Category Archives: Editorial

HBCU Money™ Turns 10 Years Old

By William A. Foster, IV

“The most basic question is not what is best, but who shall decide what is best.” – Thomas Sowell

A DECADE! HBCU Money is still here, still growing, and still strong. We continue to be here to ask the hard questions, present strategic analysis, and be objective about African American and African Diaspora economic, finance, and investment from an HBCU and institutional perspective. The HBCU Money culture remains deeply rooted in our Pan-African values in how we observe the investment world. This means that everything we see will always believe that African America and its institutions will always be stronger together and even more empowered as they connect and partner with our brethren African Diaspora institutions and the larger Diaspora ecosystem.

What does the next decade hold for HBCU Money? More. The original goals of HBCU Money have not changed and while the path there has taken longer than we expected, our constitution is as strong as ever. We plan to expand our staff, our coverage, and the mediums through which we provide information.

Thank you to those who have been there since the beginning, who have joined along the way, and all of you who continue to be our champions.

Editorial Rerun – In Memoriam: The 100th Anniversary Of The Black Wall Street Massacre

First published on June 1, 2012 for the 91st anniversary of the Black Wall Street Massacre and a foreword from an article done by the Atlanta Black Star.

“The dollar circulated 36 to 100 times in this tight-knit community, according to sfbayview.com. A single dollar might have stayed in Tulsa for almost a year before leaving the Black community. Comparatively in modern times, a dollar can circulate in Asian communities for a month, Jewish communities for 20 days and white communities for 17, but it leaves the modern-day Black community in six hours, according to reports from the NAACP.”

By William A. Foster, IV

Remember that life is neither pain nor pleasure; it is serious business, to be entered upon with courage and in a spirit of self-sacrifice. – Alexis de Tocqueville

This is the first year I’ve had a chance to remember Black Wall Street on the very day that in a 12 hour battle a model community of American aspiration would be destroyed. It has always been at the heart of my economic and institutional development beliefs. I once railed on twitter that I wish Spike Lee would make the movie of Black Wall Street. Although, I dare say he’d run into even more problems than he did with Malcolm X. The threat of social and economic power coming to African America is much more frightful than one man.  I’ve even griped that my issues with Dr. Cornel West and his ilk  who want to speak “truth to power” is they ignore the model of the greatest moment in African America’s social and economic history as well as the very basis of how capitalism works. Our own fault for listening to a theology professor instead of our own economist. I always say there is “No Country for African American Economist” in the African American community. We’d rather speak to power than build our own. The story of Black Wall Street in Tulsa, OK is one of those moments where if we’d learn from history it would be worth repeating it. Instead, we’ll ignore our history to our own peril.

Many of us have a hard time imagining a place where African Americans owned and controlled as Mike House documents in his research “twenty-one restaurants, thirty grocery stores and two movie theaters, plus a hospital, a bank, a post office, libraries, schools, law offices, a half dozen private airplanes and even a bus system”. Just this economic power alone in one centralized place makes one realize how far we have fallen. Many of us simply see nominal gains in income and assume we have progressed. Not realizing that capitalism’s power and reward ultimately rest in the institutions you own and control.

I have tired of the marches. I have tired of the “leaders”. I have tired of the speeches. I have even tired of my own writings. I am tired of telling us we are poorer today than we were in 1921. I have tired of our dependency on liberal ideology that says wait for a government to do the right thing by us. The government does the right thing by those who have the economic means to grease it. We simply need to build communities that we control and own. We need to build institutions that we control and own in those communities. We need to build social, economic, and political partnerships with Africa just like every other group in this country has with its ancestral homeland which creates a global power. We then need to use that social and economic capital to influence the political system to protect our social and economic interest. This is what made Black Wall Street so powerful and why it ultimately had to be destroyed. They were on the verge of leveraging their influence into the political system which would have allowed them to control Oklahoma. Can you imagine that?

We have HBCU communities that already are built to become Black Wall Street reinvented. Over 100 of them. Less talking. More building.

For the entirety of the events of June 1, 1921 just click the date.

HBCU Money™ Turns 9 Years Old

By William A. Foster, IV

“I still believe that if your aim is to change the world, journalism is a more immediate short-term weapon.” – Tom Stoppard

It is hard to believe that it has been nine years since HBCU Money was founded. It began with a conversation with Jarrett Carter, Sr., founder of HBCU Digest, about the lack of economics, finance, and investment information from an African American and African Diaspora perspective. He simply said, why do you not start one then. Challenge accepted and a challenge it has been. HBCU Alumni Owned media across the spectrum continues to fight to be a real and present voice in the ever changing landscape of media. Both trying to push the old guard forward and try to keep up with the competition and outsiders that seeks to control and own our narrative. They often seeing the value of our content, but with wretched intentions. This has and continues to be one of our great fights.

To be a voice of a community is an immense responsibility. Holding decisions makers accountable, helping inform the community in an unbiased manner, and yes, at times shaping the conversation. Sometimes it has been the duty of HBCU Alumni Owned media to present thoughts and visions that are ambitious and bold into the conversation about what is possible. It is a gentle balance that must be minded.

Going forward I will continue to help build HBCU Money, HBCU Politics, and our other media assets to be a formidable force for empowerment for the HBCU community and Diaspora. This I believe to be part of my life’s work. I am thankful for those who continue to fight along side me and for us.

The Cultural Danger Of Covid-19: A Devolution Of Intellectual Progress

By William A. Foster, IV

“A man only learns in two ways, one by reading, and the other by association with smarter people.” – Will Rogers

I am rarely one who likes to write qualitative pieces over quantitative ones, but for the moment I am going to make an exception. I can give you numbers about how the economy is suffering and is going to continue to suffer for the foreseeable future. I could give you the number of cases, deaths, lack of PPE numbers, and percentage of overworked medical and essential workers. I could go on and on and on with numbers, I am economist after all, but here is the reality of all those numbers – they are bad, real bad, and will be bad for sometime to come. Instead, what I would like to discuss is an acute qualitative cultural loss we may potentially experience and perhaps give us an opportunity to think about what this very new world could look like that we are about to embark upon if we are not proactive in maintaining a core essence of our humanity.

The world we are entering will be far more online and far more physically distanced from each other both on a micro level and global macro one. Everything from work, school, and socializing. Many would argue that online college is the way of the future. This maybe true, but people forget one of the most critical components of college in person is the social aspect, the relationship building that simply can not currently be replicated online. A few decades ago, I was a freshmen at Livingstone College in Salisbury, NC and there I would meet my three best friends that I am sure will be that for the rest of my life. Our meeting was happenstance. None of us had the same major, personality, or interest. We called ourselves the Variety Pack because nothing about us was alike, but alas, we found each other, bonded, and formed a brotherhood that has stood the test of time. For all the differences of course, two of us did share the same Algebra/Trigonometry class. The class was an 8AM class and the pain of getting up for it when you are not a morning person can not be overstated in my case. However, myself and Rashad, the one of the said Variety Pack with whom I had the ungodly morning class with, loved to sit up and debate theology many nights. Rashad was/is a devout Christian. I on the other hand am something of a spiritual nomad you might say, but am fascinated by the intellectual aspect of religion. One particular night in our dorm hallway we got into one of our intense discussions and the hours clearly raced by because before we knew it the sun was rising. Sleep? Forget about it. We both agreed we would get ready and meet for breakfast and try our best to stay up through class. Moments like these and many more are what built our bond and there is simply no way to replace it online. People from different backgrounds meeting, sharing an experience, bonding, learning from each other, evolving, and developing their understanding of the world.

Simply put, COVID-19 has the potential of sending us back to the dark ages in terms of cultural evolution and development. Thousands of students who study abroad every year will no longer get to do so. Student exchanges, especially from China and Asia in general, will be looked at with heavy skepticism if considered at all. Americans, who are already known to be culturally hubris and inept, often failing to travel much and experience culture even within the United States will be even more isolated. Tourism and vacations that allow us to experience distant lands and bring back with us new ideas will be vastly reduced. Academic tourism for professors who may themselves spend time as visiting professors at different universities will be greatly hampered. Cultural developments like fusion cuisines from different parts of the world will retrench and much more will simply begin to deteriorate. The rise of intellectual incest, a term I use when someone or an institution is only receiving ideas from the same petri dish of thought. If a student receives all of their degrees for instance from the same institution, this would be an example of intellectual incest. Because the world is now going to shrink itself in an effort to protect itself, there is a unknown danger that may start to form. We have seen the world where people are exposed to different cultures, ideas, and ways of life and we have seen a world where people are isolated and xenophobia forms out of it.

The danger that we become a less tolerant, less compassionate, less understanding, and less intellectually evolved is a real possibility that could have far reaching societal implications for future generations. In a world where terroristic nationalism has been on the rise in far too many countries, COVID-19 may give many the “pass” they have been looking for to justify retrenching from a world that was evolving and developing towards efficiency of its intellect. Sharing best practices the world over is something we need more of and not less. This is by no means to say we were in Utopia. I do not believe in Utopia and not sure I would I enjoy living in it. Conflict has its place within measure in a society. Disagreement has its place within measure in a society. My Global Economic Environment professor, Dr. Catherine Mann, taught me years ago in business school that if you do not truly understand your opposition’s position, then you can not truly understand your own. To this day she is one of the most brilliant and wisest people I have ever met and there is an acute truth in what she said. How does one know their position is best if they have nothing to compare it with? Plan A maybe good, but an objective view of Plan B may allow it to have tweaks made to it that can make it great or perhaps it is Plan AB that is great. Without that engagement, we will be taking steps back in the interactions that create evolution and development of thought.

I am not sure when we will come out of this state we are in and I am not sure how we will be when we do. What I do know is that fear can drives even the fiercest animals into hiding and that fear for humans could undo hundreds of years of intellectual progress. Great ideas will become fewer and farther apart if that is true. The grand ideas of humanity like cleaning up pollution, reaching Mars and beyond, eliminating poverty, and so many more will take hundreds of years longer to accomplish than they otherwise would have. Yes, the world has forever changed and we will have to interact with each other differently, but make no mistake about it, we must continue to interact. Can you imagine a world where peanut butter never met jelly? Neither can I and I do not want too.

HBCU Money™ Turns 8 Years Old

By William A. Foster, IV

“Patience is not simply the ability to wait – it’s how we behave while we’re waiting.” – Joyce Meyer

Are we there yet? Any adult remembers asking this as a child and any parent remembers hearing this from a child. The trip could be to the grocery store or a road trip. Sometimes we think children are being impatient when it could be they are just excited and ready to explore all that awaits them at their destination. For myself and the building of HBCU Money, we are that metaphorical child.

Expecting to be much further, bigger, and covering far more ground by now. My HBCU Alumni Owned media contemporary Steven Gaither of HBCU Gameday recently put it best in a tweet, “Just because HBCU Gameday doesn’t show up at your school consistently doesn’t mean we are biased or hating. We don’t have the resources (manpower and money) to provide the same level of coverage for everyone consistently.” That really hit home for me. Steven and his team have been doing amazing work and have built an amazing following in a very short period, but like most HBCUpreneurs there is little in the way of resources available. We are often competing with major media and asked to cover our subject matter with the same level of quality all while doing it with 1/1000th of the resources. And yet, we know the work must be done and we will continue to do it. HBCU Money, HBCU Gameday, HBCU Digest, and other HBCU Alumni Owned media is not a luxury to our ecosystem, it is a necessity, imperative, and vital. The HBCU narrative, all of it from the good, the bad, and between absolutely must be controlled by those who know, love , and want to see the very best for our institutions.

In HBCU Money’s eighth year there is significantly more building to be done. The hiring of HBCU journalism graduates, YouTube channel to launch, acquisition of radio and television station, internship programs, and more. One day we will be ranking HBCU b-schools, graduate programs, and more. The vision is grand as I am sure it is for our colleagues, but patience is key because whether it happens in the next year or the next ten, we are here to stay, here to grow, and here to be a force. Thank you for eight years of support.

Rest In Peace Kobe & Gianna Bryant. May this year be a tribute to their work ethic from all of us at HBCU Money.