I don't think it is just blacks, but a curse of all poor people. If you grow up not having anything you start to base your life on the materialistic goods that you don't have. This becomes your model for sucess when it should be something like education. Thus when this people fall into money they spend it to show they are successful. They have no clue how to save, or realistically how much money they will need to live their entire life at a certain attainable level. Hence the boats, houses, bling, etc.
It is a harder thing to learn than you think. I grew up poor and when I finally started having "okay" money I blew alot on frivoulous stuff, than 2 years later got laid off of my job without a penny in the bank.
I learned the hard way. But at least I learned.