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Tomorrow morning, July 26, 2009 at 8:30 am EST, Dr Boyce Watkins of Syracuse University will appear on the Jesse Jackson Show with Rev. Al Sharpton and Harvard Law Professor Charles Ogletree. The conversation will center around the recent arrest of Harvard Professor Henry Louis Gates.
by Dr. Boyce Watkins
I am a curious professor, a compassionate capitalist and the owner of a small business. All of these hats create a complex perspective on whether or not it is a good idea to increase the minimum wage. After all, we are in a recession, and one might be tempted to argue that any sort of pay increase would slow down our nation's economic recovery, eliminate jobs, and significantly reduce corporate profitability.
Sorry to burst those bubbles, but the data don't validate most of the above concerns.
First of all, the minimum wage was introduced during the Great Depression, the mother of all economic downturns. The Fair Labor Standards Act of 1938 was designed to ensure that the most vulnerable Americans were no longer going to be exploited by the power of big business. The Great Depression came to an end shortly thereafter, and there is no evidence that it slowed down the economic recovery in any significant way.
Secondly, the budgetary implications of minimum wage increases are not very large. According to the Bureau of Labor Statistics, only 2 percent of all men and 3.6 percent of all women currently earn the minimum wage. But while the impact on our national budget is small, the gains for those affected are tremendous: there are nearly 5 million children in families who earn the minimum wage, and nearly all of these children are going to have better lives in the advent of an increase.
Boyce Watkins
Professor, Syracuse University
I’d hate to be the bearer of bad news, but you are infected with a disease. The disease that has infected you is called racism. The disease is a silent killer, not of our bodies, but of our society. It also deteriorates the brain and makes us delusional, as we sometimes see things that are not really there or refuse to see things that are actually right in front of us. What’s worse is that we know the disease is in the fabric of our institutions, but it is difficult to pinpoint the exact location. This leads to sloppy missteps, embarrassments and damaging accusations.
Henry Louis Gates, the Prominent Harvard University Professor who was arrested this week at his home by Cambridge Police Officer James Crawley, may have been a victim of the disease of racism. Even he has gotten to the point of stating that this story is no longer about race and his buddy, President Obama, has been back-peddling faster than a free safety in the NFL. In the midst of letting go of his allegations of racism against Sgt. Crawley (which I thought was a very good idea) Professor Gates has stated that we should use this situation as a “teaching moment.” It is also my hope that Dr. Gates understands that the first step toward being a good professor is to learn how to be a good student. As a professor myself, I am hopeful that he will allow me to teach the first class.
To join the Your Black World Coalition, please visit www.YourBlackWorld.com. Brought to you by The Great Black Speakers Bureau, the #1 Black Speakers Bureau in the world.
Dr Boyce Watkins, Syracuse University
Hey peeps!
I hope you don't mind, but I enjoy keeping my YBW family included in the updates to what is going on behind the scenes in this situation with Harvard Professor Henry Louis Gates. I felt the need to comment on this not because I do not believe Professor Gates, but because I feel that we need to learn all the facts before rushing to judgement. You guys know me, and know that I don't hesitate to put the "smack down" on issues that are clearly problematic. But I am not, for one second, interested in destroying a good cop's career based on mere speculation. I am not sure if the officer is a good cop or not, but I have not yet seen evidence that he has a history of racially profiling anyone and I ABSOLUTELY REFUSE to ride any kind of bandwagon on this issue or any other. As I always say, you should not let anyone think for you, you should think critically for yourself - do your homework, get the facts and then come to a judgement.& nbsp;
Scheduled media appearances are below if you'd like to follow along. Also, I am going to continue to write on these issues candidly on my blog, my website and with AOL and NBC. Remember - my goal is not to win friends in this game, it is to search for truth. I hope that perspective makes sense.
Sincerely,
Dr Boyce
Tentative media schedule for Friday and Saturday:
Dr. Boyce Watkins of Syracuse University speaks with Free on Power 105.1 about Financial Lovemaking. Click here to listen to the interview!
10:00 PM on 07/22/2009
Obama responds to questions during a news conference Wednesday, July 22, 2009.(AP Photo/Alex Brandon)
I found myself enjoying President Obama's Healthcare pitch to the nation on prime time television, as he explained (as most politicians do) why the world will come to an end if we don't adopt his policies. His arguments were strong and valid, and he made it clear that he was out to help the middle class by letting rich folks pay the bill. I'm all for that.
I noticed how the president used the words "middle class" about 20 times through the night, and allowed nine different reporters to ask questions, none of them African American. But then again, it might have been tough for President Obama to find black people in the room, since there sure as heck didn't seem to be very many around.
Less predictable was the racial bombshell that President Obama saved for last on Wednesday night. After being asked about the arrest of Henry Louis Gates, a prominent Harvard University professor, Obama spent just a few minutes reminding the world that he was not only a black man, but that that he was also an alumnus of Harvard University.
The man who some feel embodies the essence of a post-racial America was suddenly willing to candidly discuss race on behalf of his wealthy Harvard associate. What is incredibly ironic is that these were probably the most post-racial comments Obama has ever made, since they further opened the door to class warfare in America.
by Dr. Boyce Watkins, Syracuse University
I am not Al Sharpton. In fact, I never could be and I don't want to try. I am also not Henry Louis Gates, a man with an undeniable contribution to the legacy of Black Scholarship in America. I am simply Boyce Watkins, the son of a 17-year-old mother and a father who happened to be a high-ranking police official for the past 28 years. I've argued with my father for decades, as his Bill Cosby-like views of the world have often made my face twist with confusion. But I listen to my father, because there is value in seeing other points of view.
When I hear about a Black man being mistreated by police, I take a moment of pause. I think about the horrific statistics on Black males in the criminal justice system, in which we are more likely to be arrested for the same crimes, more likely to be convicted, more likely to be incarcerated and expected to get more prison time than our White counterparts.
Note by Dr. Boyce Watkins, Syracuse University
I spoke with another high ranking police official about the Gates case. He is pretty candid with me about most things, so I believe what he had to say. Here were his thoughts:
1) Disorderly conduct is an easy trap to fall into. When dealing with an officer who gets out of line, you should cooperate and then deal with the situation later. If Gates argued with the officer and yelled at him from the porch, that opened the door for him to be arrested.
2) If there were extra officers at the scene, it's likely that they were called when the officer arrived and realized that there were two men in the house (Gates and the driver) and only one of him. It's standard procedure to call for additional backup when you are outnumbered. But then again, I am not sure if the driver had left by then or not.
3) There are usually extraneous variables that have to be checked out in these situations. For example, even though Gates showed that he owned the home, he could have had a restraining order against him filed by his wife in the middle of a nasty divorce. Given that Gates had appeared to be breaking into the house (by pushing the door), the officer would be expected to make sure that Gates was not there to hurt his wife or do something illegal. Of course this sounds absurd in this case, but there are many cases where husbands break into the homes of their estranged wives in order to hurt them.
Just thought I would share these facts. The conversation was very interesting and insightful.
7:50 AM on 07/13/2009
(AP Photo/Alex Brandon) Partisan politics aside, Judge Sonia Sotomayor and President Barack Obama present themselves to the world as middle-aged poster children for everything that can be right in Black and Latino America. I'm not talking about their political achievements...
8:41 AM on 07/09/2009
Obama looks on during the G8 Summit (AP Photo/Haraz N. Ghanbari) In a recent interview with AllAfrica.com, President Obama said: "I'd say I'm probably as knowledgeable about African history as anybody who's occupied my office. And I can give you...
8:22 AM on 07/08/2009
One of my favorite magazines is "The Economist." A recent issue of the magazine had an intriguing article about American kids and how we've essentially prepared them to destroy our nation. National productivity is a grave concern for the U.S.,...
9:03 AM on 07/02/2009
I write this article at the risk of offending my daughters, who are all in the "We think Lil Wayne and Chris Brown were sent by God" age group.
Dr. Boyce and S. Tia Brown give the financial angle to the divorce between the rapper Nas and his wife Kelis. There’s more to this divorce than meets the eye.
Click the image to listen!
Are wealthy men allowed to cheat and get away with it? Dr. Boyce and Tia analyze this in the latest episode of Financial Lovemaking. Dr Boyce explains the winner’s curse and how some women may think they are getting the prize, when they’ve really gotten a disappointment.
Click the image to listen!
In this episode of Financial Lovemaking, Dr. Boyce and S. Tia Brown discuss Mel Gibson’s Half billion dollar divorce. Click the image to watch!
Dr. Boyce Watkins explains to Farai Chideyah how Madoff got away with stealing $50 Billion dollars in the largest Ponzi Scheme in American history. Click the image to listen!
Dr Boyce Watkins and George Kilpatrick discuss money, scholarship and Dr. Boyce’s bureaucratic battle to make history at Syracuse University.
Click the image to listen!
Dr. Billy Hawkins, University of Georgia
Excerpts from the forthcoming book – The New Plantation: The Internal Colonization of Black Male Athletes
It should not take a long stretch of the imagination to see how Black male athletes contribute significantly to the athletic labor class at predominantly White National Collegiate Athletic Association Division I Institutions (PWI’s); thus, to the overall bottom-line of the revenue generated. Their presence as starters and their representation on the top football and basketball programs in the country speak volumes to PWI’s need for Black male athletes. Tables 1 &2 illustrate the contribution Black male athletes make for some of the top athletic programs in the nation.
Within this current economic configuration, another area to consider is the contribution Black male athletes are making towards “Title IX sports”[1]: those sports that are added to meet gender equity requirements, which undoubtedly are played mostly by White women (e.g. rifle, golf, equestrian, rowing, bowling, and lacrosse). According to Welch Suggs:
…Only 2.7 percent of women receiving scholarships to play all other sports at predominantly white colleges in Division I are black. Yet those are precisely the sports – golf, lacrosse, and soccer, as well as rowing – that colleges have been adding to comply with Title IX.[2]
Therefore, since Title IX has provided very limited opportunity for Black females but additional opportunities for White women to compete and Black male athletes make-up the greater percentage of the revenue generating sports that contribute to athletic departments’ revenue, and thus their ability to support these additional sports, a reoccurring historical relationship between the White female and Black male has been resurrected. I refer to this contribution and connection as the “Driving Miss Daisy” syndrome.
Dr Boyce Watkins, Finance Professor at Syracuse University, tells BBC World News that the NCAA has done a terrible job of seeing to it that African American players graduate. He also explains the massive multi-billion dollar wealth extraction taking place via college sports. Finally, Watkins mentions that the NCAA does a poor job of allowing Black coaches the chance to coach the sport to which Black males give so much. Click the image to listen!
Dr Boyce Watkins
I just saw an article in which Senator John McCain recently wanted to pardon Jack Johnson, the first black heavyweight champ in American history. His actions confuse me, as McCain was one of the last holdouts on the Martin Luther King holiday a few years ago. Also, McCain would not like Jack Johnson if he were alive today, for his spirit of defiance of America’s 400 year commitment to racism is similar to the one that scholars such as myself carry today. In other words, we are his ideological grandchildren, and John McCain doesn’t like people like me.
I find men like McCain to be even more perplexing because they are the first to get in line to support symbolic gestures, such as pardoning a man who was convicted nearly 100 years ago, but are happy to endorse tougher sentencing laws and more prisons which incarcerate hundreds of thousands of Black men today. It has been statistically proven that, beyond any doubt, Black males are more likely to be incarcerated for the same crimes, less likely to have adequate counsel and more likely to receive longer sentences for these crimes. Now, we are in an era in which American corporations own stock in prisons and have a profit motive for excess incarceration, which is incredibly dangerous. What’s worse, millions of families are destroyed by the justice system endorsed by John McCain, with these men finding insurmountable institutional hurdles to their re-entry into society.
I grow weary of those who chastise Black men for speaking out against racism, yet show up to sit in the front row of every Martin Luther King Day function. There are even those in my own university who once hated Jim Brown and love him 30 years later. All the while, they hate Boyce Watkins without realizing that he and Jim Brown come from the same tradition. Such reactions show that history only repeats itself and that some Americans are quick to follow the lead created by their forefathers.
Perhaps dead Black men are the ones McCain is willing to pardon first, since they cause him the least trouble. But the truth is that rather than hating us while we’re alive and honoring us in death, you’d be better off showing enough vision and open-mindedness to respect our point of view in the first place. That is supposed to be what America is all about.
Rest in peace Jack Johnson. I gave you a pardon long ago.
Sources says that John Calipari from U. Memphis is close to inking a 6-year, $40 Million dollar contract to sign with the University of Kentucky. Not only does this contract steam me because Kentucky is my alma mater, but it is indescribably unethical for a professional sports league like the NCAA to spend this kind of money and then simultaneously claim that it cannot afford to share revenues with the families of basketball and football players.
I love when these deals are signed, since it reminds the public of just how hypocritical the NCAA happens to be.
After the national protests by YourBlackWorld.com, ThinkProgress.org and ColorofChange.org, UPS is finally getting the point. Recently, the company sent out an email stating that they are no longer going to advertise on The O’Reilly Factor.
Bill O’Reilly harassed Dr. Boyce Watkins last year in an effort to have him fired from Syracuse University for speaking against his racism during the Obama Campaign. Watkins had also called for a boycott of Bill O’Reilly’s corporate sponsors. Keith Olbermann later supported Watkins, stating that O’Reilly’s attacks were unwarranted and that everything that Watkins said was true.
Read the email below:
Thank you for sending an e-mail expressing concern about UPS advertising during the Bill O’Reilly show on FOX News. We do consider such comments as we review ad placement decisions which involve a variety of news, entertainment and sports programming. At this time, we have no plans to continue advertising during this show.
John Hope Franklin, one of the most prolific and well-respected chroniclers of America’s torturous racial odyssey, died of congestive heart failure Wednesday in a Durham, N.C., hospital. He was 94.
It was more than Franklin’s voluminous writings that cemented his reputation among academics, politicians and civil rights figures as an inestimable historian. It was the reality that Franklin, a black man, had seen racial horrors up close and thus was able to give his academic work a stinging ballast. Franklin was a young boy when his family lost everything in the Tulsa race riot of 1921. The violence was precipitated by reports that a black youth assaulted a white teenage girl in a downtown elevator. In the end more than 40 people died, mostly blacks, although some reports put the death total much higher.
Franklin was among the first black scholars to earn prominent posts at America’s top — and predominantly white — universities. His research and his personal success helped pave the way both for other blacks and for the field of black studies, which began to blossom on American campuses in the 1960s.
The voice on the other end of the phone is passionate, and he’s becoming more passionate by the second. His words grow louder and they fly out faster.
“I grew up in the streets,” he says. “I’ve seen pimps in action. I look at the NCAA and I say, ’Wow, these guys would make excellent street pimps.' What they say -- and I mean this in all seriousness - is what a street pimp would say to a prostitute.”
This isn’t some radio shock jock speaking. Dr. Boyce Watkins is an assistant professor of finance at Syracuse University. He’s in town tonight, delivering a lecture at Loyola College titled, “The Business of College Sports: Is the NCAA Playing Fairly?”
I ask him to explain tonight’s message a bit.
“The model under which the NCAA currently operates was designed without excessive commercialization in mind,” Watkins explains. “Since that time, you see where this amateur sports organization has become effectively a professional sports league that refuses to pay its employees.”
Ahhh, one of those you’re thinking. Kick sports off campus! Tear down the arenas! Set flames to the football field!
But Watkins insists he isn’t against college sports. In fact, he loves them. So I feel a bit better. See, March always brings about conflicted emotions. I love filling out the brackets and love following the tournaments -- even though there’s an undercurrent of hypocrisy, unfairness and disparity that fuels the whole show.
I admit: For me, there’s a sense of guilt.
The NCAA is in the middle of an 11-year, $6 billion contract with CBS to broadcast tournament games. Coaches on the sidelines make seven figures a year, even though no one’s tuning in because they want to see what color tie John Calipari’s wearing. And shoe companies are pouring money into universities across the country by the truckload -- but the kids who have to wear the shoes don’t see a dime of it.
Roland Martin, political correspondent for CNN and The Tom Joyner Morning Show, interviewed NAACP's CEO Ben Jealous about the law suit against Wells Fargo and several other banks for institutionalized racism. Mr. Jealous addressed the records that banks must make public about their lending ratios. Jealous stated that many of the blacks applicants were put in subprime loans that actually qualified for conventional loans. Jealous also stated that African American were target specifically for this type of discriminatory practices.
I read the lawsuit several times prior to my posting several weeks ago but I thought it would be interesting to pull out several key points of the lawsuit to further expand on my original post.
The suit states:
5. Wells Faro Bank, N.A. and Wells Fargo Home Mortgage, Inc target the African American community by capitalizing on their relative lack of experience in dealing with banking institutions and mortgage loans. Upon information and belief, Wells Fargo Bank, N.A. and Wells Fargo Home Mortgage, Inc. are aware of the African American Community's susceptibility to predatory lending practices, but nonetheless engage in policies and procedures that they know will result in African Americans being steered toward less favorable loans.
6. Indeed, in 2006, the Center for Responsible Lending, a non-profit research organization, found that even when income and credit risk were accounted for, African American were still 31% to 34% more likely to receive higher rate subprime loans, and that the disparities between them and Caucasians with the same risk factors were "large and statistically significant."
These particular points intrigued me more so than others in light of recent charge to hold folks Accountable by Tavis Smiley. Again this is not a personal attack of Tavis, only a charge to him to do his research and get back to the community that he often admonishes to educate ourselves on the issues, to know all the facts, and to dig deeper in our pursuit of being empowered.
Section 11. states The NAACP brings this class action lawsuit seeking declaratory and injuctive relief based upon the Fair Housing Act, Equal Credit Opportunity Act, and the Civil Rights Act.
Here is the schedule for coming media appearances related to the call for NCAA reform by Dr. Boyce Watkins, Finance Professor at Syracuse University.
Boyce Watkins to discuss NCAA and Black athletes on WBCP Radio, Champagne, IL - 3/27/09
Boyce Watkins to appear on Gtown Radio - 3/26/09
Dr. Boyce on NPR to discuss NCAA - 3/26/09
Dr. Watkins to appear on XM Satellite Radio - 3/27/09
Dr Boyce in the Baltimore Sun-Times - 3/25/09
Dr. Boyce discusses the NCAA at Loyola College in Maryland - 3/24/09
By Dr. Boyce Watkins
www.DrBoyceMoney.com
Let’s be clear: This recession has become President Barack Obama’s personal War on Terror. Like the War on Terror, the enemy is evasive, the challenge is global, international cooperation is necessary, and the battle is unlike any other in our nation’s history. Wars are good for political business: when people get scared, politicians get a blank check to fulfill their legislative agenda. After 9/11, President Bush used fear to get the entire nation to sign onto the Patriot Act, and years later, we are wondering if someone is going to tap our cell phones and illegally imprison us for not eating our Freedom Fries. Bad legislation is like an STD: you can pick it up with a snap decision, but you pay the price for the next 20 years.
Click the image to watch the video. In this clip, Dr. Boyce Watkins appears on CNN to say that “Chris Brown is not a monster”.
Dr Boyce Watkins, Finance Professor at Syracuse University, appears in the March issue of Essence Magazine to discuss money and investing in light of the 2009 Financial Crisis.
Dr. Watkins is one of the world’s leading experts in Finance and was the only African American in the world to earn a PhD in Finance during the year 2002. For more information, please visit www.BoyceWatkins.com.
Dr Watkins has been in Essence Magazine many times in the past, particularly due to his popular book, “Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good.”
By Dr. Boyce Watkins
www.DrBoyceMoney.com
In case you weren’t sure, credit card companies are not out to help you. If you are financially illiterate and uninformed, they are going to exploit you. If you are worried about the financial crisis, they are going to prey on your fear to get money out of you. They are also doing exactly what the rest of us are doing: trying to remain protected in a fragile economy.
The stimulus is stymied. The bailout is a failout. The stock market has consistently given a “thumbs down” to every piece of legislation passed in response to this crisis. Our economy is like the sick man who won’t respond to antibiotics. While the results of the latest package are yet to be seen, the truth is that no one is sure what will work. Every company is out to protect their assets and hold on to their cash, which means they no longer have much interest in loaning money to you.
Yes, this is true even if you have a good credit score, which is the ironic part.
Customers are opening their monthly statements to find that credit card companies have started to either ration credit (give less of it) or raise the interest rate being paid on outstanding debt. This doesn’t even count all the dirty tactics used, like using your payments to pay off low interest debt first, quietly getting rid of the grace period or charging interest on your balance from the prior two months vs. the current one. Even when you’ve been making payments on time for years, banks keep raising the bar to maximize shareholder wealth. When liquidity is scarce, those giving out water demand a higher cost per bottle. Additionally, higher default rates have justified the increase in interest rates, but higher interest rates increase the likelihood of default. It’s a nasty cycle, really.
Lawmakers are trying to intervene. Congressional hearings have taken place. Banks are being scolded by senators who keep telling them that this form of business practice is unethical and that they are gouging the American consumer. All this might be true, but what is also true is that you can’t force banks to loan you money. Also, it is very difficult, if not impossible, to legislate a strong economy.
If you have a less than stellar financial history, there is an even greater opportunity for your credit card company to raise your interest rates. If you have defaulted on other loans or are a slow payer in other areas, then they have no problem telling you to pay up or ship out. The days of easy money are long behind us, and companies are dramatically shifting their business practices.
The bottom line is that THEY’VE GOT YOU. They know that you’ve become addicted to the debt they so readily offered in the past, and this debt has become the lifeblood for the lifestyle to which you’ve chosen to become accustomed. They know that they can charge you a higher interest rate because you can’t do anything about it. Like a drug addict who is angry about paying more for his product, you really don’t have any other choice.
Well, maybe you do.
Here is one solution: tighten your economic belt. That means putting together a financial fitness plan today that consists of getting rid of as much debt as possible. I’ve mentioned in prior articles and on our website that paying off debt can be one of the best investments you make with your money. This is especially true if you have a stable job and are paying a high rate of interest to your credit card company.
So, the Dr. Boyce Challenge for this month is simple: Create a budget which includes the steady elimination of credit card debt. That means you should list every single expense you have for the entire month on one piece of paper or a spreadsheet. Don’t leave anything out. Count the money you want to use for getting your hair done, your nails, paying your mortgage, car note, whatever. Count everything. That will be your first step toward obtaining financial fitness.
As you create the budget, allocate at least 10% of your monthly after tax income toward reducing credit card debt. So, if you earn $3,000 per month after taxes,$300 per month should be allocated toward removing credit card debt, not including interest. So, if you owe $5,000 in credit card debt, you can remove this debt in roughly a year and a half. While $300 may seem like a lot of money to find in your budget, it’s there if you look hard enough. In fact, if you spend $10 per day on lunch and/or coffee, you can find the bulk of the money by taking your lunch to work. Make this one of the first bills you pay, not the last. The last bill is the one that only gets paid half the time. It’s easier to negotiate with creditors if you don’t need them so much. Take small steps toward finding your financial freedom.
Next month, we will move to step 2 of the Dr. Boyce Financial Challenge. While I confess that this change won’t be easy, I can promise that it will be worth it in the end. Be strong and remain focused, this is your opportunity to shine.
Dr Boyce Watkins is a Finance Professor at Syracuse University and author of “Financial Lipo 101: From financial fat to fitness”, to be released in April, 2009. For more information, please visit www.DrBoyceMoney.com.
