"The political – The economic philosophy of Black Nationalism only means that we have to become involved in a program of reeducation to educate our people into the importance of knowing that when yous pend your dollar out of the community in which you live, the community in which you spend your money becomes richer and richer; the community out which you take your money becomes poorer and poorer. And because these negroes, who have been mislead, misguided, are breaking their necks to take their money and spend it with The Man, The Man is becoming richer and richer, and you’re becoming poorer and poorer. And then what happens? The community in which you live becomes a slum. It becomes a ghetto. The conditions become run down. And then you have the audacity to – to complain about poor housing in a run-down community. Why you run it down yourself when you take your dollar out.
"And you and I are in a double-trap, because not only do we lose by taking our money someplace else and spending it, when we try and spend it in our own community we’re trapped because we haven’t had sense enough to set up stores and control the businesses of our community. The man who’s controlling the stores in our community is a man who doesn’t look like we do. He’s a man who doesn’t even live in the community. So you and I, even when we try and spend our money in the block where we live or the area where we live, we’re spending it with a man who, when the sun goes down, takes that basket full of money in another part of the town.
"So were trapped, trapped, doubletrapped, triple rapped. Anywhere we go we find that were trapped. And every kind of solution that someone comes up with is just another trap. But the political and economic philosophy of Black Nationalism the economic philosophy of Black Nationalism shows our people the importance of setting up these little stores and developing them and expanding them into larger operations. Woolworth didnt start out big like they are today. They started out with a dime store and expanded and expanded and then expanded until today, theyre are all over the country and all over the world, and they get to some of everybodys money.
"General Motors is same way. They didnt start out like they it is. It started out just a little rat race type operation. And it expanded and it expanded until today where it is right now. And you and I have to make a start and the best place to start is right in the community where we live.
"So our people not only have to be reeducated to the importance of supporting black business, but the black man himself has to be made aware of the importance of going into business. And once you and I go into business, we own and operate at least the businesses in our community. What we will be doing is developing a situation wherein we will actually be able to create employment for the people in the community. And once you can create some employment in the community where you live it will eliminate the necessity of you and me having to act ignorantly and disgracefully, boycotting and picketing some practice some place else trying to beg him for a job."