Analysis: All groups saw drops in their unemployment rates, led by Latino America’s 150 basis point decrease. African Americans had second smallest decrease, with unemployment dropping 160 basis points.
AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE
AFRICAN AMERICAN MEN: 11.5% (12.6%)
AFRICAN AMERICAN WOMEN: 9.2% (11.1%)
AFRICAN AMERICAN TEENAGE: 23.6% (20.7%)
AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE
AFRICAN AMERICAN MEN: 65.4% (64.7%)
AFRICAN AMERICAN WOMEN: 60.1% (59.8%)
AFRICAN AMERICAN TEENAGE: 30.3% (30.0%)
Analysis: African American Men and Women saw declines in their unemployment rate, rates while African American Teenagers saw an substantive uptick in their unemployment rate by 290 basis points. Participation rates for Men and Women improved marginally. African American Teenagers saw a modest improvement of 30 basis points in October.
African American Men-Women Job Gap: African American women currently have 1,075,000 more jobs than African American men in October. This is a increase from 1,030,000 in September.
CONCLUSION: The overall economy added 638,000 million jobs in October. African America added 433,000 jobs in October or 67.9 percent of the overall jobs. From Yahoo Finance, “U.S. employers have brought back fewer jobs on net in every month since June, when payrolls rose by a record 4.78 million as stay-in-place orders and lockdowns lifted and allowed many businesses to restart operations. That trend continued in October, as the economy only slowly brought back payrolls that had been lost at the start of the pandemic. The October jobs report also continued to reflect a worrying trend seen in the past several months’ worth of data: Many individuals’ temporary furloughs or layoffs have become permanent.”
Eight years on from the biggest market meltdown since the Great Depression, the key lessons of the crisis of 2008 still remain unlearned—and our financial system is just as vulnerable as ever. Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses, putting us on a collision course for another cataclysmic meltdown.
Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the “financialization of America” – the trend by which finance and its way of thinking have come to reign supreme – is perpetuating Wall Street’s reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream.
Policy makers get caught up in the details of regulating “Too Big To Fail” banks, but the problems in our market system go much broader and deeper than that. Consider that:
· Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy – the rest stays within the closed loop of finance itself.
· The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs.
· The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores.
· Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation.
· And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country’s wealthiest financiers.
Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both “Takers” and “Makers,” she’ll reveal how we change the system for a better and more sustainable shared economic future.
— Financial Times – Best Books of 2016: Economics
— Bloomberg Businessweek- Best Books of the Year
A young man learns that there is more to being successful than the bottom line. A Paperboy’s Fable is a concise, entertaining fable that makes revolutionary points using age old principles. Whether someone is opening a lemonade stand or leading a startup software company, the11 Principles of Success make A Paperboy’s Fable a timeless tale that is as fresh as it is universal.
A Paperboy’s Fable also features interviews with many professors, entrepreneurs, CEO’s and General David Petraeus.
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.
I am happy to announce today with the start of African American history month the launch of HBCU Money™. The authoritative source for economic and financial matters concerning HBCU Nation in America, Africa, and the Caribbean.
Look for exciting and groundbreaking coverage in ways rarely covered on our financial matters. You’ll be seeing the launch of HBCU Money TV™ in the coming year as well.
We will look to earn your support, loyalty, and interaction with our community as we continue to build a presence in the world of financial journalism.
Our Money Matters™
William A. Foster, IV President AK Companies, Inc.