February 13, 1970
First Black Member of the New York Stock Exchange: Joseph L. Searles III becomes the first African-American to become a member of the New York Stock Exchange, starting his training as a floor partner with the firm of Newberger, Leob & Company.
June 16, 1970
Gibson Elected Mayor of Newark, New Jersey: Kenneth A. Gibson was elected mayor of Newark, New Jersey on this date. He also became the first Black president of the Conference of U.S. Mayors during his career.
January 25, 1980
BET Launched: Robert L. Johnson launches Black Entertainment Television on cable. The network begins airing in the Washington, D.C. area.
May 18, 1980
Rioting In Miami: The worst rioting since the late 1960s erupts in Miami following the controversial acquittal of 4 white deputy sheriffs accused of beating to death a black insurance executive. At least 15 people die in the riots and more than 216 are wounded.
November 17, 1980
First Black-operated Public Radio Station: The first Black-operated public radio station, WHHM, went on the air at Howard University on this date in Washington, D.C.
March 03, 1990
First Black "Miss USA" Crowned: Detroit native Carole Gist becomes the first Black to win the title "Miss USA."
October 22, 1990
Bush Vetoes Civil Rights Bill: In spite of its significant support in Congress, President George Bush vetoes the Civil Rights Bill of 1990, which would have established racial quotas in employment.
October 26, 2000
Derek Jeter Named World Series MVP: New York Yankees shortstop Derek Jeter was named World Series Most Valuable Player of the "Subway Series" between the Yankees and the New York Mets on this date in New York City
November 07, 2000
Dorothy Brown Elected Clerk of the Circuit Court: Dorothy Brown is elected Clerk of the Circuit Court of Cook County (Illinois) by a 4 to 1 margin, becoming the first African-American to hold this position.
November 09, 2000
First Black President of an Ivy League University: Ruth Simmons became the first Black president of an Ivy League school on this date at Brown University in Rhode Island.
November 16, 2000
Coca-Cola Company Settles Race Discrimination Case: The Coca-Cola Company settled its race discrimination suit on this date. Former and current Coca-Cola employees filed the lawsuit because they believed the company had a corporate hierarchy where the Black employees were not given raises or promotions because of their race.
2.3: Economic Obstacles Affecting African-Americans
To address a recession, one must first understand what a recession consists of. A recession, according to the Investor Guide (2009) constitutes: "A period of general economic decline; specifically, a decline in GDP for two or more consecutive quarters." In his article, "How much do we understand about the modern recession?," Robert E. Hall (2007), Stanford University, explains that, "modern" recessions hit the U.S. economy in 1990-91 and then again during 2001. "A modern recession is one occurring in an economy with well-executed monetary policy and a small fraction of the labor force on the factory floor" (Hall, 2007, ¶ 1). Hall contends that in past and modern recessions, employment falls without specific identifiable driving forces. J.T. Young (2009) asserts in "Young: Recession effects 2009" that during the past 60 years, in addition to the current one, America has experienced nine recessions.
In the New York Times article, "Homeownership losses are greatest among minorities," John Leland (2009) notes the Pew Hispanic Center to report that during the current economic recession, the gains and growth African-Americans and native-born Latino made in homeownership during the past decade have been eroding faster than those of whites. The study also notes: "The gaps between white and minority households remain significant, however, with homeownership rates for Asians (59.1%), blacks (47.5%) and Latinos (48.9%) well below the 74.9% among whites" (Leland, 2009, ¶ 10). African-Americans and Latinos, the study reports are less likely than Whites to obtain mortgages. The rejection rate for Whites in regard to mortgages is12.1%; however, it skyrockets to 30.4% of African-American applications (Leland, 2009, ¶ 14).
Economic Impact of Education
A recent study by McKinsey & Company, a management consulting firm, according to Javier C. Hernandes (2009) in "Study cites dire economic impact of poor schools," indicates of American schoolchildren's lagging performance, particularly among poor and minority students, contributes to the negative economic situation. "Bleak disparities in test scores on four fronts: between black and Hispanic children and white children; between poor and wealthy students; between Americans and students abroad; and between students of similar backgrounds educated in different parts of the country" (Hernandes, 2009, Skip to next paragraph¶ 2). In turn, these...
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