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Study Hall: BLACK BUSINESSES & THE GREAT DEPRESSION · Earn Your Leisure

• 0:00
  Speaker 1: Inflation is costing us households an.
• 0:03
  Speaker 2: Extra three hundred and forty one dollars a month, as
• 0:06
  Speaker 2: you can see in this article, and they're prefacing it
• 0:09
  Speaker 2: with here's what you can do to save everything is
• 0:11
  Speaker 2: more expensive.
• 0:12
  Speaker 1: I don't have to convince you guys of that.
• 0:14
  Speaker 2: You guys are seeing it at the gas pump, you're
• 0:16
  Speaker 2: seeing it at the grocery stores, you're seeing it on
• 0:19
  Speaker 2: your bills, You're seeing it everywhere. Everyone is seeing this inflation.
• 0:24
  Speaker 2: And so this is primarily concerning to me because I
• 0:30
  Speaker 2: do so much to support black owned businesses that I
• 0:33
  Speaker 2: have to hit us with the hard truth. We got
• 0:35
  Speaker 2: to just jump right into this, Okay, you guys so
• 0:38
  Speaker 2: hard Black owned business facts. Number one, the majority of
• 0:42
  Speaker 2: our products and services are non essential.
• 0:46
  Speaker 1: That is a hard truth for.
• 0:47
  Speaker 2: Me to have to tell you, guys, and I want
• 0:49
  Speaker 2: you to be blunt and brutally honest right now. If
• 0:53
  Speaker 2: every single black owned business in America clothes, would you
• 0:57
  Speaker 2: still be able to live a relatively normal life, meaning
• 1:02
  Speaker 2: you would still have water, gas, electricity, all the fundamentals,
• 1:07
  Speaker 2: grocery stores, pharmacies. Do you understand what I'm saying that
• 1:10
  Speaker 2: all of what you need to live would still go on,
• 1:13
  Speaker 2: so I don't have to tell you guys that most
• 1:15
  Speaker 2: of what we have and what we provide are non essentials.
• 1:18
  Speaker 1: Number two, the majority of.
• 1:20
  Speaker 2: Our products are overpriced, and they're overpriced because typically us,
• 1:25
  Speaker 2: being new entrepreneurs and having little to no startup capital,
• 1:29
  Speaker 2: we're not able to buy our products in the amount
• 1:33
  Speaker 2: of bulk to get our profit margins to a comfortable place,
• 1:37
  Speaker 2: so it costs us more, so we wind up charging
• 1:40
  Speaker 2: our customers more. Number three, the majority of our customers
• 1:44
  Speaker 2: have the least disposable income. Typically, black owned businesses target
• 1:49
  Speaker 2: black consumers. Their products are geared towards black consumers because
• 1:53
  Speaker 2: they're usually trying to fill in itch or satisfy a
• 1:55
  Speaker 2: service that was largely unfulfilled, and black people in America
• 2:01
  Speaker 2: have the least disposable income. Number four, our businesses are
• 2:05
  Speaker 2: stereotyped for bad customer service.
• 2:08
  Speaker 1: Now I'm not saying that that is true.
• 2:10
  Speaker 2: I am telling you what is the overarching believed stereotype.
• 2:15
  Speaker 2: So what this means is that while we are in
• 2:17
  Speaker 2: an inflationary environment, we have products that are not needed
• 2:23
  Speaker 2: that cost the most.
• 2:25
  Speaker 1: We're selling to people who have the least amount of
• 2:28
  Speaker 1: money and are.
• 2:29
  Speaker 2: We are known for providing bad service that really puts
• 2:33
  Speaker 2: you in a very vulnerable spot when someone is looking
• 2:36
  Speaker 2: at their shopping list and they're saying, I got to
• 2:38
  Speaker 2: cut three hundred and forty one dollars off?
• 2:40
  Speaker 1: Are you going to be on that list? Now?
• 2:43
  Speaker 2: Here is the sort of concerning and also relieving part
• 2:47
  Speaker 2: of that.
• 2:48
  Speaker 1: This is not new. We've been here before.
• 2:50
  Speaker 2: So for you guys to truly understand, we have to
• 2:53
  Speaker 2: revisit history, because that is our greatest teacher.
• 2:55
  Speaker 1: That is the Great Depression.
• 2:57
  Speaker 2: Okay, most people think of the Great Depression as this
• 3:01
  Speaker 2: one little stock market crash that lasted for a very
• 3:04
  Speaker 2: short amount of time. That is not true. The Great
• 3:06
  Speaker 2: Depression lasts from nineteen twenty nine to nineteen thirty nine.
• 3:10
  Speaker 2: That is a decade ten years. So it started, of
• 3:13
  Speaker 2: course with the stock market crash of nineteen twenty nine
• 3:17
  Speaker 2: that caused all of the people to sell That was
• 3:21
  Speaker 2: over sixteen million, four hundred and ten and sixty million,
• 3:26
  Speaker 2: four hundred and ten thousand and thirty shares of stock
• 3:28
  Speaker 2: sold off in one day, which literally lost forty billion
• 3:34
  Speaker 2: dollars from the market. So most of you guys know
• 3:37
  Speaker 2: about what started it, and most people don't really study
• 3:41
  Speaker 2: what kind of took place on how people endure it
• 3:43
  Speaker 2: during that I'm not saying that we're at that level
• 3:46
  Speaker 2: of great depression, but I'm saying we are very close
• 3:48
  Speaker 2: to it, so we do need to study it and
• 3:50
  Speaker 2: see how to navigate.
• 3:52
  Speaker 1: As you can see here.
• 3:53
  Speaker 2: This gentleman who was a well to do gentleman one
• 3:55
  Speaker 2: hundred dollars will buy this car because he had lost
• 3:57
  Speaker 2: all of his money on the stock market.
• 4:00
  Speaker 1: So I think it is very important to.
• 4:01
  Speaker 2: Really visit some of what was happening the Despair between
• 4:06
  Speaker 2: nineteen twenty nine and nineteen thirty.
• 4:09
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• 6:00
  Speaker 4: An illegal alien from Guatemala charged with raping a child
• 6:03
  Speaker 4: in Massachusetts. An MS thirteen gang member from Al Salvador
• 6:07
  Speaker 4: accused of murdering a Texas man of Venezuelan charged with
• 6:12
  Speaker 4: filming and selling child pornography in Michigan. These are just
• 6:16
  Speaker 4: some of the heinous migrant criminals caught because of President
• 6:19
  Speaker 4: Donald J. Trump's leadership. I'm Christy nom the United States
• 6:23
  Speaker 4: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 6:28
  Speaker 4: crossings are at the lowest levels ever recorded, and over
• 6:31
  Speaker 4: one hundred thousand illegal aliens have been arrested. If you
• 6:35
  Speaker 4: are here illegally, your next you will be fined nearly
• 6:39
  Speaker 4: one thousand dollars a day, imprisoned, and deported. You will
• 6:43
  Speaker 4: never return. But if you register using our CBP home
• 6:46
  Speaker 4: app and leave now, you could be allowed to return legally.
• 6:50
  Speaker 4: Do what's right. Leave now. Under President Trump America's laws,
• 6:55
  Speaker 4: border and families will be protected. Sponsored by the United
• 6:59
  Speaker 4: States Department of Homeans like.
• 6:59
  Speaker 2: Cacure two, one hundred and nine thousand plus businesses felled,
• 7:05
  Speaker 2: Over six thousand banks collapsed by nineteen thirty three. Some
• 7:09
  Speaker 2: fifteen million Americans who were unemployed, and nearly half of
• 7:13
  Speaker 2: the country's banks had failed. By nineteen thirty, twelve million
• 7:17
  Speaker 2: were out of work, and every day twelve thousand people
• 7:19
  Speaker 2: lost their jobs. Twenty thousand companies just by nineteen thirty
• 7:23
  Speaker 2: had gone bankrupt, twenty three million people committed suicide. Like
• 7:26
  Speaker 2: this was a very serious time and so like as
• 7:30
  Speaker 2: you can see here, he says, I know three languages,
• 7:32
  Speaker 2: three trades. I speak three languages, fought for three years,
• 7:35
  Speaker 2: got three children, and no work for three.
• 7:37
  Speaker 1: Months, and I only want a job.
• 7:39
  Speaker 2: Here's a photo of sort of protesting and outrage about
• 7:44
  Speaker 2: what was going on. If you look at some of
• 7:45
  Speaker 2: the signage, it looks really familiar to some of the
• 7:48
  Speaker 2: things that we're hearing today. Stop eviiction, stop shutting off
• 7:51
  Speaker 2: gas and lights and water. Right, we need milk for
• 7:55
  Speaker 2: our children. Milk was a high commodity item at.
• 7:58
  Speaker 1: That time, was very expensive.
• 8:00
  Speaker 2: Repeel the sales tax, right, repel the sales tax and
• 8:04
  Speaker 2: tax the rich. These are things that we're saying today.
• 8:07
  Speaker 2: People were hungry. They were out in the streets. There
• 8:09
  Speaker 2: were things called soup lines where they were feeding people
• 8:14
  Speaker 2: men for free. So here's a couple of the lines.
• 8:18
  Speaker 2: And here's one of the actual buildings where they were
• 8:21
  Speaker 2: feeding people free coffee and donuts for the unemployed. Then
• 8:26
  Speaker 2: there were spaces in Central Park specifically created called Hooverville.
• 8:31
  Speaker 1: So these are shanty towns where people were homeless.
• 8:35
  Speaker 2: Right now, we're seeing a lot of tents everywhere. You
• 8:38
  Speaker 2: can go any metropolitan city right now and you will
• 8:42
  Speaker 2: notice an uptick of tents just littered all over the streets. Well,
• 8:46
  Speaker 2: this was their equivalent to tent living. This is one
• 8:50
  Speaker 2: of the saddest stories that I saw that come out
• 8:53
  Speaker 2: of this. There was a mother, this is a real story.
• 8:56
  Speaker 2: Four children for sale. Inquire within. That's how bad it got.
• 9:01
  Speaker 2: She was actually pregnant at the time, and she sold
• 9:05
  Speaker 2: eventually all four of her children, including the one.
• 9:09
  Speaker 1: That she was carrying.
• 9:10
  Speaker 2: So all of the children actually were taken in by
• 9:14
  Speaker 2: other families. But can you imagine like that level of
• 9:18
  Speaker 2: desperation because you just simply cannot feed your children. And
• 9:23
  Speaker 2: of course, as they say, when America has a cold,
• 9:26
  Speaker 2: black people get the flu or pneumonia. So who suffered
• 9:30
  Speaker 2: the most during the Great Depression black employees and black
• 9:35
  Speaker 2: business owners. Because as you know, when things are kind
• 9:38
  Speaker 2: of plentiful like we saw a couple of years ago.
• 9:40
  Speaker 2: You get a lot of support support black businesses, and
• 9:42
  Speaker 2: everybody turned to their icons black. But when things got tight,
• 9:46
  Speaker 2: everyone starts to you know, focus on their group. And
• 9:50
  Speaker 2: so unfortunately a lot of the low labor and skill,
• 9:54
  Speaker 2: low wage jobs that black people were doing, white people
• 9:57
  Speaker 2: were actually having to take those jobs. There was nothing
• 10:00
  Speaker 2: left for the black entrepreneur, the black employee. And so
• 10:06
  Speaker 2: let's get straight to just the core core concepts of
• 10:09
  Speaker 2: why the businesses failed. So one coming out of the twenties,
• 10:13
  Speaker 2: did you guys have made heard like the Roaring twenties,
• 10:15
  Speaker 2: There was a time of opulence.
• 10:17
  Speaker 1: People had money. This is a great overall time.
• 10:20
  Speaker 2: So around that time, we were also living in how
• 10:23
  Speaker 2: we're living today with this highly speculative and hyped up market.
• 10:28
  Speaker 1: So the stocks were just over.
• 10:30
  Speaker 2: They were just just to the movement, as you guys
• 10:33
  Speaker 2: would say today, and a lot of retail investors or
• 10:37
  Speaker 2: you know, your average joes had gotten into the stock
• 10:39
  Speaker 2: market and overhyped.
• 10:41
  Speaker 1: So there were a lot of overproduction.
• 10:43
  Speaker 2: Of goods and so the economy was overinflated by the
• 10:47
  Speaker 2: speculation and the hype. So when the stocks crashed, and
• 10:51
  Speaker 2: everything started to come to fruition. The banks, you know,
• 10:54
  Speaker 2: got nervous. They refused to lend money to the companies
• 10:58
  Speaker 2: because they had a lack of confidence and the economy.
• 11:01
  Speaker 1: What did that lead to?
• 11:02
  Speaker 2: Well, that left the cutbacks and production, and that led
• 11:06
  Speaker 2: to layoffs and unemployment.
• 11:08
  Speaker 4: An illegal alien from Guatemala charged with raping a child
• 11:12
  Speaker 4: in Massachusetts. An MS thirteen gang member from Al Salvador
• 11:16
  Speaker 4: accused of murdering a Texas man of Venezuelan charged with
• 11:20
  Speaker 4: filming and selling child pornography in Michigan. These are just
• 11:24
  Speaker 4: some of the heinous migrant criminals caught because of President
• 11:28
  Speaker 4: Donald J. Trump's leadership. I'm Christy nom the United States
• 11:32
  Speaker 4: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 11:36
  Speaker 4: crossings are at the lowest levels ever recorded, and over
• 11:40
  Speaker 4: one hundred thousand illegal aliens have been arrested. If you
• 11:43
  Speaker 4: are here illegally, your next you will be fined nearly
• 11:47
  Speaker 4: one thousand dollars a day, imprisoned, and deported. You will
• 11:51
  Speaker 4: never return. But if you register using our CBP home
• 11:55
  Speaker 4: app and leave now, you could be allowed to return legally.
• 11:59
  Speaker 4: Do what's right, Leave now. Under President Trump, America's laws,
• 12:04
  Speaker 4: border and families will be protected. Sponsored by the United
• 12:07
  Speaker 4: States Department of Homeland Security,