The Rise Of Wealth And Wealth - 1595 Words

Revision In today’s society, wealth and riches is something that does not come along easily. Wealth is something you must work hard for or be born into. One believes money is the only thing that can cause happiness. Honestly, have you ever seen a sad rich person? Probably not. Wealth has a mindset built around it. To wealthy people, they think the world is on a string in their pocket. They can go anywhere, do anything, without having to worry about what it will take. To lower income families, wealth is something to be dreamed about. Hardworking men and women may not make enough money, living paycheck to paycheck, doing what they have to do to keep their family happy. Wealth equals money. However, are there other ways to obtain riches in this life? Is wealth truly the only way to have a fulfilling life? The answer is no. Life is full of beautiful riches without having to put a price tag on them. Wealth and life fulfillment can be obtained in so many ways when thought about in a more radical way. As adulthood grows near, one will often think about the family to be built in the future. Growing up, family is something most teenagers take for granted. Constantly thinking, â€Å"Eh, there’s always next year.† Children and teenagers are so quick to leave a family party early without even thinking about it. This is where things will change as the whole family gets older. As the kids get older, everyone else gets older with them. Time becomes less and less available. ThisShow MoreRelatedAn Inquiry Into Adam Smiths: the Rise and Fall of the Wealth of Nations1142 Words   |  5 PagesAn inquiry into Adam Smiths: The rise and fall of the Wealth of Nations What was the most important document published in 1776? The Declaration of Independence is the easy answer for Americans, but many would argue that Adam Smiths The Wealth of Nations had a more important global impact. 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Evolution Of The Summit Bank Finance Essay - Free Essay Example

Sample details Pages: 27 Words: 7964 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Since the inception of the Summit Bank on 18th August 2010 the bank has focused on an aggressive growth strategy and reinvented its mission and vision statements, the bank was previously known as ArifHabib and was Partially acquired by Suroor Investments a stron financial group. Later took place the acquisition of Mybank this is where this research project has played the role. The Research project focuses on the post merger profitability analysis with two approaches (i) Financial comparison before and after the merger, (ii) Questionnaire data tabulation where qualitative data was measured. Once the results of the two approaches were obtained they were combined to reach an answer to the hypothesis of the research. Don’t waste time! Our writers will create an original "Evolution Of The Summit Bank Finance Essay" essay for you Create order The aim of the study was not to study this particular meger alone but was also to see what elements affected in making a merger result as a good/profitable/ efficient/ correct decision merger. It also opens way for opportunities related to future bank mergers. Actually the decision making of those mergers what should be the pre-requisites. Strategic management was well studied and discussed with the managers and employees, followed by an in-depth analysis of the organizational effects it had. INTRODUCTION Company Overview Summit bank which is the subject of our study is presently one of the fastest growing commercial bank. Coming to evolution of the Summit Bank The Pakistan operations of Rupali Bank Limited were acquired by Arif Habib Securities Limited under the Scheme of Amalgamation approved by the State Bank of Pakistan. The name of Rupali Bank Ltd was subsequently changed to Arif HabibRupali Bank Ltd and then finally to Arif Habib Bank Ltd in October 2007. On 31st March 2010, Suroor Investments Ltd,   a company incorporated in Mauritius, acquired 59.41% stake in Arif Habib Bank Ltd from Arif Habib Securities Ltd, and on 18th August 2010, ArifHabib Bank Ltd was rebranded as Summit Bank Ltd. Suroor Investments Ltd, also entered into share purchase agreements (SPAs) with majority shareholders of MyBank Ltd and Atlas Bank Ltd, who after completion of the transactions have merged in Summit Bank Ltd expanding the Banks geographical outreach with a network of 166 Real Time Online branches across the country. In line with the managements vision of making this bank a front runner amongst its peer banks, this merger has brought synergies and access to a wider range of markets and customers.[i] This is information shows that the bank went through several stages of acquisition and merger before becoming what it is today. This also shows that the bank had different management hence different decision makers at different steps, we cannot ignore the positions Mybank and Atlas Bank and the study must separately study the financial statements this will also allow us to study the synergies and burdens contributed by the merger which is part of studying the Profitability of the merger. Summit Bank Today After completion of merger with My bank on 30th December 2011 the bank is now operating with a branch network of 165 branches.[ii]As a result of merger multiple branches were located in the same vicinity which were re located strategically and were able to reduce rental costs by Rs.53 Million.[iii]This is a huge synergy that is observed in reduction of expenses and will affect the revenue of the Current Bank. Board of Directors of Summit Bank Mission Statement To be a financial institution based on Trust, Integrity and Good Governance. To deliver financial solutions to our customers. To provide equal opportunities professional working environment to our employees. To provide fair return to our shareholders on their investment. To serve the community at large. To discharge corporate social responsibility.[iv] Vision Statement To be the preferred provider of financial products services to the markets[v]. Comments From the above provided information we do realize that the banks approach is focused. The bank is clear of its objectives and of the path that needs to be followed in order to achieve the above stated framework. The first clause of the mission is regarding the work ethics of the bank the second half ensures hiring of competitive, effective and efficient management. The second clause ensures that the company want to give its employees a professional and yet comfortable environment. Third clause being most important in terms of profitability check and conflict of interest. The fourth is the purpose and survival of the organization and the last one is the realization of responsibility. Products and Services Offered The Banks Services may be divided in Six Core Services Comments There are six core services offered by the bank which is a competitive number for a bank of this size in the particular region. They are well distinguished from each other and cater to all segments and sectors from individuals to SMEs to large corporate organizations allowing a wide range of forms of transactions that may be made. Deposit Products Summit Classic Account Key Features: One account with a bundle of product Minimum monthly average balance as low as Rs. 50,000/- Up to 3 Visa Debit Cards free. Special Retirement Or Investment Insurance Plan at only Rs. 2000/month (bancassurance) Loan Facility (secured) with special rates[vi] Current Account Non-interest bearing Starter cheque book issued when the account is opened Unlimited  free-of-cost  transaction facility No deduction of Zakat Choice of periodic statements (monthly, quarterly, half-yearly and annual) by post Access to account statement anytime through Internet Banking facility Account transaction information through SMS Free issuance of VISA debit card Cash withdrawal through large ATM network[vii] Savings Account Starter cheque book is issued when the account is opened No penalty on minimum balance not being maintained Choice of periodic statements (on monthly, quarterly, half-yearly and annual basis) by post. Access to your account statement anytime through our Internet Banking and e-Statement facilities Account transaction information through SMS Free issuance of a VISA debit card Easy cash withdrawal through a vast network of ATMs[viii] Term Deposits Individuals (single or joint) Minors (to be operated by the guardian) Charitable institutions Provident fund other funds of benevolent nature Local bodies Autonomous corporations Limited companies[ix] Firms, associations, educational institutions, financial and other institutions who intend to retain their deposits for a fixed period in order to earn a higher rate of profit. MahanaAmdan Deposit Limits Rs. 50,000 up-to Rs.10 million Rate of Profit Term Deposits Expected Rate of Profit 3 Months 8.50% 6 Months 8.75% 1 Year 9.50% 2 Year 10.00% 3 Year 10.00%    Source Official Website Summit Bank dated 9/8/2012 Daily Product Account Here the interest is calculated on the daily closing balance. Hamara Summit Family Savings Account Key Features Grouped accounts for the family Initial Investment Requirement-Rs.5,000/- Minimum Balance Requirement-Rs.5,000/- Attractive return of 9% Additional 2% as bonus feature Up to Five free Visa debit cards Minors can make purchases and withdraw cash at ATMs via the Visa Debit Card[x] Summit Advantage Account Key Features: Maximum Loan up to 70% of the deposit  with no additional markup  (11.0% p.a.) Exceptional returns up to 11.0% p.a. Monthly profit payout Term: 1 year Minimum investment of Rs 100,000/- with a maximum limit of up to Rs 50,000,000 Access to a  range of value added facilities[xi] Summit Sixer Added Insurance Comments The above information describes the Key features of each product. In-depth study of the products makes the key differences evident of products under the same category. In this particular write up the differences in deposit products are evident. The different savings rates offered depending upon minimum deposits, on your income, on the time period of the deposits, if the rates are changing with every year or month then what conditions is to be met. The bank has made efforts to accommodate maximum deposit base through the variety of products and flexibility given to the consumer. This allows the consumers to choose according to their own deposit needs. Corporate and Investment Banking Commercial and SME Banking Commercial SME Division targets Medium Sized Companies with a turnover of at least PKR 25 50 million.   Financing is offered to the following Working Capital Financing Procurement of Inventory Receivables financing Procurement of Machinery Expansion of production facilities BMR Import / Exports Guarantees[xii] ConsumerBanking Home Finance These are mainly mortgage loans. These loans are offered for immovable property such as housing finance. The purpose is to allow Personal Finance The salient features of this plan are appended here-under: Loan Amount Minimum: Rs.25,000/-Maximum: Rs.1,000,000/- Loan Tenor Minimum: 1 yearMaximum: 5 years Type of Loan Term Loan Type of Facility Un-Secured Type of Markup Fixed During Loan Term Premature Payment Facility Available Loan Enhancement Facility Available  Ãƒâ€šÃ‚  (History / Income Based) Loan Top-up Facility Available Source: Official Website of Summit Bank as at 9/8/12 Bancassurance Bancassurance  is the distribution of insurance products by banks, through their own distribution channels. The Products and Sub-Products are listed below MetLife Alico The Graduate Plan The Wedding Planner Golden Age Plan Goals Jubilee Life Jubilee Life (formally New Jubilee Life Insurance Company Limited), a subsidiary of the Agha Khan Fund for Economic Development (AKFED), Switzerland, brings global experience to Pakistan. For over a decade, Jubilee Life has been in the business of providing customers with a better life; a life of security and safety. Jubilee Lifes clients can be secured in the knowledge that their operations are backed by an internationally acclaimed organization with global reach.[xiii] SuhanaKal A combination of savings and protection elements ensuring that the family is secured even after retirement. The salient features of this plan are appended here-under: Product Type Unit linked life insurance Policy Term Min 10yrs to max up to 57 yrs with retirement age 55 75 yrs choice Minimum Basic Premium Annual 24000/,   semi-annul 12000/, quarterly 6000/- Monthly 2000/- Premium Payment Method Direct debit from SMBL account Eligible Age for Enrollment Min 18yrs to Max 65yrs Unit Allocation 1yrs policy 30%   2yrs policy 85% 3yrs policy 90% 4yrs onwards 100% AVAP 100% Investment Stratigies Managed Fund   Yaqeen Growth Fund Meesaq Fund Capital Growth Fund Loyalty Bonus 5 yrs and onwards 3% Maturity Benefit At the end of the chosen term of the plan, the policy holder will receive the accumulated cash value of the plan. If the attained age of the policy holder at maturity is 55 yrs or above, he will also have an option to use the cash value, to buy a pension, especially tailored for individuals who prefer a steady stream of income instead of a lump sum amount, at the time of retirement. The Pension term and conditions will be defined at the time of the maturity. Free Look Period 14 days Partial Withdrawal If you need to withdraw cash for meeting some emergency needs, but do not want to surrender the policy, you can withdraw any amount provided that the residual cash value of your policy after withdrawal is greater than or equal to Rs. 24,000 (the residual cash value floor may be reviewed by Jubilee Life) Grace Period 30 days (renewal) Policy Surrender After completion of two policy years (given two years complete premiums have been paid), you can surrender your policy. At the time of surrender, you will be paid in full the cash value of your fund. However, surrender in early policy years may result in lower cash values. Non-Medical Limit PKR 2.0 Million upto Age of 44 yrs Optional Riders *Optional Riders available on request Source: Official website of Summit Bank as at 9/8/12 SunehraAaghaaz SunehraAaghaaz offers to make regular, systematic savings, and allows for protection to the family from uncertainties. The salient features of this plan are appended here-under: Product Type Unit linked life insurance Policy Term Min 10yrs to max up to 70 yrs Minimum Basic Premium Annual 24000/,semi-annul 12000/, quarterly 6000/- Monthly 2000/- Premium Payment Method Direct debit from SMBL account Eligible Age for Enrollment Min 18yrs to Max 65yrs Unit Allocation 1yrs policy 30% 2yrs policy 85% 3yrs policy 90% 4yrs onwards 100% AVAP 100% Investment Stratigies Managed Fund Yaqeen Growth Fund Meesaq Fund Capital Growth Fund Loyalty Bonus 5 yrs and onwards 3% Maturity Benefit Account value Payable in Lump sum Payment Free Look Period 14 days Partial Withdrawal If you need to withdraw cash for meeting some emergency needs, but do not want to surrender the policy, you can withdraw any amount provided that the residual cash value of your policy after withdrawal is greater than or equal to Rs. 24,000 (the residual cash value floor may be reviewed by Jubilee Life) Grace Period 30 days (renewal) Policy Surrender After the completion of two policy years (given two years complete premiums have been paid), you can surrender your policy. At the time of surrender, you will be paid in full the Cash Value of your fund. However, surrender in early policy years may result in lower cash values. Non-Medical Limit PKR 2.0 Million upto Age of 44 yrs Optional Riders *Optional Riders available on request Source: Official website of summit bank as at 9/8/12. Electronic Banking Our Mobile Banking allows customers to avail a variety of banking services of pure SMS-based technology, including mobile balance recharge and utility bill payments, as well as account information. Internet Banking is another channel on which we offer extensive banking services. Customers can view account information, pay bills, transfer funds, and conduct many other transactions through their account(s) Hence providing a fast, secure and convenient way to banking. Summit Bank is  a member of 1LINK Guarantee Limited. To learn about the products and services offered by 1LINK, please click on the link  https://www.1link.net.pk.[xiv] Remittance Summit Bank has designed and developed its own electronic interface by the name of Amanat Cash to facilitate various exchange companies and banks to send home remittance to Pakistan on real time basis. This has made possible, for all Pakistanis, to receive remittances by their loved ones for FREE, in a fast and fully secured manner. The service we offer is readily available to every one regardless of having account in Summit Bank.[xv] Salient Features Of Summit Bank Home Remittance includes: Fastest Account Credit Free Quick Processing Real Time Premium, exclusively dedicated friendly Customer Service for Home Remittance Customers. 24/7 Customer support through Contact Center. Trade Finance Trade Finance Trade Finance being the prime focus of our Management, we offer wide variety of Funded and Non-Funded Trade related facilities.[xvi] Other Services To become highly Competitive in the field Evening Banking Branches were highlighted these branches operate longer than the usual banking hours, to further enhance the experience e-banking services were introduced which did satisfy the needs of different segments of the consumers. The Saturday banking branches were also singled out as Saturday is holiday for other banks. The Bank was successfully able to become part of the VISA international network by August 2011.[xvii]This allows the bank to increase the source of foreign exchange as well as income not to forget it removes restriction from being able to obtain local currency from anywhere where ATMs are located. These policies show that the bank is ambitious to achieve its goals of widening and diversifying its customer base, continuous innovation and addition to product and services offered, also, to continue to increase its present e-banking and branching banking services. Literature Review Banking Banking is part of the financial systems; which has a vast number of institutions working under it for the allocation and mobilization of financial resources, is an integral part of the economy. Banking in my view is a phenomena itself no less a world of its own yet so closely related to the global economic phenomena, business cycles, and money supply. They act as intermediaries between the surplus units and the deficit units. Savers are mainly households, whereas borrowers are businesses, investors and firms As suppliers, households are depositors of savings; as users they are borrowers of the banking system, where banks are financial intermediaries.[xviii] When talking of the structure of the financial system it is divided in two parts indirect finance and direct finance it is the indirect finance where commercial banks play a role. The mechanism shows us how banks are driving forces for the economic development through economic growth when the borrowers have successful business ventures resulting in profits which result in corporate expansion increased income and increased employment reducing improving the countrys GDP. Now once we are through with the role of banks let us not forget that commercial banks are also businesses which need to be successful business ventures and failure to make profits can lead to their shutdown and deteriorate the trust of the savers from the banking system, especially in a developing economy such as Pakistan. Banks have their own products which are a source profits their balance is different yet the same if the products are understood well. Moving on banking in Pakistan is as much a baby as the country itself and with the many economic and other political and many more factors the banking system has suffered much, political influence in the wreckage of banks cannot be ignored. The relationship is explicit in the diagram on the next page. There is a list of Banking Risks faced by the banks whose in depth analysis is interesting and a new opening. FINANCIAL SYSTEM: Flow of funds Structure Operations Str[xix] Debt or Equity Funds Investment funds Investment Funds Surplus Units Savers Households Business Firms Government Foreigners Deficit Units Spenders Households Business Firms Government Foreigners Debt or Equity Funds Direct Finance Financial Markets Loan Funds Deposit Funds Indirect Finance Financial IntermediationBanking Sector in Pakistan When talking about banks it is the central bank which never loses its importance which in most part of the world is separate from the government which really doesnt mean it is separate from political influences. In Pakistan State Bank plays the role, gives all the advises and set all the rules and regulations not to forget offers investment opportunities to the banks in Pakistan to a high level that economic growth is actually reduced. Before we move on to the current banking structure lets see what history tells us at the time of partition all banks but two moved to India with all their major clients, the two banks which stayed included Habib Bank and all in all Pakistan had 70 branches of banks in all. At the time there was no central bank for Pakistan and Reserve Bank of India acted as the central bank as Pakistan did not have its own currency however India soon started to withdraw the currency. This gave the newly born country a huge set back as the Reserve Bank started withdrawing money Pakistan then came up with its own currency and in June 1948 Pakistan succeeded to do so. Then came development of the financial sector which was soon met by two wars 1965 and 1975 which were a set back to the system. Today, after much struggle the banking sector in Pakistan has made a stand and needs to improve further, foreign banks have come in after privatization of the banking sector was introduced the corporate sector was given credits which again further improved the positions and after this rapid decade long phase of privatization we recognize the 6 largest banks of Pakistan particularly in terms of deposit percentage. This introduced interest rate banking in more free and obvious ways. However currently in the year 2012 it is observed that many large foreign banks have wrapped up their system and plan to retrieve. The growth rate of the deposits say Financial savings also play a vital role, during the past decade this average growth rate of financial savings was 13% per year.[xx] Financial system deposits include banking system deposits and NBFIs deposits. NSS are not part of Financial System Deposits, these have increased from Rs 1174 Billion to Rs 4731 Billion over the past decade. And Banking Deposits were the largest being being 97%[xxi]. The banking sector of Pakistan consists of the total 40 banks in which there are 4 public scheduled banks operating, 25 local private banks, 7 foreign banks and 4 specialized banks[xxii]. Post-Merger Profitability Analysis As observed from the past studies it is seen that vast number of academic research analyze pre and post-merger efficiency and profitability however it is also observed that these studies are done with respect to a particular subject such as the wealth holder that is the equity holder, however this particular research paper will analyze efficiency and profitability in particular from the perspective of the institute itself and hence the shareholder. In order to evaluate the financial performance of an institute use of financial ratios is like a universal standard which will be the main research methodology used here. The research method has also been used by (Kemal, 2011) for RBS. In his paper he has mentioned Rhoades (1993) whose paper had 33 bank to bank mergers as a sample and he has discussed cost and profit efficiency with borders and cross borders and no cost efficiency was analyzed cross border mergers. Another paper Resti (1998) analyzed the paper with respect to performance, target markets of merged banks and reached to a conclusion that the efficiency did increase in the later years of the merger if the size of the bank was not too big. The article also concluded that it was better if the merged bank were of equal size. Challenges Issues The higher credit risk in the form of non-performing loans is affecting the performance of the bank in particular where we have government influence. Second major issue is that of performance is that the public banks are more affected by the adverse situations of the economy and non-satisfactory governance the higher degree of capital losses result in insolvency which is then covered by the SBP. To create a higher degree of competition and to increase the transparency in the management of the whole system privatization should be considered as a basic agenda. Proper diversification of the risk among all the sectors should be done e.g. restricting the flow of credit to just a few sectors which results in the earnings highly skewed to the performance of those sectors which can further be of high risk. The high liquidity requirements by bank can also be a source of inefficiency making its proper management a crucial task. As maintaining a higher level of liquidity the required means the bank is under utilizing its assets making the banking business cost ineffective by increasing the costs of funding There is a need to identify all the supervisory authorities; their responsibilities, effective implementation of the supervisory framework for which the trained staff is a prerequisite. Strict notice should be taken with respect to enforcement of law, implementations of the judgments of the courts on the basis of the disputes relating to the financial issues. Hence, the efficiency analysis of banks will help to identify the attainment of efficiency using rational resources which seem to be in accordance with the policies of the management and more importantly the function of bank in the economy; only if the banks will be operating in the efficient manner the efficient allocation of money can take place. Competitive Analysis For the purposes of competitive analysis NIB bank has been selected. NIB bank has a very similar history of mergers as Summit Bank and hence is a good benchmark for analysis of financial data not to forget that the NIB Bank size is also in the same bracket as Summit Bank. About NIB Bank NIB started operations in October 2003 with a paid up capital of Rs. 1.2 bn. Operations for NDLC, IFICs Pakistan and Credit Agricole Indosuez Pakistan were amalgamated with their assets and liabilities in April 2004. Temasek Holdings acquired 25% shareholding in NIB in March 2005 through Bugis Investments which was enhanced to over 70% in June 2005.NIB has branches all over Pakistan.[xxiii] We will focus on the Financial Analysis of the two Banks over the past three years. MyBank INTRODUCTION Company Overview My bank was launched in 2005 as a public limited company under the Companies Ordinance 1984. Its banking operations commenced from November 2005. The bank was involved in commercial banking and related services. Remittance Deposit schemes Foreign trade Utility collection bills Lockers Car financing MySahoolat (MyDream Home) home financing Easy credit scheme Agricultural finance schemes Online banking ATMs Mobile banking. Were the services offered by the bank. Vision Statement To be the best Customer Service bank in the country with the highest Economic Value Added through engaged and motivated people. Mission Statement Satisfying customers, building the productive everlasting relationship. Core values Comments The Core values of the two banks were coherent, which is very essential. FINANCIAL ANALYSIS BEFORE AND AFTER MERGER Earning Per Share As it may be evident the earning per share situation has improved after the merger it was negative 2 and this has most certainly declined even though Summit has not as yet announced any dividends. As for ROI we may see clerarly from the Financial Reports that the ROI has also improved over the past year this was attributed to the reduction in cost when the two banks merged and synergies enavbled them to layoff as well as close down unnecessary branches and strategically relocate wher they could pitch more number of Depositors. FINANCIAL ANALYSIS WITH COMPETITOR Financial Analysis Profitability Analysis Performance 2011 2010 2009 1 ROE -27.9% -83.98% -50.83% 2 ROA -1.28% -4.18% -5.41% 3 Pre-Provisions Operating Profit / Avg. Equity -56.84% -40.34% -12.04% 4 Pre-Provisions Operating Profit / Avg. Assets -2.69% -2.80% -1.28% 5 Personnel Expense to Total Net Revenue 327.20% 176.48% 127.93% 6 Cost to Total Revenue -448.79% -194.00% 483.50% 7 Other Operating Income / Total Net Revenue 56.22% 35.23% 30.30% 8 Taxes / Pre Tax Profit -49.50% -22.12% -9.57% 9 Net Non Earning Assets / Assets net of Non Interest Liabilities 25.17% 22.59% 16.10% Profitability Ratios for Summit Bank Source: The data to calculate values was taken from Annual Report of Summit Bank. Profitability Ratios for NIB Bank A PERFORMANCE 2011 2010 2009 1 ROE -15.05% -74.02% 1.66% 2 ROA -14.95% -74.01% 1.66% 3 Pre- Provision Operating Profit/ Avg Equity -5.24% -9.30% 6.70% 4 Pre- Provision Operating Profit/ Avg Assets -5.23% -9.32% 4.46% 5 Personnel Expenses- to Total Net Revenue 111.13% 149.12% 75.48% 6 Cost- to Total Net Revenue 120.47% 151.79% 84.00% 7 Other Operating Income/Total Net Revenue 50.86% 36.78% 23.75% 8 Taxes/Pre Tax Profit 41.27% 19.88% -7.29% 9 Net Non- Earning Assets/ Assets net of Non- Interest Liabilities 34.68% 33.05% 42.01% Source: The data to calculate values was taken from Annual Report of NIB Bank Comments As may observed from the above ratios the profitability ratios of NIB bank are better this may be due to the MBL merger as that introduced a lot of defaulter credit base which the bank was able to in 2011 however we see that Summit Banks position has improved contrary to NIB bank whose position has deteriorated over the past three years. The most important ratio here is ROE specially when our study is based upon analyzing the efficiency of the mergers. Capital Adequacy Ratio Analysis Capital Adequacy Ratios for Summit Bank B. CAPITAL ADEQUACY 2011 2010 2009 1 Equity / Total Assets 4.60% 4.97% 10.65% 2 Adjusted Equity ( including revaluation surplus ) / Total Assets 5.20% 4.67% 10.62% 3 Revaluation Surplus ( deficit ) / Adjusted Equity 11.58% -6.54% -0.28% 4 Capital Adequacy Ratio as per SBP 7.77% 5.35% 9.83% Source: The data to calculate values was taken from Annual Report of Summit Bank Capital Adequacy Ratios for NIB Bank B CAPITAL ADEQUACY   2011 2010 2009   1 Equity/Total Assets 8.78% 8.31% 20.01%   2 Adjusted Equity (Including revaluation impact)/Total Assets 8.83% 8.31% 19.95%   3 Revaluation Surplus/(Deficit)/Adjusted Equity 0.66% 0.01% -0.28%   4 Capital Adequacy Ratio as per SBP 7.77% 5.35% 9.83% Source: The data to calculate values was taken from Annual Report of NIB Bank Comments It is clearly evident that the equity for NIB is much stronger than that of Summit Bank however it may not be said that it is a good sign as it reflects the under utilization of Assets by NIB bank we need the Industry averages to make more appropriate conclusions. As the impact of stability will become more evident as NIB is more stable and less aggressive at the moment. Also the economic situation has to be kept in mind. LiquidityRatio Analysis Liquidity Ratios for Summit Bank    LIQUIDITY 2011 2010 2009 1 Liquid Assets / Deposits and Borrowings 39.47% 34.02% 36.91% 2 Finances / Deposits and Borrowings 43.98% 54.65% 56.31% 3 Finances / deposits 64.75% 71.05% 59.14% 4 Demand Deposits / Total Deposits 19.78% 13.06% 12.42% 5 Export Refinance / Advances 38.06% 11.83% 8.40% 6 Finance ( net of Export Refinance ) / Deposits 40.11% 62.65% 54.17% 7 Government Securities / Total Assets 25.83% 21.11% 23.33% 8 Finances / Total Assets 40.21% 49.81% 48.48% 9 Lending to Financial Institutions/Borrowing from FIs (net of ERF) 6.37% 0.00% 8897.41% Source: The data to calculate values was taken from Annual Report of Summit Bank C LIQUIDITY 2011 2010 2009 1   Liquidity Assets/Deposits and Borrowings            2 Finances/Deposits and Borrowings 38.60% 47.40% 50.59%   3 Demand Deposits/Total Deposits 30.39% 25.19% 26.40%   4 Export Refinance/Advances 16.00% 17.30% 17.01%   5 Finances (net of export refinance)/Deposits 50.41% 56.54% 71.20%   6 Government Securities/Total Assets 34.25% 31.08% 33.55%   7 Finances/Total Assets 45.53% 55.27% 54.71%   8 Lending to Financial Institutions/Borrowing from Fis(net ERF) 38.96% 21.82% 11.78% Liquidity Ratios for NIB Bank Source: The data to calculate values was taken from Annual Report of NIB Bank Comments In terms of Liquidity both banks have comparable ratios which shows that after all Summit is doing well within its branch size has sufficient depositors to keep up in the market even though deposits are never enough in a bank. The liquidity is in good shape Demand deposits portray a comfortable position. Loan Loss Coverage Ratios Analysis Loan Loss Coverage Ratios for Summit Bank D. Loan Loss coverage   2011 2010 2009 1 Impaired Lending / Gross Advances 48.75% 34.42% 31.25% 2 Loan Loss Provisions (Specific + General) / Impaired Lending 49.37% 50.24% 51.19% 3 Net Impaired Lending / Equity 206.05% 157.77% 60.22% 4 Net Impaired Lending / Adjusted Equity 182.20% 168.09% 60.39% Source: The data to calculate values was taken from Annual Report of Summit Bank Loan Loss Coverage Ratios for NIBBank D LOAN LOSS COVERAGE 2011 2010 2009   1 Impaired Lending/Gross Finances 64.73% 50.33% 28.87%   2 Loan Loss Provision/Impaired lending -69.10% -68.50% -68.20%   3 Net Impaired lending/Equity 447.91% 545.79% 201.76%   4 Net Impaired lending/Adjusted Equity 444.93% 545.76% 202.32% Source: The data to calculate values was taken from Annual Report of NIB Bank Comments Impaired Lending has been generally high in the year round for all the banks and in this respect we see that despite of all the impaired lending brought in by my bank Summit has been able to keep the figures under control unlike NIB Bank which has figures crossing 60%. Now this is alarming for the Banks. Growth Ratios for Summit bank F. GROWTH   2011 2010 1 Total assets 65.70% 89.32% 2 Gross Finances 38.91% 106.17% 3 Impaired Lending 96.75% 127.12% 4 Investments 93.91% 76.13% 5 Deposits 46.77% 61.91% 6 Equity 53.26% -11.61% Source: The data to calculate values was taken from Annual Report of Summit Bank Growth Ratio for Summit Bank F GROWTH 2011.00 2010.00 2009.00   1 Total Assets -5.81 -21.03 4.61   2 Gross Finances -14.11 -1.66 2.75   3 Impaired lending -1.49 48.15 4.33   4 Investments -4.23 -17.05 77.48   5 Customer Deposits 39.46 34.76 -10.20   6 Equity -0.57 -67.19 1.55 Source: The data to calculate values was taken from Annual Report of NIB Bank Comments The growth ratios also reflect that summit bank is doing what they want an aggressive growth with percentages 65% as compared to those of NIB Bank. MEGA ENVIRONMENT INDUSTRY ANALYSIS Mega Environment The Mega Environment of the Summit Bank involves economic, political, socio-cultural, technological environment and religion where Islamic Banking plays a role, Pakistan being Islamic Republic of Pakistan hence the constitution is in coherence with Shariah Law. Source: Adapted from Sadler and Craig (2003)Strategic Management, p.52 Political and Legal Environment Political environment and its impact on the banking industry, before the financial liberalization and privatization period commercial banks in Pakistan mainly catered to the borrowing needs of the Government. This way Banking credit was concentrated to a few public sector organizations and the growth of the private sector was not evident. This suited the banks requirement to take less risk and not to overlook the fact that it opened doors for many such political influencers the Mehran bank scandal to BCCI fraud all are evident results from the time. This way the financial system suffered, political interference in decision making related to lending created distortions in the system due to the excessively low recovery rates on such loans[xxiv]. The all time NPLs issue that we face today. Economic Environment The main factors in economic environment affecting the banking industry include GDP growth rate, inflation rate, changes in the level of interest rates, money supply, disposable income, unemployment rates. Considering the GDP growth rate as new jobs are created in the economy the income per capita will increase, people will have higher purchasing power and higher disposable income which will lead to high savings i.e.; the deposits for banks will increase and hence they will have more funds to lend out.[xxv] Technological Environment The technological environment plays a vital role in changing the dynamics of the banking industry, having both optimistic as well as the adverse impacts for the banking industry. Information technology help banks in such a way that it reduces the costs involved in the processing and management of the information, Socio-cultural Environment The most important factor observed in the last few years in Pakistan is the change of lifestyle of the people which has in turn affected their consumption patterns people are more inclined towards consumption and less savings. People tend to borrow more and more they want to consume today and pay tomorrow. It can become a major source of interest revenue for the firm as higher interest rate can be charged; higher risk premium involved. There is increased demand for services . Religion Religion as mentioned above for Pakistan has played a key role played a key role in changing how things work in the industry as well as increased the level of competition with introduction of Islamic banking and other Islamic products.. There has been observed quite high expansion in the Islamic banking especially in FY 2005-10. Islamic banking is widely practiced in various Muslim countries and it is regarded as the interest-free banking. The main difference/ conflict between the conventional and the Islamic banking are the interest rates. However the average annual growth of ten years FY 2000-11 of Islamic Banks has observed to be 46% as compared to the growth of commercial banks around 14% which is much less as compared to Islamic Banks[1]xxvixxvii. Porters Competitive Forces Source: Hill and Jones (2012), Strategic Management Theory: An Integrated Approach p.50 Michael E. Porter introduced the concept of how strategy is affected by the competitive forces of the industry in his article published in Harvard Business Review, March/April 1979[xxviii]. Despite the reported criticisms of the model, it is still effective as a foundation for industry analysis. Considering the banking sector of Pakistan, the Five Forces Model signifies attractiveness of the industry in which Summit Bank operates. Evaluation of these competitive forces will help shape the appropriate strategy for the organization. Bargaining Power of Suppliers Suppliers in case of banking industry are the service providers utilities, transportation, security, IT support, operations skilled workers, contacts, ability of customization of product. These liaisons are significant and impact the smooth operations of Summit Bank. Any discrepancy in these services gives rise to operational risk associated with the bank. Threat of New Entrants For banking sector, the threat of new entrants has been disproportionate[xxix], due to the minimum capital requirement (MCR) and capital adequacy (CAR) as required by the BASEL system. According to a prudential regulation circular issued by SBP, all locally incorporated banks are required to attain CAR of 10% and MCR of PKR 15 billion by the end of 2011, PKR 19 billion by the end of 2012, and PKR 23 billion by the end of 2013[xxx]. All banks (foreign or local) being incorporated after the issuance of circular i.e. after 2005, will be required to have the MCR of PKR 23 billion at the time of their incorporation. The foreign banks in Pakistan with their Head Offices holding paid-up capital, will have to attain approval from SBP regarding MCR and CAR, depending upon their branches in Pakistan. Similarly, the Direct Finance Institutions (DFIs) are required to attain MCR of PKR 9 billion by 2010. The aforementioned capital requirements raise the barriers to entry for local banks. However, the foreign groups having strong backing and necessary capital can diffuse in the banking sector of Pakistan which at the moment is not a feasible option as we see that many of the foreign bank which had come in recently are closing down their operations even citi bank one of the oldest foreign bank has shut down its operations in many parts. After all the foreign banks come across problems with respect to license acquisition and operations in Pakistan. Influx of Islamic banking institutions has been on the rise in Pakistan, while foreign banks like RBS, ABN-Amro, CitiBank, HSBC, etc. are either acquired by local banks or divesting their operations[xxxi]. Threat of Substitute Products Substitute products in case of banking sector could be the services of non-banking financial institutions (NBFIs) like insurance companies, credit unions, mutual funds, investment banks offering advisory services for IPOs, asset management companies, Islamic finance companies, mortgage and/or leasing institutions, etc. The strength of these substitute products are derived from the rate of return they offer and the quality of customer services that are being provided by them[xxxii]. Commercial banks are offering multifarious services to compete with these substitutes. Introduction of hybrid accounts, reduction in fees, and bundling of auxiliary services are few examples of such changes[xxxiii]. In Pakistans banking sector, commercial banks have the stronghold; however, Islamic financing and mutual funds are catching up in terms of reported profits and growth rates. To encounter this threat, Summit Bank will; have to move on and start Islamic Banking Operations. Bargaining Power of Buyers In case of general banking in Pakistan, the switching costs are low for most customers; hence they have more bargaining powers. Other components increasing their bargaining costs include the sources of publically available information, which allows them to compare the products of different banks. Degree of Rivalry The core of other four forces is the intensity of rivalry prevalent in the banking sector in Pakistan. The attributes of those factors act as the determinants of competitiveness in among the existing banks. As of June 2011, there are 32 local banks (with 9,431 branches nationwide) available in Pakistan, while 12 foreign banks are operational (with 32 branches across the country)[xxxiv]. The deposits of local banks (both private and public) grew by 17.60% on YoY basis, while those of foreign banks decreased -0.18%. Part of this impact has been due to the merger of RBS into Faysal Bank Limited in December 2010. HBL is the biggest player in the private banks with over 1400 branches across Pakistan. Other Top 5 banks of Pakistan include NBP, MCB, ABL, and UBL. External Factor Analysis After assessing the opportunities and threats external to the organization, the External Factor Analysis Summary is prepared[xxxv]. The first column consists of the Summit Banks strategic opportunities and threats, while the respective weights (0 to 1) are assigned according to the factors significance in the banking sector. Subsequent ratings (1 to 5) are given for each factor depending upon the organizations response to the external factors present. The next column shows the weighted score of the bank for each factor. The total weighted score calculated in the External Factor Analysis Summary Table shows that how effectively the organization is responding to the prevailing environmental conditions. External Factors Analysis Summary External Factors Weight Rating Weighted Score OPPORTUNITIES Demand for SME Financing 0.10 3 0.30 Increased Rural Demand 0.05 2 0.10 Expansion in Islamic Banking 0.2 4 0.80 Improved Technology 0.05 3 0.15 Change in Consumption Patterns 0.20 4 0.80 THREATS Differentiation on Services 0.05 3 0.15 Mobile Banking Security Threats 0.05 2 0.10 Branchless Banking 0.1 2 0.20 Competition from Islamic Banks 0.05 4 0.20 SBP Policy Changes 0.15 4 0.60 TOTAL 3.40 Source: Format suggested by R. Srinivasan (2005) in Strategic Management: The Indian Context Comments Opportunities Demand for SME Financing: In the current economic conditions there is a need for SME financing in order to move the business and inject cash flow so that the business may expand. The banking sector is not sufficiently catering to the SME sector due to high risks involved as such businesses are mostly un-documented, a few microfinance have recently come in emergence and are somewhat looking after the need like Kashaf Bank even though It raises the costs for banks to evaluate their credit worthiness. However, if Summit Bank focuses on such areas it can prove to be a profitable segment supported by large customer base. Presently, around 85% of the SME credit is given to the manufacturing and trading whereas while many potential areas remain untapped. The increased need of consumer financing can create greater opportunities for banks by increasing their exposure to consumer advances portfolio by charging higher interest rates on their advances due to risk premium they will be able to im prove their asset yield given the fact that NPLs stay within the tolerance level. Increased Rural Demand: There is a lot of demand in the agriculture Sector for loans particularly due to the floods which have ruined the soil in those areas and livestock, again Sindh Bank has tried to cater for it however political influences will never allow competition, besides influences banks are not currently catering to this sector due to the collateral problems available and hence there is a lot of scope for bank to cater to this particular segment which is evident from the share of agriculture in GDP which is still around 20%. Expansion in Islamic Banking: A dramatic increase has been observed in Islamic Banking the average annual growth of Islamic banking has been around 46% as compared to the commercial banks rate of growth of 14%[xxxvi]. Although the assets of the Islamic Banks have remained concentrated in the six dominant Islamic banks. This volatile growth was due to the new clientele network and inclination of people towards the Islamic banking rather than the conventional banking and by expanding into Islamic banking network Summit can avail the opportunities of increasing its fund base. Improved Technology: Through the use of improved and efficient information technology (IT) and risk management system the intermediation costs of the bank can be reduced; which will further lead to higher spread which in turn will translate into higher profitability. Change in Consumption Patterns: The socio-cultural changes are influencing the consumption patterns of the people. Even though the disposable income has not increased but people are using their future income for consumption through the use of credit cards i.e.; plastic money and currently the interest rate charged on credit cards is around 38-40% and by increasing its focus towards this segment and by launching various value-added services the bank can capitalize on this opportunity. Threats Differentiation on Services: The increase in the number of private banks has increased the competition within the banking industry, since banking is a service industry the only way to compete in it is through service, price wars tend to play a minimal role in banking industry and hence arises a need for differentiation of the products and in the service level for the bank to be remained as a preferred bank by the consumers. Mobile Banking Security Threats: As mobile banking and the e-banking has increased along with the technological implementations there exist certain loop holes in the system for hackers to exploit hence a high level of security is required to protect the consumers and the bank itself from getting into a law suit.. Branchless Banking: United Bank Limiteds Omni and Telenors easypaisa mimic branchless banking facilities which Summit Bank is currently not offering none the less Summit Bank is working with western union for international money transfers in particular which make it possible for consumers to make the transactions which otherwise would not be possible and consumers worth this particular need would switch. Competition from Islamic Banks: Islamic banks are currently offering high deposit rates as compared to the commercial banks; as the nominal weighted average return on commercial banks PLS deposits is around 4.76% including current accounts whereas in the case of Islamic Banks it around 5.50% in 2010, thus there is a threat that the depositors will toggle towards the Islamic banks in an attempt to earn more returns and consequently making it a threat for commercial banks. SBP Policy Changes: Changes in SBP monetary policy can lead to changes in interest rates which in turn causes change in the intermediation costs. Moreover the changes in the regulations regarding capital requirement and exposure limits can also affect the profitability level of the bank. INTERNAL FACTORS ANALYSIS SUMMARY INTERNAL FACTORS ANALYSIS SUMMARY Evaluating the strengths and weaknesses of Summit Bank will help identify the competencies which may be capitalized upon in the long run. Also, the deficiencies in the organizations could then be condensed through appropriate actions. Summit Banks internal factors were identified by analysis of financial statements, interviews with the operational as well as top management, and the insights offered by the banking sector experts for expert opinion some magazine cuttings were taken and have been referred to throughout. After assessing the strengths and weaknesses internal to the organization, the Internal Factor Analysis Summary is prepared[xxxvii]. The first column consists of the Summit Banks strategic strengths and weaknesses, while the respective weights (0 to 1) are assigned according to the factors significance in the banking sector. Subsequent ratings (1 to 5) are given for each factor depending upon the organizations position. The comments section following the Table elucidates the reasons for selecting each strength or weakness Internal Factor Analysis Summary Internal Factors Weight Rating Weighted Score STRENGTHS Branch Network 0.15 4 0.60 Strong Deposit Base 0.15 4 0.60 Established Clientele 0.1 4 0.40 Group-Backing 0.10 4 0.40 Low-Cost Funds 0.07 4 0.28 WEAKNESSES Customer Response Time 0.05 2 0.06 Decline in Advances 0.15 3 0.45 Impaired Lending 0.10 2 0.20 Risk Mitigation 0.10 2 0.20 Employee Turnover 0.05 3 0.15 TOTAL 3.34 Source: Format suggested by R. Srinivasan (2005) in Strategic Management: The Indian Context Comments Strengths Branch Network: Summit Bank is a medium sized bank when we talk about the Asset Base of the bank however the bank right now is following an aggressive approach to achieve its goals of an increased asset base. With respect to the branches of Summit Bank, are 166 operational presently. The Top 5 banks of Pakistan namely NBP, HBL, MCB, ABL and UBL are the prime competitors due to their asset base. However, other banks like Askari Commercial Bank, Standard Chartered, and Faysal Bank are gaining significance as competitors in regular banking. Strong Deposit Base: The deposits of Summit Bank includes Mybanks deposits too and hence has become huge CMH are also good clients.. Through opening of new branches, offering services that the clients require, and hiring skilled CROs, the bank is successful in attracting new deposits every year. Established Clientele: The prime customers of the banks consist of established businesses and multi-national corporations. Their transactions constitute significant share of business of Summit Bank. These clients keep the bank as an essential liaison in terms of trade financing, overdraft lending, letters of credit, deposits, etc[xxxviii]. Group Backing: Summit Bank is backed by Arif Habib group a leading name in Pakistan. And Suroor investments a group with the adequate equity. The strength of the parent company is evident in terms of raising funds to fulfill the liquidity required by the bank. Subordinated loans as the Tier II Capital in the balance sheet of Summit Bank is one example of such backing by the Abu Dhabi Group5. Weaknesses Customer Response Time: The customers seem happy with the branch network presence and with the EFFICIENCY there some of the customer interviews showed that certain customers had only recently moved to the new branch near their new location and were more satisfied with the service than the older bank service which were also namely old bank with an apparent excellent reputation. Decline in Advances: Summit Bank is inclined towards maintaining appropriate liquidity levels to match the withdrawals of the demand deposits, hence their advances have declined. Primarily, the respective funds are invested in the T-Bills as they have no credit risk and can be liquidated whenever required5. Impaired Lending: The degree of non-performing loans has risen in case of Summit Bank, despite its adherence to the SBP regulations regarding the maximum exposure in a given sector. The rate of repayment of loans given to related parties is lower, while the greatest portion of impaired lending is attributed to the Textile sector, with inadequate provisions. The second largest NPLs have originated from consumer loans offered to individuals (albeit credit worthy on paper)[xxxix]. These NPLs were mostly brought in by My Bank and Atlas Bank a gift of the mergers. Risk Mitigation: The b

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College Athlete Compensation College Athletes - 2251 Words

College Athlete Compensation When the topic of college comes up, many things come to mind. Those are the glory days for most of us. The college parties, the struggle to find a balance between having fun and maintaining a good GPA, and not to mention the amazing athletic departments that colleges offer. Everyone enjoys sports but does anyone ever stop to wonder how much goes into the preparation for those games? There’s much more effort that’s put into it other than just showing up for practice. It’s definitely a lot more work than your average college student which is why the question of whether or not college athletes should get paid comes up. Football alone brings in millions of dollars a year; and with all of that money floating around, it comes as a surprise that the athletes that put in the work are receiving nothing. Many people think that a scholarship at a high end university is more than enough compensation for playing a simple sport. Time is money, ever yone has heard this at least once in their lives. When it comes to college sports, it is more than relatable, depending on what side of the fence somebody is on. It has been estimated that your typical student athlete spends an average of 40 or more hours a week at practice. Most full time jobs offer 40 hours a week to their employees; some might say being a college athlete is a full time job. Take the National Collegiate Athletic Association (NCAA) for example, their practices are far more intense and are takenShow MoreRelatedCollege Athlete Compensation : College Athletes2260 Words   |  10 PagesCOLLEGE ATHLETE COMPENSATION When the topic of college comes up, many things come to mind. Those are the glory days for most of us. The college parties, the struggle to find a balance between having fun and maintaining a good GPA, and not to mention the amazing athletic departments that colleges offer. 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About Me free essay sample

Its 4:30 in the afternoon and I see my dad come in the front door he’s exhausted from back breaking hard day at work. That’s when my mind goes to work and tells me I have to do this. I was born in Chicago and moved to Oak Lawn in the sixth grade I was just the typical kid going to school every day to talk to friend and do schoolwork. My dad inspired me to be the hardworking person that I am today. And listening to my family’s complaints about how important it is for me to go to school and how hard it was for them to live without ever going to school or having any type of an education made me want to be the best that I can be. Being first generation in the United States you always hear your other family members talk about bad memories and hard times they went through as children or when they were my age. We will write a custom essay sample on About Me or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I was at my uncle’s house one day for a party my cousins and I we were all sitting at the table outside on the patio having dinner. For most of the time I was just hurrying up to eat because my cousins and I were going to go somewhere. My uncle ended up not letting us use the car so we just sat there and listened to our other family members talk. They lectured us and told us how important it was for us to go to school. My grandpa started to talk and said that when he was younger he didn’t really care for school because he didn’t know what it was and said besides that I had to work from seven to seven everyday and I only made about twenty five cents a day. He said if you don’t want to have to get up every day and worry about how you’re going to pay for living costs go to school and get yourself a decent education and follow a career path that’s going to pay off and give you a decent living. Next my great grandma went on about how hard it was for her to provide for her children whether it was food, clothes, or spending time with them. They all told me the same thing so I went along with it and just said yes. That night we left and my brother was talking about Xbox and I was still thinking about what the family had talked about it. I had all the resources that they didn’t have I had no excuse. I told my self that I was going to live the life they never had and make them proud. Since I could remember my dad has always been the person that was there to take care of me and get me out of any trouble I got into. He has also been the one that made me the hard working person I am today. One day me and my dad we were coming home from Georgia because we had gone to visit my uncle for the most part of the trip back home I was listening to music and sleeping while my dad would just drive. So we were in Tennessee when I woke up and my dad just started talking to me. He was telling told me a story about when he was my age I was twelve at the time. He switched the conversation and started telling me how I should act with other people he told me to be respectful to anyone older than me and that all I needed to be successful was to respect others and try my best at school every day. He told me you don’t want to end up with a full time job at a factory that’s not going to pay you good. He set himself as the example to me and said I want you to be better than me. That’s why I’m trying to give you all the opportunities and the life that I never even dreamed of having. Next he said, so take advantage of the resources you have and try and become anything you want to be. At the end he just said â€Å"remember not to ever take laugh at anybody who doesn’t have anything that you don’t have to be able to succeed, instead help them out if you can†. That’s why I’m the hard working person that I am today. All in all, being inspired by my dad, and listening to my family’s sad memories and them saying they never went to school also inspired me. From that moment on I told myself that I had to work hard at my education because my future depended on it. I’ve learned that my education is the success in my future. Knowing that nobody in my family had the chance to a full education or not an education at all has made me grateful and even more determined to work to my full extent. What makes m e different from others is that I believe that I have more support from my family because other people that do come from families with an education are probably not pushed or supported as much as I am.

BLACK RAGE HISTORICAL STUDY Essay Research Paper free essay sample

BLACK RAGE: HISTORICAL STUDY Essay, Research Paper BLACK Fury: A HISTORICAL ANALYSIS Outline Thesis Statement: Throughout the history of the United States, as seen through an analysis of Afro-american literature and rhetoric, black fury has non merely existed, but has grown. As the impulse toward equality is clearly apparent in the black race? s battle, the inquiry of where ( or when ) this fury will lessen ( if of all time ) remains unreciprocated. In analyzing black fury, four distinguishable periods of American history should be considered: bondage, Reconstruction and Jim Crow, the Civil Rights Era, and modern-day America. I. Introduction A. Background 1. Throughout Afro-american history, a presence of? black fury? is identifiable through both Afro-american literature and rhetoric. 2. This fury has emanated from a province of racial inequality and has gained impulse throughout history. B. The Problem 1. When covering with the construct of racial equality, the inquiry must be asked: Can two races live together in equality? 2. It has yet to be proved that a province of equality can be obtained in the United States for African Americans. 3. Given the impulse that exists within Afro-american society to derive more freedom, is a reversal in racial power inevitable? II. Slavery in America: Bondage is the beginning of black fury. A. Possibly the earliest voice of black fury is that of David Walker B. Nat Turner? s rebellion solidified white America? s fright of rebellion. C. Possibly the most hawkish voice of black fury during bondage is that of Henry Highland Garnett. D. Fredrick Douglass, though a more moderate voice, besides demonstrates the fury of his race. III. Reconstruction and Jim Crow: With bondage abolished, equality was still non accomplished, further envenoming African Americans and fueling the desire to overcome. A. T. Thomas Fortune explains the predicament of the black race during Reconstruction, proclaiming that nil has been solved ; bondage is gone, but the black adult male is non free. B. Marcus Garvy stands entirely as one who has vehemently sought to impart the fury of his people militantly. C. Langston Hughes epitomizes the predicament of the black race in America in his poesy. D. Sterling Brown? s? Strong Work force? outlines the black battle in America, exemplifying a impulse of black fury. E. James Weldon Johnson and Ralph J. Bunch justify violent channeling of fury to get the better of subjugation. F. Claude McKay advocates force and contending back. G. W. E. B. Du Bois, though a more moderate black voice, prophesies the coming of an inevitable race struggle in America. IV. The Civil Rights Motion: The Civil Rights motion, possibly the greatest presentation of black fury in American history, produces an detonation of fury rhetoric. A. In the battle for civil rights, the rhetoric of revolution dominates as one major subject of black fury. B. Accompanying radical idea, black rhetoric or fury besides strongly advocates the usage of force. C. Black Power, recommending revolution and force, dominates the head of black-rage presentation. D. One organisation that aims to impart black fury militantly beyond the attempts of others is the Black Panther Party. F. The battle for societal power between white and black America was brought to a caput during the Civil Rights Era. G. While many during the Civil Rights Movement supported a chauvinistic motion with a separate black authorities, the possibility of black laterality in America, a reversal of racial power, was besides voiced. H. Possibly encapsulating the full battle of fury during the Civil Rights Movement are the plants of Malcolm X. I. Dr. Martin Luther King, Jr. , besides sought to impart black fury to consequence alteration. V. Black Rage in Contemporary America: In modern-day American society, Afro-american equality has yet to be realized, and fury still exists. A. The conflict for civil rights is non over. B.. Black fury is still present. C. Can a province of equality of all time be obtained between Whites and inkinesss in America? D. Understanding what it took to derive civil land in the yesteryear, what is it traveling to take in modern-day America? F. The Los Angeles public violences every bit good as conducted research demonstrate that fury is still present and waiting to move. VI. The Decision A. Reappraisal of the major issues 1. Bondage is the beginning of black fury in America. 2. With bondage abolished equality was still non accomplished, further envenoming African Americans and fueling the desire to get the better of. 3. The Civil Rights motion was possibly the greatest presentation of black fury in American history. 4. In modern-day American society, Afro-american equality has yet to be realized. B. The reply, the solution, the concluding sentiment 1. White American society is unwilling to give up control, and Black American society is unwilling to settle for anything less than entire equality. 2. The impulse of fury and desire to get the better of inequality will coerce the issue and bring forth a reversal of racial power in America. Black Fury: A Historical Analysis Revolution? In America? America was founded and built upon the really rule that it is acceptable for an laden people to lift up in rebellion to procure freedom, independency, and self-determination. In the Declaration of Independence, America? s most honored initiation patriarchs exclaimed to King George, ? We hold these truths to be axiomatic, that all work forces are created equal. . . . ? But non black work forces. The black race has been enslaved, dehumanized, trampled, kept down, suppressed, quieted, and stripped of human rights from the very construct of this glorious state, America. And what was expected in response from this race of laden people? Submission and suspension! How long did the oppressors expect to maintain an full race of work forces down? Indefinitely! So they thought. The? Negro job? has plagued white America of all time since the framers refused to acknowledge the black race? s rightful and merely claim to human rights and equality. Slavery divided the state in the bitterest conflict of all time fought between the shores of the state. The Civil Rights Movement threw the state into convulsion and public violence neer earlier experient between her boundary lines. No, black people would non softly submit and accept the unfair conditions imposed upon them. They would non rest every bit long as they were enslaved and dehumanized. They would non softly subject to? separate-but-equal? inequality. They would ( and they will ) get the better of. Black fury, coined and defined in the heat of the Civil Rights Movement, has existed throughout the history of America. While fury may be defined as expressed entirely in Acts of the Apostless of physical force and rage, fury besides indicates a? force of feeling, desire, or appetite. . . a violent desire or passion? ( Webster? s 1187 ) . And this is precisely what constitutes? black rage. ? William Grier and Price Cobbs, in their 1968 radical analysis Black Rage, relate the fury experienced by the black community to the strength of their feelings about the subjugation they have experienced. They write, ? Observe [ that ] the sum of fury the oppressed bends on his tormenter is a direct map of the deepness of his heartache, and see the strength of the black adult male? s heartache? ( 210 ) . [ Thesis: ] Throughout the history of the United States, as seen through an analysis of Afro-american literature and rhetoric, black fury has non merely existed, but has grown. As the impulse towa rd equality is clearly apparent in the black race? s battle, the inquiry of where ( or when ) this fury will lessen ( if of all time ) remains unreciprocated. In analyzing black fury, four distinguishable periods of American history should be considered: bondage, Reconstruction and Jim Crow, the Civil Rights Era, and modern-day America. Slavery in America The subjugation imposed by the white race upon black humanity in America has non been without effect. The subjugation has caused a province of fury, black fury, within the bosom and psyche of the black race that has non gone unnoticed nor unreciprocated. From the beginning of this state, rooted in the acrimonious craft and dehumanisation of the bondage, menace # 8212 ; world, instead # 8212 ; of black opposition, rebellion, and triumph has been more than manifest in America. Gabriel Prosser, Denmark Vesey, David Walker, Nat Turner, and Frederick Douglass, every bit good as many others, have all struck fright in the Black Marias of Whites ; America realized that she would non everlastingly be able to maintain the black race subjugated. Ramp spoke out. It spoke out through the written word. It spoke out in powerful oratory and reprobating announcement. It spoke out in physical and violent rebellion. The interior feeling of fury caused by the heartache of subjugation transformed itself into physical, violent fury. Yes, black fury, talking out against the atrociousnesss of subjugation and captivity of a race, would be heard ; it would be expressed. Possibly the earliest voice of black fury is that of David Walker. Harmonizing to Arthur Smith and Stephen Robb, editors of The Voices of Black Rhetoric: Choices, Walker? s? protest addresss and essays marked him as the most unsafe single the pro-slavery forces had of all time encountered. Walker spoke boldly, speaking revolution and rebellion? ( 10 ) . In his Entreaty, Walker requests heaven against bondage and reminds America of states throughout history # 8212 ; Egypt, Rome, Spain # 8212 ; that have suffered devastation because of such inhumaneness. He decidedly and undeniably implies that America will confront the same devastation ( 27-8 ) . For his announcement, Walker died a cryptic, yet homicidal decease in 1831. But though the prophesier be destroyed, the message of? fury? would digest. Since Walker? s entreaty, the menace of slave rebellion intensified, go forthing a turning fright in the bosom of white America. Nat Turner, though non the first menace of slaves taking up weaponries in rebellion, solidified that fright. Menace became world. In 1831, Turner led a slave rebellion in Tidewater, Virginia, killing over 60 Whites. Benjamin Quarles, writer of Black Abolitionists, explains that Turner? s rebellion and Walker? s Appeal, every bit good as other hawkish abolitionist sentiment, combined to show the realist ideal of black armed revolt get rid ofing bondage ( 17-18 ) . Possibly the most hawkish voice of black fury during bondage is that of Henry Highland Garnet. In his 1843 announcement, ? An Address to the Slaves of the United States of America, ? Garnet advocates opposition to slavery at all costs, even unto decease. He proclaims, ? You had far better all die # 8212 ; decease instantly, than unrecorded slaves. . . ? ( 36 ) . Recommending rebellion and the sloughing of blood, Garnet asserts that? there is non much hope of Redemption without the sloughing of blood. If you must shed blood, allow it all come at one time # 8212 ; instead, decease freewomans, than unrecorded to be slaves? ( 36 ) . Arguing from a historical context, Garnet illustrates a form of rebellion and opposition, observing Vesey, Turner, Joseph Cinque, and Madison Washington ( 37-8 ) . Although Garnet warns, ? We do non rede you to try a revolution with the blade, because it would be inexpedient, ? he does proclaim, ? Let your slogan be RESISTANCE! Resistance! Resistance! No laden people have of all time secured their autonomy without opposition? ( 37-38 ) . But to what extent would RESISTANCE lead? While voices of black fury have persisted throughout American history, so excessively have more moderate voices of passive resistance and conciliation. However, these voices have frequently served to impart black fury, lending to the race? s finding to get the better of. One such illustration is Frederick Douglass. In an 1847 reference to the Anti-Slavery Society in England, Douglass, while keeping that he was a? peace-man, ? opposing force, clearly demonstrates that? all Christian agencies? have failed ( ? The Right? 66-7 ) . In his celebrated? Fourth of July Oration? of 1852, Douglass warns America of her at hand crisis. He proclaims, Oh! Be warned! A atrocious reptilian is coiled up in your state? s bosom ; the deadly animal is nursing at the stamp chest of your vernal democracy ; for the love of God rupture off, and fling from you the horrid monster, and allow the weight of 20 1000000s crush and destruct it everlastingly. ( 82 ) But the warning would non be heeded. Douglass? s remark signifies that the fury, the rage, the at hand inevitableness of crisis, is a consequence of white America? s relentless failure to peacefully profess. And in 1861, Douglass issues this judgement against America: The American people and the Government at Washington may decline to acknowledge it for a clip ; but the? grim logic of events? will coerce it upon them in the terminal ; that the war now being waged in this land is a war for and against bondage ; and that it can neer be effectually set down boulder clay one or the other of these critical forces is wholly destroyed. The uncontrollable struggle, long confined to words and ballots, is now to be carried by bayonets and slugs, and may God support the right! ( my accent ) ( ? Nemesis? 80 ) Once considered a? peace-man, ? Douglass here advocates bloodshed and force, tackling fury to subvert subjugation. As would be seen throughout American history, Rage has risen so to the tallness of? uncontrollable struggle. ? When sing the extent to which ramp will take, one must inquire, what if white America did non prosecute in civil war? What if white emancipationists like William Lloyd Garrison, John Brown, and many others did non adamantly stand against bondage? Would inkinesss hold waited, go oning in bonds, until white rescue arrived? Or, would they have risen up in rebellion likened unto the Amistad and one time and for all declared themselves free and independent from white subjugation? History will non afford us the replies to these inquiries. One thing is certain, nevertheless: a momentous motion towards that terminal can be historically traced and noted. Harmonizing to Quarles, Since American establishments. . . lacked the strength or will to repress bondage, other and more radical techniques would get down to take clasp of work forces? s heads. Therefore in the two decennaries prior to 1860 the impression of an armed confrontation mounted in strength, nevertheless inapparent on the surface. On the Eve of the Civil War, so, the thought of physical force to free the slave was far from new. Since the clip of Nat Turner this thought of a showdown by force of weaponries had been a repeating subject in Negro idea. Black firemans did non travel out of manner with David Walker. ( 224 ) Reconstruction and Jim Crow In the heat of the Civil War, the Emancipation Proclamation announced that slaves throughout the South were free, that bondage had eventually come to an terminal. The Fourteenth Amendment to the Constitution proclaimed that? equal protection of the Torahs? should be provided to all individuals, irrespective of race. Yes, the black race has eventually received the freedom for which they longed. The fury would now lessen, wouldn? t it? The incorrect had eventually been righted, hadn? t it? No. Throughout the Reconstruction period and the epoch of Jim Crow, black fury continued to show itself through the literature and rhetoric of an embittered, underprivileged black race, a race kept down far excessively long. No, equality and entire freedom were non ensured nor afforded the black race. As a consequence, fury continued. And so did white subjugation. Plessy vs. Ferguson declared that separate but equal was the new jurisprudence of the land # 8212 ; the new manner of covering with the? Negro problem. ? The Ku Klux Klan governed the South. Ghettos contained inkinesss in northern metropoliss. All was good in the head of white America. All was peaceable in the good-ol? U. S. of A. But was it? What about the fury of a race of people that were still oppressed and grieved? No, the fury had non been eased ; it had grown in resentment and craft. Blacks were risen from bondage, promised equality, promised? 40 estates and a mule, ? merely to be denied, to be shoved back down. Yes, black fury persisted. In fact, it was louder and more profound during Jim Crow than it was during bondage. In the rubric verse form of her 1942 book, For My People, Margaret Walker Alexander writes, Let a new Earth rise. Let another universe be born. Let a bloody peace be written, . . . Let the coronachs disappear. Let a race of work forces now rise and take control! ( my accent ) ( 436 ) In fact, with white grant of emancipation arose greater black daring to show the fury, the? violent desire or passion? that boiled in the Black Marias of the black race for about three centuries. William Monroe Trotter, in his 1902 reproof of Booker T. Washington? s conciliatory attempts, naming him a? Benedict Arnold of the Negro race, ? proclaims, O for a black Patrick Henry to salvage his people from this stigma of cowardness [ sic ] ; to bestir them from their lassitude to a sense of danger ; to score the autocrat and to animate his people with the spirit of those immortal words: ? Give Me Liberty or Give Me Death. ? ( 202 ) Fury had taken new, radical signifier. Two distinguishable voices of black fury during the Jim Crow epoch are T. Thomas Fortune and Marcus Garvey. Fortune, in his 1884 essay? The Negro and the State, ? explains the predicament of the black race during Reconstruction, proclaiming that nil has been solved ; bondage is gone, but the black adult male is non free. His essay concludes that revolution to throw off the white autocrat is inevitable. He states, ? The throne itself must be rooted out and pulverize? ( 134 ) . He, as did Douglass, besides warns of an clogging crisis: I declare that the American people are furthering in their bosoms a spirit of rebellion which will yet agitate the pillars of popular authorities as they have neer earlier been shaken. . . . All indicants point to the fulfilment of such declaration. ( 133-4 ) And like David Walker, Fortune reminds America of humanity? s history. Repeating the menace of revolution, he states, When you ask free work forces that inquiry [ ? What are you traveling to make about the subjugation? ] you appeal to work forces who, though sunk to the brink of desperation, yet are capable of originating and rending hip and thigh those who deemed them incapable of lifting above their status. The history of world is fruitful of such rebellions of races and categories reduced to a status of absolute desperation. ( 133 ) The captivity of the black race may hold changed frontages, but the subject of upward mobility remained strong and noncompliant, more echoing with fury than of all time before. Marcus Garvey stands entirely as one who has vehemently sought to impart the fury of his people militantly. He exclaims, Shall we non fight for the glorious chance of protecting and everlastingly more set uping ourselves as a mighty race and state, neer more to be disrespected by work forces? Glorious shall be the conflict when the clip comes to battle for our people and our race. ( 332 ) Garvey, a innovator of Black Nationalism, envisioned an independent African state free from white regulation and subjugation. His vision included? marshaling the 400,000,000 Negroes of the universe to contend for the emancipation of the race and of the salvation of the state of our male parents? ( 325 ) . Dismissing the possibility of obtaining equality in America, he concludes that? so long as there is a black and white population, when the bulk is on the side of the white race, you and I will neer acquire political justness or acquire political equality in this state ( my accent ) ? ( 330 ) . Possibly most important about Garvey? s rhetoric is his uttered desire to rule racially. His vision included a? authorities that will put [ the black race ] in control, even as other races are in control of their ain authoritiess? ( 326 ) . Built-in throughout Afro-american literature and rhetoric is this dominant subject of get the better ofing subjugation and obtaining non merely equality, b ut obtaining liberty and, more notably, control. Typifying the predicament of the black race in America, Langston Hughes writes, What happens to a dream deferred? Does it dry up like a raisin in the Sun or does it maturate like a sore and so run or does it droop like a heavy burden or does it EXPLODE? ( ? A Dream Deferred? 305 ) Will the? dream deferred? one twenty-four hours detonate? Will ramp one twenty-four hours boil out of control? Will the impulse to get the better of the most suffering of laden conditions subside merely after accomplishing racial laterality? In his verse form? Dream Variation, ? Hughes metaphorically implies the chance of a racial reversal of power in America. He exclaims, ? Till the white twenty-four hours is done, ? exemplifying that white laterality will one twenty-four hours terminal. And when he writes? Night coming tenderly / Black like me, ? Hughes boldly proclaims, ? That is my dream! ? ( 373 ) . Though this dark, this twenty-four hours when the black race will govern, is coming of all time so? tenderly, ? it is, however, coming. Does Hughes entirely have this dream? Or, is he talking for a race of work forces and adult females who besides have a dream? No, Hughes is non entirely. Sterling Brown, in his verse form? Strong Work force, ? outlines the black battle in America, telling the many triumphs over enemies # 8212 ; from bondage through prohibition. Like Hughes, Brown inquiries the inevitableness of a concluding overcoming. Refering the strength of the black race, Brown explains that after every conflict, ? The strong work forces maintain a-comin? on / Gittin? stronger. . . ? ( 413 ) . Having overcome bondage, holding successfully dealt with the lip service of Reconstruction? freedom, ? Brown writes, Today they shout prohibition at you ? Thou shalt non this? ? Thou shalt non that? ? Reserved for Whites merely? You laugh. ( 413 ) The verse form concludes: The strong work forces. . . coming on The strong work forces gittin? stronger Strong work forces. . . . Stronger. . . . ( 413 ) Yes, strong work forces are coming on. Yes, fury is turning ; fury is maturating. Although a desire, a passionate fury, has ever pressed upward to get the better of racial subjugation, many have argued the improbableness of success. But like compromising voices of the past, these voices besides define and expound upon America? s black fury. James Weldon Johnson, in his 1935 book, Negro Americans, What Now? , advocates integrating as the lone logical? manner out. ? But he besides writes, Our history in the United States records a six major and a mark of minor attempts at rebellion during the period of bondage. This, if they heard it, would be intelligence to that large bulk of people who believe that we have gone through three centuries of subjugation without one time believing in footings of rebellion or raising a finger in rebellion. Even now there comes times when we think in footings of physical force. ( 149 ) Although he does non recommend force, as a black literary spokesman, he admits the presence of, every bit good as the justification for, fury. He concludes, ? We would be justified in taking up weaponries or anything we could put custodies on and contending for the common rights we are entitled to and denied, if we had a opportunity to win? ( 149 ) . Johnson claims he does non back up force as a logical solution to the race? s predicament # 8212 ; but the idea is at that place. In similar mode, Ralph J. Bunch draws similar decisions in his 1935 essay, ? A Critical Analysis of the Tactics and Progress of Minority Groups. ? He concludes that because of the huge outnumbering by Whites, and because? the Negro multitudes are so deficient in extremist category consciousness. . . any possibility of big scale designation of the Negro population with radical groups can be projected merely into the hereafter? ( 167 ) . Not now. But how long? How near in the hereafter? Dissenting idea, capitalising on the fury of an laden race, insisted on conveying? the hereafter? closer. Claude McKay writes, ? If we must decease, O let us nobley [ sic ] dice, / So that our cherished blood may non be shed / In vain. . . ? ( 344 ) . Promoting force as the lone defence against force and the lone means to get the better of subjugation, McKay proclaims, Though far outnumbered allow us demo us weather And for their 1000 blows cover one coup de grace! What though before us lies the unfastened grave? Like me we? ll face the homicidal, cowardly battalion, Pressed to the wall, deceasing, but contending back! ( 334 ) Fury, which may hold originated from heartache of subjugation, when pressed to the wall, will strike back. W. E. B. Du Bois, recognizing that black society would non rest long in a province of inequality, explains, What, so, is this dark universe thought? It is believing that as wild and atrocious as this war was, it is nil to compare with that battle for freedom which black and brown and xanthous work forces must and will do unless their subjugation and humiliation and abuse at the custodies of the White World cease. The Dark World is traveling to subject to its present intervention merely as long as it must, and non one minute thirster. ( The Souls of White Folk 183-4 ) How long? Not long. Du Bois, holding a prescient apprehension of race dealingss in America, notably explained in 1903 that? the job of the Twentieth Century is the job of the colour line? ( Souls of Black Folk xxiii ) . Oh how true this statement proved to be as black America continued to press upward and white American continued to rule and suppress! The Civil Rights Movement in America By the clip the Civil Rights Movement of the 1950s and 60s was in full swing, white America wondered in awe at the presentation of black fury they witnessed. Many were aghast, inquiring where all the penned up choler came from. Race public violences and force ravaged the state. Black spokesmen rose up from assorted organisations # 8212 ; Black Panther Party, SNCC, Nation of Islam # 8212 ; and proclaimed BLACK POWER! The fury witnessed was astronomical. Fury had eventually boiled over. Martin Luther King, Jr. , explained that the? sweltering summer of the Negro? s legitimate discontent will non go through until there is an inspiring fall of freedom and equality? ( ? I? 103 ) . The Civil Rights Movement has produced an detonation of black rhetoric, specifically rhetoric of fury, more extended and complete than at any old clip in American history. Prior to the epoch, inkinesss were neer free to openly talk and knock white establishments and authorities. Because of this new freedom to talk in unfastened forum, internal black fury has eventually been released, heard externally through unprecedented look and presentation. In the battle for civil rights, the rhetoric of revolution dominates as one major subject of black fury. In his reference to the 1966 graduating category at Howard University, Adam Clayton Powell, Congressman from Harlem, boldly proclaims, ? We are the last revolutionists in America # 8212 ; the last transfusion of freedom into the blood stream of democracy. Because we are, we must mobilise our wintry discontent to transform the cold bosom and white face of this state? ( 278 ) . Fury once more has evolved, this clip to the tallness of recommending violent revolution. Maula Ron Karenga, in The Repeatable Karenga, writes, ? Blacks live right in the bosom of America. That is why we are best able to stultify this adult male. And one time we understand our function, we won? t talk revolution, we? ll do it? ( 196 ) . Rooted in the resentment of bondage, idea of rebellion and get the better ofing subjugation has neer subsided. Rage, a vehicle to show discontent, has neer been absent from b lack-American history. While many have advocated revolution, some uncertainty whether a revolution, because of its impracticableness, will of all time go a world. Robert F. Williams, in? United statess: The Potential of a Minority Revolution, ? writes, Is it possible for a minority revolution to win in powerful America? . . . Cynics [ say ] that to even raise such a inquiry is insane. . . [ that ] violent opposition to brutal racial subjugation can take merely to suicide. How do they cognize? . . . [ Some said ] that? the American Revolution can neer win against the military might of the crown. ? . . . Yes, a minority revolution has as much, or more, opportunity of wining in racialist USA as any topographic point else in the universe. At the really outset, all revolutions are minority revolutions. ( my accent ) ( 328 ) At the really outset, all revolutions are minority revolutions. Yes, even a? black? minority can consequence a revolution. Once dismissed as an impractical channel for black fury and agencies of eventually get the better ofing, revolution is really much a portion of black idea throughout the Civil Rights Movement and beyond. Black fury has become more ardent with rage, overshadowing the earlier, more conservative mentality that disregarded the possibility of a violent revolution. Black fury has obtained a new tallness of presentation and daring. Attach toing radical idea, black rhetoric of fury besides strongly advocates the usage of force. The presentation of black fury, antecedently confined to chair words and doctrine, has risen to vehement protest and physical force. H. Rap Brown, in his 1967 reference entitled? Colonialism and Revolution, ? denounces? white-American racialist colonialism? and advocates force and revolution. He asserts, ? The inquiry of force has been cleared up. This state was born on force. . . . Violence is portion of the radical battle. . . . Power, so, must come from the barrel of a gun? ( 312 ) . Repeating this idea, Williams asserts, You can non hold advancement here without force and turbulence, because it? s battle for endurance for one and a battle for release for the other. Always the powers in bid are pitiless and merciless in supporting their place and their privileges. ( Negroes 173 ) Merely as the Civil War was required to stop the annihilating subjugation of bondage, so during the? 60s spokesmen of black fury have determined that a violent rebellion is required to procure civil rights. Defying the doctrine of passive resistance as a agency of obtaining a dream Utopia of? equality, ? Williams concedes, The most baronial of world must certainly draw a bead on for a human degree of enterprise, wherein world can set up a Utopian society divested of beast force and force. The sarcasm of this great dream is that if it is at all possible, it is possible merely through the medium of force. It is possible merely through Revolution. ( ? USA? 326 ) The inevitableness of fury exploding is both realized and evident as neer before. Black Power, recommending # 8212 ; shouting for # 8212 ; revolution and force, dominates the head of black-rage presentation. It is of import to understand, nevertheless, that the whole thought of Black Power and Black Pride originated, non as a discharge of fury to do people to lift up in choler, but instead to supply self deserving and a realisation that as worlds, inkinesss must demand comparable intervention. However, this seed of artlessness shortly produces a channel for fury. In his 1967 address? The Meaning of Black Power, ? Franklin Florence defines Black Power as an? active? attitude. He proclaims, ? And I say tonight, freedom and justness are non gifts # 8212 ; you must take them # 8212 ; lift up, you mighty black people # 8212 ; form and take power? ( 165 ) . Indeed, Black Power encompassed a broad assortment of idea and rhetoric during the Civil Rights Movement. Leroi Jones, remembering the breakaway doctrine of Garvey, exclaims, ? Black Power can non be WITHIN white power. ? Continuing, he proclaims, ? One or the other. There can merely be one or the other. They might be side by side as separate entities, but neer in the same infinite. Never. They are reciprocally sole? ( 138 ) . The determination, harmonizing to some, has to be made as to which one will predominate. ( Recall that Garvey determined that equality can neer be ensured for inkinesss every bit long as a white bulk exists in America. ) Others recount the idea of lifting to racially rule. In? How White Power Whitewashes Black Power, ? Nathan Hare explains that? Black Power means the exercising of influence over the behaviour of White oppressors to the benefit of inkinesss # 8212 ; by any agencies available. . . ? ( 217 ) . Any means available. So, chauvinistic ideas of eventu ally predominating in triumph reappear. Fury, as is apparent, has neither subsided nor been appeased. Nor has the impulse to get the better of ceased from pressing upward against white societal laterality. One organisation that aims to impart black fury militantly beyond the attempts of others is the Black Panther Party. The Party holds that merely a? true revolution? will consequence the alterations required to free black society of white subjugation ( Straub 66 ) . One end of the Panthers is to form inkinesss in a common attempt to get the better of absolutism. Bobby Seale, Chairman of the Party, explains in a 1968 reference that black people should non? sit down and allow a self-generated public violence happen in the streets where we are corralled and a batch of us are shot up, unorganised. . . . ? He exhorts, ? Black people, form! ? ( 185 ) . No uncertainty, fury is present. But how to impart it? Could melanize form? Refering the undertaking of forming, Eldridge Cleaver, a hawkish revolutionist of the Black Panther Party, explains, Black people have neer been able through any mechanism to show what their will is. Peoples have come along and talk in the name of black people ; they have said that black people want to be integrated ; they have said black people want to be separated ; but nowhere at no clip have black people been given the opportunity to register their ain place. ( 68 ) The leaders of the Black Panther Party seek to supply the avenue, the agencies, and the organisation for hawkish mass-resistance. Expressing an? any-means-necessary? head set, Stokely Carmichael proclaims, We? re traveling to form our manner. The inquiry is how we? re traveling to facilitate those affairs, whether it? s traveling to be done with a 1000 constabularies work forces and submachine guns, or whether it? s traveling to be in a context where it? s allowed by white people. ( 41 ) Regardless of the agencies, RAGE will be heard. As Carmichael points out, white opposition, in most instances, will find where and to what extent fury will take. The battle for societal power between white and black America was brought to a caput during the Civil Rights Era. Williams explains, The oppressor? s bosom is difficult. The experience of history Teachs that he merely relents under violent force per unit area and force. There is small hope that he will see the script on the wall before it is excessively late. . . . America is a house of fire # 8212 ; FREEDOM NOW! # 8212 ; or allow it fire, allow it fire. ( ? USA? 333 ) Paralleling similar warnings provided to white America prior to the Civil War, every bit good as during Jim Crow, Williams? warning reflects both the presence and reoccurrence of black fury throughout American history, continually take a firm standing on pressing upward against white laterality. The fact is, white society frights, and has ever feared, losing power. White America has been immune and everlastingly loath to release her place of societal, economical, and political laterality. At the same clip, black America is likewise loath, loath to give up the battle. Showing the upward mobility and impulse of the black race, Carmichael announces, ? We are on the move for our release. We? re tired of seeking to turn out things to white people. We are tired of seeking to explicate to white people that we? re non traveling to ache them? ( 41 ) . Ache them? Yes, white America frights being hurt # 8212 ; physically, economically, and socially. The inquiry remains: Will white America continue its opposition until black fury necessarily boils over? ? The inquiry is, ? exclaimed Carmichael, ? will white people overcome their racism and let [ us to form ] in this state? If non, we have no pick but to state really clearly, ? Move on over, or we? re traveling to travel on over you? ? ( 41 ) . Reasoning this idea, Williams writes, ? The fact is that racist white America I s non worried about the possibility of Negroes being exterminated. It is more disquieted about the loss of its privileged place in its racialist caste society ; its system of white domination and universe authorities? ( ? USA? 325 ) . After all, the United States was built and founded on the dual criterion Jeffersonian rule that all work forces are NOT created equal, that the black race ( or any other colored group ) must be held down at all costs. While many during the Civil Rights Movement supported a chauvinistic motion with a separate black authorities, the possibility of black laterality in America, a reversal of racial power, was besides voiced. Nathan Hare writes, A broad-based black power motion demand [ non ] fear the white-voiced hindrance that black power may merely replace white power. If that is the instance, so turn-about is just drama. This will depend on the willingness of white power to collaborate in the merely rectification of grudges and inequalities without hold. It is their determination, and this is non a supplication, for I hold no religion that # 8212 ; given the nature of its bing establishments, belief systems, and patterns # 8212 ; white America can to the full rectify the state of affairs. ( 223 ) Continuing, Hare asserts, ? Black work forces must convey an resistless black power force to collide with the immoveable object of white subjugation with such speed that America will either work out her jobs or endure the devastation she deserves? ( my accent ) ( 223-4 ) . And this is the key to understanding black fury in America. Can this? speed, ? one time in gesture # 8212 ; and it is in gesture # 8212 ; be stopped? Will the ensuing behaviour caused by white subjugation # 8212 ; black fury # 8212 ; subside at a topographic point called? equality? ? Or, will a reversal in racial laterality occur? Racial laterality has been tried and proved clip and clip once more. Equality has non. Possibly encapsulating the full battle of fury during the Civil Rights Movement are the plants of Malcolm X. In one address, he proclaims, ? Until the job of the black people in this state is solved, the white people have a job that? s traveling to do an terminal to this society, system, and race as you know it? ( ? Harlem? 71 ) . To Malcolm, black fury is non a black job created by the black race, but a white job conceived in the really root of white subjugation. In another address, he states, ? [ The black adult male ] can see where every manoeuvre that [ white ] America has made, purportedly to work out this job, has been nil but political hocus-pocus and perfidy of the worst order? ( ? Revolution? 53 ) . The Civil War, the Emancipation Proclamation, constitutional amendments, civil rights statute law, Brown vs. the Board of Education # 8212 ; have all failed to give a race of work forces and adult females what they truly deserve in white America: ? peace, autonomy, and the chase of felicity. ? Malcolm insists that the lone feasible solutions to America? s? Negro job? are force and revolution. Refering the at hand force seen throughout the state, he says, ? Well, Negroes didn? t do this ten old ages ago. But what you should larn from this is that they are waking up? ( ? The Black? 49 ) . Fury, though dormant at times, is really much a portion of the black American cloth. ? It was stones yesterday, Molotov cocktails today ; it will be manus grenades tomorrow and whatever else is available the following twenty-four hours. . . ? ( ? The Black? 49 ) . To those who dismissed the possibility of mass presentation of fury, Malcolm explains, One thing that you have to recognize is, where the black community is concerned, although the big bulk you come in contact with may impress you as being moderate and patient and loving and enduring . . . the minority who you consider to be Muslims or patriots happen to be made of the type of ingredient that can easy trip the black community. ( ? The Black? 48 ) And to those who advocated passive resistance and a peaceable? revolution, ? Malcolm proclaims, Black people are fed up with the dilly dallying, *censored* terms, compromising attack that we? ve been utilizing toward acquiring our freedom. We want freedom now, but we? re non traveling to acquire it stating? We shall overcome. ? We? ve got to contend until we overcome. ( ? The Ballot? 38 ) Taking the same impatient? now? attack as others in the motion, Malcolm tells us that freedom does non come without a battle. Again and once more, in address after address, Malcolm advocates the usage of force, imparting the fury in acrimonious revenge. He says, ? You wear? t do that in a revolution. You wear? Ts do any vocalizing, you? re excessively busy singing. It? s based on land. A radical wants land so he can put up his ain state, an independent state? ( ? Message? 9 ) . But what land? What revolution? Malcolm warns, There are 22 million African Americans who are ready to contend for independency right here. When I say battle for independency right here, I Don? t mean any nonviolent battle, or turn-the-other-cheek battle. Those yearss are gone. Those yearss are over. . . . If George Washington didn? T get independency for this state nonviolently, and if Patrick Henry didn? T come up with a nonviolent statement, and you taught me to look upon them as nationalists and heroes, so its clip for you to recognize that I have studied your books good. . . . ( ? The Black? 49 ) Explaining the nature of a revolution and foregrounding the inevitable destiny of America, he besides exclaims, Historically you merely wear? Ts have a peaceable revolution. Revolutions are bloody, revolutions are violent, revolutions cause bloodshed and decease follows in their waies. America is the lone state in history in a place to conveying about a revolution without force and bloodshed. But America is non morally equipped to make so. ( ? The Black? 56-7 ) Malcolm reemphasizes that black fury in white America is a white job. Yes, white America has the ability to profess, to one time and for all end the impulse of black fury in the United States. But could they acknowledge and let licking? Naming on the statements of Garvey and others, Malcolm X besides envisions a racial reversal of power on a planetary degree, get downing in America. He says, Not merely is this racial detonation likely to take topographic point in America, but all of the ingredients for this racial detonation in America to bloom into a global racial detonation present themselves right here in forepart of us. America? s racial pulverization keg, in short, can really blend or light a world- broad pulverization keg. ( ? The Black? 46 ) Is America a? pulverization keg? waiting to detonate? Will good prevail? Will white society eventually come to footings with itself and let all individuals to bask what is truly theirs? And, can the fury of a race, the black race, be diffused before the evident inevitable occurs? These inquiries remain to be answered. As Malcolm X has sought to impart black fury to consequence alteration, so excessively has Martin Luther King, Jr. During his life, no uncertainty, King understood the fury of his race. He says, There is the danger that those of us who have lived so long under the yoke of subjugation, those of us who have been exploited and trampled over, those of us who have had to stand amid the tragic midnight of unfairness and indignities will come in the new age with hatred and resentment. But if we retaliate with hatred and resentment, the new age will be nil but a duplicate of the old age. ( ? Confronting? 562 ) King describes a duplicate of the old age # 8212 ; this clip black over white. Although he does non desire to accept it, King knew what both history and world Teach. Desiring to deviate the fury of his people, he dismisses the rhetoric of force and hatred, proclaiming, I refuse to accept the position that world is so tragically bound to the starless midnight of racism and war that the bright dawn of peace and brotherhood can neer go a world. . . . I refuse to accept the misanthropic impression that state after state must gyrate down a militaristic staircase into a snake pit of thermonuclear devastation. I believe that unarmed truth and unconditioned love will hold the concluding word in world. . . . ( ? Nobel? 110 ) But will they? Will King? s refusal do his dream a world? Dreams and belief do non a world brand. King, like other black spokesmen, besides stresses the coming of the? inevitable. ? Encouraging people to move and to avoid complacence, King himself exhorts, ? We must rush up the coming of the inevitable? ( ? Confronting? 565 ) . But has he understood? the inevitable? ? In his celebrated? I Have a Dream? address, King prophesies the followers: ? It would be fatal for the state to overlook the urgency of the minute. This sweltering summer of the Negro? s legitimate discontent will non go through until there is an inspiring fall of freedom and equality? ( 103 ) . Knowing this, has the state now entered into a? fatal? state of affairs? Possibly. King? s vision has yet to be realized, and the? sweltering? and? urgency? are still impeling black society. Yes, King is non a prophesier of fury. He advocates peace, brotherhood, and equality. However, much can be learned about fury from his words. Explaining where white subjugation has led, King proclaims, But there comes a clip when people get tired. There comes a clip when people get tired of being trampled over by iron pess of subjugation. There comes a clip when people get tired of being plunged across the abysm of development where they experience the desolation of pecking desperation. There comes a clip when people get tired of being pushed out of the glistening sunshine of life? s July and left standing in the piercing iciness of an Alpine November. ( ? Confronting? 558 ) Arguing against the finding of some to racially rule, King says, We do non wish to prevail over the white community. That would merely consequence in reassigning those now on the underside to the top. But, if we can populate up to passive resistance in idea and title, there will emerge an interracial society based on freedom for all. ( ? Our? 13 ) If! What if fury is non kept in cheque? What if force is non held back? When asked about having the Nobel Peace Prize in an interview, King responded, ? The Nobel award recognizes the astonishing subject of the Negro. Though we have had public violences, the bloodshed we would hold known without the subject of passive resistance would hold been scaring? ( Washington 108 ) . Here, King recognizes, understands, and admits that the potency of black fury is huge # 8212 ; ? scaring. ? Black Rage in Contemporary America As the passage from the Civil Rights Era to the epoch of Affirmative Action takes consequence in America, members of white society once more boasts that they have successfully dealt with the? Negro problem. ? Brown vs. the Board of Education proclaimed an terminal to Plessy? s Jim Crow. President Kennedy called in the National Guard. President Johnson signed the Civil Rights Act. Yes, inkinesss have eventually been granted their rightful human topographic point in white society. They are eventually free. They are eventually equal. But are they? Ellis Cose writes in his 1993 book, The Rage of a Privileged Class, ? Why, a full coevals after the most celebrated civil rights conflicts were fought and won, are Americans still fighting with basic issues of racial equity? ( 1 ) ? Black work forces and adult females in today? s United States clearly understand and agree that a province of equality has non yet been achieved. White grants have been made along the manner, doing America better for inkinesss than of all time before ; but there is still a long manner to travel. The conflict environing affirmatory action, the imprisonment of a extremely disproportional figure of inkinesss, the economic predicament of the interior metropoliss, the continued deceit of inkinesss in Congress, all point to the fact that, yes, a work remains to be done to guarantee equality. But, gratefully, today the fury is gone. Blacks have eventually learned to populate peacefully, without sorrow, in white America. But so how does one explicate the interior suicide of the race through offense, drugs, and slaying? Many in America can merely trust that the fury of the Civil Rights Movement will neer re-emerge. However, it will. Black fury is non gone. In his 1993 book, Race Matters, Cornell West explains, The outgrowth of strong black-nationalist sentiments among inkinesss. . . is a rebellion against [ the ] sense of holding to? suit in. ? The assortment of black nationalist political orientations, from. . . Thomas. . . to Farrakhan. . . rest upon a cardinal truth: white America has been historically weak-willed in guaranting racial justness and has continued to defy to the full accepting the humanity of inkinesss. ( 7 ) Similarly, middle-class inkinesss, who have fled from the ghetto into corporate America, realize they excessively are still oppressed by the maestro. Cose writes, America is filled with attitudes, premises, stereotypes, and behaviours that make it virtually impossible for inkinesss to believe that the state is serious about its promise of equality # 8212 ; even ( possibly particularly ) for those who have been blessed with material success. ( 5 ) Yes, these beginnings are from the 90? s. Blacks still have fury # 8212 ; fury that has non subsided since bondage was abolished ; fury that has non been abolished since integrating was made the jurisprudence of the land ; fury that has non subsided since civil rights statute law proclaimed equality in the land of the free and the place of the brave. Where make we travel from here? Can a province of equality of all time be obtained between inkinesss and Whites in America? Whitney Young foretells good today? s current province of race dealingss in America in his 1970 reference to the Annual Convention of the National Urban League. He explains, ? It is a fact of life that there is developing a national draw between those of us who are contending for justness [ inkinesss ] and those who want to keep the position quo [ whites ] ? ( 408-9 ) . While inkinesss continue to press upward, Whites continue to press downward. ? This is an deadlock that leads nowhere, ? proclaims Young, ? unless it be to farther polarisation, farther division, farther resentment? ( 408-9 ) . It is clearly seen and understood from history that whites have neer given up land towards equality without a battle or a battle. ? White society has shown that it lacks the bravery and imaginativeness to interrupt this deadlock by traveling constructively, ? says Young. ? It is up to the black community to demo the manner? ( 408-9 ) . What is it traveling to take? It took a bloody and awful Civil War, a desolation that threatened to destruct America, for Whites to profess abolishment. And what would hold happened so, if Whites did non fight amongst themselves over the issue of bondage and constantly the status of the Negro? Possibly the Negro would hold risen up and taken freedom himself ; and oh how great the bloodshed might hold been! One hundred old ages after the Emancipation Proclamation, it took a motion full of violent fury and rhetoric, one time once more endangering to destruct the really fiber that holds the democracy together, to coerce grants mandating integrating and affirmatory action. One can merely theorize where the Civil Rights Movement would hold led had non many of the black leaders been killed off, had non white leaders made their timely, political grants. Black leader after black leader has proclaimed that they will non halt until equality is achieved, that the black race will non settle for anything less than recognizing their merely human rights. The work is non yet done. The conflict is non yet won. In Race Matters, Cornell West admits: ( 1 ) Black fury is still present ; ( 2 ) There is a freedom battle ; and ( 3 ) If non channeled, this fury may destruct America. He writes, ? Merely if we are every bit willing as Malcolm X to turn and face the new challenges posed by the black fury of our twenty-four hours will we take the black freedom battle to a new and higher degree. The hereafter of this state may depend on it? ( 151 ) . Speculating that clip may be running out, Young proclaims, ? And for America, this may be the last chance she has to cover with leaders responsible to their people, before the terrorizing chance of internal discord, armed suppression, and gratuitous devastation descend to the full upon us all? ( 410 ) . The authorship remains on the wall. As Young implies, white America must cover with the black fury bing within its boundary lines or face inevitable devastation. One modern-day illustration of black fury intensifying to the point of force is the jailbreak of public violences in Los Angeles following the Rodney King finding of fact in 1992. Ellis Cose explains that a group from the UCLA Center for the Study of Urban Policy was carry oning research on black fury in society when the public violences occurred. Sentiments of fury were non merely recorded following the public violences, but besides earlier. Cose writes, The full state, after all, seemed in a province of daze over the finding of fact in Simi Valley. But that does non account for the sentiments registered before the finding of fact, when so many inkinesss who were making good seemed to be so really unhappy. So many seemed in a province of ramping discontent. And much of America, I am certain, has non a shade of a impression why. ( 6-8 ) ? A ghost. ? Black fury has non subsided ; it has non been satisfied ; it has been of all time present to stalk the really being of America. It waits to strike out, for the ground to mobilise, for an alibi to move. West concludes, ? As a people. . . we are on a slippery incline toward economic discord, societal convulsion, and cultural pandemonium. . . implemented racial hierarchy day of reckonings us as a state to collective paranoia and craze # 8212 ; the unmaking of any democratic order? ( 8 ) . It took over two hundred old ages to get rid of bondage, and one hundred old ages from the Emancipation Proclamation to get down to guarantee civil rights. In another 50 old ages, when equality has non been realized in 2020, how will America so trade with her? Negro job? ? And what will go of the fury? Young prophesies, ? But I have assurance that black people will rally the bravery and the strength to do one last attempt, based on our common agonies, to stand united against the system that oppresses us? ( 410 ) . Will America face a racial Armageddon? Reasoning Remarks While white America has balked at giving up power to the black race, so has the black race refused to give up the battle. James Baldwin writes in The Fire Next Time, ? The lone thing white people have that black people need, or should desire, is power # 8212 ; and no 1 holds power forever? ( 96 ) . A impulse exists, rooted and grounded in the really nucleus of the establishment of bondage, that has propelled the black race over many enemies, many obstructions. The LA public violences of the 90s should do white America halt and take note that black people are non traveling to stay idle. Grier and Cobbs, in Black Rage ( 1968 ) , explained that the Civil Rights battle was being fought at that clip by black young person. But they besides wrote that the clip would shortly come when? the full scope of the black multitudes. . . [ would ] set down the broom and [ take up ] the blade? ( 211 ) . Unfortunately, the impulse of black fury has been forced to transport the black race beyond a charming line in the sand called? Equality? to a concluding over-coming. Baldwin writes, ? Peoples are non. . . awfully dying to be equal ( equal, after all, to what and to whom? ) , but they love the thought of being superior? ( 88 ) . To get the better of is to acquire over, to be over, to govern over. Yes, stamp down a race of work forces and adult females for 400 old ages, stating them you are superior to them, and they will turn and state that you have somethin g coming to you. Thomas Jefferson one time explained that bondage is like seeking to keep a wolf by the ears. You can certainly non allow it travel, for it will turn on you and rip you to pieces. At the same clip, you can certainly non go on to keep onto it, for it will shortly overmaster you in order to be set free, riping you in pieces ( Jefferson 85 ) . So, today, in 1998, America is still seeking to keep the wolf by the ears. America is still seeking to cover with her? Negro job? through grant after grant, halting merely to guarantee equality is non allowed. This wolf is traveling to be free one twenty-four hours, and woe be to America! Grier and Cobb wrote, We should inquire what is likely to startle the multitudes into aggression against the Whites. . . . Will it be some monstrous atrociousness against black people which at last causes one-tenth of the state to lift up in outrage and oppress the freak? . . . [ Possibly similar to the Rodney King finding of fact? ] Or will it be by inkinesss, eventually and in an unpredictable manner, merely acquiring fed up with the botching stupid racism of this county? Fired non so much by any one incident as by the gradual accumulation of stupidity into the fixtures of national policy. ( 212 ) Harmonizing to these black bookmans of black fury, the impulse to get the better of will one twenty-four hours predominate in triumph. The penned up black fury will one twenty-four hours be satisfied, satisfied when there are no longer any white ironss and bonds to keep it back. Martin Luther King, Jr. , was a superb adult male. For his work in the Civil Rights Movement, he should be extremely commended and honored for advancing peace and harmoniousness. King had a vision and a dream that one twenty-four hours all of God? s kids would be able to populate together in peace, harmoniousness, and perfect equality. He said that he had? been to the mountaintop, ? he had? seen the Promised Land. ? While this? Promised Land? may so be, King saw a moral and religious vision non of this Earth. In his celebrated? I Have a Dream? address, King exhorted, Let us non seek to fulfill our thirst for freedom by imbibing from the cup of resentment and hatred. We must forever carry on our battle on the high plane of self-respect and subject. We must non let our originative protest to devolve into physical force. Again and once more we must lift to the olympian highs of run intoing physical force with soul force. ( 103 ) ? Soul force? is that which transcends humanity. History has repeatedly proven that humanity is bound by hatred, war, and fury. History has repeatedly proven that groups of people # 8212 ; whether spiritual, racial, tribal, or national # 8212 ; will seek to rule other groups. America is no exclusion. While America today may be sing a letup between storms, racial tenseness has far from subsided, and black fury is far from erased. The proverbial authorship on the wall # 8212 ; the history of literature and rhetoric behind us # 8212 ; speaks aloud and clearly that the black race will non settle with staying in subjugation for long. In similar mode, the white race in America has proven that it is non freely willing to profess the racial power they have amassed and enjoyed from the state? s construct. When these societal forces confront each other, the latter is bound to give manner, as it has clip and clip once more, to avoid national devastation. Will the black force of fury halt at a topographic point called? Equality? ? Will the white force of oppression subtly profess this concluding point for peace without being forced? Or, will the impulse of black fury continue to force, as Sherman pushed through Atlanta, until every Confederate is crushed and ultimate power over the enemy i s eventually secured? One thing is certain ; inkinesss are determined non to be pushed down any farther. Grier and Cobb write, Might non black people remain where they are as they did for a 100 old ages during bondage? Such seems genuinely impossible. Not because inkinesss are so of course militant or rebellious, but because they are filled with such heartache, such sorrow, such resentment, and such hatred. It seems now finely poised, non yet risen to the flash point, but lifting quickly however. No affair what inhibitory steps are invoked against the inkinesss, they will neer get down their fury and travel back to blind hopelessness. ( 212-3 ) The land gained has been preciously won through excessively difficult a battle. The gustatory sensation of subjugation lingers yet, much excessively acrimonious to savor once more. Strong work forces have pressed excessively long and excessively difficult to give up now. In fact, so, this dream deferred may