On September 4 millions of black Americans are vowing to make a change in their communities commitment to changing the economic shadow cast during this major gangster move on black owned real estate and how banks have corrupted the people’s trust.
In 1987, after the closing of 98% of the savings and loans community, mom and pop businesses were forced to rebuild financial relationships in a loosely regulated banking community. Housing for black America, however, was still redlined and difficult to acquire because the larger banks had new rules that were even more restrictive and still racist.
If the strength of a nation is in its cities (and we know from history this statement is true), why hasn’t Congress written legislature to affect this imbalance and create a tax base in all our communities? After 23 years of community development grants and empowerment zones and now with subprime ruin, black owned real estate is reducing dramatically.
Like Wall Street, the black community must build a financial base that will once and for all resurrect our tax base, help build and fund public and charter schools, and make it possible with our own board of directors, to create affordable mortgages.
Black Friday is the first baby step to rebuilding that kind of economic strength. Laws and negative business attitudes have affected black Americans disproportionately in building equity, politically and financially. Knowing this, we are no longer seeking fairness or legislation giving something unneeded. Instead, the solution is to build our own.
This is a new action for this generation of integrated folk who are absent the lessons from the civil rights era. There are many who may claim we should keep trying to work it out with the current system. They simply refuse to see facts, in America, the message has been very clear black man and woman the obstacles to your financial emancipation are still not in your hands.
Our financial power must be controlled for us by us. Support Black Friday and tell your children why it is important.
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