Wall Street Project Presents Plan to Fix the Economy - Black Enterprise
Black Enterprise Magazine September/October 2018 Issue

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The Bush Administration’s $700 billion Wall Street bailout is under fire for misspending and not boosting the economy as it was expected to do. With the U.S. economy in turmoil it is easy to point. Unemployment is at a high. It wouldn’t be an understatement to say that everyone is looking at President-elect Barack Obama to make America whole again.

Instead of just talking about what needs to be done to fix the ills that are affecting the U.S., Rev. Jesse L. Jackson Sr. and the Rainbow PUSH Coalition’s Wall Street Project are proposing solutions.

At a breakfast meeting kicking off the 12th annual Wall Street Project economic summit PUSH unveiled a ten point plan for economic recovery that addresses a need to restructure the economy in a way that provides bottom up answers.

“Those who are locked out must not remain locked out,” said Rev. Jesse L. Jackson Sr. at the breakfast session. “We want to make certain that any bailout is bottom up.”

The proposal identifies areas where President-elect Barack Obama’s economic recovery should emphasize access to capital, mandate regulatory oversight of bailout recipients, grant relief to distressed families and students, strengthen the nation with community jobs programs, and provide legal protection for employees to unionize.

“I think a lot of the recommendations make sense,” said New York City Comptroller Bill Thompson, who spoke at the breakfast. “The next bailout package should be focused on people, cities, and states. We have to make sure that access to capital isn’t just for the big businesses.”

Central to the breakfast’s theme was the concept that although small businesses and individuals were suffering, Wall Street executives who caused the economic crisis were still receiving bonuses, which now are bankrolled by tax payers thanks to the U.S. Treasury Department’s $700 billion bailout.

Jackson says that the difference between last year’s summit and this year’s summit is that the government is more aware. “Last year it was the moderate to low income people that were losing their homes,” says Jackson. “Now the $300,000 plus crowd is facing foreclosure and there is more relief for them then for the low end borrowers.”

The Full Plan:

l. Transform the economy, don’t just make a temporary fix

We need a restructured economy, not just a return to the old status quo of deepening inequality, low wages, outsourced jobs and tax cuts for the rich. We need to think about what we want–not just what are against–with an emphasis on equality, sustainability and fairness. We need to democratize the economy and initiate a fundamental restructuring of trade, import/export, and industrial manufacturing policy, with more bottom up participation, not just top-down decision-making.

2. Mandate criteria and goals, and strengthen regulation and oversight for recipients of taxpayer bailout funds

The first $350 billion of bailout funds have been issued to financial institutions with few, if any, restrictions or mandates on how the public funds are to be used, allowing banks to use the public funds for any purpose. There has been inadequate or no regulation, transparency, accountability, or oversight

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Marcia Wade Talbert

Marcia is a multimedia content producer focusing on technology at Black Enterprise Magazine. In this capacity she writes and assigns stories to educate readers about social media; digital integration; gadgets, apps, and software for business and professional development; minority tech startups; and careers in STEM (Science, Technology, Engineering, and Mathematics). In 2012, she received two Salute to Excellence Awards from the National Association of Black Journalists and was recognized by Blacks in Technology (BiT) as one of the Top 10 Black achievers in the tech arena for 2011 at SXSW in Austin, Texas. She has spoken about technology on panels for New York Social Media Week, at The 2012 Rainbow/PUSH Wall Street Summit, as well as at Black Enterprise’s Entrepreneurs Conference and Women of Power Summit. In 2011, SocialWayne.com chose her as one of 28 People of Color Impacting the Social Web, and through crowdsourcing she was listed as one of BlackWeb2.0's/HP's 50 Most Notable African American Tastemakers in Social Media and Technology for 2010. Since taking on the role of Tech editor in September 2010, she has conceived and produced five cover stories on Technology and/or STEM and countless articles, videos, and slideshows online. Before joining BlackEnterprise.com as an interactive general assignment reporter in 2008, she freelanced with Black Enterprise beginning in 2003 while working as the technical editor at Prepared Foods magazine. There she further honed her writing skills and became an authority on food ingredients, including ingredients used in food fortification and enrichment. Meanwhile, her freelancing with Black Enterprise and BlackEnterprise.com helped her stay current on issues pertaining to the financial and business welfare of African Americans. As a general reporter for Black Enterprise she attended and reported on the Democratic and Republican National Conventions, where she interviewed Valerie Jarrett, senior advisor and assistant to President Barack Obama and U.S. Attorney General Eric Holder. Marcia has a Bachelor of Science degree in Agriculture with an emphasis in food science from the University of Minnesota, and a Master of Science degree in journalism from Roosevelt University in Chicago. En route to her secondary degree, she served as the editor-in-chief of the Roosevelt University Torch, a weekly, student-run newspaper. An avid photographer and videographer, Marcia is one of several employees at BLACK ENTERPRISE who interned for the publishing company as a college student. She lives in New Jersey with her husband, a food scientist; her seventeen-month-old daughter; and “The Cat”, but still considers Chicago home.

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