Ain't that the Truth....
Black People And Capitalism DON'T Mix
- Thread starter Medicate
- Start date
Ain't that the Truth....
In addition to this post i once believed in mysticism not that long ago.
What you perceive to be good / evil is folklore also known as mythology so this is no excuse to be immoral.
What's wrong with capitalism? Investing in such a market has worked out for people not spooked by watching a stock ticker go up and down (only 16% of usa invest in stocks and it's unnecessary fear considering your 401k and IRA has stocks in it lol) Stock market doesn't see anything but your money. You may not get hired by abc corp...but you can damn sure have an ownership claim!
You can slowly build wealth to pass onto the next generation with vanguard s&p500 for $180 per share or total market for $104 per share. Historical return averages are about 10% through a combo of capital gains and dividends. It's the easiest way to guard against inflation and combat stagnant wages.
Vanguard has lowest annual fees for s&p500 and total market. Minimum opening is $3000 and there is no transaction fees for deposit/withdrawal as long as you hold 30days. And that's not hard at all...and you should do undervalued stocks like warren buffet/ Jim Cramer as well.
Wages are simply a means to get into a wealth building space and checking/savings account are not wealth builders...just storage.
You can slowly build wealth to pass onto the next generation with vanguard s&p500 for $180 per share or total market for $104 per share. Historical return averages are about 10% through a combo of capital gains and dividends. It's the easiest way to guard against inflation and combat stagnant wages.
Vanguard has lowest annual fees for s&p500 and total market. Minimum opening is $3000 and there is no transaction fees for deposit/withdrawal as long as you hold 30days. And that's not hard at all...and you should do undervalued stocks like warren buffet/ Jim Cramer as well.
Wages are simply a means to get into a wealth building space and checking/savings account are not wealth builders...just storage.
Madvillain
Pro
It's hard to talk about the different branches of socialism/communism/anarchism when folks here have repeatedly demonstrated not knowing much about them but still bashing them wholesale anyway. I'm all for the working masses owning the means of production rather than concentrated power in the hands of an elite few. This is why so many economic/political victories are so easily rolled back in so little time. I'm for the end of crimes of necessity, poverty, prison, police, war, artificial scarcity (read Maass) and in general the social stratification that comes with the ever-expanding division of labor (read Smith and Harvey) (these have all been tools to hurt "out" groups and alienate them from each other) along with the search for the cheapest possible labor/maximization of surplus value that has ALWAYS led to oppression, alienation and extreme exploitation.
Then you are for the end of the human condition.
This is true but alot of people live check to check.
Madvillain
Pro
If exploitation, alienation and oppression and their tools (all those -isms [racism, imperialism...], war, famine, etc.) really are the human condition, so be it. Capitalism cannot and does not desire to solve those problems. Capital will merely contain them and actually make some dough of them while they're at it
. You see this exemplified in prisons and police today.
Do you believe them to be solvable?If exploitation, alienation and oppression and their tools (all those -isms [racism, imperialism...], war, famine, etc.) really are the human condition, so be it. Capitalism cannot and does not desire to solve those problems. Capital will merely contain them and actually make some dough of them while they're at it
Madvillain
Pro
Black Americans have more wealth than black people anywhere in the world
It isn't an "if"
I understand that.
Though I might catch slack for this....a kid out of high school instead of going to college stays at home for 4yrs...works...and invests 90% of the wages as in feeds the s&p500 heavy and/or individual stocks. Then if you want to go to college sell off a little and start college age 23.
Jim Cramer lived in a car with a gun and drank liquor after work. You have to sacrifice at some point to build up wealth and the sooner the better.
*L*E*G*A*C*Y*
Done.
Good thread.
that's what I'm doing now. It's so easy to trick money off too.
I'm trying see how disciplined I can be for about another year or two, then start investing....
In the meantime, I get to read a lot of books about understanding the markets...
*L*E*G*A*C*Y*
Done.
I'm not a pessimist...but I'm not an optimist when it comes to capitalism and black people either.
Sure...There are many black people who have played the game and become successful...but there are more than that who have NOT. And it's not just some write off issue of "not working hard" or "being lazy" but it also has to do with the nature of the American landscape with systemic racism and class is steeped in between...not to mention the free market being manipulated to exclude black people (ie the first round of fdr approved new deal programs from which black people were excluded from, the first suburbs that came into fruition in the aftermath of world war 2, and numerous other cases over the years where states and governments worked together to shut black folks out of the game) which creates a whole different animal.
If it worked so well...why are the majority of black people struggling in this system? The majority of America's homeless are black. Black men and women are three times as likely than anyone else to be unemployed. And the problem with that in this system is the fact that money is required to live in it.
When you look at maslow's hierarchy of needs..20/26 needs require money.
At the bottom of the pyramid are the base needs (food, clothing, shelter, homeostasis, excretion, sleep, breathing). Out of these 5 at least require money. You need a job to make mkney. You need money to survive. So what happens when you can't make enough money to satisfy the bottom tier of the hierarchy? You DIE.
So while we can all admit that capitalism has produced it's success stories, the harsh truth is that it weeds out the desirable from the undesirable. And considering who has been pulling the strings and whose strings are being pulled it's easy to see why capitalism does not work for the black collective American society as a whole.
Sure...There are many black people who have played the game and become successful...but there are more than that who have NOT. And it's not just some write off issue of "not working hard" or "being lazy" but it also has to do with the nature of the American landscape with systemic racism and class is steeped in between...not to mention the free market being manipulated to exclude black people (ie the first round of fdr approved new deal programs from which black people were excluded from, the first suburbs that came into fruition in the aftermath of world war 2, and numerous other cases over the years where states and governments worked together to shut black folks out of the game) which creates a whole different animal.
If it worked so well...why are the majority of black people struggling in this system? The majority of America's homeless are black. Black men and women are three times as likely than anyone else to be unemployed. And the problem with that in this system is the fact that money is required to live in it.
When you look at maslow's hierarchy of needs..20/26 needs require money.
At the bottom of the pyramid are the base needs (food, clothing, shelter, homeostasis, excretion, sleep, breathing). Out of these 5 at least require money. You need a job to make mkney. You need money to survive. So what happens when you can't make enough money to satisfy the bottom tier of the hierarchy? You DIE.
So while we can all admit that capitalism has produced it's success stories, the harsh truth is that it weeds out the desirable from the undesirable. And considering who has been pulling the strings and whose strings are being pulled it's easy to see why capitalism does not work for the black collective American society as a whole.