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jerryking : economically_disadvantaged   10

How to funnel capital to the American heartland
April 15, 2019 | Financial Times | by Bruce Katz.
* The Innovation Blind Spot, by Ross Baird.
* Ways must be found to rewire money flows in order to reverse the export of wealth
* A federal tax incentive intended to entice coastal capital into the heartland may end up helping to keep local capital local.

Over the past year, economically distressed communities across the US have been engaged in an intense discussion about mobilising private capital. Why? As mayors, governors, real estate developers, entrepreneurs and investors have learnt, buried in the 2017 Tax Cuts and Jobs Act was a provision that created a significant tax incentive to invest in low-income “opportunity zones” across the country......the law’s greatest effect, ironically, has been to unveil a treasure trove of wealth in communities throughout the nation. Some of the country’s largest investors are high-net-worth families in Kansas City, Missouri, and Philadelphia; insurance companies in Erie, Pennsylvania, and Milwaukee; universities in Birmingham, Alabama, and South Bend, Indiana; philanthropists in Cleveland and Detroit; and community foundations and pension funds in every state.

These pillars of wealth mostly invest their market-oriented equity capital outside their own communities, even though their own locales often possess globally significant research institutions, advanced industry companies, grand historic city centres and distinctive ecosystems of entrepreneurs. The wealth-export industry is not a natural phenomenon; it has been led and facilitated by a sophisticated network of wealth management companies, private equity firms, family offices and financial institutions that have narrow definitions of where and in what to invest.

The US, in other words, doesn’t have a capital problem; it has an organisational problem. So how can capital flows be rewired to reverse the export of wealth?

Three things stand out:

(1) Information matters. The opportunity zones incentive has encouraged US cities to create investment prospectuses to promote the competitive assets of their low-income communities and highlight projects that are investor-ready and promise competitive returns.

(2) norms and networks matter. The opportunity zone market will be enhanced by the creation of “capital stacks” that enable the financing of community products such as workforce housing, commercial real estate, small businesses (and minority-owned businesses in particular) and clean energy, to name just a few. Initial opportunity zone projects are already showing creative blends of public, private and civic capital that mix debt, subsidy and equity.

(3) institutions matter. Opportunity zones require cities to create and capitalise new institutions that can deploy capital at scale in sustained ways. Some models already exist. The Cincinnati Center City Development Corporation, backed by patient capital from Procter & Gamble, has driven the regeneration of the Over-the-Rhine neighbourhood during the past 15 years.

More institutional innovation, however, is needed. As Ross Baird, author of The Innovation Blind Spot, has argued, the US must create a new generation of community quarterbacks to provide budding entrepreneurs with business planning and mentoring, matching them with risk-tolerant equity. These efforts will succeed if they unleash the synergies that flow naturally from urban density. New institutions will not have to work alone, but hand-in-glove with the trusted financial firms that manage this locally-generated wealth.
books  capital_flows  cities  coastal_elites  community  economic_development  economically_disadvantaged  economies_of_scale  high_net_worth  howto  industrial_policies  industrial_midwest  industrial_zones  institutions  investors  match-making  midwest  municipalities  networks  network_density  P&G  PPP  packaging  place-based  private_equity  property_development  prospectuses  Red_States  rescue_investing  rust_belt  tax_codes  venture_capital 
april 2019 by jerryking
Donors should propel Oxford down the Ivy League diversity road
May 26, 2018 | Financial Times | David Lammy.

Elite Eastern institutions are using aggressive outreach campaigns to attract applicants who might otherwise be unaware of the schools’ generous financial-aid packages.
diversity  Colleges_&_Universities  outreach  Oxford  applicants  economically_disadvantaged  United_Kingdom  alumni  admissions  minorities  Black_British  donations  donors  Ivy_League 
may 2018 by jerryking
The APNU+AFC Govt. and African Guyanese: After three years, no major Policy Initiative that targets Black Empowerment – Kaieteur News
May 13, 2018 | | Hinds' Sight with Dr. David Hinds.

Many African Guyanese believe that any criticism of this APNU+AFC government, especially by one of their own, is sinful. This is the very attitude that was exhibited by many Indian Guyanese when the PPP held office and which African Guyanese found revolting. But now, with their government in power, African Guyanese are behaving in the same manner. This hypocrisy by our ethnic communities is at the root of Guyana’s failure to move from the backward politics of colonial domination to a more enlightened politics that embrace equality of opportunity and national consensus as guiding principles. And this failure has impeded economic liberation from poverty and want, and kept us a poor, underdeveloped country.......Most African Guyanese live in the urban areas and in ancestral villages. But these spaces are hardly hubs of economic opportunities. Three years after its assumption of office, there is still no comprehensive Urban and Village renewal initiative. Many African Guyanese villages and communities don’t have markets, for example. Hence, there is little money circulation in those communities.
I know there are many who would say that Village and Urban Renewal are not government business. I beg to disagree. The poor state of those communities is a direct result of government policies, so the repair job must be initiated by government policy.
Afro-Guyanese  African_Guyanese_villages  David_Hinds  disempowerment  economic_empowerment  economic_development  economic_dynamism  economically_disadvantaged  equality_of_opportunity  ethnic_communities  Guyana  Guyanese  institutions  politics  revitalization 
may 2018 by jerryking
We need to talk about the boys -
MAY 5, 2018 | The Globe and Mail | MARGARET WENTE.

It’s girls who get all the attention these days. But it’s the boys we should be worried about. Boys lag girls in school at every level. They drop out, get in trouble with the law, and become disconnected from the mainstream – sometimes for good.

Jamil Jivani was heading there himself. He grew up in Brampton, Ont....At age 16, he couldn’t read – or didn’t care enough to. He was convinced the system was rigged against him. His role models were gansta rappers. Police officers gave him a hard time. His dad wasn’t in the picture.....Mr. Jivani is now 30. He is a law professor, a graduate of Yale, and an activist for disadvantaged communities. His personal story is the powerful thread running through his new book, Why Young Men: Rage, Race and the Crisis of Identity......He aims to change the conversation from “either/or” to “and also.” “If you’re trying to change the conditions young men grow up in,” he says, “you need to talk about both law enforcement and families.”

He gets pushback saying things like that. “People are used to hearing a certain kind of narrative – the world is unfair, racist, biased, and the primary concern we should have is that these are systems that oppress us – systemic racism, sexism, and so on. It’s amazing how much this passes as a truth.”

Mr. Jivani believes that we can’t address the crisis of young men without talking about families and culture. For boys, fathers are their first line of defence. Without fathers, they may have no positive role models for how to be a man.

“A lot of people in the black community want to talk about fatherlessness,” he says. But we seldom hear from them. The voices you hear are all from one side, and the media seldom seek out any other perspectives.

People censor themselves too. “..... Black Lives Matter makes things worse. “It’s a style of activism that tries to define people – to tell them this is what you’re supposed to think and do because of your identity.” ....“BLM’s approach to activism focuses on having an enemy that must be defeated,” he writes. “It is accusatory at its core.”
Margaret_Wente  fatherhood  parenting  dysfunction  Black_Lives_Matter  African_Canadians  books  crisis  systemic_discrimination  systemic_racism  lawyers  Osgoode  family_breakdown  values  dropouts  achievement_gaps  Yale  activism  economically_disadvantaged  victimhood 
may 2018 by jerryking
Black Cancer Matters
MARCH 15, 2018 | The New York Times | By SUSAN GUBAR.

the economic consequences of racial discrimination increase cancer risk.....putting into play the words “race” and “cancer,” .....ponder the impact of race on cancer outcomes nationally — disentangled from local ecological factors. The big picture is grim.

A 2016 report of the American Cancer Society states that the “five-year relative survival is lower for blacks than whites for most cancers at each stage of diagnosis.” African-American men, for example, are twice as likely to die from prostate cancer. Experts continue to debate why, even as many ascribe this scandalous phenomenon to inequalities in access to screening and treatment.

In women’s cancer, the mortality gap has widened. According to the 2016-18 report on Cancer Facts and Figures for African-Americans, “despite lower incidence rates for breast and uterine cancers, black women have death rates for these cancers that are 42% and 92% higher, respectively, than white women.” Investigators connect the ghastly numbers to the usual socioeconomic discrepancies but also to biological differences in the malignancies of black women.

With regard to breast cancer, is the mortality gap related to a greater percentage of black women than white women contending with an aggressive form of the disease that lacks estrogen receptors?

Dr. Otis Webb Brawley, the chief medical officer of the American Cancer Society, rejects an explanation based on “biological difference,” pointing instead to dietary disparities....“The black-white gap in the onset of menstruation and body weight has dramatically widened, which means that the disease disparities will widen also.”

Disadvantaged Americans consume more calories and carbohydrates, “the sort of food that is available in poor areas of inner cities,”..... “Poverty is a carcinogen.”

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isn't just about race-- watch the trailer in which blacks and whites say the very same things about being poisoned by the Koch brothers' companies. This is a story about social justice and lack of sufficient government regulation of the enterprises owned by the "donor" class that owns most of our politicians. The most accurate predictor of people's life expectancy is their zip code [http://fortune.com/2017/05/08/us-life-expectancy-study/]. If you life in a polluted poisoned environment, you will suffer the consequences regardless of race.
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African-Americans  cancers  economically_disadvantaged  mortality  prostate  racial_discrimination  racial_disparities  the_big_picture  women 
march 2018 by jerryking
The Memo: Five Rules for Your Economic Liberation: John Hope Bryant: 9781523084562: Amazon.com: Books
True power in this world comes from economic independence, but too many people have too much month left at the end of their money. John Hope Bryant, founder and CEO of Operation HOPE, illuminates the path toward liberation that is hiding in plain sight. His message is simple: the supermajority of people who live in poverty, whom Bryant calls the invisible class, as well as millions in the struggling middle class, haven't gotten “the memo”—until now.

Building on his personal experience of rising up from economically disadvantaged circumstances and his work with Operation HOPE, Bryant teaches readers five rules that lay the foundation for achieving financial freedom. He emphasizes the inseparable connection between “inner capital” (mindset, relationships, knowledge, and spirit) and “outer capital” (financial wealth and property). “If you have inner capital,” Bryant writes, “you can never be truly poor. If you lack inner capital, all the money in the world cannot set you free.”

Bryant gives readers tools for empowerment by covering everything from achieving basic financial literacy to investing in positive relationships and approaching wealth with a completely new attitude. He makes this bold and controversial claim: “Once you have satisfied your basic sustenance needs—food, water, health, and a roof over your head—poverty has more to do with your head than your wallet.”

Bryant wants to restore readers' “silver rights,” giving them the ability to succeed and prosper no matter what very real roadblocks society puts in their way. We have more power than we realize, if only we can recognize and claim it. “We are our first capital,” Bryant writes. “We are the CEOs of our own lives.
African-Americans  books  economically_disadvantaged  economic_empowerment  individual_agency  individual_autonomy  It's_up_to_me  James_Baldwin  knowledge  mindsets  personal_economy  poverty  relationships 
august 2017 by jerryking
Compassionate Action - WSJ.com
February 24, 2003 | WSJ |By BENJAMIN S. CARSON.

In a conversation recently with Gerhardt Casper, the former president of Stanford University, I learned that they had 1,600 freshmen slots and 19,000 applicants for those slots, 10,000 of which had 4.0 grade point averages. They, along with the Ivy League schools and select others, could easily fill the freshman class with 4.0 students. But what about the black student who grew up in the ghetto, in a single-parent home, looking over his shoulder for danger each day as he walked home and still managed to compile a 3.7 GPA and SAT scores in the 90th percentile? Or what about the student from Appalachia with a similar academic record whose father died in a mining accident and had to work and help raise his brothers and sisters?

Do we simply ignore such students or assuage our guilt by saying they don't have to attend one of the premier schools since there are many other excellent universities that would love to have them? Of course not. Instead, many universities take into account factors such as parental education, socioeconomic status, obstacles overcome, learning environment, living environment, responsibilities, special family circumstances, etc., which allows these students admission. The universities correctly reason that if these students could overcome such significant adversities in their lives, they will likely make great contributions to our nation.

This is the principle we should call "compassionate action," and I believe it is the right one for our current dilemma: While race-neutral, it takes a disadvantaged background into account and extends a helping hand to those who need it most. As it turns out, in the U.S., the largest percentage of people from disadvantaged backgrounds happen to be blacks and Hispanics. Those groups will be given a slightly lower bar because of their real difficulties, not from a presumption that their skin color requires it.
affirmative_action  economically_disadvantaged  U.S._Supreme_Court  admissions  race-neutrality  Stanford  applications  SAT  education  students  compassion  Appalachia  disadvantages  GPA  presumptions 
august 2012 by jerryking
Not by Tuition Breaks Alone - WSJ.com
MAY 2, 2008 | Wall Street Journal pg. W11| by NAOMI SCHAEFER
RILEY. Details Riley's struggle to help her niece complete her college
admission forms and the disinterest/lack of assistance from high school
guidance counsellors.

"What stands between disadvantaged kids and college is not mere money.
It is orderliness, attentive mentoring and simple organizational
guidance."
African-Americans  Colleges_&_Universities  high_schools  admissions  procedures  disadvantages  disorganization  NaomiSchaeferRiley  economically_disadvantaged 
march 2009 by jerryking

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