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Can Black Purchasing Power Change The World?
Can African-Americans use our purchasing power to change the Black Community and the world? The video includes statistics about Black purchasing power, wealth, spending habits and opportunities for greater cooperation within our community.
Watch the video here: YouTube - Can African-American Purchasing Power Change The World?
Excellent piece of work! We do need to distinguish between TOTAL purchasing power and DISCRETIONARY (or free money) purchasing power or that money left over after we take care of basic life needs: shelter, food, clothing, etc.
I'm quite sure that the discretionary purchasing power would still be substancial. During the various black power conferences in the 60s and 70s a need was recognized for several things to harness this purchasing power 1) economic institutions ie: stores, businesses, banks, etc to capture this money and keep circulating in the community and 2) the conscious will of our people to support these institutions.
One of the goals of the National Black MBA Association at its yearly conferences is to educate our community on the perils of Consumer Capitalism, the perils of debt and the difference between MONEY and WEALTH (wealth = YOUR MONEY minus YOUR DEBTS)
It would be interesting to see a video on the yearly indebtedness of African Americans.
Nonetheless, considering that nearly 75% of African Americans are securely in the working, lower middle, middle and a strong but small upper class then it's clear that we have money in our pockets to burn.
The issue is economic education (which I wish would start in elementary school).
With free money and only being consumers in American society (suckers whose money everyone wants to take) our kids are throwing their money away on superficial things (with little value-added): overpriced gold chains, clothing that goes out of style in a few months, over-priced cars.
(at one Black MBA meeting, the members were chided because of the abundance of BMWs and Lexus in the hotel parking lot. Our president at the time, Dr. Julianne Malveaux, said "When I see a black man with a Lexus, I see a fool who could have bought a nice $20,000 car and invested the remaining $40,000!!!")
The lesson of this financial crisis in America is that the citizens are downsizing their dreams, purchasing smaller homes, more efficient cars, etc.
All except our people....who still drown in superficiality.
That is our challenge.
Fools who did not listen to Thorstein Veblen when he cried about conspicuous consumption...
look around you today at people who have beauty all round them and yet have nothing... they buy everything on the list that will put them on the lists...
It is what it is...
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