How Black Racism Tricked Financially Ignorant African-Americans to Direct Deposit Their Money in Flailing Black-Owned Banks

bbanksta Proverbs 14:15 - The simple believeth every word: but the prudent man looketh well to his going. There is no way African-Americans can be economically empowered if our people continue to be ignorant and stupid about how we handle our money. Over and over, I watch African-Americans let everybody come in and hustle their hard-earned money from them when these same African-Americans got bills to pay and most of them are living in a paycheck-to-paycheck situation. And the latest hustle is the so-called black-owned bank propaganda that arisen out of the emotions around police shooting incidents. I feel helpless over the constant uneducated stuff that African-American do financially without any foresight or fortitude to protect the money in their pockets. The majority of African-Americans are struggling financially - cats ain’t rocking funds like they want to portray at the club or church. We are taxed for being black by having higher interest loans, more expensive food and products at retailing establishments in our black communities. Then we got cats keep coming up with hustles and black people keep pulling out their hard-earned money and just give their money away to the damn hustle. I don’t think we can make it brothas and sistas, I’m just being honest. onebank The black-owned bank nonsense going around right now is based on black racism which is also known as black nationalism, just a bunch of ineffectual attitude, talking and no results. But there is a major hustle going on here and this is African-Americans are pretty ignorant and don’t do homework. What is being hustled is the concept of a “black identity” bank that stupid African-Americans are buying into and not realizing a “black-owned” bank has zero to do with a “black identity” bank, what stupid black folks think they are getting out of this black racist hustle. If we go look at our African-American history of black banks, they were basically Boule lending to each other – they took money from regular folks but those loans mostly went to Boule cats. It was a self-serving charade as long as 100 years ago. The truth is the majority of lending to African-Americans was done in a peer-to-peer manner throughout our history. African-Americans would pool their money together and lend it out to someone they all agree on. The home I grew up in Chicago was not mortgaged by a bank, it was property owned by an elder African-American woman that owned properties part of a greater lending club ran by African-American socialites. Do African-Americans understand the purpose of a local bank? The end-goal of a local bank is to promote gentrification, that is their business model. A local bank is to lend money to businesses and underwrite mortgages but the people they lend money to and underwrite mortgages for are people new to the area! It’s like African-Americans don’t even realize this simple fact about local banks! African-Americans don’t even realize they are destroying their own community supporting a local bank, even if that bank is black-owned. In fact, let’s take it a step further – almost every black community that has a black-owned bank, gentrification occurred where the properties are no longer owned by African-Americans. New York, Chicago, Los Angeles, Washington DC, we can keep going and going…name that black-owned bank you talking about and let’s look at the community and you will discover that area has gentrified dramatically as a result of that black-owned bank lending money to outsiders. And we can go the reverse – black communities that do not have black-owned banks are still intact and not gentrified. Black people still own their homes on the West Side of Chicago with deed passed down black generations - no bank involved. Because local banks are in the business to lend out loans and mortgages and most people who live in the community don’t need them, outsiders coming in need loans and mortgages. So essentially, these African-Americans are screwing themselves supporting these black-owned banks. Before we go, let’s use another example outside of the black community – Korean-owned banks. The reason why Korean-owned banks show up is move Koreans in and take over that community. Koreans use their local banks to establish strip malls and mortgage homes in areas that used to be rural whites and gentrify the area for Koreans. That is the role of a local bank – to gentrify the local community. outsource The black-owned bank discussion is shallow and no one can really go into depth of the conversation of black-owned banks and just make up stuff. They will say black-owned banks supposed to lend money to black businesses and that’s it – nothing goes further than that point which explains why African-Americans are financially ignorant. What is really going on is a classic problem of African-American people keep outsourcing our solutions to someone else. President Obama going to save us..the black preacher going to pray for us..FEMA going to help us…IRS tax refund going to pay us...black banks are going to invest in us. Let’s review the workflow once again – we deposit our money into a black-owned bank and the black-owned bank supposed to take our money and lend it to black businesses that will in turn, give us jobs and fund projects benefitting our community. No black-owned bank ever said they would do this, you just hearing jive ass characters not affiliated with the bank saying this is what these banks going to do, lend the money to create black-owned businesses. We keep saying what other people going to do for us instead of us realizing if we want it done right, we have to do it ourselves. samebank Hey, ain’t that the same bank with the Afrocentric Facebook ad above with the blue chick? Because over and over, when we see people out there peddling black racism and black nationalism and it involves us African-Americans doing something with our hard-earned money, we are being hustled. And African-Americans keep allowing themselves to be hustle, taking their money and do something ignorant like claim they putting it in a black-owned bank when there was never any written promise by any black-owned bank stating they will use that money to invest in black-owned businesses. Note: Black people quickly forgot convicted swindler Warren Ballentine pulled this hustle with some black-owned bank in North Carolina..haven't heard anything from that, huh? But this 'put your black dollars into black banks' just keep coming up over and over again, huh? Again, we African-Americans not going to make it as a people in a Post-Obama era if we cannot be smart about our money and keep throwing it on everything except our self-interest and our essentials. The fact anybody says they doing something with their money for a race-based emotional reason is a goddamn idiot. Where you keep your money should be based 100% of the expertise behind that money and the resources they offer you to work your money – this is your damn money, not black money. This is your bills, your food on your table and your roof over your head – black people ain’t going nowhere but you will be personally going down if you personally ain’t got your money right. Proverbs 11:15 - He that is surety for a stranger shall smart for it: and he that hateth suretiship is sure. Solomon stated directly in the bible that you need to be sure about handling your money for you, by you only. You do not put that surety in a stranger and depend on them to do right by your money or investments or assets. No black-owned bank told you they will take your money and invest in black-owned businesses, you made that crap up in your own head. You better learn to be smart about your own money and protect your own money and use your money only to work for your benefit because it is your money, no one else.

27 thoughts on “How Black Racism Tricked Financially Ignorant African-Americans to Direct Deposit Their Money in Flailing Black-Owned Banks

  1. EXECUTIVE SUMMARY:

    IF your (supposed) “Racial Economic Nationalism” is motivated by a reaction to a politically motivated awareness of “White Racist American Police” BUT you are ignorant to the real need for CAPITAL INVESTMENT (see “Dangerous Journeys” [Haiti, Suriname, Congo] just to note the LOST HUMAN PRODUCTIVITY due to the lack of transportation infrastructure…………………..

    THEN all who are watching should note that once the “engineers” stop riling you up and you return to your default state of consciousness – these Black own banks will lose your deposits, these other potential destinations for capital will continue to dwindle – and YOUR DOMESTIC COLONIZER’S FIELD AGENTS will ignore you until he needs your services again.

    1. How is it racist to have Black people economically empower ourselves and get off the tittie of the dominant White society??- Every time we try to get our own and patronize and circulate the Black dollars- There is always a problem!!- Asians look out for Asians, Arabs look out for other Arabs, Latinos look out for other Latinos- But when Black people look out foe THEIR own -Problem!!!

      1. @Tristin

        You did not articulate how banks work or how money work and started blabbling about other races and used the phrase “black dollar” when there is no such thing as a “black dollar”, racializing a USA reserve note.

        And you saying black racism don’t exist after what you posted make you a piece of work…

        Please..entertain us all…explain in detail how these black dollars works and how the black banks will work for black people.. I want to hear this..

    1. There is no such thing as a “black bank” – there are banks chartered by well-off blacks using the phrase “black-owned bank” but there are no so-called “black banks” in the USA.

      We have to be 100% on the topic of money and our people and not be short. A bank not doing mortgages..what are they doing with the deposits? Most likely if a “black-owned” bank not underwriting mortgages which they eventually sell to bigger banks, they lending the deposited money to big institutions for trickle down points and fee-heavy on their accounts. A bank is in business to use deposits in a way to enrich themselves.

      I hope a picture was not being painted about a “black bank” which does not exist and trying to rationalize putting money in an inferior black-owned bank not knowing exactly how the money is used because if they not doing mortgages as a local bank, they are worse, not better.

  2. I swear I hate to admit it, but this is the absolute truth! I have tried to support Black banks over the years, specifically One United. But it all comes down to the fact that they are simply noncompetitive. The only benefit is that you can say you supported a Black bank and you will literally have to pay extra fees for that.
    Recently, I’ve even looked at buying shares in Black banks. That’s even more embarrassing. It’s like these folks are just playing at being financial institutions. My money is just too important to me to play that game.

  3. When I see these Black Trending topics, I know I can come here to read the other side. Keep up the good work Ed

  4. How is it racist to have Black people economically empower ourselves and get off the tittie of the dominant White society??- Every time we try to get our own and patronize and circulate the Black dollars- There is always a problem!!- Asians look out for Asians, Arabs look out for other Arabs, Latinos look out for other Latinos- But when Black people look out foe THEIR own -Problem!!!

    A good friend of mine was the program manager for Agusta Helicopters in Bahrain.He hired a black man for a high level position. The Italians told him “if you do not look out for your people who will?” if the black banks offer the same level of service as the competition we should use them. We might as well try it,not spending with black businesses has hurt us. I remember a black lady who had a great soul food restaurant in Baltimore who was next to a Asian carry out in the mall. Our folks were lined up to buy mediocre fried rice but told her “they do not eat other folks soul food”

  5. you do not have to put in a black bank to do anything but you got to start somewhere. white banks fail and have crappy service too.US Bank comes to mind quick, those sorry mofos.Look at Nations Bank they let a white woman come in with a blank piece paper and take 1 mil out a black man’s account. that bro who won the FLA lottery had that happen to him

    1. Black-owned bank have been failing and shutting down for several years…this race-driven campaign is nothing more than a dead cat bounce.

      Again the arguments are coming up short with no depth on exactly what value these black-owned banks supposed to provide. These black-owned banks been around for generations, let’s keep that fact in mind…

  6. other folks banks have failed and shut down, the FDIC website shows 3-8 banks a year failing/closing. what value do the big banks provide to blacks? i see none. so what do you think should be done?

    1. By saying other banks, you are attempting to distinguish black-owned banks from other banks when they all are banks. The other banks failed the same reason black-owned banks failed. Going back to the point to be smart about money. Failed banks folded into other banks, so have black-owned banks – banks are banks.

      The tactic of begging the question only shows there is no substance. Maybe you want to fill up the comment section thinking more comments is more convincing – doesn’t work like that. Readers of this blog are smarter than that.

      I stated clearly the gentrification factor – why you trying to talk around it is beyond my understanding of what exactly are you trying to convey.

      Because other banks failed is not justification to reach a racialized strategy to manage other people money. The one thing i respect in this discussion is other people money. The factor is the Community Reinvestment Act and I explained clearly how its used for gentrification.

      Black-owned banks are not in the black empowerment equation – black-owned banks have been proven over and over to be a self-serving detriment to the black community.

  7. I agree they should be offering full service, no argument there from me. I will drive out of my way to support black business if they are on point.

    1. I tossed it because it wasn’t worth reading, posting or discussing. Find something real to give a fuck about in the 2nd half of 2016…the time has long past and the ship long sailed containing the bullshit black nationalist crap you wanted to post…

      You obviously had nothing to say about banks and finance, right? So you had nothing important to say..the stuff you tried to post, you just blabbing jive talk…

      You are chomping at the bit while everything else is transforming around your narrow-minded rhetoric you still want to subscribe to….

      You tried to take this blog off course to run your mouth and you are just that..a cat talking with nothing to say…we having a real conversation here..no one cares about a pro-black punk with a mouth full of rhetoric in the second half of 2016. We got serious shit going on bro….

  8. One thing black-owned banks have is automatic qualification to operate as a money service business to keep money in the community.

    One example is Berkshares
    https://en.m.wikipedia.org/wiki/BerkShares

    This is a collaboration with a local bank to process alternative currency and a success model for local fiscalism.

    Black-owned banks could easily create MSB services that move transactions around the community but have not done so because they don’t care. The funny part is black-owned banks would thrive off the transaction fees from MSB over lending.

  9. I really appreciate the argument laid out in this post. Another layer to the issue of banking, black owned or not, is that in addition to the income banks earn from loans and fees, they also make money from stock investments. What’s the use of supporting a business that you “think” is some how going to benefit you and your community if that business invest in other businesses that systematically tear down the community. In my opinion, money is evil but under a capitalist system it’s necessary to survive. Sigh.

  10. Ed, I am not against black nationalism, because the people that you see doing things constructive, on the ground, have varying degrees of nationalism whether they call it that or not alot of times, regardless of the group. I also think there are different types of nationalists just like with any ideology-but some are constructive and some are not. So I am not completely against the transfers of black money to black banks although I think you need to examine the banks you invest in and not put all your money in one place. Then again, it’s probably a good idea to do what I just talked about when you deal with banks-black/non-black anyway.

    Anyway, this point you made here spiked my interest:

    The truth is the majority of lending to African Americans was done in a peer-to-peer manner throughout our history. African Americans would pool their money together and lend it not to someone they all agree on.

    I’m not surprised because a lot of groups have internal financing before or alongside formal financial institutions. I’ve heard of organizations like mutual aid societies providing economic assistance to blacks and a few other institutions like “social and savings clubs”. Are there any others that you know of?Are there any other institutions along similar lines that are specific to the area you are from and if so, how did they work(if you know)? Are there in books published on this. I am “not” trying to put you on the spot, I just feel that knowing how those worked could provide insight into possible solutions today, although the strategy would probably need to be tweaked based on local conditions. Another thing-and again, I am “not” trying to put you on the spot. How did the lending club work?

    1. Yes, there are plenty of books published on this. If you go to the library – here in Atlanta we can look at Auburn Research Library and the Library downtown (both walkable and not far from each other), you will find books on black economics dating back to the 1970s that describe models of what you may be looking for. A lot of black history prior to 2000 did not transfer to the Internet realm. You are not putting me on any spot, you are putting yourself on the spot for not going out and researching this yourself at your public tax-payer funded library system in your community. Check out the public library as there is a wealth of historical information out there written by our people that many people steal and repackage as “knowledge” on the Internet.

  11. I know there are books published on this but I am not in Atlanta- and “I go” to the libraries sir. However, the libraries I have been around often have books that are geared more to a “general audience” instead of “niche ones”. I am not saying the library does not have a wealth of information, but not always in certain areas. Can I let you in on something.Outside of large metro areas, the library sometimes caters to general audiences instead of “specific target groups.”The libraries I go to have limited selections on some topics. I have read some books on this topic but I was just considering that perhaps I overlooked something and with you being informed on this subject since it is an area of focus for you, you may have caught something else I missed. Also, I am acknowledging a possible blind spot so clearly I am not hiding nothing. Either way, I will take your advice about the library. Thanks.

  12. “The black-owned bank nonsense going around right now is based on black racism which is also known as black nationalism.”

    Black racism? Seriously? Black people cannot be racist. The white banks discriminate in lending and charge higher rates on loans due to skin color.

    “The reason why Korean-owned banks show up is move Koreans in and take over that community. Koreans use their local banks to establish strip malls and mortgage homes in areas that used to be rural whites and gentrify the area for Koreans. That is the role of a local bank – to gentrify the local community.”

    So why can’t Black owned banks operate as Koreans one do? Is this not Korean racism or yellow racism and yellow nationalism? Why can black banks not lend money to blacks to establish strip malls and mortgage homes in areas where blacks are and gentrify out whites like the koreans do?

    1. Black people cannot be racist.

      Black people can definitely be racist. Racism is looking at things based on human physical attributes, such as skin-color or eye color. If you trying to aggregate anything (thought, rationale, action) based on human physical attributes, then you operating in a racist fashion. You are confusing “race empowerment/race marginalization” which is a strategic operative versus racism which are thoughts and perception-based. Someone can love the living crap out of black people but still operate in a strategic manner to hold black people back from power and resources, like the Boule or Democratic Party for example. Or someone can work to empower black people to deal with existing systematic “race marginalization” strategies put in place or being manifested.

      So why can’t Black owned banks operate as Koreans one do? Is this not Korean racism or yellow racism and yellow nationalism? Why can black banks not lend money to blacks to establish strip malls and mortgage homes in areas where blacks are and gentrify out whites like the koreans do?

      Because Korean-owned banks operate as a collective and co-operative strategy, such as strategic gentrification. Nigerians do the same thing, but I wondered if you knew this. However, you are generalizing and missing the details here which is important to note with African-Americans. You appear to assume “all Koreans” and that is not true – the Korean merchant class – the Koreans who actually willing to put in real work and build up a Korean community are the ones smart enough to participate in the collective. It’s a lot of sorry ass Koreans and they are left behind in Korea. This is the same with black people worldwide in the African Diaspora – black communities are being setup throughout Asia, Africa and Europe but only the ones willing to take the leap of faith and put in the work will be the ones building up these communities while the rest of black folks can stay here putting direct deposits into a black-owned bank.

      I believe you know the answer and it was explained why black-owned banks not lend money – this is another problem of black racists, they keep trying to reset the conversation to basecamp to avoid progressing further. We already discussed the problem and solution comments above you typing this.

  13. Black owned banks are just praying on black that feel resentment or are just plain racist towards whites. None of these banks are helping the black community, they are just putting money in their pockets while preyingpreying upon uneducated blacks.

  14. I agree black banks aren’t going to offer lower interest rates and approve a black persons loan, mortgage or line of credit just because they’re black. No they’re going to take them through the the same qualifying process a white bank, so they can minimize risk and maximize profit returns!

    I Black Empowerment can be viewed as Racist or Equality, just depends on if the person using it, is using it to become equal or superior to another race.

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