State of the Black Union: Pure and Simple Greed with Maxine Waters, Marc Morial & Jesse Jackson

"Now the Devil has come due!"

Congresswoman Maxine Waters just said that when talking about the financial bailout, you have to talk about how pure and simple greed got us into the financial situation we're in.

Talking about how black and Latinos were targeted by sub-prime lenders who specifically appealed to the desire to have the American dream. Foreclosed properties that are boarded up, driving down the value of all the properties in that community.

Now we're bailing out these financial institutions who are now just like welfare babies. The problem is that the small banks are standing in line and they are not getting their money from the TARP.

If the automobile companies fail, all the black car dealerships fail, all the servicers fail. Need to make sure that the African-American business community is not bypassed in the TARP. If they don't bail out the banks, our whole financial structure will collapse.

Let me advise you hear today, all the speculation about how to get this economy going is nothing but speculation. Nobody knows how to fix it. It's a roll of the dice.

At least Congresswoman Waters is thankful that the president is smart and is exuding confidence.

Marc Morial, head of the Urban League: Sharing how $4 billion for job training is going to be deployed and we have to ensure that those dollars are spent in a way that ensures that disadvantaged workers get a piece of that. --What does that look like in LA where you have black folks that don't speak Spanish and many jobs now REQUIRE Spanish?

Morial shares that the latest stimulus contains a historic investment in education. Most of this is to be spent in the elementary and secondary education arena. Thank goodness because I know Los Angeles schools could use it!

Morial says we should learn about the stimulus. The media is debating whether it should be more taxes or more spending, but in this new era our communities need to educate ourselves about what's actually in the 1100 page stimulus so we can hold people accountable. Wow, 1100 pages of reading for folks that are hard pressed to read all of Ebony and Jet.

This stimulus is really the third stimulus or bailout. Last year we got tax rebates, then we got the TARP (For the uninitiated that is the Troubled Asset Recovery Program) and now we have this 3rd stimulus plan. "The stimulus can have an effect, but like anything it is a shot in the dark because no one has had to confront this kind of economic decline."

Jesse Jackson: Talking about how bi-partisanship is not enough, that we should strive for civility. He makes the crowd laugh when he says he thinks those Southern governors are faking that they don't want that stimulus money. How can those millionaire educated governors say no to their people when they have the worst schools and crumbling infrastructures?

Jesse Jackson's thoughts on globalization and outsourcing? "Plants close, jobs leave and drugs and jails come."

Talking about how in our own hemisphere, in Haiti, we have people so impoverished, they're eating mud pies so we need to pay attention not just to what's going on in Gaza, but what's happening in our own backyard.

Is afraid that banks are getting money for free and then selling it to students for a profit! Gets a standing ovation when he points out that what's happening with student loans now is essentially scalping students. Talking about how kids nowadays come out of school with $150K in debt and then go and marry someone with $150K in debt.

Points out that if Barack Obama hadn't made $$ off his book, we would've had a President in the White House with student loan debt!

! The crowd goes nuts! AMEN!


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