Louis Farrakhan focuses on economics in Chicago speech - FOX 29 News Philadelphia | WTXF-TV

Farrakhan focuses on economics in Chicago speech

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CHICAGO (Associated Press) -

Nation of Islam Minister Louis Farrakhan is calling on blacks nationwide to curb economic disparities by cutting back on excessive spending, pooling resources and investing in land.

The 79-year-old leader laid out the action plan Sunday during his three-hour speech at the Chicago-based movement's annual Saviours' Day convention.

National Assistant Minister Ishmael Muhammad tells The Associated Press that the group is looking at thousands of acres of land in the Midwest.

Saviours' Day commemorates the founding of the Nation of Islam, which has espoused black nationalism and self-reliance since the 1930s. When President Barack Obama was elected in 2008, the resounding tone of the convention was jubilant.

But the tone was different Sunday, with Farrakhan saying Obama's re-election doesn't solve all of blacks' problems.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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