This website uses cookies to ensure you have the best experience. Learn more

American American Financial Issues Essay

1185 words - 5 pages

Blair, Lauri
Journal #3
African-American Consumers and the Economic
March 30, 2010
202-07
Dr.Ferdnance

1) Create a detailed consumer profile of the average African-American household. Find the average income, wealth, and primary purchases of the African-American household. Compare and contrast the consumption pattern of the African-American with European, Asian, and Hispanic Americans.
African-American household
Average income- $37,150
Wealth- $6,000

White Household
Average income- $55,463
Wealth- $88,000

Comparing African American households to European, Asian and Hispanic Americans, African Americans have the lowest income. Second of all, in response to a lower income ...view middle of the document...

The current economic status of African American households has been consistent since 2000, when African-Americans first entered a depression. The current recession just added to the steady loss and low income. African-American households in the 2008 census were found to have an average income of $34,218, and in 2003, $37,150.


African American Budget Line
x-axis: Clothing
y-axis: Rent
Hampton Area more African Americans average $500-$650
Rent: $6900
Clothing: $4200
Budget: $34,537

3) Illustrate and explain with specific data what has happened to the average African-American household as a result of the foreclosure crisis, the financial crisis and the current recession. Be sure to back up your graphical analysis with researched facts about how these events have affected African American households.


Foreclosure Crisis:
Banks targeted specific group such as African Americans, which did not meet the financial criteria based on credit, employment, and income. Banks gave numerous subprime mortgages to non-qualified African Americans, which were very risky loans. These subprime loans got African Americans to buy more homes, yet the payments shortly after ballooned, which forced individuals which already purchased a home out of there means, to come up with more income to pay a higher mortgage which they could not afford. After the loans began to balloon African Americans could not pay for the mortgage, finally the banks were faced with the issue that the homes value was below the amount owed several African American homes became foreclosure in attempt to collect a portion of the non paid debt. Small business, and services were no longer able to keep up or receive loans from banks, and forced to down size resulting many African Americans to become unemployed.

In 2004, African American homeownership increased to 49%, in 2007 fell below 47%, in response to the foreclosure homes since the recession the African American homeownership will continue to decline in result of the recession and ballooned prime mortgages.

Financial Crisis:
The current recession affect on the African American labor market is an increase in unemployment rates, which is a negative affect on the labor market. The negative affect on African Americans impact on the economy is affecting the labor market, firms are downsizing which is resulting a decrease in the demand of labor. The African American unemployment rate was found at 8.3% in 2007, and expected to be at 11% by the end of 2010, these figures are both double the white unemployment rate.

Current Recession:
The recession has definitely targeted African Americans, receiving double the trouble in every aspect from homeowners, employment, business owners, entrepreneurs, youth, education and many other areas. Economics Policy Institute stated,...

Other Papers Like American American Financial Issues

Issues in Applied Finance Financial Planning Assignment: Questions & Answers

1130 words - 5 pages AFIN310 Issues in Applied Finance Financial Planning Assignment: Questions & Answers General Questions 1. Is an introduction / executive summary and conclusion required? No. You are to answer each question and keep to a total maximum of 15 pages, excluding cover page. No marks will be provided for anything written on page 16 or beyond. Students are recommended to refer to the mark allocation when answering each question. 2. Is specific

Identify Economic Issues in the Jamaican Economy That Created the Need for Financial Regulation

807 words - 4 pages According to Ely (2008), “financial regulation is a form of supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system. The regulatory body may be handled by either a government or non-government organization”. The Jamaican financial landscape consists of various financial institutions. These include banks, security brokers, pension schemes and

Eth125

815 words - 4 pages their culture traditions properly. Being forced to move away from the only land they knew and to lose so many lives fighting for what they believed in for their people. In today’s society, the American Indian still has their rights to their land but with poverty being an issue on some, many have introduced casinos to their lands. This helps with financial issues that the tribe faces and the government does not help with. You see, the

Financial Reports and Sec Filings

1456 words - 6 pages ABSTRACT Publicly traded companies make multiple reports available to their investors through their websites. Not only does these companies make their financial information available to the public, they must also send in detailed reports to the SEC. In this paper, we will be examining a world-wide publicly traded company, American Eagle Outfitters. We will be looking at the financial information that the company has made available for the

Ebay Strategy in China

911 words - 4 pages 1. Limited financial regulation and enforcement The less robust financial regulation system in Asia presents corruption risks and legal compliance issues for American companies that must comply with the Foreign Corrupt Practices Act. The ownership of wealth in Asia is generally highly concentrated, which contributes to the acceleration and agility of domestic businesses and the economy. Yet, this relative economic transformative speed

The American Intelligence Community

941 words - 4 pages transformed with time. The use of clandestine tactics and new technology and of course with the experience learned from America’s Founding Fathers made covert action be important and powerful intelligence operation used by American in their intent to establish a policy in foreign lands. Since the beginning of Franklin Delano Roosevelt’s presidency the American intelligence observed obstacles due to certain disorganization and financial distress in

American Express Case

3855 words - 16 pages , checkin/location services, scalability, etc.). • Minimize privacy and security issues before launch. If your social media promotion requires users to provide personal or financial information, anticipate and preempt user concerns about privacy and security during the Awareness and Registration stages. American Express customers were initially skeptical about linking their credit cards for Link, Like, Love. While the company responded to these

Supervisor

638 words - 3 pages Procedure (CAP) In 1939, encouraged by the SEC, the American Institute of Certified Public Accountants (AICPA) formed the Committee on Accounting Procedure (CAP). From 1939 to 1959, CAP issued 51 Accounting Research Bulletins that dealt with issues as they arose. CAP had only limited success because it did not develop an overall accounting framework, but rather, acted upon specific problems as they arose. Accounting Principles Board (APB) In 1959

Gaap vs. Ifrs

1329 words - 6 pages measured, and how they should be summarized and reported. The IFRS framework describes the essential concepts that bring about the preparation and presentation of financial statements for external users. The IFRS framework serves as a guide in the developing a future IFRS and as a guide to determine accounting issues that are not addressed exactly in an International Accounting Standard, International Financial Reporting Standard or Interpretation

Compania Telefonos de Chile

580 words - 3 pages ADR) Thus, CTC is forced to look for the funds it needs outside Chile. One option is through the issuance of American Depositary Receipts (or ADR). According to the Chartered Financial Analyst (CFA©) Institute (2008), an ADR is a “certificate of ownership issued by a U.S. bank to promote local trading in a foreign stock” (p. G-2). This means that the United States’ bank holds the foreign shares of stocks and issues American Depositary Receipts

What Role Did the Accounting Profession Play in the Recent Subprime Mortgage Crisis?

642 words - 3 pages number of people because it was an offer borrowers couldn’t refuse. The little to no credit requirements and Interest-only and Adjustable-rate loans made borrowers believe they could live the American dream. The failure of risk management in these cases compromised the securitization of loans and debt obligations. The inability and/or lack of accounting principles have contributed to this country’s financial crisis, not to mention the global

Related Essays

Issues With Native American Education Essay

1638 words - 7 pages Hills, MI. Nerburn, Kent. “Native American Wisdom.” Classic Wisdom: New World Library. 1991. San Rafael, CA. Reyhner, Jon. “American Indians out of school: A Review of school-based Causes and Solutions.” Journal of American Indian Education. Nettrekker. 1992. Http://jaie.asu.edu/v31/v3153ind.htm Thompson, William N. “Native American Issues.” A Reference Handbook. Contemporary World Issues. ABC-CLEO, 1996. Santa Barbara, CA.

Hsm 541 American Hospital Association; Advocacy Issues. Rural Health Care

2079 words - 9 pages Written Assignment Week 5 American Hospital Association: Advocacy Issues Rural Health Care HSM 541 Health Service Systems Rural communities are faced with a lot of the same health care issues and challenges that confront the rest of the United States. Increasing heath care costs, large numbers of uninsured, underinsured, and an over extended health care infrastructure. There are some different and unique health care issues that face

Issues In Financial Reporting

1107 words - 5 pages they are satisfied that they give a true and fair view of the assets, liabilities, financial position and profit or loss. It is important not to underestimate your legal responsibility as a non-executive director to prepare accounts that give a true and fair view and that comply with the law and accounting standards. Following are the three issues in Financial Reporting which I consider are significant: 1. Going Concern - the continuing challenge

Naomi Project Analyze A Selected Organization’s Environmental Factors (Legal, Social And Economic). Discuss The Operational, Managerial And Financial Issues. Provide A Discussion On The Impact Of...

1765 words - 8 pages Naomi Project BUSN300: Lower Division Capstone American InterContinental University Dolce & Gabbana is a legendary company doing business with expensive perfumes and fashions. Companies like this can keep this status by knowing how to adjust to the economic and social environment. These companies are hasty in resolving any issues that steam from a number of things such as operational, financial, or managerial areas. This paper will be