By Osei

Two years ago the spiral demise of AIG, Lehman, Merrill Lynch and other financial institutions was inevitable. Shortly thereafter financial institutions received bailouts from the U.S. government. Unfortunately, the financial institutions then created a credit crunch for consumers and small businesses instead of easing credit. Two years after the financial crisis, the African-American community is now disproportionately saddled with a higher unemployment rate from the after-shocks.

“The transfer of wealth “ that President Obama talked during his campaign is definitely here. However, not quite the way we ever imagined.

Mr. President: What have you done for me lately?

It’s time to stop giving the current administration a pass.

The Obama Administration instituted a $787 billion stimulus package that looked good on paper but has not worked. The president can talk a good game, however, it is now way past the “2-minute warning” for all his fans, including me, to be quiet.

Somebody, please ask him to throw a game winning touchdown our way! With all the talk about how small businesses are the lifeblood of America and the jobs they create, virtually nothing has been thrown their way.

Of the $787 billion, less than a $1 billion ($700 million to be exact) was allocated for small business in the form of business loans. Tell me, how does anyone or business in America get a personal or business loan shortly after your credit scores have been tarnished by the credit crunch? Supposedly another $50 billion is being printed for more small business loans as we speak. Undoubtedly, this is not going to work.

Of the $787 billion, $17 billion was allocated for health care information technology (this includes electronic medical records, etc.). Small businesses were squeezed out of this space by the likes of GE Health, Walmart Health and Google Health. Sadly, these large corporations have zero incentive to subcontract any of their $17 billion government work to smaller minority-owned businesses, you know, the ones that actually create jobs within African American communities.

On a slightly different note, the definition of “minority-owned” businesses DOES NOT EXIST anymore for federal contracting. How did this happen on the Congressional Black Caucus’ watch? It’s obvious they are not watching. According to the CBC website, they do not even have an economic agenda for black folks. Now, that is another conversation altogether.

We DO NOT want a handout

What happened to the hard work, ingenuity, creativity, innovation, the free-market concepts that this great nation espoused. Today, even large corporations are cutting in front of the line for their welfare check. What signal are we sending to our next generation. Sort of like taking your child to see Barry Bonds hit a home-run in the ballpark.

It appears President Obama seems to have a government/Obama solution for everything. Whether it’s the Beer Summit, BP gulf oil spill or New York City mosque. It’s like like watching your best buddy, who is an only child, ball-hogging on the field. They are everywhere and our score has not moved!

Somebody, Tell the brother to quit talking all that smack, pass the ball and score for his greatest fans (black-folk) to feel!

I love me some Obama though 🙂

Osei is a business consultant and blogger for Whatchusay. You can reach him at osei@consultant.com

Advertisements