The Transference of Black Wealth into Black Owned Financial Institutions Discussion

[QuintessentialBM]

I know there's a similar thread in TLR, but I feel this type of discourse is better suited for HL, and since there isn't a thread on it......

I would like the black intelligentsia's perspective on:

The Citizens Trust Bank announcement

What are the pros and cons that exist (or will arise) from this movement?

What this movement of financial resources means for the average African/Black American in the short term and long term

All I'll say for now is.... It'll get interesting when the top 1% black households start moving their resources.

 

[theworldismine13]

There are no cons to it

 

[QuintessentialBM]

There are no cons to it

Essentially, that is correct, however, I'm sure there would (or will)be backlash from the establishment who feel the need to keep us in our place. Given their track record, I'm inclined to say that being railroaded is a possibility.

Regardless of what happens in the distant future, this movement is a breath of fresh air for African-Americans and Blacks in America. Hopefully, it continues unimpeded!

 

[Meta Reign]

Here's the thing. If this gains any real steam the establishment WILL try to crush it. If the big 6 banks see a drop in deposits due to this trust me they will be sure to either buy these black banks out or simply run their names through the mus via corporate media. Thus ruining their reputations and ultimately lose deposits.

Black folks need to know the tactics of hlthe enemy and know how to protect our selves from that.

1. Don't just blindly believe the MSM when they start trying to tarnish thebnames of these banks.

2. Put the owners of these banks feet to the fire. They need to know that they CAN NOT sell the bank unless it's to another black owned bank. Depositors aren't doing this as some stupid symbolic gesture.

3. This is important. These banks better be giving loans to local businesses and mortgages at favorable rates. Ofcourse this can't be race based due to legality but if they do it based on proximity it should work out.

 

[QuintessentialBM]

Here's the thing. If this gains any real steam the establishment WILL try to crush it. If the big 6 banks see a drop in deposits due to this trust me they will be sure to either buy these black banks out or simply run their names through the mus via corporate media. Thus ruining their reputations and ultimately lose deposits.

Black folks need to know the tactics of hlthe enemy and know how to protect our selves from that.

1. Don't just blindly believe the MSM when they start trying to tarnish thebnames of these banks.

2. Put the owners of these banks feet to the fire. They need to know that they CAN NOT sell the bank unless it's to another black owned bank. Depositors aren't doing this as some stupid symbolic gesture.

3. This is important. These banks better be giving loans to local businesses and mortgages at favorable rates. Ofcourse this can't be race based due to legality but if they do it based on proximity it should work out.

In agreement.

Personally, I don't have many options because of my location. My only issue is getting favorable rates with my products. Difficult with limited options. I'm in the process of researching now. I'll be moving my resources no later than tax season 2017.