The Tulsa Race Riot was one of the worst acts of racial violence in American history. Over 35 square blocks of homes and businesses were torched by mobs of angry whites on June 1, 1921.
The riot began because a white woman, named Sarah Page, allegedly lied on an African American man, named Dick Rowland.
As a result, a white lynch mob decided that it was going to take matters into its own hands and kill Dick Rowland, thus prompting one of the most intentional genocides on black people in American history.
The Tulsa Race Riot was a large-scale racially motivated conflict, between the white and black communities of Tulsa, Oklahoma, in which the wealthiest African-American community in the United States, the Greenwood District also known as 'Black Wall St' was burned to the ground.
These black people had it going on and no one could stop there success, in that the black dollar turned over more than 30 times within that community and white neighbors could only look over in envy, wondering how they could experience that same success of the black residents of Black Wall Street.Fast forward nearly 100 years and you will find that there are some modern day characters that have become the worst perpetrators of one of the worst crimes in history.
And what is that crime you might ask?
That crime is the genocide of the black dollar and not even Ben Matlock can get these perpetrators acquitted.
And who are the perpetrators of this unbelievable atrocity?
You guessed it....black people.
NUMBERS DON'T LIE
According to an analysis of 2009 Census data provided by the Pew Research Center and cited by the Associated Press, the median wealth of white U.S. households in 2009 was $113,149, compared to $5,677 for blacks. The wealth gap between white Americans and black Americans was the widest that it had been in a quarter-century, with white households having 20 times the net worth of black households.
These findings are based on the Pew Research Center's analysis of data from the Survey of Income and Program Participation (SIPP), an economic questionnaire distributed periodically to tens of thousands of households by the U.S. Census Bureau. It is considered the most comprehensive source of data about household wealth in the United States by race and ethnicity.
HOW DID WE GET HERE?
So how did black America get into this situation with all of the social programs and opportunities available to them?
Well, one of the key factors that can be attributed to the most serious reduction of wealth was the housing collapse.
Because African-Americans have relied heavily on the value of their homes and the equity within their home, it is no surprise that the net worth of African-Americans declined by 53% from 2005 to 2009, falling from $12,124. Nearly 59% of the net worth of black people in 2005 came from the equity in their homes.
On the flip side, whites only had a net worth decline of 16% from 2005 to 2009, falling from $134,992. Nearly 44% of the net worth of whites in 2005 came from the equity in their homes.
So hold up, if white Americans have relied on real estate to be a dependable asset and investment to have, there has to be more to the wealth gap story.
NOT ENOUGH BASKETS FOR THE EGGS
Real estate has always been a reliable investment for everyone to make, so having that much invested in one asset has the temporary appearance of being a risky investment for blacks considering the current state of black wealth.
However, the real estate fiasco appears to have reached its climax, so blacks who have not become victims of foreclosure should experience an increase in their home values and equity in the near future. But just like any investment, it won't happen overnight.
In 2009, nearly ¼ of black households had absolutely no assets other than a vehicle of some sort, compared to just 6% of white households.
That means that roughly 25 out of every 100 black people in the United States are spending their money on consumer goods only and are not investing in themselves.
JUST THE FACTS
According to Target Market News, the black buying power in 2010 was estimated at $836 billion, up nearly 17% from 2009, when it was an estimated $507 billion.
The State of the African-American Consumer Report, conducted by information and analytics company Nielsen, found that black buying power is projected to reach $1.1 trillion by 2015. Nielsen partnered with the National Newspaper Publishers Association, of which the Forward Times is a member, to release the report.
The study, which focuses on black spending, media habits and consumer trends, reported an increase in the amount of blacks attending college or earning a degree to 44 percent for men and 53 percent for women. It also found an increase in the number of African American households earning $75,000 or higher by almost 64 percent.
The report found that if black people in America had their own country, their nearly 1 trillion annual buying power would make them the 16th largest country in the world.
Another finding that stands out in the report is that blacks make more shopping trips than all other cultural groups, but spend less money per trip. Blacks in higher income brackets, also spend 300 percent more in higher end retail grocers more than any other high-income household.
ELIMINATE THE EXCUSES
There are definitely some tremendous generational factors that have contributed to this current financial fiasco, but with blacks being here longer than most immigrants to this country, a more serious approach has to be taken to address this dilemma sooner than later. It is time to make a commitment to eliminate all excuses and lead by example, one black household at a time.
The Jewish dollar circulates almost 10 times within the Jewish community before it reaches the outside. The Asian dollar circulates almost 6 times within the Asian community before it reaches the outside. The White dollar circulates at a larger level than all groups.
The African-American dollar, however, does not even circulate one time within its own community.
With all the money being spent by black people and the deliberate decision to not support black businesses, one should not be surprised at the wealth disparity numbers. Small businesses are the backbone of America. They create jobs and support communities.
Black people can spend their money where they want and how they want, because we live in America and it is our right as full-blooded American citizens to do what we want.
However, the next time you go to your local small business establishment to get your nails done or get a six piece wing dinner with gravy, just take a moment to think about where your black dollar is going to be sleeping at the end of the night and who will benefit from that dollar the next day.
Just a thought.