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Top Hip-Hop + Finance News for 5.14.20




NASDAQ 8,863.17

– 1.55%

S&P 2,820.00

– 1.75%

DJIA 23,247.97

– 2.17%

GOLD 1,723.40

+ 0.97%

10-YR 0.656%

– 3.50 bps

OIL 25.61

– 0.66%

  • Economy: Tuesday it was consumer prices falling the most since the Great Recession, yesterday producer prices posted their biggest annual decline since 2015. That deflating feeling…
  • Stocks: Also deflated following subdued remarks from Fed Chair Jerome Powell about long-term economic pain.

The Fed Chair is Worried About the Economy

The Fed chair is seriously worried about the economy just like most of us… But he’s realllly reallllly worried! COVID-19 has led to mass unemployment and is now threatening entire industries. But yesterday, Federal Reserve Chairman Jerome Powell sounded the alarm louder by calling on Congress to provide more aid for the economy. It’s a big deal, since the Fed typically stays far away from telling lawmakers what to do.

He says the downturn is “worse than any recession since World War II.” The Fed’s already slashed interest rates, bought government bonds, and started new lending programs. Now, Powell says it’s on Congress to help further. That’s because the Federal Reserve doesn’t have the power to give Americans direct aid like grants. But Congress does.

House Democrats are planning to vote on a new $3 trillion aid package tomorrow – but it doesn’t include money for grants and isn’t expected to pass in the Senate. Powell says he knows more aid comes with a hefty price tag, but that it’ll be “worth it” if it means avoiding long-term damage to the economy. He pointed out that unemployment numbers are at record highs and low-income families seem to be hit the hardest, with 40% of people in households making less than $40,000 a year losing their jobs in March.

The financial crisis brought on by COVID-19 is already creating a domino effect in the country. Now, the Fed’s chairman is making a rare appeal for Congress, showing that desperate times call for desperate measures.

Global stocks slide after Fed chief warns of a slow recovery and Trump fans US-China tensions


  • Global stocks dropped on Thursday after Federal Reserve Chair Jerome Powell warned the coronavirus outbreak could cause long-lasting damage to the US economy.
  • The pan-continental European Stoxx 50 fell 2% and futures tied to the S&P were broadly flat.
  • President Trump fanned US-China tensions by tweeting that “dealing with China is a very expensive thing to do” and even “100 Trade Deals” would not make up for the “Plague from China.”

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Whistleblower immunologist to warn of potential coronavirus rebound in the fall, making for the ‘darkest winter in modern history’ during congressional testimony


  • Whistleblower immunologist Dr. Rick Bright plans to testify to Congress about the threat of a coronavirus rebound in the fall, and without proper prevention measures: “2020 will be darkest winter in modern history,” he wrote in his prepared testimony.
  • Bright previously worked as director of the Biomedical Advanced Research and Development Authority (BARDA), which is overseen by the Health and Human Services Department (HHS).
  • Bright, who claims he was ousted for refusing to tout Trump-backed coronavirus treatments, is set to appear before House Energy and Commerce Committee on Thursday.

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Alexandria Ocasio-Cortez suggested that Bill Gates’ should get billionaires’ to pay their taxes instead of asking them to Donate to Coronavirus relief


  • Rep. Alexandria Ocasio-Cortez called out Bill Gates’ plans to drum up more coronavirus donations from billionaires, suggesting they pay their taxes instead.
  • “If only there were some public fund billionaires could pay into along with everyone else that helps fund our infrastructure, hospitals, and public systems all at once,” the freshman lawmaker known as “AOC” tweeted on Wednesday evening.
  • “It could even be a modest % of what they earn every year. We could have an agency collect it and everything,” she added.
  • Gates has discussed pooling donations from Giving Pledge signers or building a philanthropic platform for the ultra wealthy, Recode reported.

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Amazon Top Boss Jeff Bezos Can Be The First US Trillionaire

The world’s richest man will be even richer in a few years — the first trillionaire — and a global pandemic may only be speeding up that process.

Jeff Bezos’s name was trending on Twitter as an admittedly dated study made the rounds that projected the future wealth of the CEO.’s AMZN, +0.46% sales topped $75 billion in the first quarter, driven by demand during the pandemic that has kept people at home and depending on at-home delivery services of everything from food to exercise equipment.

According to Bloomberg’s Billionaires Index, the net worth of Bezos has risen from $125 billion on April 12 to $143 billion on May 5, though that hasn’t been a straight line higher as the below chart shows.

Net worth of Jeff Bezos over the most recent quarter

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Ash Exantus aka Ash Cash is one of the nation’s top personal finance experts. Dubbed as the Hip-Hop Financial Motivator, he uses a culturally responsive approach in teaching financial literacy. He is also a speaker, and bestselling author of six books. Ash has established himself as a thought leader and trusted voice with Corporate America, Colleges, Churches, and Community based organizations. Ash is best known for helping people maximize their full potentials by giving them the inspiration, tools, and resources needed to live their best lives. For more info on Ash please visit

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JAY- Z Comes Full Circle With Monogram in Cannabis Industry



If you haven’t already heard, JAY-Z has done it again. Working to shape the conversation surrounding cannabis, foster equality and fairness in the development of the industry, promote awareness for the many uses and benefits of cannabis and empower consumers to feel free to use cannabis how, when, and where they want, JAY-Z is the new face of the future.

JAY-Z has a partnership with California cannabis company Caliva. The 50-year-old, born Shawn Carter and married to pop-star Beyonce, is the latest celebrity to get into the cannabis business which has spread fast in the United States as more and more states legalize it for recreational purposes.


JAY-Z says he also wants to increase the economic participation of people returning from incarceration through job training and workforce development. Through research, I’ve learned; His role will consist of driving creative direction, outreach efforts and strategy for the brand.


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The rapper, whose formal title with Caliva will be chief brand strategist, will also further his social justice efforts by increasing job training for former prisoners as well as fostering quality and fairness in the development of the legal marijuana industry.

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Teaching Your Children The Importance Of  Wealth



You’ve worked hard to build your estate, and maintain it over time. Eventually, it will be time to leave your estate to your children. How will you make sure that they are prepared?

Just as you have a responsibility to manage your wealth, you have a responsibility to educate your children about how to manage it. Children also have a responsibility to learn. It’s your job to show them the way.

The dialogue about family wealth changes over time. Children might have a certain frame of reference as teenagers, but that dynamic changes once they marry and spouses are introduced into the family. The conversation about transfer of wealth happens over and over again, at different milestones in life. As the point of departure nears where there will be some significant asset transfer, all of the cumulative talks where you have been educating and steering the child over time will have to be used in their OWN lives.

Monday ( Sept 21) on the “Ash Cash Show” Ash Cash shared praise and admiration to his daughter, her growth and respect for money is inspiring, as she is active in the family  business. At the tender age of twelve, seeing her using her earned income to purchase her own items, was a delight for him to see.  Like most parents should, Ash Cash used the best time to start talking to his child about money and the family’s assets as early as he felt comfortable. The process ultimately has two parts that should be handled separately: teaching money skills, and revealing family wealth.

Think of it as a process of apprenticeship, where your children will learn from you how your family’s estate should be handled. Incremental learning and incremental responsibility will be the cornerstones of a successful education process.

When you feel like your children are mature enough to handle wealth management, and you respect the people they are becoming, it’s time to go to the next step and educate them about the family’s wealth and their inheritance. YES! THEIR INHERITANCE. Advisors say, that making them aware of your family’s wealth, and their responsibilities pertaining to it, early on will set them up for the best chance of success.

Allow your children  to sit in on business  conversations  and learn to communicate as a business owner. You need to allow the next generation to make their voices heard when it comes to philanthropic endeavors. Don’t just sit around a table and make decisions about which organizations to give family money to, encourage your heirs to participate in the work these organizations do, and experience the difference that money makes.

It’s important to teach children the story and context that’s behind the accumulation of family wealth. It involves other members of the family who built something that is being passed down. In that story, there are highs and lows, setbacks, victories, and all of this is important in setting the context for stewardship. Share with them how complex it was to achieve the wealth and what it takes to keep it.

The education is KEY. If you have a portfolio and you look at its value over time, your heirs need to understand how different withdrawal rates will affect that value. It’s frequently an eye-opener for children and families when they realize that they have to be very deliberate about this process in order to preserve the wealth through generations.

Remember: This sense of accountability will permeate their lives and help them behave in matters of generational wealth.




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The Real Deal: Wealth Tax + Pros and Cons



More and more you read about income and wealth inequality in the United States your learn it is on the rise. This fact has been highlighted by several 2020 presidential candidates, who believe that wealth is too highly concentrated at the top. One proposal to redistribute wealth from the top earners is a wealth tax (there are currently several versions of this tax being suggested). While most taxes hit a flow of money (like when you earn money via an income tax or when you buy a product via a sales tax), a wealth tax hits stagnant money, such as business assets, personal belongings, etc.


To be honest; as income and wealth inequality rise, so too does its prominence in political discussions. 

Americans “strongly agree” that the wealthiest individuals should pay higher taxes. According to a Federal Reserve Survey, “families at the top of the income distribution saw larger gains in income between 2013 and 2016 than other families, consistent with widening income inequality.”

This trend has led prominent government officials and various 2020 Presidential Candidates to recommend policies to curb wealth at the top income brackets. Some recommend increasing corporate taxes, others recommend increasing progressivity of existing income taxes, closing loopholes, increasing estate taxes, implementing a wealth tax or some combination of all proposals. The remainder of this article will specifically focus what we call Wealth Tax

Based on research ,

A wealth tax is most similar to a property tax, except instead of taxing property ownership exclusively, a wealth tax would be a tax on all assets. This includes personal belonging (i.e. clothes, jewelry, cars), business assets (i.e. Jeff Bezos’ interest in Amazon), investments (i.e. money that millionaires put into other companies), and may even include foundations (i.e. the Bill and Melinda Gates foundation).

The wealth tax is considered an aggressive plan and has been a topic of hot debate not only between politicians and business leaders, but also amongst economists. Both sides believe that the tax system should be equitable and promote growth.


Supporters of the wealth tax say it will promote a redistribution of wealth to those who need it most. Opponents of the proposal say it will be challenging to implement and will ultimately hurt economic growth and job creation


A wealth tax would help reduce wealth inequality, which is at historically high levels. Typical income taxes are not an effective way to tax the ultra-wealthy as they earn most of their money via investments and other means. Another reasons is,Some self-made and inherited billionaires have called for a wealth tax. A group of nineteen billionaires and multi-millionaires signed an open letter supporting the wealth tax as a “moral, ethical, and economic responsibility” to improve the economy, health outcomes, and democratic freedoms.

Lastly on reasons A wealth tax will increase tax revenue to the federal government and allow funds to be redistributed.


A wealth tax punishes success and will hurt the economy by discouraging business investments.

  • Roughly 80% of millionaires in the U.S. earned their wealth instead of inheriting it. A wealth tax unfairly punishes success of individuals who, on average, work more hours than lower-wage earners
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To add a wealth tax may be deemed unconstitutional and an ineffective means to curb wealthy individual’s influence. However, we look at everything we are concerned with the political influence of wealthy individuals — we should strengthen campaign finance laws, not cap wealth potential.

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