In fact, I’m 100% invested in equities. If African Americans seek the means of building multigenerational wealth over the next 30 years, we will have to take some of our dollars and place them in investments. Taking that risk will enable us to provide a higher platform for our children, whether it is giving them the resources to gain education at the best institutions or having the funds to start their own business. We can’t pass on our jobs, but we can pass on our wealth. be
C. Kim Goodwin is a senior vice president and senior portfolio manager at American Century Investments. Under her stewardship, the fund has added $4.5 billion in assets to total $10 billion and now has a five-star rating in Morningstar for the three-year period. Goodwin received her under-graduate degree, cum laude, in politics from Princeton University. She also holds a master’s degree in public affairs, and an M.B.A. in finance from The University of Texas at Austin.
Jesse Jackson, founder and president rainbow/push coalition on building wealth On black spending power
It’s significant. President Clinton has established his New Markets Initiative because he realizes that we are not reaching America’s underserved communities. I’ve traveled with him from New York to Detroit to Appalachia to Silicon Valley to push this initiative. There is a wealth of underutilized people and talent available. Minorities spend an estimated $800 billion each year. They spend more, and are closer than most developed markets in the world, yet they are largely ignored.
On economic inequality
Just a few miles from Silicon Valley, students in some schools don’t even have working computers. Harlem is on the same island as Wall Street, yet there is not one car dealership in the neighborhood. It took many years to get a major supermarket in Harlem, and many other services are still not easily available. A whole community has been redlined, kept from economic access. Its residents represent an underserved, unwired community with underutilized talent.
On creating opportunity
We’ve [Rainbow/PUSH] started with 1,000 churches, teaching the memberships about the science of the marketplace. We’re teaching them its language. We’re showing them how to buy stock, and we’re hoping they will convince other members to buy stock. Our goal is not just to spend money on products, but to benefit from corporate growth. We want to be Coke shareholders, GM shareholders. When we do so, when we participate in shareholders’ meetings, we will help end patterns of racial exclusion in the financial industry. be
The Rev. Jesse Jackson served as national director of Operation Breadbasket, the economic wing of the Southern Christian Leadership Conference. He ran for president of the United States in 1984 and 1988, and is the founder of the Rainbow/PUSH Coalition’s Wall Street Project and La Salle Street Project.