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Tag: President Obama

  • Wyclef Jean’s – Yele Haiti Earthquake Relief

    Wyclef Jean Yele Haiti FoundationIn 2005, Haitian-born musician Wyclef Jean created the grassroots charity organization Yéle Haiti. The founder of the Grammy-winning group The Fugees coined the term Yéle in a song which was deemed to mean, “A Cry For Freedom.”

    Initially, the goal of the foundation was to restore pride and hope to the Haitian people through the launch of initiatives that would allow Haiti’s citizens to empower themselves. Scholarships were created, as well as endowments for arts and culture, food distribution services and emergency relief.

    While these investments were made at a time that the people of Haiti deemed to be arduous, suffering from tropical storms, hurricanes, political revolutions and other natural disasters and health disasters, they could not have anticipated the devastation that was to beset them on January 12, 2010.haiti earthquake

    Haiti, one of the poorest and most under developed nations in the world, was hit with a mammoth earthquake measuring 7.0 on the Richter scale decimating it’s capital Port au Prince. Among the structures damaged in the quake were the Haitian Presidential Palace, the United Nations Embassy (which was a 5 story edifice), and several hospitals. Already plagued with poor health care services, the destruction of existing medical facilities will only further exacerbate a bleak situation in aid and recovery of injured victims. A consensus on the death toll has not yet been tallied but fatalities are estimated to be in the tens of thousands. Unfortunately, among the confirmed dead is the chief of the UN mission in Haiti, Ambassador Hedi Annabi.  Haitian President Rene Preval is reported to be safe and in contact with President Obama to coordinate the rescue efforts.urn:newsml:dpa.com:20090101:100113-11-10177

    President Barrack Obama has pledged unwavering support from the U.S. and has deployed air craft providing food, water, clothing and medical supplies, while Haitian celebrity, Wyclef Jean and his Yele Haiti Foundation have taken to the internet with pleas for donations. On the official Yele Haiti Foundation facebook page it’s posted status is:

    “Yele Haiti Please help Haiti in their time of need. You can donate $5 by texting YELE to 501501 or get more info by visiting www.yele.org”

    Undoubtedly, Wyclef Jean will also be donating funds from his personal fortune and it has been reported that he will be donating proceeds from the sale of  his  records and  ringtones during this period to the Haiti relief effort. Digicell, an Irish company that provides cellular coverage in the Caribbean pledged to donate $5 million to the rescue efforts. The U.N. has released $10 million in emergency funds to establish immediate operations in Haiti.  Its World Food Program is sending a cargo plane full of high energy biscuits to the island today. Each biscuit packs enough nutritional value to feed a person for an entire day. The first shipment should feed 30,000 people for a week. Reports are coming in that numerous countries are gearing up to lend support.

  • Economic Recovery Definition: Is the Economy Really Getting Better?

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    What is the definition of an economic recovery? This is the hot finance topic of the week. As the White House unrolls a PR plan to try and demonstrate that the recession is over thanks to the administration’s efforts, the question of how to exactly define economic recovery is causing confusion. Let’s look at the facts and try to determine an economic recovery definition.

    President Obama has claimed that 650,000 jobs have been created or saved through his stimulus plan. The Dow increased by 200 in response to the good news. Plus, the economy grew last quarter for the first time in a year at a rate of 3.5%. Modest, but good. There is also the increase in home sales reported in September. And even Ford posted a profit of nearly $1 billion this year, which came as a surprise to the business community. But do these positive reports illustrate that our economy is set for permanent stability?

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    http://www.aolcdn.com/ke/media_gallery/v1/ke_media_gallery_wrapper.swf
    Home Sales Up
    Chart shows new home sales for the past 13 months, seasonally adjusted
    AP
    AP

    Home Sales Up

      Chart shows seasonally adjusted annual rate of pending U.S. home sales

      AP

      Chart shows seasonally adjusted annual rate of pending U.S. home sales

      AP

      In this Wednesday, Oct. 21, 2009 photo a sign for a home under contract is seen in Philadelphia. The volume of signed contracts to buy previously occupied homes rose for the eighth straight month in September as buyers scrambled to take advantage of a tax credit for first-time owners that expires at the end of this month.(AP Photo/Matt Rourke)

      AP

      In this Wednesday, Oct. 21, 2009 photo a sign for a home under contract is seen in Philadelphia. The volume of signed contracts to buy previously occupied homes rose for the eighth straight month in September as buyers scrambled to take advantage of a tax credit for first-time owners that expires at the end of this month.(AP Photo/Matt Rourke)

      AP

      Chart shows new home sales for the past 13 months, seasonally adjusted

      AP

      Shea Homes townhouses are seen at the Victoria Gardens development in Rancho Cucamonga, Calif., Tuesday, Oct. 27, 2009. The number of buyers snapping up new homes dipped unexpectedly last month as the effects of a temporary tax credit for first-time owners started to wear off. (AP Photo/Damian Dovarganes)

      AP

      Chart shows new home sales for the past 13 months, seasonally adjusted

      AP

      In this photo made Oct. 26, 2009, a new development of townhouses is seen in Wakefield, Mass. Sales of new homes dropped unexpectedly last month as the effects of a soon-to-expire tax credit for first-time owners started to wane.(AP Photo/Lisa Poole)

      AP

      In this photo made Oct. 26, 2009, a new development of townhouses is seen in Wakefield, Mass. Sales of new homes dropped unexpectedly last month as the effects of a soon-to-expire tax credit for first-time owners started to wane.(AP Photo/Lisa Poole)

      AP

      New home models are shown in Homestead, Fla., Tuesday, Oct. 27, 2009. Sales of new homes are expected to post their sixth consecutive monthly gain as builders reap the benefits of a tax credit for first-time owners that expires at the end of next month. (AP Photo/Alan Diaz)

      AP

    Some say no. Increases in car and home sales have been spurred by federally-backed incentives like the $8,000 first time homebuyer tax credit and the cash for clunkers program. These increases don’t stand on their own as signs of consumer strength. So what can we use to define economic recovery?

    Writers at the Wall Street Journal believe the jobless rate is a much more meaningful benchmark. But right now it is too soon to tell exactly where that rate is heading based on the statistics available now. So even the jobless rate cannot help us develop a reliable economic recovery definition until we have more information.

    Let’s try looking to the president for his definition. The POTUS has declared: “The benchmark I use to measure the strength of our economy is not just whether our GDP is growing, but whether we are creating jobs, whether families are having an easier time paying their bills, whether our businesses are hiring and doing well.” (CBS News)

    As unemployment remains high and it is still difficult for people to get loans, we are clearly far from a lasting economic recovery — by the definition of the president himself. But as we have faced the worst economic decline since the Great Depression, it is silly to expect our economy to fully recover after a few months of federal intervention. Obama’s stimulus plan may not have created a full economic recovery within months, but it has helped many families survive what could have been a much worse financial scenario. It has also supported state governments that provide social services like police and teachers to all.

    This type of relief may not fit an expert’s economic recovery definition, but it has helped society overall in the short term. For that alone the president can be commended.

     

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  • Dr. Boyce Money: Don’t Throw Tavis Smiley Under the Wells Fargo Bus

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    When I read about the predatory lending allegations against Tavis Smiley and Wells Fargo, I wasn’t surprised. Not because I feel that Tavis is some kind of crook, but because economic downturns are usually when everyone’s dirty laundry gets aired out. The high flying 2000s were a decade of extravagance, overspending, easy money and troubled relationships. The party was bound to end. Smiley’s party has ended with Wells Fargo, as the company has been accused of using Tavis Smiley and financial expert Kelvin Boston to convince African Americans to sign on to loans that turned out to be predatory. Neither Boston nor Smiley is willing to disclose the amount they were paid for the service, but I’m sure it wasn’t chump change.

    I’ve been open and honest in my critiques of Tavis Smiley in the past, but I give credit where it’s due. I’ve always felt that Tavis Smiley is a man who works out of a sincere respect and appreciation for the black community. He is not out to hoodwink, swindle or hurt us, at least not deliberately. At worst, Smiley is guilty of being caught in a situation that he may not have fully understood.

    Although I agree with the black community’s decision to hold Tavis Smiley accountable for his actions, I want us to be cautious of going overboard in our judgments. Here are 5 things I want to say about Tavis Smiley:

    1) Don’t throw Tavis under the bus. African Americans can be tough on our public figures. After Smiley’s repeated calls for accountability against President Obama, many failed to appreciate the value of scrutinizing our elected officials. While Tavis’ close relationship with Hillary Clinton undermined the credibility of his challenges to Obama, the truth is that accountability is very important when dealing with any politician. One must respect Tavis for having the willingness to say things that are unpopular, which even Obama himself doesn’t always have the courage to do.

    2) Beware of corporate sponsors bearing gifts. One of the greatest barriers to social progress for African Americans has been our inability to properly assess those who sponsor our activities. Any corporation that comes along with a signed check can usually find a place at our table. Would you want your teenage daughter taking money from any boy who offered it to her? Probably not, because you know that the the boy might be expecting “repayment” at the end of the night. The same is true for corporate sponsors, who are paying you to present the kind of image they want the public to see.

    3) The revolution will NOT be brought to you by Walmart. Rarely, if ever, can true black activism be achieved via funding provided by companies run by the descendants of our historical oppressors. This is due to the inherent conflict of interest between capitalist entities and the plight of the poor. African Americans are disproportionately poor and working class. Therefore, unfettered capitalism is designed to destroy us (although compassionate capitalism can fuel economic growth). So, while one can certainly understand why Smiley would be happy to take corporate money for his State of the Black Union event every year, the truth of the matter is that the honest activism of such a function can only go so far.

    4) A critical line must be drawn between financing and influence. There’s a reason that the New York times doesn’t let it’s advertisers decide which stories are going to appear on the front page. This is because the natural power that comes with financial support must be tempered by a commitment to conscientious objectives. If Wells Fargo needs to be called out for its predatory lending practices, that is not going to happen with the Wells Fargo logo placed behind the speaker’s head. There should be independent oversight of all funding sources for The State of the Black Union, The State of Black America, as well as events held by the NAACP and Urban League every year. Influence is bought behind the scenes all the time, and good black leadership should be as transparent as possible.

    5) We should keep supporting Tavis. Tavis Smiley’s annual event, The State of the Black Union, is one of the most celebrated in the black community. With a renewed commitment to conscientious corporate sponsorship, The State of the Black Union can regain its status as a respected and appreciated forum for black education. But in order for this to happen, we must make sure we know where the money is coming from, where it is going and what strings are attached. Without properly vetting the sources of your financial support, you are setting yourself up for corruption.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University, a leading African American speaker and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Black News in Black America

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    Big Black News from Dr. Boyce gives you a list of the biggest black news stories in the areas of money and education. Consider it to be our gift to you.

    President Obama declares National HBCU Week

    Student shot and Killed at Spelman College in Atlanta

    Chris Brown tries to rebuild his brand on Larry King Live

    Will Whitney Houston Ever Be the Same Again?

    No, Roxanne Shauntay DID NOT get a PhD

    Should Personal Finance Be Taught in School?

    University of Michigan Football Gets its Cover Blown on alleged Mistreatment of its athletes

    Nas, Kelis, Money and Craziness: How much money does Kelis Need to Live?

    President Obama Plans to Address Congress to Push his Healthcare Plan

    Dr. Boyce Watkins is a Finance Professor at Syracuse University. To have Dr. Boyce commentary delivered directly to your email, please click here.

     

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