Wall Street economic summit hopes to revive economy
Herb Boyd and Nayaba Arinde/Special to the NNPA from the Amsterdam News
Issue date: 1/18/09 Section: Politics
"While we are politically at high noon, we are economically at midnight," said the Rev. Jesse Jackson. The renowned minister was recently in town to promote his upcoming 12th annual Wall Street Project Economic Summit and to share some of his views on the disparity between the current economic and political issues. "As President Barack is rising," Jackson continued, "our economy is falling. The economic downturn is double trouble for us." The "us," Rev. Jackson, founder and president of RainbowPUSH, was referring to is Black Americans. "In the best of times, we are number one in mortalities." His misery index included infant mortality, life expectancy, homicide and you know the drill.
But most of his comments were keyed to the dismal economic picture, and at the top of his agenda was the credit crisis.
"Over half of our small businesses depend on credit, and when they are unable to get credit and loans, their businesses suffer, and many of them are forced to layoff workers and eventually close," Jackson began, as he sat in the Harlem office of the AmNewson. Then came the sub-prime crisis, he continued. "We were clustered and targeted in the sense that we have to pay more for less," Jackson explained. Unfortunately, he said, the combined credit crisis and home foreclosures did not come with a bailout.
On top of these problems, the nation was confronted with an automobile crisis, Jackson said. "What this means is the loss of a whole generation of Black workers, including dealers and suppliers," he lamented. "The bailout gave a cushion to the wealthy, but did not include a restructuring plan for those at the bottom of the economy."
Add to this the ongoing outsourcing of jobs and services to India and China, and that compounds the joblessness for Black and brown people in America, Jackson said. Even the churches-Black America's most dependable institution- are in trouble, he said. "When the members of the church are facing foreclosures, then the church is not in a position to sustain itself."
But most of his comments were keyed to the dismal economic picture, and at the top of his agenda was the credit crisis.
"Over half of our small businesses depend on credit, and when they are unable to get credit and loans, their businesses suffer, and many of them are forced to layoff workers and eventually close," Jackson began, as he sat in the Harlem office of the AmNewson. Then came the sub-prime crisis, he continued. "We were clustered and targeted in the sense that we have to pay more for less," Jackson explained. Unfortunately, he said, the combined credit crisis and home foreclosures did not come with a bailout.
On top of these problems, the nation was confronted with an automobile crisis, Jackson said. "What this means is the loss of a whole generation of Black workers, including dealers and suppliers," he lamented. "The bailout gave a cushion to the wealthy, but did not include a restructuring plan for those at the bottom of the economy."
Add to this the ongoing outsourcing of jobs and services to India and China, and that compounds the joblessness for Black and brown people in America, Jackson said. Even the churches-Black America's most dependable institution- are in trouble, he said. "When the members of the church are facing foreclosures, then the church is not in a position to sustain itself."
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