Today we’re giving you a peek behind the scenes with an episode about one of our favorite pre-show topics: college sports [note: we’re both dyed-in-the-wool Duke fans. What can we say? The idea of your college as “the mother of your soul” definitely holds for us when it comes to sports loyalties]. This is perhaps the best and the worst time for a discussion about the economics of college sports: on the one hand, basketball and football seasons are underway; on the other, things are moving so fast that we had to include an update in this post.
In a move that will likely not surprise you once you’ve listened to the podcast, the NCAA Board of Governors made a unanimous decision to extend the right to receive compensation for the use of their names, images, and likenesses to all college athletes, an about-face from its earlier promise to contest California’s Fair Pay to Play Act. Of course, the NCAA is still a (non-profit) business, so this decision isn’t necessarily an indication of its newfound “wokeness.” They’re still obsessed with “student-athletes,” recruitment outcomes, and using amateurism as a barrier to further discussions about paying athletes, but the NCAA is at least paying lip service to a desire to move with the tide of history. More importantly, college athletes will get to reap some of the financial benefits of the enormous amount of time, energy, and effort they’ve put into playing the sports of their choosing. We definitely plan to keep an eye on this story as the NCAA rolls out its plan.
Now that that’s out of the way, we hope you’ll enjoy listening to this episode as much as we enjoyed recording it. In addition to the fallout from the Fair Pay to Play Act, we discuss revenue sharing, Zion Williamson’s impact on the stock market, the history of NCAA vs. athlete lawsuits, position stacking, and what happens when a city hosts a college sports tournament. Oh, and James pours one out for EA Sports’s NCAA Basketball and Football franchises. There’s also a sports-related update from our Black Capitalism episode.
Finally, we’ve got a question and an announcement: Will knowing that players are receiving some compensation change how or whether you watch college sports? How? Why or why not?
In addition to sharing your thoughts with us via social media (@financeflipside on Twitter, Facebook, or Instagram), you can keep the conversation going with us and each other in our new Facebook Group, the Financial Flipside Group Chat. The group is private, but if you head over to our Facebook page and leave us a message or find us by searching for the group name, we’ll gladly let you in. Here’s to more real money talk!
Missed an episode? Catch up on our Episodes page or subscribe via Apple Podcasts, Google Play, Spotify, Stitcher, or wherever you get your podcasts. If you like what you hear, leave us a five-star review on iTunes; reviews help more people find the show!
Show notes and bonus content are, as always, below the cut.
“Gentrify your own ‘hood before these people do it/Claim eminent domain and have your people move in/ That’s a small glimpse into what Nipsey was doing/ For anybody still confused as to what he was doing /The neighborhood designed to keep us trapped. /They red-lined it so property declines if you live by blacks /They depress the asset then take the property back. /It’s a ruthless but a genius plan, in fact….”-Jay-Z, performing at Webster Hall, NYC on 26 July 2019
We’re starting this post with Jay-Z not just because of his deal with the NFL, in which Roc Nation partners with the league on matters of “entertainment and social justice,” or because he claimed that we’ve “moved past kneeling” and “…need actionable items.” The lyrics above and the first glimpses of the Roc Nation/NFL partnership (Inspire Change apparel, Roc Nation’s artists having their songs strategically placed during NFL broadcasts, and a Chicago-centric pair of charity donations, including one to a group that posts photos of young black people having their dreadlocks cut as part of the road to a “better” post-gang life on Twitter) are a great jumping off point for a discussion of black capitalism that we’ve been meaning to have for a long time.
This is a long one, and we have a lot of… thoughts, and feelings. So many feelings. Listen in as we talk about Reconstruction, economic anxiety, Booker T. Washington, shadow economies, entrepreneurship, space travel, Kamala Harris’s student loan proposal, self-sufficiency vs. self determination, and much more. Capitalism alone is a complex topic, as is Black people’s relationship with it. Consider this episode as a way of laying the groundwork for discussions that we will likely return to off and on in future episodes.
Show notes and related links are as always, below the cut. To listen to previous episodes, check out our website, or subscribe on Apple Podcasts, Google Play, Stitcher, Spotify, or wherever you get your podcasts.
[Read more…] about The Financial Flipside Podcast, Episode 20: Black Capitalism or, I’m a Business, Man
As of May 2019, the average price of a new house in the US was $377,200, a price that will buy you, on average, an apartment’s worth of space for every member of your household. Alongside expanding house sizes and the proliferation of luxury condos is a stark reality: the United States, like many other places in the world, is in the throes of a housing crisis. While there is plenty of physical housing to be had, very little of it is affordable , especially when one takes into account that most people’s wages have remained relatively flat. For example, as of June 2019, there is not a single place in the US or Puerto Rico where a minimum wage job would allow a person to afford to rent a two-bedroom apartment.
Despite what looks like a bleak housing picture, people, especially in the United States, remain invested in home ownership, even if staying in their homes means stretching their salaries or spending hours commuting each week. Why are Americans obsessed with home ownership? Does the idea of one’s house as a source of wealth hold up? Is HGTV ruining the way we think about real estate? What are the ways out of our current mess? We take on these questions and more in this episode.
Lots of interesting links below the cut
The first tax season after the passage of the Tax Cuts and Jobs Act was full of surprises. When the IRS published its weekly filing statistics during the last week of tax season , the numbers confirmed what many taxpayers were shocked to see when they finished their returns: namely, that tax refunds were both smaller and a bit harder to come by. The number of refunds decreased by 1.9%, while their size decreased by 1.3% (or about $36–this is a correction from the $55 reported on the show). In this episode we talk about what happened and why, our national love affair with tax refunds, corporate tax avoidance, and why the IRS isn’t pursuing as many investigations despite new data that reveals that more people are cheating on their taxes.
A show outline and links can be found below the cut.
On December 22, 2018, the US government entered what was to become the longest shutdown in the country’s history, when the President refused to sign off on a Congressional budget that didn’t include a requested $5 billion in funding for a border wall. The government temporarily reopened 35 days later, but not before damaging the economy and pushing many federal employees and people who rely on government funding social programs to the edge of their own fiscal cliffs.
How and why do shutdowns happen? What, if anything, did we learn from this experience? What can we do to prepare if the temporary funding lapses on February 15th without a budget in place? In this episode: “savings crises,” conference committees, grocery store negotiations, and only slightly less ire about borders than in our economics of immigration episode.
Speaking of which, if you’ve missed any of our previous episodes, you can find them on Apple Podcasts , Google Play, Stitcher., or on our website. Questions? Comments? You can email us at [email protected] or find us @financeflipside on Twitter, Facebook, or Instagram.
As always, relevant links are located under the cut.
[Read more…] about The Financial Flipside Podcast, Episode 17: Shut ‘Em Down