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Speaker 1: Inflation is costing us households an.

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Speaker 2: Extra three hundred and forty one dollars a month, as

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Speaker 2: you can see in this article, and they're prefacing it

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Speaker 2: with here's what you can do to save everything is

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Speaker 2: more expensive.

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Speaker 1: I don't have to convince you guys of that.

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Speaker 2: You guys are seeing it at the gas pump, you're

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Speaker 2: seeing it at the grocery stores, you're seeing it on

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Speaker 2: your bills, You're seeing it everywhere. Everyone is seeing this inflation.

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Speaker 2: And so this is primarily concerning to me because I

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Speaker 2: do so much to support black owned businesses that I

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Speaker 2: have to hit us with the hard truth. We got

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Speaker 2: to just jump right into this, Okay, you guys so

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Speaker 2: hard Black owned business facts. Number one, the majority of

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Speaker 2: our products and services are non essential.

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Speaker 1: That is a hard truth for.

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Speaker 2: Me to have to tell you, guys, and I want

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Speaker 2: you to be blunt and brutally honest right now. If

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Speaker 2: every single black owned business in America clothes, would you

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Speaker 2: still be able to live a relatively normal life, meaning

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Speaker 2: you would still have water, gas, electricity, all the fundamentals,

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Speaker 2: grocery stores, pharmacies. Do you understand what I'm saying that

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Speaker 2: all of what you need to live would still go on,

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Speaker 2: so I don't have to tell you guys that most

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Speaker 2: of what we have and what we provide are non essentials.

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Speaker 1: Number two, the majority of.

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Speaker 2: Our products are overpriced, and they're overpriced because typically us,

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Speaker 2: being new entrepreneurs and having little to no startup capital,

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Speaker 2: we're not able to buy our products in the amount

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Speaker 2: of bulk to get our profit margins to a comfortable place,

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Speaker 2: so it costs us more, so we wind up charging

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Speaker 2: our customers more. Number three, the majority of our customers

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Speaker 2: have the least disposable income. Typically, black owned businesses target

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Speaker 2: black consumers. Their products are geared towards black consumers because

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Speaker 2: they're usually trying to fill in itch or satisfy a

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Speaker 2: service that was largely unfulfilled, and black people in America

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Speaker 2: have the least disposable income. Number four, our businesses are

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Speaker 2: stereotyped for bad customer service.

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Speaker 1: Now I'm not saying that that is true.

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Speaker 2: I am telling you what is the overarching believed stereotype.

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Speaker 2: So what this means is that while we are in

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Speaker 2: an inflationary environment, we have products that are not needed

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Speaker 2: that cost the most.

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Speaker 1: We're selling to people who have the least amount of

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Speaker 1: money and are.

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Speaker 2: We are known for providing bad service that really puts

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Speaker 2: you in a very vulnerable spot when someone is looking

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Speaker 2: at their shopping list and they're saying, I got to

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Speaker 2: cut three hundred and forty one dollars off?

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Speaker 1: Are you going to be on that list? Now?

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Speaker 2: Here is the sort of concerning and also relieving part

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Speaker 2: of that.

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Speaker 1: This is not new. We've been here before.

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Speaker 2: So for you guys to truly understand, we have to

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Speaker 2: revisit history, because that is our greatest teacher.

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Speaker 1: That is the Great Depression.

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Speaker 2: Okay, most people think of the Great Depression as this

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Speaker 2: one little stock market crash that lasted for a very

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Speaker 2: short amount of time. That is not true. The Great

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Speaker 2: Depression lasts from nineteen twenty nine to nineteen thirty nine.

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Speaker 2: That is a decade ten years. So it started, of

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Speaker 2: course with the stock market crash of nineteen twenty nine

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Speaker 2: that caused all of the people to sell That was

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Speaker 2: over sixteen million, four hundred and ten and sixty million,

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Speaker 2: four hundred and ten thousand and thirty shares of stock

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Speaker 2: sold off in one day, which literally lost forty billion

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Speaker 2: dollars from the market. So most of you guys know

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Speaker 2: about what started it, and most people don't really study

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Speaker 2: what kind of took place on how people endure it

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Speaker 2: during that I'm not saying that we're at that level

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Speaker 2: of great depression, but I'm saying we are very close

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Speaker 2: to it, so we do need to study it and

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Speaker 2: see how to navigate.

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Speaker 1: As you can see here.

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Speaker 2: This gentleman who was a well to do gentleman one

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Speaker 2: hundred dollars will buy this car because he had lost

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Speaker 2: all of his money on the stock market.

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Speaker 1: So I think it is very important to.

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Speaker 2: Really visit some of what was happening the Despair between

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Speaker 2: nineteen twenty nine and nineteen thirty.

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Speaker 4: An illegal alien from Guatemala charged with raping a child

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Speaker 4: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 4: accused of murdering a Texas man of Venezuelan charged with

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Speaker 4: filming and selling child pornography in Michigan. These are just

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Speaker 4: some of the heinous migrant criminals caught because of President

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Speaker 4: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 4: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 4: crossings are at the lowest levels ever recorded, and over

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Speaker 4: one hundred thousand illegal aliens have been arrested. If you

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Speaker 4: are here illegally, your next you will be fined nearly

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Speaker 4: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 4: never return. But if you register using our CBP home

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Speaker 4: app and leave now, you could be allowed to return legally.

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Speaker 4: Do what's right. Leave now. Under President Trump America's laws,

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Speaker 4: border and families will be protected. Sponsored by the United

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Speaker 4: States Department of Homeans like.

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Speaker 2: Cacure two, one hundred and nine thousand plus businesses felled,

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Speaker 2: Over six thousand banks collapsed by nineteen thirty three. Some

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Speaker 2: fifteen million Americans who were unemployed, and nearly half of

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Speaker 2: the country's banks had failed. By nineteen thirty, twelve million

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Speaker 2: were out of work, and every day twelve thousand people

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Speaker 2: lost their jobs. Twenty thousand companies just by nineteen thirty

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Speaker 2: had gone bankrupt, twenty three million people committed suicide. Like

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Speaker 2: this was a very serious time and so like as

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Speaker 2: you can see here, he says, I know three languages,

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Speaker 2: three trades. I speak three languages, fought for three years,

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Speaker 2: got three children, and no work for three.

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Speaker 1: Months, and I only want a job.

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Speaker 2: Here's a photo of sort of protesting and outrage about

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Speaker 2: what was going on. If you look at some of

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Speaker 2: the signage, it looks really familiar to some of the

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Speaker 2: things that we're hearing today. Stop eviiction, stop shutting off

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Speaker 2: gas and lights and water. Right, we need milk for

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Speaker 2: our children. Milk was a high commodity item at.

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Speaker 1: That time, was very expensive.

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Speaker 2: Repeel the sales tax, right, repel the sales tax and

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Speaker 2: tax the rich. These are things that we're saying today.

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Speaker 2: People were hungry. They were out in the streets. There

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Speaker 2: were things called soup lines where they were feeding people

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Speaker 2: men for free. So here's a couple of the lines.

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Speaker 2: And here's one of the actual buildings where they were

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Speaker 2: feeding people free coffee and donuts for the unemployed. Then

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Speaker 2: there were spaces in Central Park specifically created called Hooverville.

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Speaker 1: So these are shanty towns where people were homeless.

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Speaker 2: Right now, we're seeing a lot of tents everywhere. You

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Speaker 2: can go any metropolitan city right now and you will

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Speaker 2: notice an uptick of tents just littered all over the streets. Well,

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Speaker 2: this was their equivalent to tent living. This is one

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Speaker 2: of the saddest stories that I saw that come out

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Speaker 2: of this. There was a mother, this is a real story.

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Speaker 2: Four children for sale. Inquire within. That's how bad it got.

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Speaker 2: She was actually pregnant at the time, and she sold

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Speaker 2: eventually all four of her children, including the one.

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Speaker 1: That she was carrying.

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Speaker 2: So all of the children actually were taken in by

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Speaker 2: other families. But can you imagine like that level of

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Speaker 2: desperation because you just simply cannot feed your children. And

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Speaker 2: of course, as they say, when America has a cold,

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Speaker 2: black people get the flu or pneumonia. So who suffered

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Speaker 2: the most during the Great Depression black employees and black

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Speaker 2: business owners. Because as you know, when things are kind

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Speaker 2: of plentiful like we saw a couple of years ago.

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Speaker 2: You get a lot of support support black businesses, and

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Speaker 2: everybody turned to their icons black. But when things got tight,

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Speaker 2: everyone starts to you know, focus on their group. And

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Speaker 2: so unfortunately a lot of the low labor and skill,

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Speaker 2: low wage jobs that black people were doing, white people

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Speaker 2: were actually having to take those jobs. There was nothing

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Speaker 2: left for the black entrepreneur, the black employee. And so

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Speaker 2: let's get straight to just the core core concepts of

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Speaker 2: why the businesses failed. So one coming out of the twenties,

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Speaker 2: did you guys have made heard like the Roaring twenties,

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Speaker 2: There was a time of opulence.

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Speaker 1: People had money. This is a great overall time.

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Speaker 2: So around that time, we were also living in how

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Speaker 2: we're living today with this highly speculative and hyped up market.

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Speaker 1: So the stocks were just over.

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Speaker 2: They were just just to the movement, as you guys

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Speaker 2: would say today, and a lot of retail investors or

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Speaker 2: you know, your average joes had gotten into the stock

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Speaker 2: market and overhyped.

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Speaker 1: So there were a lot of overproduction.

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Speaker 2: Of goods and so the economy was overinflated by the

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Speaker 2: speculation and the hype. So when the stocks crashed, and

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Speaker 2: everything started to come to fruition. The banks, you know,

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Speaker 2: got nervous. They refused to lend money to the companies

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Speaker 2: because they had a lack of confidence and the economy.

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Speaker 1: What did that lead to?

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Speaker 2: Well, that left the cutbacks and production, and that led

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Speaker 2: to layoffs and unemployment.

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Speaker 4: An illegal alien from Guatemala charged with raping a child

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Speaker 4: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 4: accused of murdering a Texas man of Venezuelan charged with

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Speaker 4: filming and selling child pornography in Michigan. These are just

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Speaker 4: some of the heinous migrant criminals caught because of President

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Speaker 4: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 4: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 4: crossings are at the lowest levels ever recorded, and over

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Speaker 4: one hundred thousand illegal aliens have been arrested. If you

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Speaker 4: are here illegally, your next you will be fined nearly

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Speaker 4: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 4: never return. But if you register using our CBP home

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Speaker 4: app and leave now, you could be allowed to return legally.

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Speaker 4: Do what's right, Leave now. Under President Trump, America's laws,

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Speaker 4: border and families will be protected. Sponsored by the United

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Speaker 4: States Department of Homeland Security,