Wednesday, February 20, 2008

BLACK WALLSTREET - Black History Month








[I did not write this, I pulled it from a website many years ago & don't remember the address. However, that does not make it any less important, informative, & relevant as it relates to Black Economics.]

"...and now I begin the incredibly difficult, the incredibly frustrating, & the incredibly involved search trying to bring together the history of a people" El Hajj Malik El Shabazz (Malcolm X)

Ron Wallace: co-author of Black Wallstreet: A Lost Dream Chronicles a little-known chapter of African-American History in Oklahoma as told to Ronald E. Childs.

If anyone truly believes that the last April attack on the federal building in Oklahoma City, Oklahoma, was the most tragic bombing ever to take place on United States soil, as the media has been widely reporting, they're wrong-plain and simple. That's because an even deadlier bomb occurred in that same state nearly 75 years ago.
Many people in high places would like to forget that it ever happened. Searching under the heading of "riots," "Oklahoma" and "Tulsa" in current editions of the World Book Encyclopedia, there is conspicuously no mention whatsoever of the Tulsa race riot of 1921, and this omission is by no means a surprise, or a rare case. The fact is, one would also be hard-pressed to find documentation of the incident, let alone an accurate accounting of it, in any other "scholarly" reference or American history book.
That's precisely the point that noted author, publisher and orator Ron Wallace, a Tulsa native, sought to make nearly five years ago when he began researching this riot, one of the worst incidents of violence ever visited upon people of African descent. Ultimately joined on the project by colleague Jay Jay Wilson of Los Angeles, the duo found and compiled indisputable evidence of what they now describe as "A Black Holocaust in America."
The date was June 1, 1921, when "Black Wallstreet," the name fittingly given to one of the most affluent all-black communities in America, was bombed from the air and burned to the ground by mobs of envious whites. In a period spanning fewer than 12 hours, a once thriving 36-black business district in northern Tulsa lay smoldering-A model community destroyed, and a major Africa-American economic movement resoundingly defused.
The night's carnage left some 3,000 African Americans dead, and over 600 successful businesses lost. Among these were 21 churches, 21 restaurants, 30 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. As could be expected, the impetus behind it all was the infamous Ku Klux Klan, working in consort with ranking city officials, and many other sympathizers. In their self-published book, Black Wallstreet: A lost Dream, and its companion video documentary, Black Wallstreet: A Black Holocaust in America!, the authors have chronicled for the very first time in the words of area historians and elderly survivors what really happened there on that fateful summer day in 1921 and why it happened. Wallace similarly explained to Black Elegance why this bloody event from the turn of the century seems to have had a recurring effect that is being felt in predominately Black neighborhoods even to this day. The best description of Black Wallstreet, or Little Africa as it was also known, would be to liken it to a mini-Beverly Hills. It was the golden door of the Black community during the early 1900s, and it proved that African Americans had successful infrastructure. That's what Black Wallstreet was about.
The dollar circulated 36 to 1000 times, sometimes taking a year for currency to leave the community. Now in 1995, a dollar leaves the Black community in 15 minutes. As far as resources, there were Ph.D's residing in Little Africa, Black attorneys and doctors. One doctor was Dr. Berry who also owned the bus system. His average income was $500 a day, a hefty pocket of change in 1910. During that era, physicians owned medical schools. There were also pawn shops everywhere, brothels, jewelry stores, 21 churches, 21 restaurants and two movie theaters. It was a time when the entire state of Oklahoma had only two airports, yet six blacks owned their own planes. It was a very fascinating community. The area encompassed over 600 businesses and 36 square blocks with a population of 15,000 African Americans. And when the lower-economic Europeans looked over and saw what the Black community created, many of them were jealous. When the average student went to school on Black Wallstreet, he wore a suit and tie because of the morals and respect they were taught at a young age.
The mainstay of the community was to educate every child. Nepotism was the one word they believed in. And that's what we need to get back to in 1995. The main thoroughfare was Greenwood Avenue, and it was intersected by Archer and Pine Streets. From the first letters in each of those names, you get G.A.P., and that's where the renowned R&B music group The GAP Band got its name. They're from Tulsa. Black Wallstreet was a prime example of the typical Black community in America that did business, but it was in an unusual location. You see, at the time, Oklahoma was set aside to be a Black and Indian state. There were over 28 Black townships there. One third of the people who traveled in the terrifying "Trail of Tears" along side the Indians between 1830 to 1842 were Black people. The citizens of this proposed Indian and Black state chose a Black governor, a treasurer from Kansas named McDade. But the Ku Klux Klan said that if he assumed office that they would kill him within 48 hours. A lot of Blacks owned farmland, and many of them had gone into the oil business. The community was so tight and wealthy because they traded dollars hand-to-hand, and because they were dependent upon one another as a result of the Jim Crow laws.
It was not unusual that if a resident's home accidentally burned down, it could be rebuilt within a few weeks by neighbors. This was the type of scenario that was going on day-to-day on Black Wallstreet. When Blacks intermarried into the Indian culture, some of them received their promised '40 acres and a Mule,' and with that came whatever oil was later found on the properties.
Just to show you how wealthy a lot of Black people were, there was a banker in a neighboring town who had a wife named California Taylor. Her father owned the largest cotton gin west of the Mississippi [River]. When California shopped, she would take a cruise to Paris every three months to have her clothes made. There was also a man named Mason in nearby Wagner County who had the largest potato farm west of the Mississippi. When he harvested, he would fill 100 boxcars a day. Another brother not far away had the same thing with a spinach farm. The typical family then was five children or more, though the typical farm family would have 10 kids or more who made up the nucleus of the labor.
On Black Wallstreet, a lot of global business was conducted. The community flourished from the early 1900s until June 1, 1921. That's when the largest massacre of non-military Americans in the history of this country took place, and it was lead by the Ku Klux Klan. Imagine walking out of your front door and seeing 1,500 homes being burned. It must have been amazing.
Survivors we interviewed think that the whole thing was planned because during the time that all of this was going on, white families with their children stood around on the borders of the community and watched the massacre, the looting and everything---much in the same manner they would watch a lynching.
In my lectures I ask people if they understand where the word "picnic" comes from. It was typical to have a picnic on a Friday evening in Oklahoma. The word was short for "pick a nigger" to lynch. They would lynch a Black male and cut off body parts as souvenirs. This went on every weekend in this country. That's where the term really came from. The riots weren't caused by anything Black or white. It was caused by jealousy. A lot of white folks had come back from World War I and they were poor. When they looked over into the Black communities and realized that Black men who fought in the war had come home heroes that helped trigger the destruction. It cost the Black community everything, and not a single dime of restitution---no insurance claims-has been awarded to the victims to this day.
Nonetheless, they rebuilt. We estimate that 1,500 to 3,000 people were killed, and we know that a lot of them were buried in mass graves all around the city. Some were thrown in the river. As a matter of fact, at 21st Street and Yale Avenue, where there now stands a Sears parking lot, that corner used to be a coal mine. They threw a lot of the bodies into the shafts. Black Americans don't know about this story because we don't apply the word holocaust to our struggle. Jewish people use the word holocaust all the time. White people use the word holocaust. It's politically correct to use it. But when we Black folks use the word, people think we're being cry babies or that we're trying to bring up old issues. No one comes to our support. In 1910, our forefathers and mothers owned 13 million acres of land at the height of racism in this country, so the Black Wallstreet book and videotape prove to the naysayers and revisionists that we had our act together. Our mandate now is to begin to teach our children about our own, ongoing Black holocaust. They have to know when they look at our communities today that we don't come from this.

To order a copy of Black Wallstreet, contact:Duralon Entertainment, Inc.,P.O. Box 2702, Tulsa, Oklahoma 74149or call 1-800-682-7975Black Wallstreet: A lost Dream $21.95ISBN 1-882465-00-8Black Wallstreet: A Black Holocaust in America! video $29.95

Tuesday, February 19, 2008

What Black Folk Should Do Now - Black History Month

I don’t want to Rant… I promise you that I don’t… I want to give concrete solutions that African-Americans (Black-folk) can implement in their lives. So, with that said, I will offer items that we can implement personally to move our community from a stance of economic dependency to independency…



1. Don’t Resolve to do something (New Year’s Resolution), Commit to your Goals – No one wants their Husband, Wife, Significant Other to resolve to Love them… They want a Commitment. I kickstart my goals around February 15 of each year because by that time the resolution people have left the gym, and I have had time to do some review of the previous years as well as some introspective thinking and drafting of my view of the short, mid, & long-term goals. It also allows me to draft, re-draft, & finalize #’s 2-7 below.



2. Set some Goals (Commitments) by Writing them down. I meet people every day and I ask “Do you have Goals?” They answer “Yes.” My next Question “Are They Written Down?” They answer “No, They are in my Head.” A Goal in your Head Is a Dream. Goals have the following characteristics, Clear, Time Bound, Written Down, Reviewed Daily, & Positively Stated.



3. Create A Monthly Family Budget – (What is a Budget?) Before the month begins you have written down how much you have allocated to predefined categories (The Budget). As you spend record (Write Down) how much you spend within the categories (The Actual). At the end of the month, subtract the Budget from the Actual to see how you perform on a monthly basis. Use this knowledge to prepare the next month’s budget. When you begin it is difficult the more you do it, it will get easier. Anything worth doing is worth doing badly at first. – Les Brown



4. If you are eligible start or contribute to a 401k. This is Tax Differed Growth



5. If you are eligible start or contribute to a ROTH IRA – You have until April 15 to fully fund a ROTH for 2007. You also can begin a monthly investment program (via most mutual fund families) to fund your 2008 ROTH. This is up to predetermined governmental limits. There are 3 ways money can grow, Taxable, Tax Differed, & Tax Free. ROTH’s Grow Tax Free. (Check with your CPA or Tax Professional & an Investment Professional)



6. Establish an Emergency Fund of 3-6 months of Monthly Expenses. Statistically, the college student entering the workforce will change jobs (via downsizing, off shoring, or personal decision) every 3-6 years. I personally got laid off 3 times before I turned 30 from large companies.



7. Pull your (Free in most states) Annual Credit Report – This is the only Truly free website endorsed by the US Federal Trade Commission. ( https://www.annualcreditreport.com/cra/index.jsp) Most of the others are sponsored by the credit reporting agencies and attempt to get you to purchase services.



8. Own Something 100% Free & Clear – Get out of Debt (Completely Never to Go Back!!!) (NKJ) Proverbs 22:7 - The rich ruleth over the poor, and the borrower is servant (slave) to the lender.



9. Stop Trying to Get Over & Go To Work on Your Goals & Dreams, You have a better chance of being struck by lightning (Odds of being struck by lightning: 576,000 to 1) than winning the Lottery (Odds of winning the California lottery: 13,000,000 to 1)



10. Save the Next Generation from Sallie Mae (GSL Government Student Loan) Mama & Daddy – Put some money away for your child’s college education ASAP!!! Remove the Excuse I got a loan so my kids can have one.



11. With that said if you have a Student Loan, Pay It off (Refer to #8), If you have a Student Loan, think about this… You Possess the Education but the lending institution (or Government) Owns it. I meet 40-50 year old people who are still paying on their student loans from their 20’s… Shameful. They have paid off cars but have not paid off their Student Loan.



12. Stop Counting on your Kids to make you Rich – There is a better chance of your child performing in an extraordinary manner in school, (Odds of finding out your child is a genius: 250 to 1) than becoming a pro athlete (Odds of becoming a pro athlete: 22,000 to 1). We all can give examples from our high school years that for whatever reason the Best Athletes Do Not Make It to the NBA or NFL.



13. Build a Strong Asset Base (Simple Definition – Asset: Something that puts money in your pocket). (NKJ) Proverbs 13:22 - A good man leaveth an inheritance to his children's children: and the wealth of the sinner is laid up for the just. A Strong Asset Base is owned Free & Clear (Refer to #8). The Wealthy purchase Appreciating Assets (Strong Assets) Free & Clear, The Poor purchase Depreciating Assets (Weak Assets) and further weaken them by purchasing them with Debt.



14. Read and Complete a Book this Month – If you are already an avid reader, then read a subject or genre that you don’t normally read.



15. Tell your Family that you love them.



16. Spend an hour a week in Quite time alone – Pray / Meditate. Most people are afraid to be by themselves.



17. Be on time for something (other than a party or church).



18. Help someone Not Related to You.



19. Celebrate Small Successes – (I hate Clichés… but here you go) Inch By Inch it’s a cinch. This will keep you from becoming discouraged on your journey to the larger goal. Celebrate paying off that $50 credit card (NOT By Charging More), by getting an ice cream cone. Celebrate loosing 5 lbs. by going to the movies.



20. Become a Dreamer again; Dream so Big It makes People Uncomfortable- No one ever got wealthy following the crowd. Never be afraid of trying something new. Remember a large group of professionals built the Titanic, and a lone individual built the Ark.



21. Become a Positive Person – Remove contractions from your vocabulary – Can’t, Don’t, Wouldn’t, Shouldn’t, Aren’t, etc. Most contractions are negative because it is a word paired with “NOT.”



22. Separate yourself from Negative People – you first must recognize the negative people in your life. (Refer to # 21)



23. Get a Mentor – Someone who has established themselves in the area you see yourself going. Most Important Note: Someone That Will Tell You The Truth. If you are trying to loose weight, you don’t get a personal trainer that is more overweight that you. You go and get a personal trainer that is more in shape than you. You don’t ask a broke friend to be your financial coach.



24. Become a Mentor - Take a young person to lunch, dinner or another cultural event just to talk. Younger Brothers & Sisters cannot step up to the table if you don’t give them a place setting.



25. Get our Health in Check – To be Rich & Sick is Stupid. Go To The Doctor (MEN)

Wednesday, February 13, 2008

Economic Stimulus or Government Sponsored Trip to the Mall


I got a problem, My education & training will not let me play in the belief pool touting the fear tactic that we are entering an economic recession. The reason I have an issue with this mode of thought is because of the following:

In macroeconomics, a recession is a decline in a country's gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year.

Let me be one of the few people to say this “WE ARE NOT IN, NOR CURRENTLY MOVING TOWARDS A RECESSION” we are experiencing an economic slowdown. The Definition states (2 or more successive quarters) 6 months or more, of negative economic growth, we have not experience one full month of negative economic growth in 2008. Therefore I have to ask, why do we need an economic stimulus package? In the past, people had to suck it up, tighten our belts, & operate on a strict household budget. Our parents & grandparents did not look towards the government to give a handout. It was known that the government was not coming to the rescue. They got out and worked extra jobs or started a business. When did it change? Could it be that those generations coveted personal responsibility, versus government intercession in their day to day lives?

Who spends more money, the high income earners or the low wage earners? When I was in college I had an internship working for an income tax preparer during tax season. This was back in 1993 when the (RAL) Refund Anticipation Loan (also known as the Rapid Refund) was just coming to light. The majority of the clients I serviced for this “Loan” product were the poor & low income. Now, many will argue because of the cost of living the poor & low wage need their money. I argue that, the poor & low income need education to know that if they are receiving a tax “Refund” they gave the government too much money during the year. You cannot get a “Refund” unless you “Prefunded” your income tax account. Who handles your money better, you or the government? Isn’t it ironic that you fill out less that 1 full page (w-4) for the government to take taxes out of your check, but you have to fill out multiple pages (1040) to get your refund back from the government? (Disclaimer: File your taxes in proper & legal order. I do not encourage nor advocate not filing and paying taxes)

$600 - $1,200 will be received by most of you within the next 3-5 months as a part of the economic stimulus package. What are you going to do with it? Will you choose to have a Rich or a Poor mentality? The government is expecting the persons with the Poor mentality to rush to the mall and spend the money (to stimulate the economy). Some will say, I am going to put it in my savings account. That sounds noble, however most savings accounts are what I call “across town money,” because it is going to last most people long enough to get “across town” to buy those shoes, video games, or that handbag. What would the person with the Rich mentality do? (Hint: The poor save, the rich invest)

Money typically acts just like water… It flows from the path of least resistance to the path of most resistance. In other words, most people that operate without any type of formal written agreed upon family budget will spend the cash and it will end up in the hands of Mr. Macy, Mrs. Wal-Mart, Mr. Visa, & the Brothers of American Express. A budget is the dam for your money. But if you operate without a monthly budget it will flow to either a person or a corporation that does operate with a budget.

I find it ironic that the federal government that have never willingly given the people any direct monies, have passed out 2 monitary rebates during the last 8 years this one & the last at the end of the internet bubble. Things that make you go Hmmmm!!!