With only 38 days left to the November 4, 2008 US Presidential Election, millions of young hip-hop voters are preparing to make a tremendous impact on the outcome of the election. As we witness the daily "Countdown to Change" in America and the world, we all should take a moment to better understand the implications of the current economic crisis facing Wall Street and other financial markets throughout the world.
In hip-hop "street kred" is very important to the distinction and value of your brand. When you play with other peoples' money, as well as with your own money, you always should strive to make your word bond and keep your financial commitments and obligations to avoid the inevitable occurrence of some type of street justice response.
Likewise the major players on Wall Street now have to strive to regain their credibility. Once you lose your "street kred," it is important to take the necessary steps to restore your significance or you will be out the game and irrelevant to the empowerment of others.
When President Clinton left the White House, there was a trillion dollars in surplus inside the US Treasury. Eight years later President George W. Bush will leave the White House with the US in a multi-trillion dollar deficit and Wall Street in need of a $700 billion bail out. Wow that is a lot of paper.
Liquidity and il liquidity are now key terms of the global debate. When the American economy goes down, it the affects the economies of hundreds of millions of others around the world.
From the recent economic failures in the US of Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers, Merrill Lynch, AIG, and Washington Mutual, billions of dollars have been loss and without urgent corrective polices, transparency, oversight, and more effective governmental regulations, there will be even more corporate failures.
What is the connection between the economic stability and profitability of Wall Street, Main Street and your street? Jobs are at stake. Savings and investments are turning into worthless dust directly as a consequence of the Wall Street crisis.
Unemployment today, particularly in urban communities, in every region of the nation is the highest in ten years. Poverty is on an hourly increase. The cost of living is so high that millions of people have to choose between getting a meal, shelter and clothing over against the costs of health care, child care and education.
Home foreclosures in our communities are a growing daily reality. I am in DC attending the Annual Legislative Weekend of the Congressional Black Caucus in Washington, DC and walking through the public parks here I saw ten times more homeless people, of all racial and ethnic groups, from the very young to the very old, female and male struggling to find a dry, safe place to sleep and live literally on the ground.
Two blocks from the White House, the ranks of the homeless are growing larger and larger. Thus, there is a lot at stake economically and politically in terms of the outcome of the 2008 Presidential Election. The quality of life of millions of people is at stake. .
There are still more than 20 million people who are not registered to vote in America. That is crazy. Many states have set October 6, 2008 as the deadline to register to vote to be eligible to vote on November 4th. This "Countdown to Change" is urgent and serious.
Let's get the word out. From Wall Street to your street, let's "Get Your Money Right," "Get Your House Right," and "Get Your Vote Right."
-Dr. Ben Chavis