WHY DON'T BLACK PEOPLE JUST START THEIR OWN…? WHY DON'T BLACK PEOPLE JUST OWN THEIR OWN…?
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BLACK AMERICANS DIVEST
Incorrectly believing that spending power equals wealth is what causes people to say things like these actual Tweets and Facebook posts:
“We have over $1 trillion in black buying power—why can’t all those millionaires [not] black football players quit the National Football League and start their own league?”
“Black buying power is over $1 trillion—we should pool our money to provide the capital to create black-owned Fortune 500 companies!”
“If we would just leverage our black dollars, we could create our own multinational bank, and finance our own businesses!”
First of all, wealth is not what you make, but what you keep. So buying power, by definition, can’t be wealth because you no longer have it; you have exchanged that money for goods and services. In other words, that $1.2 trillion is spoken for. To use that money to say, finance a major sports league, a movie studio, or a chain of black-owned multinational banks, means no longer spending that money on food, clothing, housing, cars, entertainment, electronics and myriad other things we buy.