Tag Archives: economy

Send Mother Dear a Check: AARP Survey Says Older Blacks Hit Hard By Recession

It’s time to dig into your pockets.  Dig like you’re in a church pew (I once heard in a church…from a pastor…”We like the money that jingles, but we love the money that folds”.  Sigh)  Time to send Mommy, “Mother Dear” and “Pop Pop” a check, brothers and sisters!

Kansas City Star:  The economic recession has had a “devastating impact” on African Americans age 45 and up, according to a new survey by AARP.

The survey, which is part of AARP’s continued look at how African Americans age 45 and older are faring in this economy, found that over the last year:

— 33 percent of African Americans age 45 and older had problems paying rent or mortgage.

— 44 percent had problems paying for essential items, such as food and utilities.

— 18 percent lost a job, nearly twice the rate of the general population.

— 23 percent lost their employer-sponsored health care.

If people who are of working age are doing pretty bad, I can’t imagine how the retirees and those on Social Security are managing. I’m reminded of those heating old and electric bill subsidy commercials that come on in the winter that always have some “assumed” poor, elderly African American in them. The person is always sitting at home by an old school electric heater, wrapped up in a blanket and wearing a hat. Those commercials remind me to call and check on my mom and my grandmother. This information makes me think I should cast my net of concern a little wider this time of year. Maybe we all should.

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McCain “Suspends” campaign, does some interviews, cancels on Letterman…what about Washington, John?

John McCain called Wednesday for the first presidential debate, scheduled for Friday in Mississippi, to be delayed (to Oct 2 in St. Louis from what Politico is saying…isn’t that supposed to be the VP debate date? Crafty, John, crafty. They would have to reschedule that too.) and urged Barack Obama to join him in Washington for a high-level meeting of congressional leaders to address the financial crisis. Obama responded that the debate should go on.

He also scrapped a planned appearance on David Letterman. Letterman was not having that. Um…did you not realize that he would see you taping an interview with Katie Couric after your girl, Sarah, tripped up and called our current economic mess what is really is…The Second Great Depression…2008 style?? Dumb. I agree with Letterman. You don’t suspend your campaign…you let your VP soldier on…oh wait…you can’t trust her. She can’t talk to the press without talking points. Oh well!

Meanwhile, President Bush has invited both men to come to the White House today for a summit meeting with congressional leadership. He needs to invite Warren Buffet (McCain suggested this…and I agree with him on that at least).

Obama rebuffed the proposal… “It’s my belief that this is exactly the time the American people need to hear from the person who in approximately 40 days will be responsible with dealing with this mess,” he told reporters in Florida, where he has been prepping for Friday’s event. “What I think is important is that we don’t suddenly infuse Capitol Hill with presidential politics,” he said.

He also took a real shot at McCain: “Presidents are going to have to deal with more than one thing at a time,” Obama said. “It’s not necessary for us to think that we can do only one thing, and suspend everything else.”

Multitasking, John. Multitasking!! You were in the military…Good Grief!

Debate organizers also said they have no plans to postpone. “We have been notified by the Commission on Presidential Debates that we are proceeding as scheduled,” said the University of Mississippi, which was to host Friday’s encounter. “We are ready to host the debate, and we expect the debate to occur as planned,” Ole Miss said in a statement. Continue reading

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Friday Question: Recession or Depression?

Today’s question:  Are we (ie the U.S of A) in a Recession or a Depression? From good ole Wikipedia…

“A recession may involve simultaneous declines in coincident measures of overall economic activity such as employment, investment, and corporate profits. Recessions may be associated with falling prices (deflation), or, alternatively, sharply rising prices (inflation) in a process known as stagflation. A severe or long recession is referred to as an economic depression. Although the distinction between a recession and a depression is not clearly defined, it is often said that a decline in GDP of more than 10% constitutes a depression.[1] A devastating breakdown of an economy (essentially, a severe depression, or hyperinflation, depending on the circumstances) is called economic collapse.”

“In economics, a depression is a term commonly used for a sustained downturn in the economy. It is more severe than a recession (which is seen as a normal downturn in the business cycle). Considered a rare but extreme form of recession, the start of a depression is characterized by unusual increases in unemployment, restriction of credit, shrinking output and investment, price deflation or hyperinflation, numerous bankruptcies, reduced amounts of trade and commerce, as well as violent currency devaluations. Unlike a recession, there is no official definition for a depression, even though some have been proposed. Generally it is marked by a substantial and sustained shortfall of the ability to purchase goods relative to the amount that could be produced given current resources and technology (potential output). One could say that while a recession refers to the economy “falling down,” a depression is a matter of “not being able to get up.””

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Something you might see during the coming Neo Depression

Damn!

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Financial Apartheid and the Subprime Crisis

CLEVELAND, Ohio (AFP) — They had small means and big hopes of owning a house. But African-Americans snared in the US mortgage crisis have seen the American dream turn into a nightmare many call “financial apartheid.”

The storm triggered by risky “subprime” loans has left many in ruins, forced out of their modest homes and furious at falling victim to financial dealings that have taken a particular toll on minority families.

“People of color are more than three times more likely to have subprime loans,” concluded the organization United for a Fair Economy in a recent report which estimated that minorities have seen between 163 billion and 278 billion dollars of their equity go up in smoke since 2000.

With its weakened economy and a large black population more used to renting, Cleveland has become a poster child of the subprime crisis in a country where some 2.1 million borrowers are behind on their mortgage payments.

City officials estimate that foreclosures have swallowed some 70,000 homes and turned entire neighborhoods into ghost towns.

The city has responded by suing lenders, accusing them of targeting black borrowers and steering them to the loans granted with few formalities and at hefty interest rates to people with poor credit histories. Continue reading

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It’s not reparations, but it’s something

CNN.com is reporting that U.S. taxpayers may get hundreds of dollars from the federal government under a plan to stimulate the economy.

“Tens of millions Americans will have a check in the mail,” House Speaker Nancy Pelosi, D-California, said at a Capitol Hill news conference. “It is there to strengthen the middle class, to create jobs and to turn this economy around.”

House Minority Leader John Boehner, R-Ohio, said, “I’m looking for quick action in the House. I hope that the Senate will follow quickly so that we can put this money in the hands of middle-income Americans as soon as possible.”

Speaking a few minutes later at the White House, President Bush said the package will “boost our economy and encourage job creation.”

Sources on Capitol Hill and at the Treasury Department said the plan would send checks of $600 to individuals and $1,200 to couples who paid income tax and who filed jointly.

Yipee!  I need that money…how bout you?

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Karibu Books Closing its Doors…

I don’t care what any one says or has yet to say, we’re in a recession. I’m sure many industries that have already suffered will unfortunately continue to suffer as the weakness in our economy continues to make itself more and more apparent. Unfortunately, sometimes it seems that black businesses take extreme hits during these times. The beloved Karibu Books (very popular black bookstore in the DC area) will be closing its doors. It’s a special place to me because I found books that you wouldn’t see on display in the front of Borders that appealed to my interest (Ex. African Holistic Health). It was a meeting place for those new black authors and even icons to come share, sell and discuss their works with the community. Aside from church, it was one of the best meeting places for black folk to discuss our issues. According to the website, all stores will be closed by February 10th. (Dayum!!!) Hello Negro wishes them well in their future pursuits!

January 22, 2008

Dear Karibu Customers,

After 15 years of service within the Washington, DC metropolitan area, Karibu Books, a Black bookstore chain will be closing its doors. We sincerely thank each and every one of you for your patronage and support. We are optimistic that our mission to empower and educate through a comprehensive selection of books by and about people of African descent will continue to resonate within the communities we proudly served.

Since 1993, we have been blessed to help thousands of local, regional and national authors share their incredible stories of faith, hope, love, peace, politics and race. We can’t begin to express our gratitude for the countless authors who have graced our six stores and enriched our customers’ lives.

We will be closing our Security Square (Baltimore, MD) and Forestville locations on Sunday, January 27. The remaining locations, Bowie Town Center, The Mall at Prince Georges and Iverson Mall will close on Sunday, February 10. Our Pentagon City store is already closed.

Effective immediately, all inventory at all locations will be 50% off. All fixtures will also be available for purchase on February 10. See individual store managers for more information.

Again, we respectfully thank you for your loyalty, laughter and love.

Sincerely,
Simba Sana
CEO
Karibu Books

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