By Gavin Fletcher

Three American banking giants, Bank of America, JP Morgan Chase and Wells Fargo announced plans to reform their overdraft policies and checking account options as a unified protest of consumers and lawmakers criticize the excessiveness and the processes by which banks levy the fees.

 

Beginning on October 19th, Bank of America will no longer charge overdraft item fees when an account is overdrawn by a total amount less than $10 for one day or charge overdraft fees on more than four items per day.

"Our immediate priority is those customers who excessively overdraw their accounts," said Susan Faulkner, Bank of America Customer Segments & Deposits executive. "With these changes, we have increased customer choice in the area of overdrafts, limited daily overdraft fees, and significantly reduced fees for those customers who need help the most." JP Morgan Chase plans on implementing their policy changes in the first quarter of next year. They will eliminate overdrafts for debit cards unless customers opt for overdraft services and overdraft fees if an account is overdrawn by $5 or less and will reduce the maximum number of overdraft fees per day to three from six. According to Charlie Scharf, head of Retail Financial Services at JP Morgan Chase, "Chase will also update customer accounts and balances for debit-card purchases and ATM withdrawals as they occur. "The new posting order will be more logical for customers, and they will incur fewer fees."

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By Gavin Fletcher

Despite the economic downturn businesses are creating workplace environments with policies to protect gay employees from discrimination and offer partner benefits not yet provided by the federal government.

 

Of the 590 businesses reviewed, 305 earned a perfect rating on the Corporate Equality Index (CEI), based on lesbian, gay, bisexual and transgender (LGBT) workplace policies and benefits, a 20 percent increase since last year, according to a report released by the Human Resources Campaign Foundation (HRC). “The Corporate Equality Index 2010 shows that, even in the most challenging economy, leading employers are forging ahead of federal and state law to recruit and retain a diverse workforce — regardless of employees’ sexual orientation and gender identity or expression,” said Joe Solmonese, HRC president. Collectively, the 305 top-rated businesses employ more than nine million full-time employees and are protected from employment discrimination based on sexual orientation and gender identity because of their employers’ policies on diversity and inclusion, training and benefits. While many cities, counties and states protect employees from discrimination based on gender identity or sexual orientation and federal law does not, gay workers still face discrimination when there are employer based health insurance, which does not cover same-sex families.

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LGBT Center's Out To Work Job Fair

By Sr. Correspondent, Antoine Craigwell

(New York, NY) - Men and women dressed in business suits formed two long lines as they waited for the doors to open for the 3rd Annual Out To Work Career Fair at the Lesbian, Gay, Bisexual and Transgender (LGBT) Community Center on West 13th Street on Sept 17. The lines snaked in opposite directions - one stretched eastward and curved around the corner at Seventh Avenue, the other westward toward Greenwich Avenue. As the rain fell, some who were prepared popped open umbrellas, a few others begged shelter, and some chose to brave the rain, their business suits becoming soaked.

 

At about 11:00am, volunteers flitting about the main lobby and reception area looking like waiters except for the headsets with boom microphones and name tags welcomed the many who came to the Center to see if they would be noticed by someone from human resources or a hiring manager from any one of the 40 companies who had set up tables in the main room on the ground floor and in the large room on the third floor. The career fair, hosted and sponsored by the LGBT Center in collaboration with the Chelsea Village Chamber of Commerce as a fund raising event, was outsourced to a private consultant who organized and obtained the company exhibitors, each paying $1,500 to participate, which included A&E Television, GO Magazine, Gay City News, McBurney YMCA, Chase, the Office of the Comptroller of the City of New York, the NYC Metropolitan Transit Authority, Pepsi Co., VESID, and The New York Times Company.

It became quickly apparent to the men and women, mainly African American and White, looking for employment that this "career fair" was like many which have occurred around the City in recent times: not as much about companies looking to fill open positions, rather companies looking for people to sell products - sales.

Even from before, looking at the men and women standing on line waiting to enter the Center, and when they had gathered in Room 101, it also seemed that young people between ages 21 to 30 were largely outnumbered by people in their late 30s, 40s and in their 50s.

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By Senior Entertainment Correspondent, John Frazier

It was announced today that the most popular black magazine in America, "Vibe Magazine" is closing its doors forever. Yes, Vibe, a formidable success story for the entertainment world and black community meets a disastrous demise. For black business this is another tragedy. For print media it is another sad commentary on our times.

"Vibe" was published for 16 years. This ground breaking magazine was founded, in 1993, by the great, Mr. Quincy Jones.

During its run, it gave urban- hip hop artists an outlet and tapped into the hearts of younger Afro America. However, on the news stand, the magazine was a bit pricey and may have been unaffordable for many potential readers. Back in the day, I can remember buying this magazine. What I found unsettling was the many advertisements before you got to the featured stories. Other than this, the magazine was excellent. However, after a while, the uniqueness of the groundbreaking magazine started to lose its shine

The top 5 magazines for people of color (black/asian/other) ranked by audience/ circulation were Vibe: 1,856,000;  Ebony: 1,643,000; Jet: 1,327,000, and Essence: 1,302,000. Vibe's analysis was based on 2003 market data.

Right after its first issue, Jones had this to say: "Through the prism of Urban Music, VIBE chronicles the celebrities, sounds, fashion, lifestyle, new media, and business born from this art form. With an authoritative voice, VIBE creates treads as much as it records them. VIBE covers music, educates its reader, and gives back to the community. VIBE serves as a portal to a growing, young trend-setting, multicultural audience. By being excellent journalist and innovative marketers, we are champions of urban music and culture." I believe that Vibe magazine was able to do what it set out to accomplish. It reached most of the people, but unfortunately it was not friendly to the LGBT community. That being said, I still wish all concerned, the best. With the closing of Vibe magazine,  many people that made "Vibe" the success that it was will face layoffs. We wish them well. You read it at GBMNews.com

By Dontré L. Conerly

(New York, NY) Despite the harsh economic times, the 16th Annual LBGT Expo, from March 21 to 22, 2009, held at the Jacob Javits Convention Center, proved to be a successful marriage of the lesbian, gay, bisexual and transgender (LBGT) community with the world of business and finance.

Connecticut-based RDP Group, host of the Expo and the organization responsible for the event, identified their role as bringing two groups together who would derive mutual benefit from each other and fostering potential long-term relationships. 

The Expo was about gay-friendly businesses that advertise and target directly the LGBT community and promoting a symbiotic relationship

between marketers and what organizers call "the perfect niche market"-the gay community is one that is affluent, brand-loyal and a financial powerhouse, and created a space with a dichotomous purpose, suggesting that the GLBT community comfortably patronizes businesses that cater to their community and their unique needs. Since 1993, the LGBT Expo proudly boasted that it has helped to spur over $80million in economic stimulus to the greater Tri-state area, dollars which are generated by attendees at the Expo, gay-owned businesses, and gay-friendly companies exhibiting at the Expo, which also included several Fortune 1000® companies.

Laid out in a grid-like city format on the Convention floor, companies at the Expo exhibited their products in booths, doing all they could to grab the attention of passersby. In one aisle, Harrah's Resort featured a spinning wheel, a la Price Is Right, for a chance to win free hotel stays in its Atlantic City property, and in another aisle attendees, after paying about $99 for a trial, sat in chairs with neon blue lights at the end of tubes for the latest in teeth whitening. The Expo featured several services that ran the gamut from adoption services to alcoholic beverages, specialized gay television networks and programs, and even luxury car services, such as the double-deck limo bus offered by Designer Limousines, which seats up to 80 people in a tricked out interior. Each company relished the opportunity to show off its wares. Some companies have been exhibiting at the Expo for many years, while others as they introduced their products, hoped to increase their fan base.

And a strong fan base is exactly what first-time Expo exhibitor and singer/songwriter/pianist, Todd Alsup, hoped to get and build from his participation. For him it was more interpersonal approach to meet fans than the postcards and social networking sites that he normally uses. "As an out artist, this seems like a natural fit. It seemed a good approach to networking," he said. While his sexuality may be a draw for this particular crowd, Alsup said his music is much broader. "I try to keep my music universal and write stories that people can relate to," wrote Alsup on his MySpace page. "I believe that the most timeless songs are the ones about things we can all identify with."

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Protect yourself with - knowledge, information, understanding

By Sr. Correspondent, Antoine B. Craigwell

The dross continues to rise to the top in the Wall Street meltdown with the exposure of Marc Drier's and Bernard Madoff's combined $50.113 billion scams; the latter's ignominy eclipsed the former, in a swindling one-up-man-ship, out scamming the other.


 

In a Dec 16, 2008 press release, seeking to reassure investors, Fred Joseph, North American Securities Administrators Association (NASAA) president and Colorado Securities Commissioner, says, "While the vast majority of investment services providers are honest professionals, the potential for fraud should concern us all." Many investors have a sense of invulnerability, that loosing money happens to someone else and not to them, says John Gannon, senior vice president, Investor Education, Financial Industry Regulatory Authority (FINRA), and because of embarrassment, many do not report that they have been scammed. Investors should recognize, he says, and defend against the undue influence of persuasion tactics which involve promises on guaranteeing returns on investments, such as in Madoff's case, where from year to year, he consistently delivered positive returns, and which should be a red flag. Two other fallacies, he says, as influencers are: the social consensus or peer pressure, such as the country club or community, where if everyone seems to be profiting, then the stock is doing okay; and the "pump and dump," or scarcity or urgency types.
"Anyone, regardless of income, education, or profession, can become a victim when unscrupulous individuals use the growing field of financial advice to line their own pockets," Joseph says.
"The risk of fraud is magnified as investors seek higher returns in today's troubled markets."

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By John Paul Rossi
History News Service

The United States is in the midst of the worst financial crisis since the Great Depression. The question is: How close are we to another Great Depression?

The answer is: Very close. Here's why.

The Great Depression was the result of the combination of the 1929 financial crisis and serious structural problems in the American economy such as widespread poverty. After the 1929 stock market collapse these factors cut deeply into business investment and personal consumption. The consequence was a downward spiral that created the worst economic collapse in American history.


 

Today's economy is hurtling downward on a similar path. The mortgage and financial crises have constricted credit and largely cut off business investment. Stagnant wages and over-borrowing have curtailed consumer spending. The collapse of a stock market bubble in 1929 triggered the chain of events that led to depression. When stock prices fell in October 1929, investors, financial institutions and banks were caught overextended. The fall in stock prices produced a financial panic that bankrupted many. To repair damaged balance sheets, surviving banks and financiers dramatically reduced lending. The result was a long and steep decline in economic activity.
Much as in 1929, the 2008 collapse has been the consequence of a speculatory bubble, this time in real estate. It was pumped up by over-lending by banks and financial companies and over-borrowing by Wall Street.
Rising interest rates helped burst the bubble. Subsequent property owner defaults caught investors, financiers and businesses holding mortgages, or investments based on them, short. Enormous losses for investment firms and banks followed. Despite government bailouts and aid, the country's surviving major banks have severely cut lending. The 1920s stock market bubble hid serious structural problems in the underlying economy. The same is true for the real estate bubble in the 2000s.

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By Andrew M. Schocket
History News Service

"Socialism!" That's the alarm many conservative commentators and legislators are sounding about the latest development in Washington's bank bailout scheme. Critics worry that the latest bank rescue plan will begin a slippery slope towards socialism or at least a day when government officials run American businesses, the American economy and, eventually, American lives.


 

But this isn't the first time the U.S. government has held stock in banks, and the nation never turned to socialism.
Unless the government's investment in banks comes with effective government oversight, the real problem is that banks will continue to have too much autonomy rather than too little. As part of the federal government's financial bailout plan outlined over the past few days, President Bush and Treasury Secretary Henry Paulson joined an international effort to help troubled banks by buying stock in them. Their hope is that the government's investment will get the banks to lend more money. It would also assure bankers that the loans they give each other are safe (banks actually lend each other money on a regular basis).  Then money will start flowing again between banks and to businesses that right now can't get the credit they routinely depend upon. If the plan succeeds, when the economy finally improves and the stock market goes back up, the government could sell its bank stock and probably make a profit for taxpayers.

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New Daytime Flight Means More Same-Day Connections to More of Africa

FORT LAUDERDALE, Fla. (Business Wire EON/PRWEB ) December 17, 2008 -- South African Airways has announced that it will operate new non-stop service from New York JFK to Johannesburg beginning May 1, 2009. Flight SA204, which will now depart at 11:35AM and arrive in Johannesburg at 8:45AM the following day, opens up a host of online connections, taking more travelers to more of Africa through SAA’s Johannesburg hub.

The same-day connections feature flights to Botswana, Gabon, Kenya, Malawi, Mozambique, Namibia, Tanzania, Uganda, Zambia and Zimbabwe. As an African airline with global reach, SAA’s unmatched African network will now make it possible to leave New York in the morning and connect throughout South Africa and sub-Saharan Africa as well as Africa’s Indian Ocean islands, all with seamless connections. Within South Africa, SAA offers frequent service to cities such as Cape Town and Durban, and the new flight schedule will allow travelers to arrive at these popular cities mid-day. Coupled with SAA’s commitment to excellence and its award-winning service, there is no better choice for service from the U.S. to Africa.

“Adjusting the New York flight to an earlier departure and operating it as a non-stop to Johannesburg means that business travelers and leisure travelers alike can start their business meetings or embark on their safaris even earlier, rather than having to spend the night in Johannesburg in order to catch a next-morning connection,” said Marc Cavaliere, executive vice president, North America for South African Airways. “We are especially proud that our new non-stop flights are the fastest way to fly to South Africa and the earliest arrivals to South Africa and southern Africa. In addition, when you realize that passengers now have the ability to depart during the day from JFK, or during the evening from Washington, D.C., SAA is without question the airline that offers the most flexibility and the best connections to the most points throughout Africa.”

Fox News

For African-American Web surfers who just can't relate to their browsers, there's hope: the Blackbird Web browser.

Billed as "the Web browser for the African-American community," it's a modification of Mozilla Firefox with a different color scheme — black and earthy shades of green and brown — as well as certain built-in features meant to appeal to black Americans.

These include "Black Search," which brings up results tailored to what its backers assume are African-American interests; "Black News Ticker," which does more of the same; and "Blackbird TV," which is "the best of Black video on the Web." "We believe that the Blackbird application can make it easier to find African American related content on the Internet and to interact with other members of the African American community online by sharing stories, news, comments and videos via Blackbird," reads a press release posted by 40A, the somewhat mysterious firm behind the browser, on the CrunchBase Web site. Reaction from black bloggers, tech writers and commenters has been, shall we say, a bit mixed. "Wait, why do I need a special Web browser?" asked Gizmodo writer Adrian Covert. "Last time I checked, I don't physically browse the Internet any different than anyone else." "The way this browser is marketed, the language, and the very idea that Black people somehow need a different piece of software to deal with the Internet all rubs me the wrong way," wrote K.T. Bradford of Laptop magazine.

The BlackWeb 2.0 blog was more supportive. "There is a Black culture and a Black Experience, and this naturally translates online and into any other medium since we are all a part of the human race," regular poster "Markus" wrote. "In 2008 it is not wrong to want to identify with your culture regardless of what that culture may be or how you choose to identify with it." But the angriest reaction came from a commenter on Gizmodo who calls himself "Cordfucious the Ubuntu Walker." "I am offended at this," he posted. "As a Black man in this country I don't need a browser to help my kids find culturally relevant material... it's the damn WORLD WIDE WEB... not the Black Web, or White Web or Yellow Web. ... It's s--- like this that burns me up. I need to tell my wife (who is Hispanic) that the[y] need the BlackBean browser for the Hispanic community." http://www.blackbirdhome.com/ Source link

By Zenitha Prince
AFRO News

The current economic crisis has waged a particularly severe attack on the Black middle-class in the United States, experts say.

For African Americans, “2008 was not a good year,” said Algernon Austin, director of Program on Race, Ethnicity and the Economy at the Economic Policy Institute, “and unfortunately, it looks like things will get worse.”


 

The adage that when America sneezes, Black America catches a cold has held true, making it almost inevitable that African Americans would bear the brunt of the country’s financial woes, economists say. “Whenever there is an economic downturn, African Americans are the most negatively affected,” said Jon Schmitt, senior economist at the Center for Economic Policy Research. The disparity can be explained by a persistent gap in wealth between Blacks and Whites among other things, he added. “The unique challenge for African-American middle class is they tend to have much less financial wealth (like stocks and bonds) and wealth in general so they have much less of a margin to get through tough times,” the economist said. It was just a decade ago that journalist Ellis Cose declared that “it’s the best time ever to be black in America.” A tight labor market saw marked increases in employment, higher wages and homeownership and declines in joblessness and poverty that promised a robust growth of the community’s wealth base.

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By Michael Malakata
Computer World Kenya

In a bid to consolidate its presence in Africa and control the region's mobile market, pan-African mobile service provider Zain has launched its first 3.5G network in order to offer customers high-speed Internet access.

 

The launch of the 3.5G network in Ghana on Dec. 15 means that subscribers will be able to use multimedia content, with the ability to send video clips, music and pictures via mobile phone. Until now, Zain has only provided mobile voice and data services to its African subscribers.

Ghana is the second country on the continent, outside of South Africa, to use the 3.5G network.

Having invested over US$420 million in infrastructure development and the network roll out, Zain has invested heavily in bringing the latest technology to create the best network in West Africa, said Zain CEO Saad Al Barrak.

The launch of Zain's 3.5G network in Ghana also means that the company's subscribers can now access the One Network borderless roaming service in several African countries, including Burkina Faso, Democratic Republic of Congo, Gabon, Kenya and Nigeria.

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By Demetri Sevastopulo

The world is shifting towards a multi-polar system with a less dominant US and a more powerful China and India, and a "historic" transfer of wealth from west to east, according to a new US intelligence report.

The Global Trends 2005 report, released by the director of national intelligence yesterday, says that while the US will remain the most powerful country in 2025, the rise of emerging powers and regional blocs will constrain its ability to "call the shots" across the world.

The National Intelligence Council analysis concluded the US would be ever more constricted by scientific advances in other countries, the expansion of irregular warfare by state and non-state actors, the proliferation of long-range precision weapons and the growing frequency of cyber warfare. "The multiplicity of influential actors and distrust of vast power means less room for the US to call the shots without the support of strong partnerships."

The report said the international system prevailing since the second world war would be "unrecognisable by 2025 owing to the rise of emerging powers, a globalising economy, a historic transfer of relative wealth and economic power from west to east, and the growing influence of non-state actors".

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By Barry Malone

ADDIS ABABA (Reuters) - The global financial crisis could hamper efforts to alleviate hunger in Africa, the U.N. Economic Commission for Africa said on Friday.

Parts of the continent have been hit by drought and Africa has also felt the effects of rising world food and fuel prices.

 

"I think this global financial challenge could impact our ability to deal with the food crisis ... and whether we can put measures in place to alleviate the current suffering," said Abdoulie Janneh, executive secretary of the ECA.

Many African countries were on a World Bank list released on Thursday of 28 countries facing financial strains due to high food and fuel costs and from the credit crisis.

International aid agency Oxfam said on Thursday that 13.5 million people needed assistance in Ethiopia alone.

Janneh appealed to the international community to continue providing aid to the world's poorest continent.

"We hope our international partners will realise what a critical juncture this is for us. This is not the time to focus less attention on Africa," he said.

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By Harry Dunphy

WASHINGTON (AP) — Developing countries warned on Friday that the global financial crisis could dampen their growth prospects and recommended an international response to prevent "the most difficult situation in years" from worsening.

 

Kenyan Finance Minister John Michuki

The Group of 24 poorer countries noted that some advanced economies are slowing markedly and some already are in recession. They suggested a possible spillover effect that could hit their economies.

It is essential, they said, to "address deep-rooted weaknesses in risk management and financial sectors in advanced countries that led to excessive risk-taking and speculation."

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By Kevin J Kelley

The financial crisis destabilising markets and economies in the developed world may not be fully felt in Africa until sometime next year, an official at the International Monetary Fund said in Washington on Friday.

“The waves that are being generated from the current crisis may wash up on African shores in the next six to eight months,” said Mark Plant, deputy director of the IMF’s Africa department.

But when the impact is felt, it could be severe for a country such as Kenya.

There is growing risk of a steep drop in remittances from Africans living in the developed world, IMF Africa director Antoinette Sayeh told reporters.

Tourism could also suffer a downturn, she warned, adding that the fund has been receiving “signals recently that developed countries may be considering decreasing their aid flows.”

Speaking to journalists at the outset of the IMF’s annual meeting, Ms Sayeh said the financial crisis will adversely affect African countries to the degree to which they are integrated into the global economy.

IMF Africa director Abdoulaye Bio-Tchane

By that measure, Kenya could feel a significantly negative impact, due in part to Nairobi’s status as the hub for Western countries with interests in East Africa.

The Kenyan economy’s dependence on tourism may also make the country more vulnerable to the effects of a deep recession in North America and Europe.

Kenya’s commodity exports could be hurt as well. Prices for coffee and tea would fall in response to shrinking demand from hard-pressed Western consumers.

Demands for funds in their home countries could lead some European and American banks to take money out of their branches in Africa, Ms Sayeh noted.

Outsider investors, including Chinese, may reconsider projects they had planned in Africa, Ms Sayeh added. Due to the global credit freeze, “it will be more challenging for even profitable projects to receive financing in Africa,” she said.

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Yields to pressure  -  Fast-food chain will no longer sponsor group

By Cheryl V. Jackson

After months of pressure from an anti-gay-marriage group, McDonald's Corp. has given up a director's seat and will stop sponsorship of a national gay business organization.

Richard Ellis, who until last month was vice president of communications of McDonald's USA, has resigned from the board of directors of the National Gay & Lesbian Chamber of Commerce, franchisees were told in a Sept. 23 memo.

 

McDonald's USA, which had made a $20,000 donation to the chamber and became a 2008 chamber sponsor, said it would not sponsor the organization in 2009. Ellis, the company said, "made a personal decision to step down" from the board after he got a new position with McDonald's Canadian operations. "It is our policy to not be involved in political and social issues. McDonald's remains neutral on same-sex marriage or any 'homosexual agenda' as defined by the American Family Association," the memo said. In May, the group called for a boycott of McDonald's over the fast-food chain's association with the gay business organization. The American Family Association, based in Mississippi, runs American Family Radio.

"Our concern was: Here is a family-friendly company that has, all of a sudden, joined hands and became a partner and ally with an organization that is absolutely attacking the moral foundation of our nation; trying to redefine marriage in our nation," said Buddy Smith, executive assistant to the group's chairman. "All we were asking is that they just simply be neutral in the culture wars and focus on doing their business and remain neutral." The chamber, based in Washington, D.C., said it doesn't lobby for same-sex marriage. Franchisees were feeling the heat from their customers, said Richard Adams of the Franchise Equity Group consultancy. "It was a huge issue for customers in the South. They put a lot of pressure on franchisees," he said Source link

The global financial crisis will see the US falter in the same way the Soviet Union did when the Berlin Wall came down. The era of American dominance is over

By John Gray

Our gaze might be on the markets melting down, but the upheaval we are experiencing is more than a financial crisis, however large. Here is a historic geopolitical shift, in which the balance of power in the world is being altered irrevocably. The era of American global leadership, reaching back to the Second World War, is over.


 

You can see it in the way America's dominion has slipped away in its own backyard, with Venezuelan President Hugo Chávez taunting and ridiculing the superpower with impunity. Yet the setback of America's standing at the global level is even more striking. With the nationalisation of crucial parts of the financial system, the American free-market creed has self-destructed while countries that retained overall control of markets have been vindicated. In a change as far-reaching in its implications as the fall of the Soviet Union, an entire model of government and the economy has collapsed.

President Bush in a somber moment Ever since the end of the Cold War, successive American administrations have lectured other countries on the necessity of sound finance. Indonesia, Thailand, Argentina and several African states endured severe cuts in spending and deep recessions as the price of aid from the International Monetary Fund, which enforced the American orthodoxy. China in particular was hectored relentlessly on the weakness of its banking system. But China's success has been based on its consistent contempt for Western advice and it is not Chinese banks that are currently going bust. How symbolic yesterday that Chinese astronauts take a spacewalk while the US Treasury Secretary is on his knees. Despite incessantly urging other countries to adopt its way of doing business, America has always had one economic policy for itself and another for the rest of the world. Throughout the years in which the US was punishing countries that departed from fiscal prudence, it was borrowing on a colossal scale to finance tax cuts and fund its over-stretched military commitments. Now, with federal finances critically dependent on continuing large inflows of foreign capital, it will be the countries that spurned the American model of capitalism that will shape America's economic future.

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Funky Fresh Records, home of hip-hop for 20 years, shutting its doors next week

They come for the music and the friendship. But these days, customers at Funky Fresh Records in Dudley Square are coming to say farewell.

"I was heated when I heard it, yo," said one man recently after word got out that the go-to spot for hip-hop in Roxbury will be closing next week. "You always got everything."

Added another, "You've been here for 20 years. I thought you'd be here forever."

 

"It's a wake-up call for people, and the wake-up call is that we need to support our black businesses," said shop owner Rusty Pendleton. Photo by David L. Ryan

After two decades on Warren Street in the heart of Roxbury, Funky Fresh is saying farewell Oct. 1. But owner Rusty Pendleton (a.k.a. Mr. Funky Fresh) isn't going down without a fight. In a scathing flier distributed in the neighborhood, Pendleton slammed the bootleggers, the downloading culture, and the big chain stores with their bulk and discounts as reasons for his shop's demise.

He's mounted a final effort to save the store, staging a giant goodbye party tomorrow night at Club Night Games in Somerville to help raise money.

"It's a wake-up call for people, and the wake-up call is that we need to support our black businesses in our community," said Pendleton, 42, sitting in his shop last week and reflecting on the journey that led him to Funky Fresh. "I'm not making it seem like it's all about me, but I'm the one leading the charge right now. . . . Once you lose the business in your community, what do you think the chains are going to do? Move closer. Sooner or later there will be no independent stores in your community. The word has to go out."

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By Chris Chalfant

Yes, the people who caused this financial are the ones that need to step up to the plate on this one. If this $700 billion dollar bailout goes through, there is no guarantee that those on Main Street or those sleeping on Main Street because they no longer have a home will benefit. Yes, the country is in trouble, and Wall Street does need help to keep this problem from spiraling out of control, but $700 billion dollars is a lot of money, and the American People have the right to demand that this plan is laid out in a way that protects the taxpayer and the home owner and the small business owner and the self-employed, not just those who created this travesty in the first place.

 

Warren Buffet I was impressed by Warren Buffet’s generous contribution to Goldman Sachs this week. It seems that this is the time for other billionaires to step up to the plate to offer their emergency assistance in a time of need. As the Republicans say “Country First.” Well this act of generosity would most certainly be putting country first, and would ultimately also be putting the donors first as well with the profits they will make from any recent purchases in the past week while the market was low, as it will undoubtedly boost the confidence of the people and the stock market.

If the top 100 billionaires would each donate five billion dollars to Wall Street before tomorrow night’s debate our country would be $500 billion dollars richer and tax payers would not be saddled with an unnecessary burden. Senator McCain and Senator Obama could go on with their debate, investors could continue making their money on an already strong upswing in the stock market, and the lawmakers could rest up over the weekend for the continuation of debates and decisions based on rational thinking rather than panic infused by President Bush, Mr. Paulson and Senator McCain. The country needs the leaders and potential leaders to exhibit confidence, not panic in the middle of this fallout, and this simple act of generosity by 100 of our most wealthy contributors of society could be handled in plenty of time for a Presidential debate and the opening of Wall Street on Monday.