Yes We Can & We Did!
What Impact is the Economic Crisis Having on your Life?
I believe we are in a period of economic uncertainty and churches would be wise to watch the economic indicators around them. Our church is in an area that is undergoing tremendous economic change. Lost jobs, lost wages translate into fewer contributions, plus some members have moved to other states to find better paying jobs.
The national economy, battered by the mortgage housing crisis and sky-high fuel costs, is starting to take its toll on all houses of worship. As wallets get thinner, people face increasingly difficult choices between paying the bills and supporting their congregation. In short, this downturn is hurting everybody. I crafted a short survey to get your input on this important matter. Thanks for participating!
Save Schools Now Rally @ New Trier HS
We will continue to push for superior schools for disadvantaged children until the problem is solved!
Save Our Schools NOW!
CHECK OUT "THE HILL" IN ACTION SUNDAY…THE PRESSURE IS ON!!!
NOTICE: MYTH REGARDING FIRST DAY OF SCHOOL FUNDING…1ST DAY ATTENDANCE DOES NOT AFFECT A SCHOOL'S FUNDING…CLICK HERE FOR MORE INFO
Only 6 of 100 Black and Latino high school freshmen males will graduate from a four year college. Source: University of Chicago’s Consortium on Chicago School Research
Between 2003 and 2007, white students' reading scores went up while African American, Hispanic and low-incomes student's scores went down. (Chicago Sun-Times, October 31, 2007)
Money spent in Illinois on:
- Housing an adult prisoner: $21,000
- Educating a child in Chicago: $10,000
(Source: Illinois State Board of Education
Office of Governor Rod Blagojevich) - Only 9% of African American 4th graders ranked proficient or above in reading, ranking Illinois 38 out of 41 states. (Chicago Sun-Times, November 2, 2006)
- Illinois has the largest unaddressed district-to-district funding gap in the nation. (Source: Education Trust)
2005-2006 School Year Graduation Rates in Chicago
- Black males – 37%
- White males – 62%
(Source: Schott Foundation) - Illinois ranks 49 out of the 50 states when it comes to funding education from state funds. (Source: Education Trust)
Click Here for more FACTS about the SCHOOL FUNDING CRISIS
Challenge – Now is the New Normal: Adapt or Perish
LISTEN UP – THIS IS SERIOUS…WE’RE IN TROUBLE – FOR REAL!!!
I’ve read many articles, reviewed various websites, and attended a few seminars to gain an understanding of the current economic reality. Based on what I’ve discovered, I’d like to offer the following analysis:
According to various industry leaders, the current economic disaster began with unscrupulous and unwise lending to help home buyers with shaky credit and incomes (no-doc/stated income loans). Consequently, brokers and banks that made the loans made a boat load of money by putting borrowers in mortgages they couldn’t afford or sustain.
Next, those mortgages ended up being bundled, marketed, and sold as mortgage-backed securities – carrying good ratings to investors. However, as homeowners struggled and subsequently failed to meet their mortgage payments, foreclosures have mounted, devastating families, hitting banks’ bottom lines and prompting lenders to yank the reins on credit.
Meanwhile, the value of those mortgage-backed securities has plummeted along with investor interest in them, and housing-tied economic catastrophe has been created.
THE RESULT:
Seven out of 10 seriously delinquent subprime mortgage borrowers are still not getting the help they need to keep their homes.
That’s according to a report released Tuesday by the State Foreclosure Prevention Working Group, a coalition formed by eleven state attorneys general and the Conference of Bank Supervisors in the summer of 2007 to work with loan servicers to prevent unnecessary foreclosures.
"Our collaborative efforts to date have failed to prevent a large number of unnecessary foreclosures," said North Carolina Deputy Commissioner of Banks Mark Pearce. "We need to find solutions that fit the size of the problem we are facing."
The report, which surveyed lender efforts and programs like Hope Now, found that the number of borrowers getting help each month has increased from about 210,000 in October to nearly 261,000 in January. But because the total number of troubled borrowers is also growing so quickly, from 820,000 seriously delinquent loans last fall to over 1 million at the start of the year, the proportion of mortgage rescues has remained essentially unchanged.
"We’re still way behind," said Iowa Attorney General Tom Miller, who helped form the coalition.
Nearly a quarter of all subprime loans are in delinquency. About 300,000 subprime borrowers are now in some stage of foreclosure, up 8% since last October. (Thanks Rev. Paris Lewis for providing this info!)
If you or someone you know are facing foreclosure, you may want to check this out!
So you’re thinking, this doesn’t affect me – I’m not in this boat…OH YES YOU ARE…READ ON…
Today, certain people, although not directly involved in making or getting subprime loans, are being indirectly affected by it and engulfed in it through the following:
- First-time home buyers – since the pool of lending programs has shrunk, credit score requirements are 100 points higher & they have to put 20% or more as a down payment
- Lenders have stricter requirements & require credit scores of 675 or higher
- Refinancing is much more difficult
- Home-equity lines of credit are drying up
- Student loans are the NEXT BIGGEST PROBLEM since many lenders are pulling out, requiring co-signers w/higher credit scores, and some states suspending their loan programs (Michigan & Pennsylvania that I know of)
- Credit Cards – BIG PROBLEM since Americans owe more than $1 Trillion
- Small Business Lending – feeling the credit crunch & vendors not paying their bills
- Real Estate Investors – Citibank no longer offers mortgage loans for investment properties on three & four-family homes. Furthermore, most bank are only offering 75-80% financing for those properties
That’s my take – stay tuned for more information regarding my upcoming "State of the Economy Address" scheduled to take place @ The Mars Hill Baptist Church & my "Steps YOU MUST Take Now."
Challenge: Wake up – they'll never be another Dr. King
The absence of a clear identifiable leader has often been dubbed as the next crisis of Black America. Books have been published, discussions have been held, and news articles have been written. In Black circles, "Where is our next leader?" is like asking "What is the meaning of life?"
Allow me to get straight to the point: Even if we had ONE LEADER, everybody wouldn’t follow the same person.
The Civil Rights Movement united and galvanized us to seek change. As a race, we had one common objective: FREEDOM & EQUALITY. The issue of class existed, however, it took a back seat to the more pressing issue of equality. Once intergration happened, Blacks subconsciously divided into distinct classes with each class having it’s own distinct needs. The needs of the working class are quite different than the needs of the rich. What’s likely to happen is various leaders from each class will emerge and champion the issues of their respective class. Grass roots leaders will speak for & represent the poor and working class. Leaders from the middle-class will seek better housing, education, etc. Leaders from the uppper-class will devise strategies to break the glass ceiling…etc…
Today’s young Black professionals have attained the sort of education, connections, and experience that those before them could only have imagined. They have more potential and more opportunities than any generation before them. This new Black professional sees the business world as the nexus of American power, rather than Capitol Hill. Instead of seeking to effect change through government, this generation is marching through freshly opened doors in the corporate world or building businesses themselves. Rather than "fight the power," this new generation seeks to take the power for themselves and use that power to uplift our race.
Therefore, it is not so much that the next generation does not have any leaders. Instead, THEY ALL WANT TO LEAD. If there are to be leaders, there must be followers, and that is not what this generation is about.
Care to comment…
Stay Connected
Get your FREE Gratitude Journal
Unlock the power of gratitude and transform your life with our FREE gratitude journal!
This journal is designed to help you develop a daily gratitude practice scientifically proven to improve mental and physical health, reduce stress and anxiety, and increase happiness and overall well-being.
With our gratitude journal, you'll have a dedicated space to reflect on the things you're grateful for in your life. By taking just a few minutes each day to focus on the positive, you'll cultivate a more positive outlook, attract more abundance and joy into your life, and enjoy a greater sense of inner peace and contentment.
I hope you find this helpful. Let me know if you have any specific requirements or changes you'd like to make.
