Dr. Boyce Watkins on NPR - State of Black Family Finance

As a finance professor, I see regular misconceptions in media about black people, black families and black wealth. America somehow has chosen to believe that the reason for wealth disparities in America is that African-Americans have simply chosen to be lazy and engage in the practice of bad money management. They also cite the fact that black families are not married as regularly and that this is a reason for poverty in the black community.

I could not disagree more.

The reason for the wealth disparity between blacks and whites is very simple: For 400 years (a very long time), America had a clear tradition of not allowing black people to pass wealth onto their children. As a result, all the big buildings in Manhattan, all the major media companies, and all the large corporations in America are owned, run and controlled by the white community. Period. Most wealth is inherited wealth and we were not allowed to inherit.

Black people choosing not to get married is no worse nor better than the fact that many families in America choose to get divorced. Honestly, I think divorce is far more devastating to the life of a child than not getting married. If one throws in the fact that non-custodial parents are obligated to pay child support, then the income gap, in a perfect world, should disappear. One can argue that two parents are better than one, but at the same time, 3 parents would be better than 2, and 4 parents would be better than 3. You could make this argument forever, and to use the one vs. two parent disparity as the fundamental basis to explain America's commitment to racial inequality is ridiculous.

Bottom line: Love is what matters, and if you look at the lives of Al Gore's son and kids in the suburbs who engage in just as much deviant behavior as kids in "the hood", you will see that a parent's decision to get married or not can be good for the child or bad, depending on the circumstances.

In other words: I get sick of people trying to say that black families are immoral or culturally inferior. Our culture is just fine thank you. Also, racial inequality and wealth gaps are due to one thing: historical discrimination. If you want to talk about creating a fair america, then you must first correct the huge imbalance created by racist ancestry. Trying to be fair from this point on (as Ward Connerly tries to argue) is like a lifelong crook stealing billions and then promising not to steal anymore. A fix must be applied to past wrongs before you can move forward in fairness.

I did this NPR interview on the topic not too long ago. It was done with Farai Chideya, a woman I had a huge crush on during my time in graduate school. Don't tell her I said that (haha!).

The Great Debaters - the Best Film of 2007

If Denzel Washington doesn't get nominated for an Oscar after "The Great Debaters", then I will officially become a conspiracy theorist. Those who run to nominate him for awards when he plays a gangster, drug dealer or thug should run just as fast to nominate him when he plays the role of a great black visionary and activist professor. If only all professors had the same guts as Washington.

"The Great Debaters" is another installment in a long line of hit or miss inspirational films made by Harpo Productions, owned by the woman on everyone's refrigerator door. This one hits the mark and strikes it hard, explaining the roots of American racism and inequality, along with the incentives for perseverance and education.

The film features the amazing debate team at Wiley College, an Historically black college in Texas. The team goes through a series of ups and downs, facing racism, heartache and intellectual challenge in order to become one of the greatest debate teams in American history. The film culminates with the team debating Harvard University head to head and whipping them on national radio.

The film was good, damn good. It was also a reminder that Historically black colleges can and are among the very best institutions in the nation. I give it as many thumbs up as I can muster, and I would even give it a toe up if my leg could reach that high.

This film is, without question, the best film of 2007. Just call it the Lord of the Rings for Black folks.

Your Black World Man of the Year: Barack Obama

Barack Obama was the 2007 Your Black World Man of the Year. Obama, the only black presidential candidate and the strongest black presidential candidate ever, has taken the world by storm. He has gone through a year of ups and downs and forced Black America to reconsider what it means to be black in America. He is a form of black power that some consider to be powerless. At the same time, it is a type of black power greater and different from any other black power we've ever had before. He has made the nation into a wild pack of believers, and even has some of his white supporters jumping up and down with excitement.

His wife Michelle stands by his side, both during public appearances and on the covers of magazines. As Black America's first family, the Obamas seem new to the dirt of American politics. Some consider the perceived purity to be refreshing, some consider it a hindrance. It is yet to be seen if Obama can get things done like his competitor, who is a veteran of Washington politics and has alot of friends who owe her favors. At the same time, Obama's detachment from Washington allowed him to have the courage to vote against the war that no one wanted, which Hillary Clington did not have.

Top 5 Black News Stories of the Year

#1: Saving the world in Jena

The story in Jena, Louisiana was phenomenal for a number of reasons, one of which having a lot to do with the Internet. For the first time, the digital age reinvented Martin Luther King’s legacy, as one eblast after another led to hundreds of thousands of people coming together in a small town barely big enough to hold a large high school.

Jena, Louisiana reluctantly became the center of attention, as the eyes of the world were focused on its broken justice system. The good ol boys in the DA’s office were forced to answer to millions of angry, yet peaceful African-Americans who politely asked how a sneaker can be considered a deadly weapon.

Had this been 1997 instead of 2007, the story would never have hit the mainstream media. White folks, as we know, have the national media outlets on lock. Even the black faces that make regular appearances in these outlets have little power to persuade them that the incarceration of 6 black youths was hardly worth more than a commercial spot. But it was the Internet that saved the day. Those annoying email forwarded that always get deleted suddenly sent you something that seemed worth forwarding.

These kids were saved by our inboxes, and the media eventually got the point.

#2: Nappy Headed Hoes Unite

After playing their butts off and using their heads to get there, the Rutgers’ Womens’ basketball team suddenly found their heads to be the center of attention for reasons that they did not expect. Rather than referring to their heads as the source of brilliance, talent and motivation, their heads were only called nappy, and these esteemed, educated women were reduced to hoes. Nappy Headed Hoes to be exact.

Imus soon found out just how many African-Americans have connections to his cherished corporate sponsors and board members of CBS, the company that pays for him to attack black women. He was soon removed from the air, thus putting all questionable talk show hosts on notice: Freedom of speech does not mean freedom to assault black women on the airwaves.

This led to broader questions, like: Why are there no black women hosts on any of the major media outlets? ESPN took some notes, adding a soul train roster of black faces to their daily shows, although most of them serve as side kicks to a Caucasian. The other networks didn’t care and ABC took it a step further by signing Don Imus shortly after he was removed from air.



#3: Dog fighting: the most serious crime in America

When the feds searched Michael Vick’s house, no one paid much attention. When he was charged with dog fighting, even fewer people noticed. But when they saw the seriousness of the charges, the whole world stopped, watched and judged. Michael Vick, the man with everything, was suddenly reduced to a common criminalized black man.

Killing dogs was his crime, and he was indistinguishable from OJ Simpson for the amount of hate and scorn he received from White America. If someone had murdered Vick in his sleep, millions would have cheered.

The story captivated America for several months, with one debate after another over whether or not his crimes fit the punishment he was receiving. His team sliced him like an infected limb, the NFL told him to get lost, Nike took millions out of his hands within hours. It was over for this young man and his troubles are just beginning.

Seeing Vick go from videogame cover man to a common mug shot struck fear into athletes everywhere and is an image they will never forget.


#4: The Big Black Os come together to take Over the White House.

Obama entered the presidential race and seemed to have the ability to fight the good fight. But winning was clearly out of the question, as he had the audacity to face a woman whose face may likely end up on Mt. Rushmore. Having Obama come along and pretend that he can become the REAL first black president scared the crap out of the establishment, made people cheer and set the world on fire. And this was even BEFORE Oprah tried to help him.

With Oprah stepping in and bringing her army of loyal white women with her, she has joined Obama as a miracle maker. Matching Hillary Clinton dollar for dollar, barb for barb, and vote for vote has led to a war within the Democratic Party unlike anything we’ve ever seen. The benevolent white folks who’ve always had the black vote in their pockets are finding themselves resentful that a black man is attempting to take those votes.

How this election turns out is anyone’s guess. But with each surprise, each new celeb and each new victory, Obama is making the entire world into believers.


#5: The Superbowl becomes a black party

The Superbowl didn’t get good until black men were allowed to play. It became REALLY good when they were allowed to coach. Tony Dungy and Lovie Smith became the only two black coaches to both coach teams in the Superbowl. This was a major landmark for the NFL and also for the rest of America.

With all the contributions of black players, it’s amazing that these individuals are typically overlooked in exchange for the Tom Bradys of the world. They are not considered for the Heisman unless they are truly exceptional, serving as the supporting props for white male glory.
But the presence of Dungy and Smith on the sideline made us all proud, and served as hope that one day, America can truly create a fair playing field on the actual playing field.