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Black (history) Tuesday: History in the Making

6:45 AM Posted by Dafonzarelli
As President Barack Obama signs the economic stimulus bill...
I think back on history, 1865 to be exact. That was the year that Freedman's Saving and Trust Company was formed. This bank was formed, by congress, to help/teach newly emancipated slaves to save money. The intentions for this bank was simple, to aid Negroes in economic stability. Between 1865 and 1870 the bank become very lucrative. It was estimated that there were 70,000 accounts and around $57 million dollars in deposits - money of blacks from all over the country. Despite the banks booming success, less than 4 yrs later the bank was collapsing. By June of 1974 Freedman's Bank was closed.

What Does This Have to do with President Obama and the Stimulus Bill?



Well, the bank was stable because its policy made it so it only invested in government securities. In 1870, the bank got new management and they had congress change that policy, which ultimately led to the closing of the bank. In 1874, the bank had called on Frederick Douglass to come in and help the fledgling bank. He even invested his own money($10,000) as a show of faith in the bank but he soon realized that the bank was already 'deep fried and barbecued'.


RIGHT NOW, our country is looking for like Freedman's bank did back in 1874.


RIGHT NOW, we have President Obama coming in to a situation where all the rotting and decaying is already visibly present.


RIGHT NOW, President Obama is about to invest $800+ BILLION dollars into the economy.



BUT WILL THAT BE GOOD ENOUGH?


Is it best to completely uproot the current banks, rid them of their worthless securities and nationalize them?


Is it best for the automakers to relinquish control of their company's to the government and produce the type of product they want?


Is it best to help the real estate market by the government helping pay mortgages?


Is it best for the government to increase aid to Americans until the job market stabilizes?




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