In a speech today, the Federal Reserve chairman Ben S. Bernanke talked about the need to “strike the right balance: to strive for the highest standards of consumer protection without eliminating the beneficial effects of responsible innovation on consumer choice and access to credit.”
Where exactly regulators think that “balance” lies has varied greatly over time. Throughout American history, politicians and their constituents have viewed access to credit as alternatively empowering and exploitative. We can’t seem to decide: Is making credit available to “subprime” borrowers helping them, or taking advantage of their ignorance?
In the 1970s, efforts to deregulate the financial industry began in earnest. Regulators began repealing or amending laws that restricted banks’ activities (such as the rates of interest they could charge on a loan or pay on a bank deposit). With more freedom to tailor their financial products to the risks potential borrowers presented, banks experimented with new credit terms for different types of customers. This led to much greater access to credit across the board.
52 comments:
Is this Dr. Watkins' strategy for success--attack a prominent Black figure, and appeal to readers as the Messiah?
Russell Simmons is a pig, and a "hardcore capitalist" (like Dr. B), but how come when Dr. Watkins is on the verge of doing something big, he always finds a Black celebrity to malign in the White media?
And how is Dr. B making money off this exactly and where did he attack Russell Simmons? If you listen to his interview, he starts it off by saying that he doesn't think Russell Simmons is the devil. It sounds like you're the one getting off on attacking prominent figures.
Make no mistake:
This is a strategy--a means to an end. Dr. B is a staunch opportunist. It's that simple.
Russell Simmons and his enterprises are very destructive to the Black Community. Simmons has built a career on the backs of poor Black people, but he didn't start yesterday. So, why the sudden rush to piggyback of his success, and make a name for yourself, Dr. B?
If you were truly invested in battling corporate America's financial exploitation of the Black Community, you'll start with yourself, sir, as a "hardcore capitalist."
No other economic plan has spelled more destruction for the Black Community than capitalism--and "hardcore capitalism," at that!
If Dr. B is not simply attempting to, once again, posit himself as the poor Black people's Messiah, he would begin writing articles, and appearing in the media, against the notion of capitalism. He would take serious this call to stop pimping the hopes and dreams of Black America, by only coming out of the phone-booth--like Superman--when he's got an opportunistic mission ahead.
Stop playing with the anxieties of Black America, Dr. B. Stop teaching our kids, in your speaking engagements, how to be "hardcore capitalists," like yourself.
Remember this: When you attack Russell Simmons for exploiting poor Blacks, think about the thousands of predatory businesses you inevitably are aligned with, by supporting a financial system like Capitalism!
Wow Dr. B. I see you've got some socialists on the site too. Freedom of speech means he has a right to say whatever he wants, but I would love to see this socialist person's face when he tries to live with Hugo Chavez, where unemployment is out of control and the average wage is almost nothing.
Capitalism is not always bad, it depends on how it is implemented. Anyone who thinks that capitalism is 100% bad obviously does not understand economics.
To the socialist crackhead above me: I love how you're telling Dr. Watkins what he should be speaking about. Why don't you take your stupid ass out in media yourself and speak on these issues if you feel so strongly about them? Stop trying to put words in this man's mouth, he's not your god dam monkey. Unless of course you think of him as your leader and spokesperson. I would love to hear Dr B's opinion on that. Wait, he did give his opinion - his opinion is that you should think for yourself and not believe that he holds the answers you all your god dam problems. So grow a brain and stop telling other people to speak for you!
If I asked Dr. B to speak for me, I'll be a opportunistic-hardcore-capitalist-tabloid-obsessed-Obamamaniac.
Dr. B does not represent me, but he represents many young Black people, who, unfortunately, look up to him for advice. And the advice they get? Well, I've delineated it in my previous posts.
Let me get this straight: To oppose Capitalism automatically defines one as a Socialist? Hmm. Strange. Such thinking is what gives birth to "hardcore capitalists" like Dr. B, George Bush, Sean Hannity, Bill O'Reilly, Sarah Palin, Glenn Beck, Ronald Reagan, and, of course, Barack Obama.
There is nothing wrong with capitalism if it is pursued fairly. And yes, if you are asking him to make comments for you, he is definitely speaking for you. If you care so much about young black people (which it appears that you don't), then you would speak to them yourself. But I guess this means you are admitting that he is more powerful than you are, which is probably correct.
There is nothing wrong with capitalism, and Dr Boyce has admitted that he is a capitalist. The greater concern here is when capitalism gets out of control. I don't read this commentary to state the Russell Simmons hates black people. I read it to say that he could do a better job and be held accountable.
Personally, I am a capitalist too, so I dont' see anything wrong with a finance professor holding corporate america responsible for its behavior. You can hate the player, but you don't have to hate the game. I also don't think that Dr. Boyce is coming off as a hater.
Boyce isn't a capitalist; he is an opportunist. Like one of the earlier posters stated. Boyce's mo die operandi is to crab on a prominent brother or sister. He will state that he loves and respects them and then out come the nails.
Thank you Undercover Brother. I couldn't have put it more eloquently.
However, we have Dr. B. declaring his allegiance with capitalism on at least two occasions:
"Although I tend to be a hardcore capitalist, a part of me misses the activism of the 1960s."
Source: http://drboycespeaks.blogspot.com/2009/01/could-economic-downturn-possibly-be.html
"I am a finance professor and a hardcore capitalist."
Source: http://www.uslaw.com/library/Academic/Juanita_Bynum_Blinged_Pastors_Heaven.php?item=123537
I support Dr Watkins and agree that he has said that he is a hardcore capitalist. And if you ever read his work, you would realize that he argues that capitalism is a tool that can be used for the greater good, but like any powerful tool, it can be used to destroy others. If you don't like capitalism, I challenge you to effectively argue that any other type of financial system has survived and prospered in the world. Capitalism is the reason America is wealthier than other nations, and it's the reasoning behind our prosperity. It is also the reason that China and India have risen economically. While Dr B has spoken in favor of capitalism, he has also argued in favor of ways that African Americans can use capitalism in their pursuit of equality. Socialism, communism and this other stuff ain't gonna do it.
"Capitalism is the reason America is wealthier than other nations, and it's the reasoning behind our prosperity."
It's also the reason why Blacks were enslaved (alongside White Supremacy); why our communities are in shambles; why for every 11 cents a Black family makes, white ones make a dollar; why our median income is 56% that of Whites.
You have capitalism to thank for that. This is why bell hooks, whom Dr. B claims to respect, calls it "White-supremacist capitalist patriarchy." They're one and the same.
And simply because other financial systems haven't thrived as much as capitalism, does not suggest that they are impotent, or regressive. It simply credits the Superpower-status of the U.S., and underlines how it's sanctions have helped stunt the growth of countries which don't buy into the Capitalism myth.
If Dr. B's message to the Black Community is to "empower" them to "use" capitalism in their "pursuit of equality," not only is that laughable, it is criminal.
How can a system of oppression free you from it. If this is the case, then Dr. B is simply explaining himself to be another house-Negro, and handkerchief-head academic, who's out of touch with our reality.
AMEN!!!
Are this Dr. B's disciples? If so, now we know what kind of fruits his philosophical trees bear:
"There is a reason that immigrants have always left their own countries to come to the united states."
Yes: Their country's economy has been reduced to shambles by guess which Super-power's foreign policy, and unregulated economy?
"If America were not capitalist, black people would be both enslaved and very poor."
Black people are not "very poor"????!!!!! Is this the kind of analysis that "hardcore capitalism" encourages?
Well, I thank those two commenters. They just made my day, and made my point.
"OK, the dude above me is making absolutely no sense whatsoever. It is clear that he is not educated."
Wow. And you are showing your education level with your ad hominem attacks.
Thanks Anonymous.
Don't you get it, you fool(s)! This is nothing but a traffic stream for YourBlackWorld.com. It is a technique used to generate buzz for the good doctor's upcoming projects. He did the same last year, with Tavis Smiley.
Dr. B is a pro at making readers think he holds no ill-feeling toward a fellow Black male supporters, but still using that character as a springboard to higher grounds. His mastery of this skill is spell-binding!
As Dr. Watkins has repeatedly said, it's not out of bounds to critique enterprises of Black entrepreneurs. That should be expected and wanted on this and any other site. In my opinion, he make any personal attacks against Russell Simmons but made what he thought was an objective assessment of the RushCard. Having read the article, there are some valid points in his critique, especially his point concerning Mr. Simmons using the term "philanthropist" in his advertisement of the product.
It's unfair and against the commonly accepted rules of debate for those on this thread to put down those who have chosen to agree with Dr. Watkins position, as blindly following him as if we(I happen to agree with him) have no ability to think for ourselves. We have read his argument and have taken his position. Then, those people have given their reasons for agreement, so now it's time for those who feel that his position is flawed to present evidence to the contrary. However, the incoherent and incendiary statements don't contribute any intellectually stimulating ideas to the debate; they tend to show a lack of ability to speak intelligently about a subject.
Also, it would be unfair for those of us who agree with Dr. Watkins position to speak with vile and incongruity to those who don't. We need to allow those who have an opposite view the opportunity to give their argument. Then, we can attempt to see where we can agree on what parts of the issue, and, where we cannot, we'll agree to disagree.
I agree with the last comment about proper debate. I am a fan of Dr. Watkins, but based on what I've read from his work, I do not think that he would have a problem with people who disagree with his point of view. As he said in his article released today "My goal is not to tell you what to think. It is to get you to think for yourself." I disagree with him all the time, but I think that is actually what he wants. You can support someone if you don't agree with him.
"As he said in his article released today 'My goal is not to tell you what to think. It is to get you to think for yourself'."
Ha-ha! Can't believe you fell for that trick. So easy. This is a classic case of bait-and-switch--doing one thing, while claiming otherwise. Dr. B has mastered this skill!!!
Think about it: It's eerily similar to Dr. B's idol, Barack Obama, who, during the course of the campaign, asked his supporters to "hold him accountable." But, when they have tried to, these last 91 days, we've seen his reaction. If you need sources/examples, I'll liberally provide them!
I know Dr Watkins personally from taking his class. He is a very sincere person. If he is speaking on Russell Simmons and has concerns about his card, we should listen to him.
Russell Simmons needs to be held accountable by black leaders to make sure he is doing the right thing. That is what appears to be happening now.
"Russell Simmons needs to be held accountable by black leaders to make sure he is doing the right thing."
Sure. I couldn't agree with you more. But Dr. B isn't "holding him accountable." All the good Doctor is doing is soliciting some traffic for his website: YourBlackWorld.com. All he's doing, is inserting himself into a controversy, to inflate his ego and celebrity.
There is no controversy for Dr. Watkins to insert himself into. He's getting enough traffic to his website from people who want to have intellectually stimulating conversations. Why are so many people engaging in cynical and pessimistic thinking and not trying to be productive posters to the debate?
One person has claimed that in 91 days President Obama has not been willing for people to hold him accountable, as he insisted when he was elected. That person said he could "liberally provide" sources/examples of his reactions to not wanting to be questioned or held accountable by the public. We now call on you to provide those sources, not opinions, to support your statement.
Henry I think the cynicism is coming from one guy. I follow Dr. Watkins blog and I notice that whenever he puts up an article, the first comment is always negative. It looks like he's got a groupie or something! LOL.
"He's getting enough traffic to his website from people who want to have intellectually stimulating conversations."
You mean the Lady-Drama and tabloid stuff is "intellectually stimulating"????!!!!!!
Where's your proof of Obama not wanting to be held accountable? If you're that disinterested, why do you continue to post or pay attention to the blog, or are you the groupie reference in the post above:o)?
You're certainly not adding any positive discussion to the debate. Is that because of the lack of suitable material? If so, why don't you enlighten the uninformed, as we must be? Show us that our opinion that you are a skeptical, pessimistic, and negative person is well off base.
If you watch the video on Your Black World, Dr. Watkins clearly states that there is no one way to be black. He allows for intellectual discussions, entertainment, politics, women's issues, education, sports and everything else. This is not a site just for scholars or professionals. It is a site for african americans.
I agree about the heckler. He seems to have some kind of love fest against Dr Boyce or something, since that motherfucker be on the site all the time. But as it says at the top of his site "If you have no critics, then you have no success". So, the heckler is a sign of our success in the black cause.
"We now call on you to provide those sources, not opinions, to support your statement."
Well, fools, here you go (If you need more, don't hesitate to ask):
http://www.salon.com/opinion/greenwald/2009/04/13/obama/index.html
http://www.washingtontimes.com/news/2009/feb/10/obama-snubs-black-press-shakes-up-seating-routines/
http://www.alternet.org/waroniraq/133289/obama_to_bring_more_mercenaries_to_afghanistan_--_sound_familiar/
http://www.democracynow.org/2009/1/7/obama_nominee_admiral_dennis_blair_aided
http://www.worldcantwait.net/index.php?option=com_content&view=article&id=5340:obamas-privatizing-agenda-for-education&catid=129:obama-watch&Itemid=305
http://www.wsws.org/articles/2009/apr2009/pers-a16.shtml
http://www.counterpunch.org/floyd04102009.html
http://www.timesonline.co.uk/tol/news/world/us_and_americas/article5575883.ece
http://www.opednews.com/articles/Obama-Economic-Program-Inc-by-Richard-C-Cook-090323-707.html
http://www.huffingtonpost.com/2009/04/14/obama-team-tells-jewish-l_n_186874.html
Excellent post Big Earl. I didn't realize the quote about critics was there. The heckler makes the site a success. Thanks heckler (LOL). Why don't you get a handle to use?
Here's a suggested handle for the hekler: HAM: Hatin Ass Mufucka. LOL. So, from now on, I am going to refer to him as HAM.
Yup! Just as I thought. Now that proof has been provided, the fools, the Boyce-jockers, the Obamamaniacs can't handle it!!!
I'm confused. One article from the Huffington Post talks about Obama and his administration reluctance about attending the racism conference being held by the UN in Geneva because of Anti-Semitic statement in the final draft of the statement. The other article talks about Obama strongly encouraging the banks to loosen the credit markets so that middle class borrowers can start getting capital for things like cars, appliances, etc. Commodities that will get the economy moving again.
Now, there are strong opinions on both sides concerning the reasoning of the administration for not attending the conference, but President Obama has worked openly since taking office, actually before, to get language that suited the US well enough for them to attend. How is that fighting against being held accountable? He has been more than open about this issue, even though I didn't personally agree with the decision. The previous administration didn't even give the UN a second thought on this issue and never said why they wasn't.
Every economist says that the credit markets being tighten as they are is causing the economy to be slow in its recovery, because consumers are having difficulty getting access to capital. Thus, this keeps people from being able to buy cars; small businesses from expanding and, in some cases, make payroll; and, general movement of money through the system for economic growth to start up again. Once again, what does this have to do with Obama and accountability? He is in the forefront in trying to get capital into the marketplace and into consumers and small businesses hands. Have you been drinking tonight, or are you just wanting to argue for the sake of arguing?
Thsquare, I think that Obama, whether he likes it or not, is being held accountable by alot of people. They are attacking him on every front, but many of the attacks are unfair, especially the ones coming from the Republicans. Many of the things they are attacking Obama for, like overspending, are the same things that they were letting bush get away with the past 8 years.
We won't know the effects of Obama's policies for another year or two. Any heavy criticism at this point is just politically based. But there are some economists going to Washington right now to argue that saving these banks is not a good idea. I actually agree, since our national debt is way too high.
Big Earl,
The HAM was positing that Obama didn't let people hold him accountable, and I had challenged him to prove his statement that he had many examples to show.
I think he is being held accountable by legitimate and illegitimate sources, but my argument to the HAM is that gladly accepts the challenge and responds with details for his actions.
I think that the HAM's comments should be ignored. I don't think he's said one positive thing ever any time he's ever been on this blog. I would argue with the HAM and break down his feeble points, but I stopped eating pork a long time ago! LOL
Lauryn Hill got it right: "Ya'll can't handle the truth in a courtroom of lies."
Damn Thsquare, that's some funny shit. It looks like the HAM is just a HAM sandwich. Maybe he is giving up, I hope so.
If a guest walked right into this blog-site, what might his/her reaction be?
Two Black men slobbing over each other, for composing the phrase: "Hatin Ass Mufucka."
Wow, you have truly done Dr. B proud.
And while you're at it, lets see what other nicknames you can concoct, on your Ritalin high.
I happen to like the nickname jiggacoon myself. It gives bigotry that hip-hop appeal.
Awwwww, it looks like the HAM is mad!
Dr. Boyce why do you allow all these ignorant people on your blog?
I don't think Dr. Boyce can control who gets on his blog. He also says that there is no one way to be black. So, I am guessing he doesn't care what people are saying one way or the other.
HAM,
You are an ignorant, unintelligent, foolish, (all of those things you call Big Earl) person. We're on this post attempting to discuss ideas and positions, but you want to throw flames. Hopefully, you know what that term means. As with most flamers (now, I'm not calling you gay:o)), you have completely left the subject matter of the article, but have gone off on your selfish rants. Why do we have to be party to your infantile manners?
There are a lot of sad and disgusting people in the world. I'm sure there are blogs and social places for people like yourself. Why don't you go where there are like-minded people such as you, so you can be happy? Seeing that you have poor social skills, you probably are a recluse or a woman less single man who's mad with the world for his shortcomings with the opposite sex, but taking that out on humanity is unfair. So, you troll the Internet to find where you can cause chaos and mayhem. There are people who talk about ideas; there are people who talk about events; and, there are people who talk about others. You fit into the latter. Your lack of social skills appall most intelligent people. Please take the following quote to heart:
"It is better to be silent and thought of as a fool, than to open your mouth (in this case, type on your keyboard) and remove all doubt"
Author Unknown
Damn Th - you called this mfucka flaming! Now that's funny. Maybe we should call him the "Hot Buttered HAM", that would help him sell a little more on the street corner.
Hot Buttered Glazed HAM, now that's funny!
Now we need to get back to talking about ideas or the next topic. Hot Buttered Glazed HAM is yesterday's failed human being. Let him go into the Internet cloud.
Anyway, onto other topics. I am sure the HAM sandwich will always have something to say. Actually, he is good for the blog, since it wouldn't be good to have everybody here saying good things.
We're on to positive things HAM. Let's see if you can reciprocate. Let me know if you need help with the meaning of "reciprocate".
Oh, I see Sponge Bob Square Pants and Girl Earl are back at it (back at each other), again. Just remember guys: There are some things, in this world, that should only be reserved for the bedroom.
I don't think the HAM is listening. I think that hatin is in his blood. Has he ever said anything positive to anyone about anything on this blog?
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