Sunday, October 12, 2008

Cedric Muhammad on the U.S. Economic Crisis


Mind, Matter, Movement

Cedric Muhammad of CM Cap (http://www.cmcap.com) is a successful entrepreneur, economist, and political strategist, among other things.  I interviewed him recently for a Final Call article on the economy, finances and how people can endure and ultimately move forward.

Charlene Muhammad:  We saw recently that the U.S. National debt clock ran out of figures to record its massive debt.  How are people wrapping their minds around this from your perspective?   

Cedric Muhammad:  I see people as being in shock, disbelief and denial.  It shows in their moods, and in the fact that they still largely place their hopes in an economic and political system that is on its way down.  It is somewhat like a person who watches a car accident on the side of the road at the exact time that they should be driving more carefully.  Because our political leaders and the general public are relatively financially illiterate, and economics is hardly taught in high school, we have not been prepared for what is happening.  So, we see ourselves as victims and helpless bystanders rather than tangible factors of change. 

Charlene Muhammad:  What do you think about reports that the Bush Administration is considering buying stakes in some of the major banks?  What does this mean given his administration's role in this whole economic failure? 

Cedric Muhammad:  Something like this happened in the country of Chile years ago, where the banks were eventually sold back into private hands afterward, and it reminds me slightly of the Resolution Trust Corporation set up to handle the Savings and Loan crisis in America, but I do not know of something like this in American history where commercial banks are concerned, as proposed.  What is means is that the United States government is becoming the world's largest investor, and using taxpayer dollars to do so.  How the American people share in what their government 'owns' is not clear.  But we have reason to be wary.  For instance, can we really expect the corruption, nepotism and cronyism that exists in government agencies today, which impacts the awarding of government contracts, to not eventually affect decision-making at the banks the government 'owns?'  This could easily affect who gets loans, and on what terms.  

Charlene Muhammad:  Thank you.  

(Remember to look for more from Cedric Muhammad in the Final Call soon.)

4 comments:

HUGgy bear, GOD's Leading Lady said...

Sometimes I find it pathetic to see people TRUSTING so much in themselves (leaving ALMIGHTY GOD out of the picture) to bring back that which is dying.

Charlene Muhammad said...

Huggy bear...how are you doing? Apologies that i haven't posted for a while...really had to get back into the swing of blogging, especially after the DNC. Have you been able to check out some of the Final Call's latest news coverage, such as on the aftermath of Hurricane Ike or Min. Farrakhan's recent article, "The Poor Have No Voice?" Any hot news in your area? peace and blessings, Sis Charlene

HUGgy bear, GOD's Leading Lady said...

I am fine, my sister. To ALMIGHTY GOD Be The GLORY!

I am looking forward to hear Minister Farrakhan's speech on Sunday, GOD ALMIGHTY be willing. After posting this comment, I will visit the Nation's website to see if the article, "The Poor Have No Voice?", is there. 'The POOR' in this wicked world seem to have no voice because this is really not their kingdom. The government of this wicked world is not their government. But thanks be to THE ALMIGHTY GOD, their Kingdom, THE KINGDOM OF RIGHTEOUSNESS, will be established soon. And yes, our National Anthem will be, "LIFT EVERY VOICE AND SING"! And may we never, never, ever, ever again forget our CREATOR.

It would be nice if you and I could communicate by email rather than via this blog. Nevertheless, let the will of The ALMIGHTY GOD be done.

May the P-E-A-C-E of ALMIGHTY GOD be unto you. Hope to meet you in person soon.

LOVE always
emma

HUGgy bear, GOD's Leading Lady said...

Sister:
I started reading the article, "The Poor Have No Voice" by Minister Farrakhan and I got so excited that I am unable to read the entire article right now. GOD ALMIGHTY be willing, I will later.

I am excited because I finally got a voice to speak with me after watching last night's Presidential Debate. I had been talking (to myself because no one wants to hear me) about Senator Obama's failure to sieze the moment of opportunity to expose GREED when Senator McCain was talking about "Joe the plumber". Do the 'RICH' in this wicked world really "create Jobs" for the 'POOR', or do they simply U-S-E (not employ) the POOR to line their own pockets? McCain talks about the "GREED and excess on wall street" at the same time he tells the 'RICH' to 'NOT SPREAD THEIR WEALTH AROUND'. Many of The GREEDY EXECUTIVES of wall street started off like McCain's "Joe the plumber".

Is it possible that Obama did not expose SELFISHNESS and GREED last night because he is just as GUILTY too?

Thank GOD ALMIGHTY, the "Jesus" for The POOR is coming!