- Robert F Smith said large corporations should use 2% of their income to help minority communities (Forbes)
- Quaker Oats drops racist Aunt Jemima brand (USA Today). J & J will stop selling skin lightening creams (Reuters).
- The history of Black business management (Quartz) — Really good and interesting
- Black history and Bourbon (Forbes) – Recommended
- You Tube accused of discriminating against Black artist (Economic Times of India). – You Tube is accused of racial discrimination by steering ads to different groups and thus cheating Black artists out of ad revenue.
- Chase Bank Chicago made only 8% of all loans in Chicago’s Black Neighborhoods (WBEZ).
- Evanston, Illinois discussed detailed reparations plan including housing policy (Evanston Roundtable) – Evanston is probably further along the reparations path than any municipality in the country.
- Oakland proposes Black owned NFL Franchise (SFGate)
- Google announces $175 Million dollar fund for Black businesses; promises to diversify leadership (CNBC)
- Walter Williams argues Black people hurt themselves by rioting (Creators)
Coronavirus / Paycheck Protection Program
- COVID-19 widens racial wealth gap, hitting Black businesses especially hard (Free Press)
- San Francisco $1.5 million relief fund for Black owned business (San Francisco Business Times)
- Black Businesses struggle during coronavirus. Black banks help. (LA Times)
- Fifty-Eight Percent (58%) of Black Businesses at risk or distressed because of Covid-19 (NY Fed) – Forty nine percent of Hispanic businesses were also at risk or distressed. About 60% of all at risk or distressed businesses said they would use personal funds to survive. Another 45% said they would go into debt, while 30% said they might close or sell.
- St. Louis businesses use GoFundMe to survive (St. Louis American)
Large Company Activities / Corporate Misbehavior
- Lloyds of London apologized for helping slavery (Insurance Journal) — Lloyds insured slaves as “cargo.”
- Quaker Oats drops racist Aunt Jemima brand (USA Today) (MarketWatch)
- Johnson and Johnson will stop selling skin lightening creams (Reuters). – The creams are primarily sold in Asia and the Middle East. P&G, L’Oréal and Unilever also sell the creams.
- Comerica Bank Launches $1 million dollar Black Capital Access Program (Comerica Bank)
- PNC Commits $1B to Support Economic Empowerment for Blacks (Detroit Business)
- PNC to commit $1 billion to programs to end racism and support black communities (Post Gazette)
- Economic justice as a path to healing systemic racism (Technically) – VC firm starts a socially conscious fund.
Black Business / Interesting Businesses Stories
- First Independence Bank (Detroit) reaches 50 years (Free Press)
- Fayetteville highlights Black businesses (ABC11.com)
- Yelp lets business tag themselves as Black Businesses. You can try it by signing into Yelp->Business Information->Known for
- Yelp and MyBlackReceipt promote Black business (Yelp)
- TruGenomix (MEA Magazine) – A Black veteran owned company with a test for PTSD.
- The history of Black business management (Quartz) – Very good.
- Black run PR firm gives discounts to Black Businesses (LA Patch)
- Essence Communications hopes to raise $100 million dollars for social justice (Business Wire). The initiative is called the “Essence Unstoppable Collective”
- A online panel discussion on: “The future of the Black Economy” was captured on Vimeo. They also had a panel on the future of the LatinX economy. (Vimeo) .
- Walker’s Legacy is sponsoring a “Women in Business Digital Summit” (Walker’s legacy)
- Even the solid waste recycling industry issued a statement on police killings (Resource Recycling)
- Chase vows to do better in Chicago (WBEZ).
- Activist was Chase Bank Chicago to pay reparations for mortgage lending discrimination (WBEZ).
- Chase Bank Chicago made only 8% of all loans in Chicago’s Black Neighborhoods (WBEZ). Definitely looks like redlining. They made only 9% in the Chicago’s Latino hoods.
- You Tube accused of discriminating against Black artist (Economic Times of India). Here is the legal brief with details of how the scheme worked (ClassAction.Org). You Tube announced $100 million dollar funds to support Black artists (Variety). – You Tube is accused of racial discrimination by steering ads to different groups and thus cheating Black artists out of ad revenue.
Reparations / Affirmative Action
- Memphis church leaders call for reparations (Commercial Appeal)
- Current state of reparations (Guardian UK)
- California introduces bill to study reparations (AB 3121)
- University of Michigan and other schools affected by anti-affirmative action sentiment (Financial Times)
- LA Mayor directs city agencies to plan for affirmative action (LA Mayor’s Office)
- Little legal basis for corporate reparations (The Conversation)
- How to calculate reparations (The Economist)
- Evanston, Illinois discussed detailed reparations plan including housing policy (Evanston Roundtable)
Straight up Econ
- Whitewashing Capitalism (Common Dreams) – Discrimination and racism are barely taught in economics but they are fundamental to how US capitalism works.
- Economist silence on racism is a 100 year problem (Newsweek)
- Do Black economist matter (Economic Policy Institute)
- Here is a link to the original “41% drop in Black business” paper that is quoted so often in the press. The paper is called “The impact of covid-19 on small business owners.” Here.
- “19 Black economists to know” (Fortune) – Nice roll call of the current top Black economists. Missing, and rightly so, is Roland G Fryer who was accused of sexual harassment.
- Old (Dec 2019): Center for American Progress announces council on closing the Black-White wealth gap. (CAP) – Hamilton, Louis Gates, Cook, Baradaran, Kendi, Logan, Price , Rothstein. Funny, don’t even need first names any more, except Gates.
- Employment in Black and White: Wage differences (The Real Economy Blog)
- Salary History Bans help Black women (BU School of Law)
- How to talk to students about racism (Chronicle of Higher Education) – There is some push back on the internet as to whether people are qualified to teach the subject.
- Texas approve $100 million college scholarship fund for low-income and diverse students (WTAW)
Tech / Apps
- Goalsetter savings app (UrbanGeekz) (Tech Crunch)
- MyBlackReceipt launches app, website and Black Business List (MyBlackReceipt) – They are also are partnering with yelp (Yelp Blog) to spend $5 million with Black businesses. Yelp report a 35 times increase in people searching for Black business.
- MyBlackReceipt also has Black business list. (Black Business List)
- Ending slavery was a libertarian idea (Cato Insititute) – Just checking if you read this far
- Oakland proposes Black owned NFL Franchise (SFGate)
Stock Market / Investing
- There is interest in Black owned or Black oriented stocks. Three Black stocks have increased volatility (Benzinga)
- When venture capitalist try and invest in Black Businesses (Harvard Business Review)
Politics / Government / State and Local
- WalletHub ranks states by economic inequality (WalletHub) – Interesting but little depth. More like a web ad. Criteria is good for scorecard.
- Wisconsin’s economy ranked last on racial equality (Milwaukee Journal Sentinel). Ohio is ranked as one of the worst states for racial economic equality (Columbus Business First)
- Atlanta Fed President Bostic gives views on racial inequality (Bloomberg) – The best discussion of his remarks.
- We have a Moral and Economic Imperative to End Racism (Atlanta Federal Reserve Bank) — Atlanta Fed President Bostic says racism is holding back the economy
- Philadelphia could be the first city with Black stimulus package (WHYY)
- Fed Chariman Powell and other make the case for helping the vulnerable (ThinkAdvisors)