Banking News Roils Markets

Business Roundtable, an association of 160 CEOs of leading U.S. companies, plan to hold a conference call tomorrow to discuss how the financial crisis and the status of pending legislation affect American workers and consumers as well as businesses of all sizes. moneygreen32With a $700 billion Wall...

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Bibliographic Details
Published in:	Black enterprise 2008-09
Main Author:	Marcia Wade Talbert
Format:	Magazinearticle
Language:	eng
Subjects:	African Americans Bailouts Banking Black owned businesses Congressional committees Consumer protection Consumers Deposit insurance Economic crisis Economics Entrepreneurs Financial services Foreclosure Small business Social networks Startups
Online Access:	Get full text
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Summary:	Business Roundtable, an association of 160 CEOs of leading U.S. companies, plan to hold a conference call tomorrow to discuss how the financial crisis and the status of pending legislation affect American workers and consumers as well as businesses of all sizes. moneygreen32With a $700 billion Wall Street bailout deal rejected in the House, one of the largest bank failures in the seizure of Washington Mutual, and an economic fate that is uncertain, African American entrepreneurs who were already feeling the squeeze are facing an even more stringent credit system. Chairman of the House Energy and Commerce Committee’s subcommittee on Commerce, Trade, and Consumer Protection, Rush believes a bailout of Wall Street banks is required to stop further blockage of black businesses’ access to capital. Fairlie’s book, Race and Entrepreneurial Success: Black-, Asian-, and White-Owned Businesses in the United States (MIT Press) provides detailed statistical analysis that finds that while access to startup capital is the most important factor determining business success, black entrepreneurs’ ability to get loans is handicapped by African American households’ $6,200 median net worth — one-eleventh of white families’ median assets. [...]what survival strategies can black-owned businesses pursue now? “For small or minority business owners, everything must center on preserving and building working capital, i.e., cash and liquidity,” Boston says.
ISSN:	2691-5510