Latest / Money And Wealth With John Hope Bryant / Bad Capitalism: The Economics of American Slavery

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Bad Capitalism: The Economics of American Slavery · Money And Wealth With John Hope Bryant

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  Speaker 1: Speaks to the Plannet.
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  Speaker 1: Welcome The Money and Wealth with John O'Bryant, a production
• 0:49
  Speaker 1: of the Black Effect Podcast Network and iHeartRadio. Hey, this
• 1:00
  Speaker 1: is John O'Briant and this is the Money and Wealth
• 1:03
  Speaker 1: Podcast series, Season two. I'm John O'Brien, entrepreneur, and as
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  Speaker 1: my t shirt says, built by Failure, I'm an entrepreneur
• 1:12
  Speaker 1: and a builder of businesses and hopefully a contributor in
• 1:15
  Speaker 1: a building and a Build review. This is a unique
• 1:20
  Speaker 1: episode in this series, and I need to ask your
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  Speaker 1: assistance what do I mean by that. I'm going to
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  Speaker 1: get into a deep topic, the economics of American slavery,
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  Speaker 1: bad capitalism by the numbers. I tell everybody I'm a capitalist, right,
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  Speaker 1: black capitalist matter. I'm the people's capitalists. Some people on
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  Speaker 1: Wall Street and in corporate America con consider me or
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  Speaker 1: they've called me a conscious on capitalism, which I consider
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  Speaker 1: a great compliment. But there's good capitalism and there's bad capitalism.
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  Speaker 1: And I try to teach you good capitalism in my
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  Speaker 1: book Financial Literacy for All, which is now technically a
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  Speaker 1: factually a bestseller for one year, number one bestseller in
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  Speaker 1: business finance. I guess maybe the first time in Africa,
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  Speaker 1: American has ever been a number one bestseller in business
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  Speaker 1: finance for a full year in America. But that book
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  Speaker 1: is now in the record books, and this podcast and
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  Speaker 1: the work of Operation Hope, I'm trying to teach you
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  Speaker 1: how this game works, and I'm trying to teach you
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  Speaker 1: the basics that the tenants the framework for good capitalism,
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  Speaker 1: and the good capitalism is where I benefit and you
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  Speaker 1: benefit more. Bad capitalism is where I benefit and you
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  Speaker 1: pay a price for it. Slavery is an example of
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  Speaker 1: bad capitalism. Pimpin and prostitution is an example of bad capitalism.
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  Speaker 1: Robin and murder and Mayhem are examples of bad capitalism.
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  Speaker 1: We can go on and on and on about examples
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  Speaker 1: of you know, folks, separating you from your wallet in
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  Speaker 1: Wall Street during the mortgage crisis was an example of
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  Speaker 1: bad capitalism, whether it's Main Street or your street. I
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  Speaker 1: can give you many examples of bad capitalism. I want
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  Speaker 1: you to do me a favor on this particular example,
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  Speaker 1: and that is to not get emotional. I need you
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  Speaker 1: to not get angry. I need you to not act
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  Speaker 1: on what I'm saying. It's important that we heal as
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  Speaker 1: a nation. One of my books I'm going to write
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  Speaker 1: my next book, it's probably gonna be inclusive capitalism. Inclusive economics,
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  Speaker 1: which i've sort of is a framework I've sort of
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  Speaker 1: helped a pioneer in the country and the next book
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  Speaker 1: will be The Bridging of an Unhealed America. One of
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  Speaker 1: the ways I live is to talk without being offensive,
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  Speaker 1: to listen without being defensive, and to leave all and
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  Speaker 1: always to leave even your adversary with their dignity, because
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  Speaker 1: if you don't, they'll spend the rest of their life
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  Speaker 1: working to make you miserable. It becomes personal. And one
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  Speaker 1: of the problems with this country is we've never healed
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  Speaker 1: from our pain, from our trauma. Ever, those who perpetrated
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  Speaker 1: against us never healed, and those who were the victims
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  Speaker 1: certainly have never healed. That's why I think there's rampant
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  Speaker 1: undiagnosed depression that affects self esteem. But in order for
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  Speaker 1: me to unpack this and for you to understand how
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  Speaker 1: the system works, and how to thus take the mystery
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  Speaker 1: out of why you may or may not be successful
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  Speaker 1: and as a group, why people have not been successful,
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  Speaker 1: and as a country, why this country has been both
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  Speaker 1: successful and unsuccessful, and what it takes for us to
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  Speaker 1: then be successful in the future, which is really what
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  Speaker 1: this is about, which is a new framework for how
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  Speaker 1: we go forward. I've ridden business plans for America. I've
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  Speaker 1: tied it to doctor King's fifty seventh anniversary memorial of
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  Speaker 1: his assassination April fourth, at nineteen sixty eight. That date
• 4:57
  Speaker 1: is when he was assassinated at six pm Central time.
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  Speaker 1: We have an event called Dream Forward with Doctor Bernie's
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  Speaker 1: King and Ambassador Young, myself and Mayor Memphis Mayor Paul Young,
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  Speaker 1: framing the future with Republicans and Democrats and blacks and
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  Speaker 1: whites and rich and poor, insertive and liberal and rural
• 5:15
  Speaker 1: and urban people working together. So this is not a
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  Speaker 1: blame game people who are a lot. As a friend
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  Speaker 1: of mine told me, it's actually told Ambassador Young, I
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  Speaker 1: was with him. It's not your fault that I that
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  Speaker 1: I was born white and I may have a history
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  Speaker 1: in my family of you know, of slave ownership. That's
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  Speaker 1: not my fault. It's not your fault that you're born
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  Speaker 1: black and born you know, poor, whatever or whatever your
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  Speaker 1: situation is. In other words, but it's our responsibility now
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  Speaker 1: to heal the bridge to each other to figure out
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  Speaker 1: how we go forward together. Okay, enough of the speeches.
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  Speaker 1: Let me get into why you're in this podcast. So
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  Speaker 1: it's very important to me that you don't leave this
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  Speaker 1: podcast and start your fists in the air. And all
• 6:01
  Speaker 1: this kind of stuff and being angry. What every decision
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  Speaker 1: you make emotionally is going to be a bad decision, right,
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  Speaker 1: So I want you to be I want you to
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  Speaker 1: be to this to give you peace. I want to
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  Speaker 1: I want this to give you solace. I want this
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  Speaker 1: to give you understanding of how you got here. Okay,
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  Speaker 1: there's nothing wrong with you. You're not dumb and you're
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  Speaker 1: not stupid. It is what you don't know that you
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  Speaker 1: don't know that's killing you. But you think you know
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  Speaker 1: that's the worst situation. And you've been bambooso that Malcolm
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  Speaker 1: X says, you've been bamboozled, you've been tricked, you've been fooled,
• 6:32
  Speaker 1: you've been hoodwinked. And so, whether you're black and brown,
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  Speaker 1: or you're after American specifically, and you are listening to
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  Speaker 1: this or watching this and you now know what happened
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  Speaker 1: to you, or whether you're white listening or watching this
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  Speaker 1: and now understand what happened through you or as a
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  Speaker 1: result of your descendants. Uh, I don't want you feel
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  Speaker 1: in a certain kind of way. I'm not trying a
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  Speaker 1: guilt trip here, that's not the point. And I certainly
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  Speaker 1: don't want people to go on a rant about stuff
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  Speaker 1: they cannot control. One of the things that I cover
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  Speaker 1: in the Business Plan for America, specifically the African American Plan,
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  Speaker 1: that even if you got what you wanted, even if
• 7:15
  Speaker 1: you got what you want, you may not want what
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  Speaker 1: you got. Again, I'm not going to get into that
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  Speaker 1: right now, do that in a separate podcast. But Black
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  Speaker 1: people have been reliant upon the government for way too long.
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  Speaker 1: I mean, it was required, it was a necessary situation
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  Speaker 1: after the Slavery. Clearly, it was necessary during the Civil
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  Speaker 1: rights movement, reconstruction in the civil rights movement. Clearly we
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  Speaker 1: needed the right to vote, you needed the right for access.
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  Speaker 1: It was separate and unequal facilities. It was literally a
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  Speaker 1: white water fountain and a black water founain. This is
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  Speaker 1: you know, in our lifetime and our parents' lifetime, and
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  Speaker 1: so you needed the government for that, and for some
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  Speaker 1: time after that, you needed the government firmative action, which
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  Speaker 1: ultimately benefited white women by the way, all good, but
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  Speaker 1: it was designed for black So that was the set DCE. Okay,
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  Speaker 1: but we've probably overstayed our welcome. As with the government
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  Speaker 1: is the primary funder of our lives. And even as
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  Speaker 1: you'll see in the graphic issue in the Business Plan
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  Speaker 1: for America, even to the government does everything in its power,
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  Speaker 1: even if it decided to be benevolent, and even if
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  Speaker 1: it decided to give you, you know, support of all kinds,
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  Speaker 1: including welfare, maybe established reparations, whatever. That's only equal to
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  Speaker 1: is estimated between three hundred billion and six hundred billion dollars.
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  Speaker 1: And if you unleashed the free enterprise system, which I
• 8:30
  Speaker 1: keep talking about, raising credit scores alone is worth seven
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  Speaker 1: hundred and fifty billion dollars. Hello, one hundred and fifty
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  Speaker 1: billion more than the government's assistance, and home ownership is
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  Speaker 1: worth eight hundred billion. And buying some of these businesses
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  Speaker 1: that are transferring from baby boomers that are profitable's worth
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  Speaker 1: a trillion. And that has even got to the power
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  Speaker 1: of artificial intelligence, which is worth another almost trillion. So
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  Speaker 1: let's focus on how we repair the breach in our lifetime,
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  Speaker 1: do what we can to move forward. But let's start
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  Speaker 1: with the history and understand the numbers. So if you
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  Speaker 1: are watching, listening, or watching this with family and friends,
• 9:08
  Speaker 1: you want somebody to go back and listen to that,
• 9:10
  Speaker 1: You want to go back and listen to it again.
• 9:12
  Speaker 1: You're a limited time, or you want other friends to
• 9:14
  Speaker 1: watch or listen to this either through the podcast, and
• 9:17
  Speaker 1: I encourage all your friends to subscribe to this podcast.
• 9:20
  Speaker 1: Is when as one of the top five percent podcasts.
• 9:22
  Speaker 1: By the way, in the country. I'm now told not
• 9:25
  Speaker 1: it just a diehard or black effect in the country,
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  Speaker 1: which is fantastic. Thank you. You can go to minute nine.
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  Speaker 1: Okay if you want them to, just cut to the chase. Okay,
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  Speaker 1: So here's the numbers. Me start with the numbers. Then
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  Speaker 1: I'm gonna give you I'm gonna unpack the history. So
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  Speaker 1: number number one, there are eight numbers you should know.
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  Speaker 1: Forty two trillion. This is the estimated value of stolen
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  Speaker 1: labor from enslaved Africans in today's dollars. Enslaved Africans contributed
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  Speaker 1: more than two hundred and twenty two million hours of
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  Speaker 1: forced labor over centuries. Modern economists estimate the economic value
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  Speaker 1: at forty two trillion dollars, showcasing the generational theft of wealth.
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  Speaker 1: Now there's no emotions when I just said, I'm just
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  Speaker 1: giving you the numbers. Right. I like math because it
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  Speaker 1: doesn't have an opinion. Okay, number two four million. Here's
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  Speaker 1: a second number. You should know the number of enslaved
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  Speaker 1: people in the United States by eighteen sixty. This included
• 10:31
  Speaker 1: my grand my second great grandmother, and my second great grandfather,
• 10:37
  Speaker 1: who I might unpack their stories in the course of
• 10:39
  Speaker 1: this podcast. Mary Scott, my second great grandmother, Well to
• 10:43
  Speaker 1: start with the elders, and George Young born in the
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  Speaker 1: eighteen thirties, who was enslaved. My second great grandfather on
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  Speaker 1: my dad's side, Johnny will Smith, who ultimately became one
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  Speaker 1: of the seven thousand officers in Abraham Lincoln's Black groups,
• 11:00
  Speaker 1: amongst his black troops that were fighting for a liberation
• 11:03
  Speaker 1: tied to the Emancipation Proclamation, which was behind enemy lines.
• 11:08
  Speaker 1: So that's where I got my freedom fighting bones from.
• 11:11
  Speaker 1: I guess my social justice bones from. And this is
• 11:14
  Speaker 1: on my dad's side. And so George Young was a
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  Speaker 1: freedom fighter and then my grandfather RB Smith. I put
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  Speaker 1: this in my book. I believe the memo or from nothing.
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  Speaker 1: He was a sharecropper. My dad was a business owner,
• 11:28
  Speaker 1: and I'm an entrepreneur. On my mother's side, Mary Scott,
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  Speaker 1: my second great grandmother on my mother's side, when Nita
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  Speaker 1: Smith got rest their souls, my mama and my dad,
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  Speaker 1: Mary Scott was born in the eighteen forties. She was
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  Speaker 1: also enslaved. She was in Mississippi. I think yeah. George
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  Speaker 1: was also in Mississippi also, but he served in the military
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  Speaker 1: and Memphis and the sea protecting Memphis, same city where
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  Speaker 1: doctor King was asassinated by the way, and with Mary Scott.
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  Speaker 1: She was born into slavery and in her later elderly
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  Speaker 1: years in them which before she passed on the glory,
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  Speaker 1: she had owned a home actually scape, of course, escaped
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  Speaker 1: slavery and ultimately own a home, had a border, a
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  Speaker 1: renter who lived with her, and she had a home
• 12:12
  Speaker 1: with no mortgage on. It isn't that interesting? And to
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  Speaker 1: fast forward that story, my grandmother had a shotgun shock
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  Speaker 1: Vester Murray, Vester Murray and East Saint Louis. My mother
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  Speaker 1: ended up buying and selling seven homes, and I ended
• 12:30
  Speaker 1: up owning seven hundred homes, becoming the largest owner of
• 12:37
  Speaker 1: single foller rental homes in America by a person who
• 12:40
  Speaker 1: happened to be a minority. Not that transition. So if
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  Speaker 1: I can do it up from nothing, you can do it.
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  Speaker 1: Four million is the number two number is the number
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  Speaker 1: of enslaved people in the US by eighteen sixty, is
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  Speaker 1: represented nearly thirteen percent of the total population in eighteen sixty,
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  Speaker 1: worth more in total value than all the factories in
• 13:12
  Speaker 1: railroads in America at the time. Think about that number.
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  Speaker 1: Three three billion. This is the total market value of
• 13:21
  Speaker 1: enslaved people in eighteen sixty dollars, equivalent to over one
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  Speaker 1: hundred billion in today's money. Human beings were the single
• 13:30
  Speaker 1: largest financial asset in the US before the Civil War. Again,
• 13:34
  Speaker 1: I'm going to get into this here in a minute,
• 13:37
  Speaker 1: but these numbers are absolutely clarifying, of course as shocking,
• 13:42
  Speaker 1: but this is real like this, there's no flavor put
• 13:45
  Speaker 1: on this. This is just the facts. Human beings were
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  Speaker 1: the single largest financial asset in the US before the
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  Speaker 1: Civil War, specifically African human beings. I'm gonna tell you why.
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  Speaker 1: It's not for the reasons that you may think it was.
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  Speaker 1: Isn't cruelty or or somebody had had had had animus
• 14:04
  Speaker 1: against you, they hated black people, had nothing to do
• 14:07
  Speaker 1: with that. In fact, and I may do this in
• 14:10
  Speaker 1: a separate podcast, I run out of time. I think
• 14:12
  Speaker 1: on this one. The word white is a made up word.
• 14:16
  Speaker 1: The racial word white is a made up word. That's right,
• 14:21
  Speaker 1: that black and whites were both indigenous servants, poor blacks
• 14:25
  Speaker 1: and whites and got along together. So and this concept
• 14:32
  Speaker 1: of black people being dumb and stupid, I'm going to
• 14:37
  Speaker 1: unpack that in this podcast today. That's also incorrect. In fact,
• 14:43
  Speaker 1: it is the opposite is true. So enslave people, black
• 14:48
  Speaker 1: and slave people, because white and digous digit servants were
• 14:51
  Speaker 1: ultimately released from their bondage. We're the biggest asset in
• 14:55
  Speaker 1: American history before the Civil War. The fourth number you
• 14:59
  Speaker 1: should know is sixty percent U sixty percent of all
• 15:03
  Speaker 1: US exports. This is the percentage of US exports generated
• 15:06
  Speaker 1: by cotton. In eighteen sixty, cotton was called King cotton
• 15:12
  Speaker 1: for a reason. Slavery powered cotton production was the backbone
• 15:17
  Speaker 1: of the US economy. The global textile industry depended heavily
• 15:22
  Speaker 1: on American cotton grown by enslave labor. In fact, one
• 15:26
  Speaker 1: of the first millionaires in America was a financier in
• 15:33
  Speaker 1: the import export business in New York City. So way
• 15:37
  Speaker 1: a long ways from cotton from cotton picking fields right
• 15:40
  Speaker 1: in the South, but he was part of the chain
• 15:43
  Speaker 1: of economic activity that got this stuff converted and transported
• 15:49
  Speaker 1: in finance, then transported to foreign courts, and he became
• 15:53
  Speaker 1: a millionaire as a result of that activity. Wasn't the
• 15:56
  Speaker 1: first millionaire, but it was one of the first. And
• 15:59
  Speaker 1: he again is a result of King Cotton zero, the
• 16:03
  Speaker 1: result of slavery number five, two hundred and fifty years.
• 16:09
  Speaker 1: This is the length of time that slavery existed in
• 16:11
  Speaker 1: America from sixteen nineteen Jamestown, Virginia in eighteen sixty five.
• 16:16
  Speaker 1: The Freedman's Bank, which I love to reference as you
• 16:20
  Speaker 1: buy or may and may I know I'm responsible me
• 16:22
  Speaker 1: and operational responsible for the renaming inspiring the renaming of
• 16:25
  Speaker 1: the Freedman's Bank building at the Treasury Annets in Washington,
• 16:28
  Speaker 1: d c. Across from the White House, where I was
• 16:31
  Speaker 1: at the Noahs at the White House, at the tresident
• 16:33
  Speaker 1: the Treasury Department this week meeting with the Secretary of
• 16:35
  Speaker 1: the Treasury. It Scott Besset. I want to say Bessett
• 16:38
  Speaker 1: because it's French, but it's Gott Bessett, that's what he
• 16:41
  Speaker 1: says it. And actually Secretary the Treasury and I got
• 16:44
  Speaker 1: to work on financial literacy issues together, so we found
• 16:47
  Speaker 1: some common ground. And so that building is across the street.
• 16:50
  Speaker 1: He's a good man I've known him for a decade,
• 16:53
  Speaker 1: and so I think I can work with him on
• 16:54
  Speaker 1: this topic on a bipartisan basis. Across the street is
• 16:58
  Speaker 1: a Freeman's Bank building that was charted in eighteen sixty five.
• 17:02
  Speaker 1: Frederick Douglas tried to run it. It's another story for
• 17:05
  Speaker 1: the other time. So that's ten generations length of flavor,
• 17:09
  Speaker 1: eighteen sixty nineteen eighty sixty five. Right, that's ten generations
• 17:14
  Speaker 1: a people born, lived and died in bondage. Ten generations
• 17:19
  Speaker 1: without pay rights or economic opportunity. Now you're starting to
• 17:23
  Speaker 1: see why I gave it a preamble. Don't get upset
• 17:26
  Speaker 1: when you're listening to this podcast. I want you to
• 17:28
  Speaker 1: be educated. Step over mess and not in it. Don't
• 17:31
  Speaker 1: rearrange the deck chairs and the Titanic. Don't rearrange the
• 17:35
  Speaker 1: Titanic and the ship is sinking. Right, you're picking drapes, right.
• 17:37
  Speaker 1: I want you to. I want you to. I want
• 17:39
  Speaker 1: you to win the war and not just the battle.
• 17:42
  Speaker 1: Don't get angry, get even right, win succeed Number number
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  Speaker 1: six zero. These are the wages paid to enslave people
• 17:52
  Speaker 1: while landowners accumulate inter generational wealth. Black families accumulated generational debt, exclusion,
• 17:59
  Speaker 1: and of course Trump and I keep saying that I
• 18:01
  Speaker 1: think that today African Americans are traumatized. I think that
• 18:04
  Speaker 1: we have generational low self esteem, generational depression. It just
• 18:09
  Speaker 1: like seeps into our situation. Is different from African Caribbeans
• 18:12
  Speaker 1: and African Africans, is a different vibe. Like African Americans
• 18:16
  Speaker 1: have high This is my I observe life. I'm very nosy.
• 18:19
  Speaker 1: I observe life, and I've learned that deserve that. African
• 18:21
  Speaker 1: Americans have very high confidence because they're incredibly competent. They
• 18:27
  Speaker 1: master the game of arts, master, the game of sports, mastered,
• 18:30
  Speaker 1: the game of public policy, master, the game of church,
• 18:33
  Speaker 1: which was the first real leaders in the Black community
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  Speaker 1: in spite of all this slavery and all this other stuff.
• 18:39
  Speaker 1: They were incredibly confident because we're incredibly competent. If you're
• 18:44
  Speaker 1: black in America, you'll be twice as smart, twice as intelligent,
• 18:47
  Speaker 1: twice as well, address gipt twice as early, see twice
• 18:49
  Speaker 1: as late, be twice as good at whatever your job is,
• 18:51
  Speaker 1: or you won't have it. But we have low self
• 18:55
  Speaker 1: esteem because if I don't like me, I'm not gonna
• 18:57
  Speaker 1: like you, but I don't feel good about me. I'm
• 18:59
  Speaker 1: not going to feel good about you. Don't respect me,
• 19:00
  Speaker 1: don't expect me or respect you. If I don't love me,
• 19:02
  Speaker 1: I don't have a clue how to love you. And
• 19:04
  Speaker 1: if I don't have a purpose in my life, I'll
• 19:05
  Speaker 1: make your life a living hell. Whatever goes around comes around.
• 19:08
  Speaker 1: There's a difference between being broken being poor. Being broken
• 19:11
  Speaker 1: is economic. Being poor is a disabling frame of mind,
• 19:14
  Speaker 1: a depressed condition of our spirit, and we must vow
• 19:17
  Speaker 1: never ever ever to be poor again. But I think
• 19:20
  Speaker 1: that this experience beat the self esteem out of us
• 19:22
  Speaker 1: because they had to have us to sort of cooperate,
• 19:27
  Speaker 1: so they didn't want a bunch of folks, you know,
• 19:29
  Speaker 1: you know, rolling around with high confidence and talking back
• 19:32
  Speaker 1: and all that stuff that didn't work, so they had
• 19:34
  Speaker 1: to beat the self steam out of us. I'm going
• 19:36
  Speaker 1: to get into how that happened. At the moment I
• 19:39
  Speaker 1: might get into it. I need to get out of
• 19:41
  Speaker 1: these numbers and get into the story because I get
• 19:44
  Speaker 1: so wrapped up in this. The forty five minutes can
• 19:46
  Speaker 1: go like that, and I want to get you get
• 19:48
  Speaker 1: this lesson in your head so you can tell me
• 19:51
  Speaker 1: in comments when I as you're listening to this, whether
• 19:54
  Speaker 1: there's something you want me to go deeper in, and
• 19:55
  Speaker 1: I'll I'll do a part too, and i will go deeper.
• 19:58
  Speaker 1: But I'm trying to give you the high notes here.
• 20:01
  Speaker 1: And that is a very important distinction that Black Americans
• 20:06
  Speaker 1: have tend to have. There's exceptions every rule, but high
• 20:09
  Speaker 1: self esteem so or high confidence and lower levels of
• 20:12
  Speaker 1: self esteem. And Africans from Africa recent arrivals, arrivals in
• 20:19
  Speaker 1: this country, immigrants and African Caribbeans tend to have higher
• 20:24
  Speaker 1: levels of self esteem. They have intac families. They see
• 20:27
  Speaker 1: you know, lawyers, doctors, bankers, prime ministers, robbers, criminals, everybody
• 20:32
  Speaker 1: looks black for where they came from, and there was resents.
• 20:35
  Speaker 1: They have intact families. So they have higher self esteem
• 20:39
  Speaker 1: but lower levels of confidence because they didn't succeed in
• 20:42
  Speaker 1: the market. One of the biggest market economies in the world,
• 20:44
  Speaker 1: the United States of America. And to show you that
• 20:48
  Speaker 1: blacks can do anything. I mean, if we say something's cool,
• 20:52
  Speaker 1: as in we make culture cool, period, and we say
• 20:55
  Speaker 1: something's cool, it's cool in Tibet, it's cool in North Korea,
• 20:58
  Speaker 1: it's cool in China, it's cool anywhere in the world.
• 21:01
  Speaker 1: If we say it's cool, and we say something is
• 21:03
  Speaker 1: dull and dunce and backwards, it is dumb, dull and
• 21:07
  Speaker 1: duns and backwards anywhere in the world. Chae and I
• 21:10
  Speaker 1: were just in Singapore and Indonesia, and they're playing black
• 21:15
  Speaker 1: music all the way over there. Sometimes there was language
• 21:19
  Speaker 1: of barriers, but that was not with the music and
• 21:21
  Speaker 1: with the culture. So we can do anything right, but
• 21:25
  Speaker 1: we were held back. Number seven one in four. Number
• 21:28
  Speaker 1: six was zero, Okay, families in the US in the
• 21:32
  Speaker 1: US South who owned slaves by eighteen sixty one in
• 21:37
  Speaker 1: four families. This concentration of wealth and power the hands
• 21:42
  Speaker 1: of a wide elite laid the groundwork for the racial
• 21:45
  Speaker 1: wealth gap that persists today. One in four families in
• 21:48
  Speaker 1: the South owned slaves. Number eight forty eight res in
• 21:52
  Speaker 1: a mule a broken promise. General Sherman Special Field Action
• 21:57
  Speaker 1: fifteen briefly promised land reaches. This was signed in Savannah, Georgia,
• 22:02
  Speaker 1: not very far from where I'm at now in the
• 22:06
  Speaker 1: American South after the Civil War. It was signed in
• 22:09
  Speaker 1: the presence of twenty Black ministers or twenty black ministers
• 22:12
  Speaker 1: farmer slave people who are asked what do you want
• 22:14
  Speaker 1: after slavery. They didn't ask for welfare, they didn't ask
• 22:17
  Speaker 1: for a handout. They asked for land. They wanted to
• 22:20
  Speaker 1: do for themselves. And General Sherman, Secretary of State Sherman
• 22:25
  Speaker 1: or General Sherman on behalf of Lincoln authorized food actually
• 22:30
  Speaker 1: fifteen to provide forty acres to every to eighteen thousand
• 22:36
  Speaker 1: families who were fighting the good fight. This would have
• 22:40
  Speaker 1: technically this has been my second great grandfather who would
• 22:43
  Speaker 1: have qualified. Also, this was forty acres, four hundred thousand
• 22:48
  Speaker 1: acres give or take in total, for eighteen thousand black families.
• 22:53
  Speaker 1: And that sounds like a lot when you can but
• 22:56
  Speaker 1: you compare that to the Homestead Act which was passed
• 22:59
  Speaker 1: in eighteenth sixty two during the war, and that was
• 23:04
  Speaker 1: for two hundred and seventy million acres. This looks like
• 23:10
  Speaker 1: the math is forty acres time eighteen thousand families, about
• 23:13
  Speaker 1: seven and twenty thousand acres you give or take, okay,
• 23:15
  Speaker 1: And that was reverted. That was taken from blacks the
• 23:19
  Speaker 1: year or two after it was awarded when Lincoln was assassinated.
• 23:22
  Speaker 1: But in eighteen sixty two, which were years before this beca.
• 23:25
  Speaker 1: This was eighteen sixty five. We had the Homestead Act
• 23:27
  Speaker 1: that applied nationwide, not just in the in the South.
• 23:32
  Speaker 1: It was two hundred and seventy million acres ultimately to
• 23:36
  Speaker 1: one point, I think it was one point nine million
• 23:38
  Speaker 1: plots given to families. That accounts for ten percent of
• 23:43
  Speaker 1: all land today. And the government created like agricultural support
• 23:49
  Speaker 1: networks of called the Firmative Action of workers from the
• 23:52
  Speaker 1: federal government whose job it was to teach these new
• 23:55
  Speaker 1: farmers who happened to be ninety nine percent white, by
• 23:57
  Speaker 1: the way, ninety nine percent in chain because there's only
• 24:01
  Speaker 1: six thousand plots of land given to blacks out of
• 24:04
  Speaker 1: one point nine million plots helo, these were bigger plots
• 24:07
  Speaker 1: of land, by the way, I think it was one
• 24:08
  Speaker 1: hundred and sixty acres on average. So there are people
• 24:11
  Speaker 1: who were actually their job was to teach these new
• 24:14
  Speaker 1: white farmers how to become successful. There you go. Called
• 24:18
  Speaker 1: it a frot action, call it whatever you want. That's
• 24:21
  Speaker 1: just a fact. So it was a broken promise. It
• 24:23
  Speaker 1: was revoked by the President Andrew Johnson. Real chump, destroying
• 24:28
  Speaker 1: the opportunity for formerly enslaved people to build wealth. Okay,
• 24:34
  Speaker 1: So I'm going to come back maybe to how that
• 24:40
  Speaker 1: created a generational wealth gap, because I want to get
• 24:43
  Speaker 1: into the bad capitalism and economics of slavery and where
• 24:48
  Speaker 1: this came from. So let's now go into non emotionally,
• 24:56
  Speaker 1: the start Africans as assets so full first perception Africa
• 25:04
  Speaker 1: wasn't was somehow full of primitive people. They were unskilled,
• 25:08
  Speaker 1: they were stupid, and white people went there, I guess,
• 25:12
  Speaker 1: I don't know because they hated black people. This is
• 25:13
  Speaker 1: just silly, right, just to make any sense, the soil,
• 25:18
  Speaker 1: the crops of that day were you know, tobacco and cotton,
• 25:24
  Speaker 1: et cetera. These crops were in land that was hard
• 25:30
  Speaker 1: to farm, and poor white European and dentured servants brought
• 25:35
  Speaker 1: over from England mostly I think at that time did
• 25:38
  Speaker 1: not want to do this work, could not do the work.
• 25:40
  Speaker 1: They fell out and they had no talent for how
• 25:43
  Speaker 1: to turn this dead soil in the south into's something
• 25:45
  Speaker 1: that would produce a profitable crop. Well, where do you
• 25:50
  Speaker 1: have people who understand how to take dead soil and
• 25:52
  Speaker 1: bring into life? Hmm, let me think about this Africa.
• 25:56
  Speaker 1: Because Africa is well hot, often humid, so these agricultural geniuses.
• 26:03
  Speaker 1: That's what they were, agricultural geniuses. They weren't primitive people.
• 26:07
  Speaker 1: They were skilled agriculturists. They were metal workers, they were builders,
• 26:13
  Speaker 1: and they were traders. These people were stolen not just
• 26:17
  Speaker 1: for labor, but for their knowledge and expertise in land cultivation,
• 26:22
  Speaker 1: economic rationale, and slave Africans were considered prime labor assets
• 26:26
  Speaker 1: for building the American economy, particularly in the South. Slavery
• 26:30
  Speaker 1: wasn't random, it was a targeted accet extraction, and they
• 26:37
  Speaker 1: brought slaves here, many of them lost in the Middle
• 26:41
  Speaker 1: passage those that got here. And I don't want to
• 26:44
  Speaker 1: get too far in the story because this is part
• 26:46
  Speaker 1: of another podcast I'll do separate from this to break
• 26:49
  Speaker 1: down how race is in this example was made up
• 26:53
  Speaker 1: and was a farce and was really hiding the ball
• 27:00
  Speaker 1: and position in the world and got poor whites and
• 27:02
  Speaker 1: poor blacks to fight with each other from then to now.
• 27:06
  Speaker 1: And I was all distracted on this alternate topic which
• 27:10
  Speaker 1: racism is real, but it's really about power, money and
• 27:13
  Speaker 1: position in the world and it always has been. But
• 27:18
  Speaker 1: just to underscore this point, here, blacks and whites in
• 27:28
  Speaker 1: early sixteen hundreds in Jane Towns Virginia were friends and
• 27:31
  Speaker 1: they ran away together. And you know there's bakers are
• 27:37
  Speaker 1: rebellion if you want to go study that. Okay, So
• 27:40
  Speaker 1: that put that aside for a moment. Okay. So this
• 27:43
  Speaker 1: whole concept that blacks and whites were enemies, our only
• 27:46
  Speaker 1: blacks were enslaved. Enslaved came after indigenous servitude. By the way,
• 27:50
  Speaker 1: that's just wrong. But let me jump over that get
• 27:52
  Speaker 1: to the meat of this matter. So you had these big,
• 27:55
  Speaker 1: burly black men who came over here and with a
• 27:59
  Speaker 1: lot of self esteem. They were tribesmen, they were there,
• 28:01
  Speaker 1: they were they were leaders, or they were in manicates,
• 28:04
  Speaker 1: part of royal families. They were really highly skilled and
• 28:07
  Speaker 1: knowledgeable and high high self esteem, and they were protecting
• 28:11
  Speaker 1: their family. Well, how do you break that up? You
• 28:13
  Speaker 1: take the kids and you separate them, and you sell
• 28:15
  Speaker 1: them and move them in different directions. Now you're losing hope,
• 28:18
  Speaker 1: and you hold down the wife maybe and you abuse her.
• 28:21
  Speaker 1: I'm trying. I'm not to trigger you. I'm trying to
• 28:23
  Speaker 1: you understand. Until the man who's burly as you hold
• 28:26
  Speaker 1: him down, can't protect her and at some point he
• 28:30
  Speaker 1: gives up. That's what they wanted. They wanted to basically
• 28:34
  Speaker 1: a human Roboty. Now, let me so I got over
• 28:37
  Speaker 1: that cruelty part. I want to go any more to
• 28:39
  Speaker 1: that because it's disgusting, this horrible, But I'm trying to
• 28:41
  Speaker 1: get you understand how they got control over a group
• 28:44
  Speaker 1: of people. Really they were outnumbered, and how that broke
• 28:49
  Speaker 1: their spirits. Where not human beings having a spiritual spirits,
• 28:51
  Speaker 1: were spiritual beings having and human experience. And by the way,
• 28:54
  Speaker 1: it wasn't just white Europeans that were doing this. How
• 28:57
  Speaker 1: do you get blacks off of the coat? How do
• 28:59
  Speaker 1: you get blacks on the coast of Africa? Okay, I
• 29:01
  Speaker 1: really want if you had to talk, get emotional about this,
• 29:04
  Speaker 1: get emotional fairly. There were black African slave traders where
• 29:08
  Speaker 1: they were originally slave traders. They were tribesmen that were
• 29:12
  Speaker 1: taking other tribesmen as as tribes women as prizes of warfare,
• 29:22
  Speaker 1: and they would take them in and they would trade them.
• 29:26
  Speaker 1: And you had Indian traders as in from India, you
• 29:29
  Speaker 1: had Arab traders, slave traders. You had European slave traders.
• 29:34
  Speaker 1: Europeans just perfected this art, disgusting art, but everybody was
• 29:41
  Speaker 1: involved with it, including some black Africans. Now did they
• 29:46
  Speaker 1: know they were selling their brothers and sisters off into
• 29:48
  Speaker 1: American slavery? Of course, now they didn't even know what
• 29:50
  Speaker 1: was beyond the coast. But in order to get somebody
• 29:53
  Speaker 1: from the middle of Africa to the coast you had
• 29:58
  Speaker 1: white folks would have got decimated going in that situation,
• 30:02
  Speaker 1: you need a cooperation from folks who are indigenous. So
• 30:05
  Speaker 1: let's knock it off on everybody's this and somebody is that.
• 30:09
  Speaker 1: You know, there's just good capitalism and bad capitalism. There's
• 30:11
  Speaker 1: good people and there's bad people, and there's bumps everywhere.
• 30:15
  Speaker 1: So that was at minute thirty twenty nine in twenty
• 30:19
  Speaker 1: eight twenty nine. If you want to have somebody go
• 30:21
  Speaker 1: just to that topic of was it just white Europeans
• 30:24
  Speaker 1: and the answers no, okay, So now let's talk about
• 30:36
  Speaker 1: slavery as a business model. And slave people were bought, sold, traded, mortgaged, insured,
• 30:44
  Speaker 1: just like property. Yes, that's accurate. I'll say it again.
• 30:50
  Speaker 1: And slave people were bought, sold, traded, mortgaged, insured, just
• 30:57
  Speaker 1: like property. That's why I like owning property. Now property
• 31:02
  Speaker 1: used to own me. I used to be owned. My
• 31:04
  Speaker 1: descendants were owned property. Now I own property right and
• 31:08
  Speaker 1: we set the family sits on forty acres in a
• 31:10
  Speaker 1: sprinter van. We have forty acres here in Georgia, a
• 31:15
  Speaker 1: few minutes from the Busiess airport in the world. I
• 31:17
  Speaker 1: just absolutely love it. In this land we sit on,
• 31:21
  Speaker 1: I'm told was a slave plantation, either this particular land
• 31:25
  Speaker 1: or land all around here. I'm still researching it, but
• 31:28
  Speaker 1: in that cool full circle, and I'm not mad about it.
• 31:32
  Speaker 1: I don't have to get mad. I just hit you
• 31:33
  Speaker 1: my merri Express card and like and knock you out,
• 31:35
  Speaker 1: just over messing, not in it. So banks, insurance companies
• 31:41
  Speaker 1: that meant that. Banks that any bank that's over one
• 31:44
  Speaker 1: hundred and fifty years old, certainly one hundred and eighty
• 31:47
  Speaker 1: year old bank institution had slaves on their books. I'll
• 31:51
  Speaker 1: come back to that from in a minute. Banks, insurance
• 31:54
  Speaker 1: companies and even Wall Street firms built wealth from slave
• 31:59
  Speaker 1: back to ass In fact, here's the one for you.
• 32:02
  Speaker 1: Wall Street was actually started in Alabama. That's right, Wall
• 32:10
  Speaker 1: Street firms, And I wants trying to name it names.
• 32:13
  Speaker 1: I want you to go picking in people, But there
• 32:15
  Speaker 1: are Wall Street firms that are still to this day,
• 32:19
  Speaker 1: you know, around that were founded trading crops and other things.
• 32:26
  Speaker 1: They weren't directly involved in slave trade, but they were
• 32:28
  Speaker 1: benefiting from it, and they were It's where the money was.
• 32:30
  Speaker 1: What was the wealthiest city in eighteen forty not just Mississippi,
• 32:35
  Speaker 1: the rest of the world. The wealthiest city per capital
• 32:37
  Speaker 1: in the world in eighteen forty ish, was not just Mississippi.
• 32:41
  Speaker 1: You can't make this stuff up. Now. The poorest city
• 32:44
  Speaker 1: or one of them in the whole country and maybe
• 32:47
  Speaker 1: the world based on the developed country sort of matrix,
• 32:50
  Speaker 1: is not just Mississippi because they had a bad business
• 32:53
  Speaker 1: plan built on racism and bad capitalism, and whatever it
• 32:55
  Speaker 1: goes around comes around. So if a bank is very old,
• 33:01
  Speaker 1: they would find have financed the plantation. That plantation would
• 33:05
  Speaker 1: have had land and livestock and buildings and assets to
• 33:13
  Speaker 1: put up as collateral for alone, you know, receivables, and
• 33:17
  Speaker 1: they would have had slaves, and those slaves would have
• 33:21
  Speaker 1: been put on the books as collateral at the bank.
• 33:25
  Speaker 1: Don't get mad at the bank today. The people at
• 33:27
  Speaker 1: the bank today didn't do it as like you say, Okay,
• 33:30
  Speaker 1: that's like getting mad at your wife because you find
• 33:34
  Speaker 1: out or your husband. You can find out that their
• 33:35
  Speaker 1: relative or getting right at your cousin because you find
• 33:37
  Speaker 1: out their fifth grandfather or whatever was, you know, a
• 33:43
  Speaker 1: rapist or something. They have nothing to do with it.
• 33:46
  Speaker 1: The math average prices of an enslaved person in the
• 33:50
  Speaker 1: eighteen hundreds was five hundred dollars to fifteen hundred dollars.
• 33:54
  Speaker 1: This is equal to fifteen thousand. Again, I'm telling you
• 33:58
  Speaker 1: this was not These were not dumb people. These were
• 34:00
  Speaker 1: not people who are who lacked value. These were people
• 34:02
  Speaker 1: who were very valuable. This equated to fifteen thousand to
• 34:05
  Speaker 1: fifty thousand dollars today per slave. That's why when and
• 34:12
  Speaker 1: then we have time, we don't have time for this.
• 34:14
  Speaker 1: But Lincoln experimented for a time with in Washington, d c.
• 34:19
  Speaker 1: Of all places, of compensating slaveholders for stopping slavery, and
• 34:25
  Speaker 1: he actually gave them, we can give somebody too much
• 34:31
  Speaker 1: fodder here to go, you know, going on some rampage
• 34:34
  Speaker 1: for rapper reparations. They gave them reparations, they gave they
• 34:37
  Speaker 1: repaired the damage to their economics in Washington, d C.
• 34:42
  Speaker 1: I forget how much I think it was about I
• 34:45
  Speaker 1: think it was like six thousand slaves that were part
• 34:48
  Speaker 1: of this transaction. But if somebody wants to make a
• 34:50
  Speaker 1: case for reparations, it's already been done. It was done
• 34:54
  Speaker 1: to reimburse white slave holders. But I don't think that
• 34:59
  Speaker 1: for reasons I'm get to it in a minute, I
• 35:00
  Speaker 1: don't think that's a very valuable use of your time today.
• 35:04
  Speaker 1: If you're trying to move forward in your agenda, if
• 35:06
  Speaker 1: some if if you're an academic, or you're a policy
• 35:08
  Speaker 1: holder or not a policy if you're a policy maker there,
• 35:12
  Speaker 1: if you're a civil rights leader, if you're an activist,
• 35:14
  Speaker 1: this might be your lifelong thing. And if that's your thing,
• 35:18
  Speaker 1: I you know, I respect that we need people doing
• 35:21
  Speaker 1: all kinds of social justice work today that you know.
• 35:25
  Speaker 1: I prefer to equip you to repair the breach by
• 35:29
  Speaker 1: moving forward in one generation than other things. But that's
• 35:33
  Speaker 1: just my approach. But one thing is for sure. We
• 35:37
  Speaker 1: were not dummies, and we were not in We didn't
• 35:39
  Speaker 1: lack value. The estimated total value of enslaved people in
• 35:43
  Speaker 1: eighteen sixty three point five to four billion dollars, that's
• 35:47
  Speaker 1: over one hundred billion dollars today. At one point, the
• 35:52
  Speaker 1: slaved Africans were the single largest financial asset in America,
• 35:56
  Speaker 1: more than the value of railroads more than factories, more
• 36:01
  Speaker 1: than all land in the South. Part three. Okay, slavery
• 36:08
  Speaker 1: fueled the entire American economy, the industrial This is the
• 36:14
  Speaker 1: industries that profited the industrialization of America, a pre industrial revolution,
• 36:20
  Speaker 1: this agricultural revolution. Cotton fifty percent of the US exports
• 36:24
  Speaker 1: in eighteen sixty, made possible entirely by slave labor. Textiles
• 36:30
  Speaker 1: in the North and in England ran on southern cotton.
• 36:34
  Speaker 1: Imagine everything you wear today that you know has cotton
• 36:38
  Speaker 1: in it. Most things that you wear have cotton in it.
• 36:41
  Speaker 1: That the legacy of that is us all around the world.
• 36:47
  Speaker 1: And the cotton gin in Liix that was created and
• 36:50
  Speaker 1: positioned in places like Naxi's Mississippi because slavery was dying.
• 36:55
  Speaker 1: That technology fueled the growth. The regrowth of slavery re
• 37:01
  Speaker 1: energized slave holders and the slave trade, and slavery took
• 37:05
  Speaker 1: off because of technology, the cotton gen being in particular
• 37:09
  Speaker 1: piece of that technology. Shipping, banking, insurance, and railroads all
• 37:13
  Speaker 1: grew thanks to slavery's capital base. Wall Street's role. Many
• 37:19
  Speaker 1: early investment banks collateralized in slave people as part of
• 37:22
  Speaker 1: financial instruments. Ok The economy wasn't just built on slave labory.
• 37:27
  Speaker 1: It was built on the valuation of black lives as
• 37:30
  Speaker 1: financial capital. Okay, so it was not just the labor itself,
• 37:34
  Speaker 1: the free labor. It was the black's ass and asset themselves.
• 37:39
  Speaker 1: You were not a person, You were an asset intergenerational consequences.
• 37:46
  Speaker 1: While America got wealthy, black Americans were left with nothing,
• 37:49
  Speaker 1: no land, no wages, no equity. Yes, it's reason to
• 37:53
  Speaker 1: be upset, but just being upset is not a useful emotion.
• 37:55
  Speaker 1: That's why I want you to not be emotional about this.
• 37:58
  Speaker 1: I want you to solve it. See where emotions of Goddess,
• 38:01
  Speaker 1: See where being angry is. God is not very far after.
• 38:06
  Speaker 1: And you die because you're you know, you're cooking your
• 38:09
  Speaker 1: organs because you're you're angry, and you you know, if
• 38:12
  Speaker 1: you're gonna pray, why worry You're gonna worry? Why I pray?
• 38:14
  Speaker 1: Don't and don't don't don't worry yourself to death. Literally
• 38:17
  Speaker 1: worry yourself to death. People in low credit score communities
• 38:20
  Speaker 1: who are all stressed out die at sixty one years
• 38:22
  Speaker 1: of age, and people in high credit score communities who
• 38:24
  Speaker 1: are who are chilling and financially free lived to eighty
• 38:27
  Speaker 1: one years of age and a fifteen minutes apart. And
• 38:29
  Speaker 1: that's my whole financial literacy index that we've mapped every
• 38:32
  Speaker 1: called by credit score today. So it's still an issue today,
• 38:35
  Speaker 1: like if you stress yourself out, she's gonna die of
• 38:37
  Speaker 1: high pertensional high blood pressure and a few other things
• 38:40
  Speaker 1: stress and whatever, heart attacks, et cetera. So I want
• 38:43
  Speaker 1: you to go easy on yourself. You forgive others not
• 38:48
  Speaker 1: because they deserve it, because you do. Love works better
• 38:51
  Speaker 1: than hate. Doctor King One said that hate has within
• 38:54
  Speaker 1: it the seeds of its own destruction. I think it
• 38:57
  Speaker 1: was hate and evil. So while America has got wealthy,
• 39:02
  Speaker 1: and Black Americans were left with nothing, no land, no wages,
• 39:05
  Speaker 1: no equity after emancipation, no reparations, no business capital, no
• 39:10
  Speaker 1: seed capital. This is the the failure the Freeman's Bank,
• 39:14
  Speaker 1: which again I've talked about in the past in great detail.
• 39:20
  Speaker 1: That's the economic gap we're still trying to close today. Okay,
• 39:24
  Speaker 1: modern takeaways, This isn't about being angry, It's about being aware.
• 39:29
  Speaker 1: When you understand that black people were once literally assets,
• 39:33
  Speaker 1: you realize the mission today is about reclaiming ownership, equity, wealth,
• 39:40
  Speaker 1: and ourselves I mean, Quincy Jones want to tell me
• 39:45
  Speaker 1: not one outs to my self esteem is dependent upon
• 39:47
  Speaker 1: your acceptance of me. I would say, it's not what
• 39:51
  Speaker 1: you call me, is what I answer to That's important,
• 39:54
  Speaker 1: And never answer out of your name. And to argue
• 39:56
  Speaker 1: with the fool proofs, there are two. As I said earlier,
• 39:59
  Speaker 1: there's a difference between being broken being poor being broken economic.
• 40:02
  Speaker 1: But being poor is a disabling frame of mind, a
• 40:06
  Speaker 1: depressed condition of your spirit. And you must vow never
• 40:09
  Speaker 1: ever ever to be poor again. When you understand that
• 40:13
  Speaker 1: black people were once literally assets, you realize the mission
• 40:17
  Speaker 1: today is about reclaiming ownership of ourselves. Financial literacy is liberation.
• 40:22
  Speaker 1: It is a civil rights issue of this generation. Ownership
• 40:25
  Speaker 1: is the new freedom. Hello, can I get an amen?
• 40:29
  Speaker 1: So let me now before I close by the way,
• 40:34
  Speaker 1: have you enjoyed this? You know? You know? Give me,
• 40:35
  Speaker 1: give me, give me some give me some dap, give
• 40:37
  Speaker 1: me some love. Tell me what's up. Let me tell
• 40:39
  Speaker 1: you very quickly about that wealth gap that I mentioned.
• 40:47
  Speaker 1: And uh, I went through eight numbers, right, and I
• 40:52
  Speaker 1: went through, uh how uh those eight numbers broke down?
• 41:03
  Speaker 1: And then I said, I would promise to tell you
• 41:07
  Speaker 1: before I left you how that relates today. So here
• 41:15
  Speaker 1: we go the black versus white racial wealth gap. The
• 41:19
  Speaker 1: numbers from slavery aren't just history, their economic origin points
• 41:24
  Speaker 1: for the racial wealth gap. Here. Let me let me
• 41:27
  Speaker 1: connect the dots. So let me go back to number one.
• 41:29
  Speaker 1: The wages were zero for blacks then, so zero inherited
• 41:34
  Speaker 1: wealth now and slave people built trillions of dollars in
• 41:39
  Speaker 1: wealth but passed down none of it. Meanwhile, white families
• 41:43
  Speaker 1: began accumulating assets, land, businesses, bank accounts during and after slavery.
• 41:49
  Speaker 1: They weren't geniuses, they weren't smarter than you. They were
• 41:52
  Speaker 1: lucky because of the color of their skin. And I'm
• 41:55
  Speaker 1: going to break down in a separate podcast why even
• 41:59
  Speaker 1: the color of their skin was a farce. That that
• 42:02
  Speaker 1: was literally made up for economic reasons. The racial word
• 42:07
  Speaker 1: white was literally made up. The country. The world is
• 42:10
  Speaker 1: five billion years old, organism life four billion years old,
• 42:14
  Speaker 1: Neanderthal life a few hundred million years old, modern human life.
• 42:17
  Speaker 1: You know, you can pick it, find a time you
• 42:19
  Speaker 1: know that you want to focus on. But basically, one
• 42:22
  Speaker 1: hundred and sixty million, two hundred thousand, one hundred to
• 42:25
  Speaker 1: two thousand years ago, you know, Enlightenment. Let's just say,
• 42:28
  Speaker 1: you know, three thousand years before Jesus, you know, switch
• 42:31
  Speaker 1: before Christ, and then after Christ, and then of course
• 42:35
  Speaker 1: spirituality and so on and so forth, and you've had
• 42:38
  Speaker 1: the time since and all of this time, and you
• 42:43
  Speaker 1: had you know, because you had black royal members of
• 42:45
  Speaker 1: the royal classes, and you had blacks who created helped
• 42:48
  Speaker 1: to create finance. I'm gonna do this as a separate podcast.
• 42:51
  Speaker 1: Blacks and Jews in the Middle In folks in the
• 42:54
  Speaker 1: Middle East helped to create modern finance and mathematic not well,
• 42:57
  Speaker 1: mathematics is a separate thing, but modern finances as we
• 43:00
  Speaker 1: know it, modern economics was something that actually was originated
• 43:06
  Speaker 1: in the minds of Middle Eastern people, North Africans Jews.
• 43:12
  Speaker 1: By the way, you might find it shocking these three
• 43:14
  Speaker 1: groups are related. I mean, like literally DNA severed the
• 43:20
  Speaker 1: podcasts another time. It's so much unpacked. We just saw
• 43:25
  Speaker 1: we're like all arguing over stupid stuff, and some people
• 43:27
  Speaker 1: like they really want certain people to argue over stupid stuff.
• 43:42
  Speaker 1: Today it actually benefits people to stop arguing. Actually, that's
• 43:45
  Speaker 1: my argument for the business plan for America. God has
• 43:47
  Speaker 1: a sense of humor. Now, for the first time, we're
• 43:50
  Speaker 1: actually better together. You can only succeed now if everybody
• 43:54
  Speaker 1: is empowered to come up from nothing. A little financial
• 43:57
  Speaker 1: literacy and little ai literacy, a little love color. Folkus
• 44:00
  Speaker 1: on color, not black or white, or red or blue,
• 44:02
  Speaker 1: but green. Everybody getting some more of it. You've expanded
• 44:05
  Speaker 1: the table at a chair. Nobody loses anything. White folks
• 44:08
  Speaker 1: don't lose anything. Nobody loses anything. We expand opportunity for all.
• 44:11
  Speaker 1: Economy grows and death as it comes down, opportunity comes up. Hope,
• 44:16
  Speaker 1: it expands. Light comes in up, you know, in the morning,
• 44:20
  Speaker 1: and we have a sustainable world. But that's the future.
• 44:27
  Speaker 1: So finishing on this. So when slave people build trends
• 44:30
  Speaker 1: of dollars in wealth but passed down none of it. Meanwhile,
• 44:32
  Speaker 1: white families had accumulated assets and clear land businesses, bank
• 44:36
  Speaker 1: accounts during and after slavery number two, two hundred and
• 44:39
  Speaker 1: fifty years of exclusion followed by one hundred years of
• 44:42
  Speaker 1: legal segregation. And people are like, why don't you guys
• 44:45
  Speaker 1: get up and do something for yourself. Well, you try this,
• 44:48
  Speaker 1: you try to make it with this thing I'm describing.
• 44:51
  Speaker 1: I mean, we did pretty dangon good for having a
• 44:54
  Speaker 1: nine thousand pounds weight tied to your leg Slavery ended
• 44:59
  Speaker 1: in eighteen sixty five, but Jim Crow redlining, discrimination lending,
• 45:04
  Speaker 1: discriminatory lending, an exclusion from the New Deal. Yes, the
• 45:09
  Speaker 1: New Deal help which helped poor whites Europe, the GI Bill,
• 45:12
  Speaker 1: which helped poor whites like ninety nine percent of GI
• 45:17
  Speaker 1: recipients were Caucasian. That was a government giving you of education,
• 45:24
  Speaker 1: a skill for the future, and mortaged by a house,
• 45:28
  Speaker 1: which was the birth of the modern middle class in
• 45:32
  Speaker 1: mainstream banking support. In fact, the FAHA actually discriminated against
• 45:36
  Speaker 1: black It wasn'tment, it wasn't banks the red lined. It
• 45:39
  Speaker 1: was the FAHA, the Federal Housing Authority. It was a
• 45:41
  Speaker 1: government that red lined in the nineteen thirties. I believe
• 45:44
  Speaker 1: against blacks who were then in ghettos that they it's
• 45:48
  Speaker 1: a whole other thing. They migrated to these neighborhoods, and
• 45:51
  Speaker 1: then the government decided the number of neighborhoods were dangerous
• 45:54
  Speaker 1: because blacks were there, and decided to not guarantee loans
• 45:57
  Speaker 1: in those areas, which is guaranteed they'd be dangerous, and
• 46:00
  Speaker 1: not in un non investibles. So a bank with rational
• 46:04
  Speaker 1: common sense would go where the mortgages were guaranteed, which were,
• 46:08
  Speaker 1: by the way, in white suburbs that were built for
• 46:10
  Speaker 1: these families to move from the quote inner cities to
• 46:14
  Speaker 1: someplace else, not where blacks didn't exist. We're not blacks
• 46:18
  Speaker 1: were not migrating to And so the properties that had
• 46:22
  Speaker 1: loan guarantees or guarantee mortgage guarantees were white suburban neighborhoods.
• 46:26
  Speaker 1: Those mortgages were guaranteed. So that's where banks lint at.
• 46:29
  Speaker 1: So the banks weren't racist per se. They might have been,
• 46:32
  Speaker 1: but that was not there was not there weren't racist
• 46:34
  Speaker 1: by design. They were capitalists, but they went where it
• 46:37
  Speaker 1: was low risk, in high return. They got They knew
• 46:40
  Speaker 1: that the government federal guaranteed a mortgage in suburb. People
• 46:43
  Speaker 1: had jobs there, and it was seemed nice and peaceful.
• 46:46
  Speaker 1: That's where you should want to put your money. Heck,
• 46:48
  Speaker 1: I might have done it myself. And if you're in
• 46:50
  Speaker 1: a ghetto in a black neighborhood and there was no
• 46:53
  Speaker 1: loan guarantees and the government actually said it was red line,
• 46:56
  Speaker 1: don't go there, and it looked horrible and crime, I'm persistent, Well,
• 47:01
  Speaker 1: who wants to invest in that place? It just so
• 47:04
  Speaker 1: self manifest destiny, and so mainstream banking ensured that Black
• 47:09
  Speaker 1: Americans were locked out of wealth building for another century. Hello,
• 47:14
  Speaker 1: nineteen sixty five, eighty sixty five to nineteen sixty five.
• 47:18
  Speaker 1: Number three, the average black family's wealth today is about
• 47:21
  Speaker 1: ten percent of the average white families. I'm almost finished
• 47:25
  Speaker 1: with this podcast, so hold on. Almost there, We're almost
• 47:28
  Speaker 1: at the promised land. White meeting household wealth in twenty
• 47:35
  Speaker 1: twenty two was one hundred and eighty eight thousand dollars.
• 47:37
  Speaker 1: Give or take, Black meeting household wealth same year twenty
• 47:41
  Speaker 1: four thousand dollars. This gap didn't happen by accident. It
• 47:46
  Speaker 1: was engineered over generations Number four And by the way,
• 47:53
  Speaker 1: slight aside, just so you know that you can get
• 47:55
  Speaker 1: out of this and the races and everything. And by
• 47:58
  Speaker 1: the way, there's more poor whites for anybody else. So
• 48:01
  Speaker 1: the issue was all race. You'd have everybody would be
• 48:03
  Speaker 1: just be like rich white. You wouldn't have poor whites
• 48:06
  Speaker 1: and rich whites. And one thinks about this. Also in Boston,
• 48:09
  Speaker 1: they did a study a few years ago about poverty,
• 48:13
  Speaker 1: the Federal Reserve Bank there did and they found that
• 48:16
  Speaker 1: whites had a net worth of like I said, one
• 48:18
  Speaker 1: hundred eight thousand dollars, whatever it is. And then Caribbean
• 48:22
  Speaker 1: blacks had a net worth of about twelve hundred dollars
• 48:25
  Speaker 1: and African Americans same color as Caribbeans had a net
• 48:30
  Speaker 1: worth of seven bucks. That's right, seven bucks. In fact,
• 48:35
  Speaker 1: they did a front page story said blacks as black
• 48:38
  Speaker 1: Americans have a network in Boston of seven bucks, and
• 48:41
  Speaker 1: they had to say on the front page, this is
• 48:42
  Speaker 1: not a typo because they're so unbelievable. But if it
• 48:47
  Speaker 1: was just race alone and not attitude, perspective, experience, background situation,
• 48:52
  Speaker 1: then shouldn't the Caribbean black and the African American black
• 48:55
  Speaker 1: number be the same either seven bucks or twelve hundred.
• 48:58
  Speaker 1: But it shouldn't be both. The numbers not even close.
• 49:01
  Speaker 1: So attitude and perspective and mindset really does matter. I'm
• 49:06
  Speaker 1: gonna get you out of this podcast within an hour
• 49:08
  Speaker 1: we read forty nine minutes. Stand by, This gap didn't
• 49:11
  Speaker 1: happen by accident. It was engineered over generations. Number four
• 49:14
  Speaker 1: forty acres in a meal was the original stimulus plan
• 49:17
  Speaker 1: that never happened. If each of the four million formally
• 49:20
  Speaker 1: en slave people had received forty acres in eighteen sixty five,
• 49:23
  Speaker 1: and again it was an experiment that was only given
• 49:25
  Speaker 1: eighteen thousand offered to eighteen thousand Union soldiers initially, so
• 49:28
  Speaker 1: it wasn't even everybody was just. In fact, I think
• 49:32
  Speaker 1: the number was actually limited to four hundred thousand total acres,
• 49:34
  Speaker 1: but I could be wrong. Even if if that the
• 49:36
  Speaker 1: number was it was eighteen thousand times with forty acres
• 49:39
  Speaker 1: time eighteen thousand families, that still only seven hundred and
• 49:42
  Speaker 1: semi thousand acres. It's not a lot in comparison to
• 49:45
  Speaker 1: two hundred and seventy million acres given d White's tied
• 49:49
  Speaker 1: to homesad that. But anyway, let's get back to this.
• 49:52
  Speaker 1: If each of the four million formally and slave people
• 49:55
  Speaker 1: had received forty acres in eighty sixty five, and that
• 49:58
  Speaker 1: that land had appreciated modestly, it would have created trillions
• 50:03
  Speaker 1: of dollars in black Well. Opery shop was missing. Operation
• 50:08
  Speaker 1: was mission. The organization I founded is about closing this
• 50:12
  Speaker 1: wealth gap by increasing credit scores, encouraging homeownership, expanding access
• 50:17
  Speaker 1: of capital, and teaching financial literacy, which I think is
• 50:20
  Speaker 1: the civil rights issue of this generation. Opry Chope is
• 50:23
  Speaker 1: fighting the reverse centuries of damage and unempowered black people.
• 50:32
  Speaker 1: But not just black people. We're helping poor whites. We're
• 50:34
  Speaker 1: helping latinos Asians. I think twenty five percent of my
• 50:37
  Speaker 1: coaches are helping Spanish speaking, Hispanic and Latino families. We're
• 50:45
  Speaker 1: here for everybody. But certainly I'd be nuts if I
• 50:48
  Speaker 1: didn't focus and center the work in my own experience.
• 50:51
  Speaker 1: Coming from a history of slavery and founded after the
• 50:57
  Speaker 1: Rodny King riots in nineteen ninety two, I see, and
• 50:59
  Speaker 1: I grew up in these communities. Clearly its going to
• 51:01
  Speaker 1: be a priority. So we're trying to reverse centuries of
• 51:05
  Speaker 1: damage and empower a new black economic narrative. But it's
• 51:09
  Speaker 1: not about black people per se. It's about helping excellence,
• 51:13
  Speaker 1: which happens to be black. Can I give an amen?
• 51:17
  Speaker 1: This is the church of what's happening now? And what
• 51:18
  Speaker 1: have you done with me lately? We are on the move.
• 51:22
  Speaker 1: This is this is this is a powerful podcast, at
• 51:24
  Speaker 1: least I think. So you'll tell me whether it is
• 51:27
  Speaker 1: or isn't. So here is the close Slavery was bad
• 51:31
  Speaker 1: capitalism built on stolen lives and labor, and the receipts
• 51:35
  Speaker 1: are in the numbers encourage. I'm encouraging you to share
• 51:41
  Speaker 1: this episode and read and learn and keep building your life.
• 51:46
  Speaker 1: Not to get angry. If you want to do something,
• 51:48
  Speaker 1: get even by succeeding massively. When you know better, you
• 51:55
  Speaker 1: do better. And when you understand the money, you understand
• 51:59
  Speaker 1: the power. And when you don't understand the money, you
• 52:02
  Speaker 1: don't have any power. If you're not at the if
• 52:04
  Speaker 1: you're not at the table, you might be on the menu.
• 52:07
  Speaker 1: This is John O'Brien. This is Money and Wealth on
• 52:10
  Speaker 1: the Black Effect Network. I just unpacked the economics of
• 52:14
  Speaker 1: American slavery back capitalism by the numbers. If you want
• 52:17
  Speaker 1: me to do part two to this and to get
• 52:19
  Speaker 1: into the false narrative of race and how that was
• 52:25
  Speaker 1: used as a proxy for power and money, let me
• 52:28
  Speaker 1: know in the comments and I will do it. I
• 52:33
  Speaker 1: am listening to you literally actively. Thanks for making this
• 52:37
  Speaker 1: podcast series top five percent for all podcasts in America.
• 52:42
  Speaker 1: I am told by my production team please tell your
• 52:46
  Speaker 1: friends who subscribe to it. This is my weekly ministry
• 52:48
  Speaker 1: of hope. New episodes every Thursday. Go back and listen
• 52:51
  Speaker 1: to old episodes from this season and last season. As
• 52:55
  Speaker 1: I given you a library for changing your life. You
• 52:57
  Speaker 1: have a family that is just starting, people just getting married,
• 53:00
  Speaker 1: somebody going to college, somebody go into high school, somebody
• 53:03
  Speaker 1: resending their life, somebody trying to establish themselves at fifty,
• 53:07
  Speaker 1: somebody who's depressed and wants to be and wants to
• 53:10
  Speaker 1: get redressed, but the new attitude. Tell them to get
• 53:13
  Speaker 1: the library of that last season and work your way
• 53:15
  Speaker 1: back up, or find the episode that just relates to
• 53:17
  Speaker 1: you and just want to listen to that. If you're
• 53:19
  Speaker 1: just on the edge, and get my book, Financial Literacy
• 53:22
  Speaker 1: for All. If you can't afford it, call my office
• 53:25
  Speaker 1: and we'll give you a scholarship to get a copy
• 53:28
  Speaker 1: of the book. I just made that up. Don't have anybody,
• 53:32
  Speaker 1: don't be just calling if you just want a free book,
• 53:34
  Speaker 1: that's wrong. If you really want the book and you
• 53:38
  Speaker 1: don't have any money, we'll try to get a previously
• 53:39
  Speaker 1: owned copy and scholarship to You're going to have to
• 53:43
  Speaker 1: write an essayoy you think you should have a copy,
• 53:46
  Speaker 1: and we will make sure that you have a free
• 53:49
  Speaker 1: copy of the book. Maybe we'll just print out the
• 53:51
  Speaker 1: text of it and send it to you so won't
• 53:53
  Speaker 1: be all pretty and everything, but you'll have the information.
• 53:56
  Speaker 1: It just shows I just want you empowered and go
• 53:59
  Speaker 1: to my team operation Hope and getting powered to get
• 54:01
  Speaker 1: your credit score up, your debt down, your savings up.
• 54:04
  Speaker 1: So when you go to the computer at midnight, then
• 54:06
  Speaker 1: I asked you was your your races or your gender.
• 54:09
  Speaker 1: The bank if your credit score is seven hundred or better,
• 54:12
  Speaker 1: to the computer at midnight just says yes. Yes to homeownership,
• 54:16
  Speaker 1: Yes to small business, Yes to align of credit, Yes
• 54:19
  Speaker 1: to prime credit, prime access, so that you can go
• 54:23
  Speaker 1: live your dreams. As a friend of mine once told
• 54:26
  Speaker 1: me the CEO of Key Bank, Chris Gorman, I thought
• 54:30
  Speaker 1: I was there to teach him and an opening up
• 54:32
  Speaker 1: an open side about history or whatever he taught me,
• 54:34
  Speaker 1: he learned leanto on me. He said, you know, John,
• 54:37
  Speaker 1: it just might be that the only true freedom in
• 54:39
  Speaker 1: America is financial freedom, economic freedom, because every other freedom
• 54:43
  Speaker 1: can be taken away from you religious, political, and you
• 54:48
  Speaker 1: look at a lot of what's going on today and
• 54:50
  Speaker 1: that's not untrue. So a little wisdom from Chris Gorman
• 54:55
  Speaker 1: at Key Bank, a good banker, by the way, and
• 54:57
  Speaker 1: that and doing good capitalism like a lot of my partners,
• 55:00
  Speaker 1: all right, John O'Brien, I'm out Tell a friend. Let's
• 55:04
  Speaker 1: go change the world together, from civil rights in the
• 55:06
  Speaker 1: streets to silvi rights in the suites. Money and Wealth
• 55:24
  Speaker 1: with John O'Brien is a production of the Black Effect
• 55:27
  Speaker 1: Podcast Network. For more podcasts from the Black Effect Podcast Network,
• 55:31
  Speaker 1: visit the iHeartRadio app, Apple Podcasts, or wherever you listen
• 55:35
  Speaker 1: to your favorite shows. The pens, the poet, protect, the depends,
• 57:04
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