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Food For Thought

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  1. #1
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    Food For Thought

    These are tough economic times, especially for African-Americans, for whom the unemployment rate is more than 10%. Alarmingly, rather than belt-tightening, the response has been to spend more. In many poor neighborhoods, one is likely to notice satellite dishes and expensive new cars. According to Target Market, a company that tracks black consumer spending, blacks spend a significant amount of their income on depreciable products. In 2002, the year the economy nose-dived, we spent $22.9 billion on clothes, $3.2 billion on electronics and $11.6 billion on furniture to put into homes that, in many cases, were rented.

    Among our favorite purchases are cars and liquor. Blacks make up only 12% of the U.S. population, yet account for 30% of the country's Scotch consumption. Detroit, which is 80% black, is the world's No. 1 market for Cognac. So impressed was Lincoln with the $46.7 billion that blacks spent on cars that the automaker commissioned Sean P. Diddy Combs, the entertainment and fashion mogul, to design a limited-edition Navigator replete with six plasma screens, three DVD players and a Sony PlayStation 2. The only area where blacks seem to be cutting back on spending is books; total purchases have gone from a high of $356 million in 2000 to $303 million in 2002. This shortsighted behavior, motivated by a desire for instant gratification and social acceptance, comes at the expense of our future.

    The National Urban League's State of Black America 2004 report found that fewer than 50% of black families owned their homes compared with more than 70% of whites. According to published reports, the Ariel Mutual Funds/Charles Schwab 2003 Black Investor Survey found that when comparing households where blacks and whites had roughly the same household incomes, whites saved nearly 20% more each month for retirement, and 30% of African-Americans earning $100,000 a year had less than $5,000 in retirement savings. While 79% of whites invest in the stock market, only 61% of African-Americans do. Certainly, higher rates of unemployment, income disparity and credit discrimination are financial impediments to the economic vitality of blacks, but so are our consumer tastes. By finding the courage to change our spending habits, we might be surprised at how far the $631 billion we now earn might take us.
    We got to do better...




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  2. #2
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    Dude three paragraphs, I cant read that! Give me some liquor to alleviate the headache.

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    Quote Originally Posted by Vieope
    Dude three paragraphs, I cant read that! Give me some liquor to alleviate the headache.
    It is for DOMS and Clemson to read.
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  4. #4
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    Quote Originally Posted by ForemanRules
    These are tough economic times, especially for African-Americans, for whom the unemployment rate is more than 10%. Alarmingly, rather than belt-tightening, the response has been to spend more. In many poor neighborhoods, one is likely to notice satellite dishes and expensive new cars. According to Target Market, a company that tracks black consumer spending, blacks spend a significant amount of their income on depreciable products. In 2002, the year the economy nose-dived, we spent $22.9 billion on clothes, $3.2 billion on electronics and $11.6 billion on furniture to put into homes that, in many cases, were rented.

    Among our favorite purchases are cars and liquor. Blacks make up only 12% of the U.S. population, yet account for 30% of the country's Scotch consumption. Detroit, which is 80% black, is the world's No. 1 market for Cognac. So impressed was Lincoln with the $46.7 billion that blacks spent on cars that the automaker commissioned Sean P. Diddy Combs, the entertainment and fashion mogul, to design a limited-edition Navigator replete with six plasma screens, three DVD players and a Sony PlayStation 2. The only area where blacks seem to be cutting back on spending is books; total purchases have gone from a high of $356 million in 2000 to $303 million in 2002. This shortsighted behavior, motivated by a desire for instant gratification and social acceptance, comes at the expense of our future.

    The National Urban League's State of Black America 2004 report found that fewer than 50% of black families owned their homes compared with more than 70% of whites. According to published reports, the Ariel Mutual Funds/Charles Schwab 2003 Black Investor Survey found that when comparing households where blacks and whites had roughly the same household incomes, whites saved nearly 20% more each month for retirement, and 30% of African-Americans earning $100,000 a year had less than $5,000 in retirement savings. While 79% of whites invest in the stock market, only 61% of African-Americans do. Certainly, higher rates of unemployment, income disparity and credit discrimination are financial impediments to the economic vitality of blacks, but so are our consumer tastes. By finding the courage to change our spending habits, we might be surprised at how far the $631 billion we now earn might take us.
    We got to do better...




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    "PEOPLE" from inner Detroit frequently drive to the suburbs
    to lease new cars...

    Most are said to have less than desirable credit records,
    but these people will lease a fully loaded SUV at a PYMT
    which they know they cannot afford...

    They keep the vehicle for one, maybe two months
    and then default, and bring it back to the dealership
    or have it repossessed

    Unemployed masses can afford short term vehicle PYMTs
    in the thousands because home ownership in Detroit is
    done mainly on a cash basis...

    Someone will give a house away to pay a gambling or
    other debt, or sell the home for a few thousand dollars..

    Utility companies in Detroit routinely give free service (power & water)
    because mostly they dont know who owns the home...

    There are many tales of people who live in the suburbs
    receiving utility bills for tens of thousands of dollars
    spanning decades of non-payment
    because someone like their Great-Grandfather was the last
    person on record to have legitimately owned the home
    where the service records trace back

    Services such as water (which is controlled by the City of Detroit)
    never get shut off, because the Detroit city council is afraid
    local voters will relate a reelection vote to the person who got their
    water shut off
    (No, really... They don't undersand you actually have to pay your bill)

    As in newer areas of the Detroit-Metro area
    utilities in Detroit City can sometimes not be remotely terminated,
    so workers will have to go into the area to physically shut down the source
    of the water, This can result in angry residents, injured workers,
    stolen utiliy equipment, or just a waste of company time and money
    due to unsuccessful attempts...

    So if you need a place to stay on a budget, come to Detroit.
    Where the city council is dedicated to improving your quality
    of life at the expense of someone else -

    << I did not cut this information from a website,
    This was extemporized as I read the main thread article.
    My sources?...
    I know people who serve on suburban city councils,
    work for utility companies, some cops, and a couple car salesmen >>
    (also, I am not picking on race, just the standard attitude
    of the citizens of Detroit after generations of learned behaivior)

    Here is a pic of Kwame Kilpatrick, mayor of detroit
    (The guy who supposedly was the inspiration for
    Chris Rock's character in the movie "Head of State")
    Attached Images Attached Images
    Last edited by The Monkey Man; 04-06-2006 at 09:02 AM.

    Have Problems?... Chances are its due to overpopulation
    Save The Oceans, Save the Planet, Save Your Family, Save Yourself!



  5. #5
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    i know 2 african americans we hire one to clean a shopping mall,,and my gfs cousins boyfrinds is african american,,,u couldnt get 2 more different people,the guy who works for us is great hard working loves his kids and is an allroung good guy,,,my gfs cousin bf is a bum,,,,he has never worked his girfriend has allways worked ,,,he treats her like shit ,,fucks behind her back and is a complete a -hole,,,,theres good and bad in all races

  6. #6
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    Quote Originally Posted by aceshigh
    i know 2 african americans we hire one to clean a shopping mall,,and my gfs cousins boyfrinds is african american,,,u couldnt get 2 more different people,the guy who works for us is great hard working loves his kids and is an allroung good guy,,,my gfs cousin bf is a bum,,,,he has never worked his girfriend has allways worked ,,,he treats her like shit ,,fucks behind her back and is a complete a -hole,,,,theres good and bad in all races


    Thats Racist!

    Have Problems?... Chances are its due to overpopulation
    Save The Oceans, Save the Planet, Save Your Family, Save Yourself!



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    no its not
    Attached Images Attached Images

  8. #8
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    Quote Originally Posted by aceshigh
    i know 2 african americans

    So obviously you are an expert on the topic...

  9. #9
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    Quote Originally Posted by FatCatMC
    So obviously you are an expert on the topic...
    “I used to do drugs. I still do drugs. But I used to, too.”

  10. #10
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    Aha ERRRRRYbody in Detroit drink hennessey... Me my family my dad my friends .... The cities around detroit (Romulus, Inkster, Ypsi, Ect) are in the exact same position. Drive through some low income housing projects and see cadilac escalades sittin on 24's when they know their kid aint gonna eat tonight.

    I know 300+ African americans :-D

  11. #11
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    But i think their trying to make it like this. Drive down any road out here, and you'll see bill boards

    Hennessey (For u idiots thats Cognac)
    "Never blend in"

    The same billboard is EVERYWHERE. That lil black dude in the coat with the beard.

  12. #12
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    Quote Originally Posted by Detroit_4_Life
    Aha ERRRRRYbody in Detroit drink hennessey... Me my family my dad my friends .... The cities around detroit (Romulus, Inkster, Ypsi, Ect) are in the exact same position. Drive through some low income housing projects and see cadilac escalades sittin on 24's when they know their kid aint gonna eat tonight.

    I know 300+ African americans :-D

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