senator Ted Kennedy. He was never president of the United States, but he was certainly one of the kings of his generation.

As a member of the Senate since 1962, Senator Kennedy had a long career fighting for those forced to live in the underbelly of a capitalist society. Over the last 47 years, he has done it better than nearly any politician in American history. African-Americans were among the many beneficiaries of his passionate life's work, and for that, we will always be appreciative.

In a multitude of areas including housing, income, civil liberties, and equality, Ted Kennedy has been on the front lines. His brother John introduced the Civil Rights Act of 1964, considered to be one of the most impactful pieces of legislation ever produced by our government. After John's death, Ted and his brother Robert were instrumental in seeing that the bill was passed.

Senator Ted Kennedy then went on to help pass one law after another to support the rights of the elderly, the sick, the poor and the incarcerated. He introduced the Americans with Disabilities Act, The Civil Rights Act of 1991, The Civil Rights for Institutionalized Persons Act, among others. He also helped to amend the Fair Housing Act, and has fought relentlessly for those who've never known the comfort of attending an Ivy League University.

Senator Kennedy's political compassion, as well as his complicated coping mechanisms, may be linked to the tragedy he experienced during his life. As a young child, he watched his sister Rosemary endure a failed lobotomy, saw his brother Joseph die in World War II and then witnessed his older sister Kathleen's death in a plane crash. This tragedy was compounded by the assassinations of his two brothers, Robert and John during the 1960s. This kind of pain doesn't heal easily, and few families endure such an amazing amount of personal tragedy. It is quite possible that the weight of his psychological pain gave Senator Kennedy the ability to empathize with the struggles of others, as well as the strength to fight through hurdles presented by his adversaries.

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Black News: Glenn Beck Paying a Huge Price for Obama Insult

Glenn Beck returns to Fox News Channel on Monday after a vacation with fewer companies willing to advertise on his show than when he left, part of the fallout from calling President Barack Obama a racist.

A total of 33 Fox advertisers, including Wal-Mart Stores Inc., CVS Caremark, Clorox and Sprint, directed that their commercials not air on Beck's show, according to the companies and ColorofChange.org, a group that promotes political action among blacks and launched a campaign to get advertisers to abandon him. That's more than a dozen more than were identified a week ago.

While it's unclear what effect, if any, this will ultimately have on Fox and Beck, it is already making advertisers skittish about hawking their wares within the most opinionated cable TV shows.

The Clorox Co., a former Beck advertiser, now says that "we do not want to be associated with inflammatory speech used by either liberal or conservative talk show hosts." The maker of bleach and household cleaners said in a statement that it has decided not to advertise on political talk shows.

 

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Marion Barry’s Issue with His Wife

This week’s Loose Lips column delves into the background behind Mayor Adrian M. Fenty’s move to evict Cora Masters Barry and her Recreation Wish List Committee from the Southeast Tennis and Learning Center—a beautiful eight-year old facility in Congress Heights.

Some questions remain unanswered: For one, why did this happen in the first place? When the story initially broke, Attorney GeneralPeter Nickles explained that the city discovered that RWLC’s corporate registration had lapsed through “random checks of nonprofit organizations that do business with the city.”

LL finally connected yesterday with Nickles to ask him about the origin of the probe. He says the random check was part of a Fenty administration effort to review city arrangements with nonprofit organizations in the wake of misconduct allegations against Ward 8 Councilmember Marion Barry.

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News: Black Congressman’s Sign Covered with a Swastika

A swastika was found Tuesday painted on a sign outside Rep. David Scott's district office, an act the Georgia Democrat said reflects an increasingly hateful and racist debate over health care and should serve as a reminder for people to tone down their rhetoric.

Scott's staff arrived at his Smyrna, Ga., office Tuesday morning to find the Nazi graffiti emblazoned on a sign bearing the lawmaker's name. The vandalism occurred roughly a week after Scott was involved in a contentious argument over health care at a community meeting.

Scott, who is black, said he also has received mail in recent days that used N-word references to him, and that characterized President Barack Obama as a Marxist.

"We have got to make sure that the symbol of the swastika does not win, that the racial hatred that's bubbling up does not win this debate," Scott said in a telephone interview. "There's so much hatred out there for President (Barack) Obama."

A moderate Democrat who represents a majority-white district near Atlanta, Scott said he thinks the racism is isolated but can't be ignored. He said the swastika probably was intended as a warning. He hopes it instead persuades reasonable people to maintain a more substantive debate over health care changes.

"We must not allow it to intimidate us," he said.

 

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Chicago Cops Beat Man Driving With Black Women

 

CHICAGO (CBS) ― New allegations of brutality by Chicago police have surfaced. In his

lawsuit, one man claims he was beaten during a traffic stop.

As CBS 2's Suzanne Le Mignot reports, the suit names two officers and implicates several others.
"I thought I was gonna die because I couldn't breathe," said alleged police beating victim Curtis Mason Jr.
Blood vessels were broken in an eye and his wrists were allegedly cut by tight handcuffs.

Mason says the injuries he captured with photographs were caused by Chicago police.
"In the beginning, that's what I asked them, 'why am I being arrested' and from that point, it turned into, 'why are you continually hitting me?'" he said.

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Boyce Watkins: College Athletes Should Be Paid

 

 

The NCAA, which is a nonprofit, tax-exempt 'educational' organization, has come under fire recently for capitalizing on the commercialization of college sports. Many athletes have accused the organization of unfairly using them for financial gain.

Since 1995, the NCAA has spent more than $84 million on legal fees, including some settlements. Former UCLA basketball star Ed O'Bannon filed a lawsuit on July 21 against the NCAA and its member schools, accusing them of illegally profiting from using the likeness of former players for commercial pursuits like video games, DVDs, and jersey sales.

Dr. Boyce Watkins, a finance professor at Syracuse University, has become a vocal critic of the NCAA, for what he calls its exploitation of the black community.

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Glenn Beck Thinks Obama Doesn't Like White People

 

NEW YORK (AP) — Fox News Channel commentator Glenn Beck said he believes President Obama is a racist. Beck made the statement during a guest appearance Tuesday on the Fox & Friends morning show. He said Obama has exposed himself as a person with "a deep-seated hatred for white people or the white culture."

His remarks came during a discussion of Obama's reaction to the arrest of Harvard University scholar Henry Louis Gates Jr. Gates is black and was arrested for disorderly conduct by a white policeman over a misunderstanding about a break-in at Gates' home.

An Obama spokesman, William Burton, said the White House had no comment on Beck.

Beck's statement was challenged on the air by Fox host Brian Kilmeade, who noted that most of the people who work for the nation's first black president are white.

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NCAA Finally Gets Sued For Exploitation

 

 

It's about time.

"I've written extensively about the NCAA and what I perceive to be its consistent effort to exploit the black community," writes by Boyce Watkins, PhD.  "It spends millions on public service announcements to protect its deception, but eventually the athletes and the public are going to wise up to what it is doing. The truth is that college athletes should be paid for the same reasons that any actor in a Hollywood blockbuster film would expect to receive compensation. The problem is that the families of athletes don't quite know how to organize and fight for their power."

Watkins, who teaches finance at Syracuse University, a school that earns millions off black families every year, analyzed the recent lawsuit against the NCAA for allegedly misusing the images of athletes for video games.

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Does Rush Limbaugh Have More Power than Michael Steele?

Over the weekend, Republican Party Chairman Michael Steele called Rush Limbaugh's rhetoric "incendiary" and "ugly" and insisted that he, not Limbaugh, is in charge of the GOP.

"Rush will say what Rush has to say; we'll do what we have to do," RNC Chairman Michael Steele has said.

But that was two days ago. Monday, after a blistering response from the conservative talk-radio kingpin, Steele told the online journal Politico that he "was maybe a little bit inarticulate."

"There was no attempt on my part to diminish his voice or his leadership," Steele said. He added, "There are those out there who want to look at what he's saying as incendiary and divisive and ugly. That's what I was trying to say. It didn't come out that way."

Steele's original remarks came from an interview on CNN's "D.L. Hughley Breaks the News," which aired Saturday. They came as Democrats, including White House chief of staff Rahm Emanuel, have tried to paint Limbaugh -- who has said he wants to see the Obama administration "fail" -- as the effective head of the opposition party.

Steele rejected the idea, saying, "I'm the de facto leader of the Republican Party."

"Rush Limbaugh is an entertainer. Rush Limbaugh's whole thing is entertainment," Steele told CNN. "Yes, it is incendiary. Yes, it is ugly." iReport.com: Limbaugh and Steele show divisions in GOP

Limbaugh fired back on his radio show Monday, saying the Republican chairman appears to be supporting President Barack Obama and House Speaker Nancy Pelosi. He said Steele appears "obsessed with seeing to it President Obama succeeds."

"I frankly am stunned that the chairman of the Republican National Committee endorses such an agenda," Limbaugh said. "I have to conclude that he does, because he attacks me for wanting it to fail."

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Black News: Baltimore Mayor Sheila Dixon Snubbed by Obama

Mayor Sheila Dixon, in her first extended television interview since she was indicted in January, told WJZ that she was "floored" by the accusation that she stole gift cards from needy families and "bothered" that Barack Obama snubbed her during a pre-inaugural visit to Baltimore.
Reporter Adam May said the interview was granted without ground rules, though Dixon told the station that she would not answer specific questions about the 12-count indictment filed against her after a nearly three-year investigation of City Hall corruption by the state prosecutor's office.
Dixon is charged with theft, perjury for failing to disclose gifts from developers and misuse of office. She has repeatedly denied any wrongdoing and did so again in the interview.
Dixon said, "I was floored" when accused of taking gift cards intended for low-income families.

 

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Attny General Says US Is a “nation of cowards” on racial matters

Eric Holder, the nation's first black attorney general, said Wednesday the United States was "a nation of cowards" on matters of race, with most Americans avoiding candid discussions of racial issues. In a speech to Justice Department employees marking Black History Month, Holder said the workplace is largely integrated but Americans still self-segregate on the weekends and in their private lives.

"Though this nation has proudly thought of itself as an ethnic melting pot, in things racial we have always been and I believe continue to be, in too many ways, essentially a nation of cowards," Holder said.

Race issues continue to be a topic of political discussion, but "we, as average Americans, simply do not talk enough with each other about race."

Holder's speech echoed President Barack Obama's landmark address last year on race relations during the hotly contested Democratic primaries, when the then-candidate urged the nation to break "a racial stalemate we've been stuck in for years" and bemoaned the "chasm of misunderstanding that exists between the races." Obama delivered the speech to try to distance himself from the angry rhetoric of his former pastor, the Rev. Jeremiah Wright.

 

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Black Political Leader Kevin Powell Discusses Violence Against Women

Writer’s note:

Given all the hype and controversy around Chris Brown’s alleged beating of Rihanna, I feel compelled to post this essay I originally wrote in late 2007, so that some of us can have an honest jump off point to discuss male violence against females, to discuss the need for ownership of past pains and traumas, to discuss the critical importance of therapy and healing. Let us pray for Rihanna, first and foremost, because no one deserves to be beaten, or beaten up. No one. And let us also pray that Chris Brown gets the help he needs by way of long-term counseling and alternative definitions of manhood rooted in nonviolence, real love, and, alas, real peace. And let us not forget that Rihanna and Chris Brown happen to be major pop stars, hence all the media coverage, blogs, etc. Violence against women and girls happen every single day on this planet without any notice from most of us. Until we begin to address that hard fact, until we all, males and females alike, make a commitment to ending the conditions that create that destructive behavior in the first place, it will not end any time soon. There will be more Rihannas and more Chris Browns.

In my recent travels and political and community work and speeches around the country, it became so very obvious that many American males are unaware of the monumental problems of domestic violence and sexual assault, against women and girls, in our nation. This seems as good a time as any to address this urgent and overlooked issue. Why is it that so few of us actually think about violence against women and girls, or think that it’s our problem? Why do we go on believing it’s all good, even as our sisters, our mothers, and our daughters suffer and a growing number of us participate in the brutality of berating, beating, or killing our female counterparts?

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Finally – Stimulus Bill Limits Executive Pay

An amendment in the $787 billion economic stimulus package passed by Congress Friday would severely restrict bonuses and other forms of compensation for top executives at companies receiving federal bailout money.

Sen. Chris Dodd's amendment will affect more executives than previously anticipated, financial analysts say.

The amendment by Sen. Chris Dodd, chairman of the Senate Committee on Banking, Housing and Urban Affairs, would impose wide-ranging restrictions on how -- and by how much -- top executives at companies receiving federal bailout money can be compensated.

The measure would cap bonuses -- already often far more lucrative than base salaries for top executives -- and could require executives at companies that have already received bailout money to pay back some of their compensation if it exceeded certain limits.

Dodd, a Democrat from Connecticut, said the amendment was aimed at imposing "tough new limits on huge bonuses" for executives at firms receiving money from the government's Troubled Asset Relief Program, or TARP.

"The decisions of certain Wall Street executives to enrich themselves at the expense of taxpayers have seriously undermined public confidence in efforts to stabilize the economy. American taxpayers deserve better," Dodd said.

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New Politics: Credit Card Companies are Changing the Game On You

By Dr. Boyce Watkins

www.DrBoyceMoney.com

In case you weren’t sure, credit card companies are not out to help you. If you are financially illiterate and uninformed, they are going to exploit you. If you are worried about the financial crisis, they are going to prey on your fear to get money out of you. They are also doing exactly what the rest of us are doing: trying to remain protected in a fragile economy.

The stimulus is stymied. The bailout is a failout. The stock market has consistently given a “thumbs down” to every piece of legislation passed in response to this crisis. Our economy is like the sick man who won’t respond to antibiotics. While the results of the latest package are yet to be seen, the truth is that no one is sure what will work. Every company is out to protect their assets and hold on to their cash, which means they no longer have much interest in loaning money to you.

Yes, this is true even if you have a good credit score, which is the ironic part.

Customers are opening their monthly statements to find that credit card companies have started to either ration credit (give less of it) or raise the interest rate being paid on outstanding debt. This doesn’t even count all the dirty tactics used, like using your payments to pay off low interest debt first, quietly getting rid of the grace period or charging interest on your balance from the prior two months vs. the current one. Even when you’ve been making payments on time for years, banks keep raising the bar to maximize shareholder wealth. When liquidity is scarce, those giving out water demand a higher cost per bottle. Additionally, higher default rates have justified the increase in interest rates, but higher interest rates increase the likelihood of default. It’s a nasty cycle, really.

Lawmakers are trying to intervene. Congressional hearings have taken place. Banks are being scolded by senators who keep telling them that this form of business practice is unethical and that they are gouging the American consumer. All this might be true, but what is also true is that you can’t force banks to loan you money. Also, it is very difficult, if not impossible, to legislate a strong economy.

If you have a less than stellar financial history, there is an even greater opportunity for your credit card company to raise your interest rates. If you have defaulted on other loans or are a slow payer in other areas, then they have no problem telling you to pay up or ship out. The days of easy money are long behind us, and companies are dramatically shifting their business practices.

The bottom line is that THEY’VE GOT YOU. They know that you’ve become addicted to the debt they so readily offered in the past, and this debt has become the lifeblood for the lifestyle to which you’ve chosen to become accustomed. They know that they can charge you a higher interest rate because you can’t do anything about it. Like a drug addict who is angry about paying more for his product, you really don’t have any other choice.

Well, maybe you do.

Here is one solution: tighten your economic belt. That means putting together a financial fitness plan today that consists of getting rid of as much debt as possible. I’ve mentioned in prior articles and on our website that paying off debt can be one of the best investments you make with your money. This is especially true if you have a stable job and are paying a high rate of interest to your credit card company.

So, the Dr. Boyce Challenge for this month is simple: Create a budget which includes the steady elimination of credit card debt. That means you should list every single expense you have for the entire month on one piece of paper or a spreadsheet. Don’t leave anything out. Count the money you want to use for getting your hair done, your nails, paying your mortgage, car note, whatever. Count everything. That will be your first step toward obtaining financial fitness.

As you create the budget, allocate at least 10% of your monthly after tax income toward reducing credit card debt. So, if you earn $3,000 per month after taxes,$300 per month should be allocated toward removing credit card debt, not including interest. So, if you owe $5,000 in credit card debt, you can remove this debt in roughly a year and a half. While $300 may seem like a lot of money to find in your budget, it’s there if you look hard enough. In fact, if you spend $10 per day on lunch and/or coffee, you can find the bulk of the money by taking your lunch to work. Make this one of the first bills you pay, not the last. The last bill is the one that only gets paid half the time. It’s easier to negotiate with creditors if you don’t need them so much. Take small steps toward finding your financial freedom.

Next month, we will move to step 2 of the Dr. Boyce Financial Challenge. While I confess that this change won’t be easy, I can promise that it will be worth it in the end. Be strong and remain focused, this is your opportunity to shine.

Dr Boyce Watkins is a Finance Professor at Syracuse University and author of “Financial Lipo 101: From financial fat to fitness”, to be released in April, 2009. For more information, please visit www.DrBoyceMoney.com.

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Top Black Male Athlete Shot and Killed in Suspicious Incident

Billey Joe Johnson Sr. opens the driver’s-side door of his dead son’s Silverado and begins to examine some of the leftover splatter. It clings to the dashboard, leeches out of air conditioning vents. Some of it even found a resting place on the truck’s exterior.

“There goes a hunk of meat right there,” the father said, pointing to a nickel-sized fragment of his son’s brain. “How’d it get over here?”

In the back seat, a geometry book rests next to camouflage clothing and empty boxes of buckshot. Billey Joe Johnson Jr. often woke up at 4 a.m. to hunt before heading to George County High School, where everyone knew him as the football star who would escape crushing rural poverty by running from it.

Piles of recruiting letters litter the back seat, the remnants of life as one of the most sought-after running backs in the Class of 2010. Alabama wanted Billey Joe. So did Notre Dame. And dozens of other schools. He was ready to commit to Auburn. By many accounts Billey Joe was a popular, big-dreaming, clean-living kid. So it’s no wonder his father stands in the yard next to a single-wide trailer, trying to play forensic expert. Searching – like many in this rural community – for answers about who shot his son.

Sheriff’s incident reports and radio reports.

Local authorities stopped Billey Joe for a traffic violation on the morning of Dec. 8, and they say the truck is simply the site of a terrible tragedy. But to the elder Johnson, it’s a crime scene.

Nearly two months later, only one fact is certain: Instead of running out of George County as a football hero, Billey Joe was buried beneath it at the age of 17.

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Your Black News: Dr Boyce and Madeline Talk Politics – Click to Watch

African American Scholar Boyce Watkins and Madeline Talk Black Politics

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Your Black News: Black Surgeon Ben Carson Gets a Movie

TNT's "Gifted Hands" is one of those longform projects that has Emmy written all over it.

It boasts near-flawless direction from Thomas Carter, a vivid teleplay adaptation by John Pielmeier and uniformly magnificent performances, particularly from star Cuba Gooding Jr., who puts himself back onto the Hollywood map here in a way he hasn't since his Oscar-winning turn in 1996's "Jerry Maguire."

Gooding portrays the real-life world-renowned brain surgeon Benjamin Carson, director of pediatric neurosurgery at Johns Hopkins Children's Center and author of a best-selling 1990 autobiography.

It's taken nearly two decades to get Carson's inspiring story to the screen, but Gooding does him more than proud with a portrayal at once sensitively wrought and quietly moving.

In lesser hands (if you'll pardon the pun), this biopic could easily have drifted off into maudlin sap, but Gooding keeps the character of Carson centered and human and the film honoring him wise and surprisingly graphic. (The surgical procedures are showcased in all of their bloody glory, but not so much as to cross the line to gratuitousness.)

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Your Black President: Barack’s Stimulus Finally Passed by Senate

With job losses soaring nationwide, Senate Democrats reached agreement with key Republicans Friday night on an economic stimulus measure at the heart of President Barack Obama's plan for combatting the worst recession in decades. "The American people want us to work together. They don't want to see us dividing along partisan lines on the most serious crisis confronting our country," said Sen. Susan Collins of Maine, one of two GOP senators who signaled support for the bill.

Officials put the cost of the measure at $780 billion in tax cuts and new spending combined. No details were immediately available, and there appeared to be some confusion even among senators about the price tag as floor debate continued late into the night.

The agreement capped a tense day of backroom negotiations in whichSenate Majority Leader Harry Reid, joined by White House chief of staff Rahm Emanuel, sought to attract the support of enough Republicans to give the measure the needed 60-vote majority.

In addition to Collins, Sen. Arlen Specter, R-Pa., said he would vote for the bill. Sen. Olympia Snowe, R-Maine, remained uncommitted.

 

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Minority Communities Lost $213 Billion due to Predatory Lending

The social advocacy group United for a Fair Economy just released a study stating that the cost of the mortgage crisis has been $213 Billion to minority groups.  The cost was calculated over the 8 years of the Bush Administration.

"Millions of African Americans lost their homes as a result of predatory lending and complicated contracts," says Dr. Boyce Watkins, Finance Professor at Syracuse University.  "This was a double whammy for senior citizens, including my own grandfather."

The report was entitled "Foreclsure: State of the Dream".  In fact, the study concludes that the impact of the crisis on the Black community was "the most massive loss of wealth for African Americans in U.S. history."

 

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