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The Great Wealth Divide, Episode 1: Context

The weekly podcast, from WBGO Studios, is focused on solutions to improve and correct the systemic racism which has created the extreme wealth divide between Black and Latinx communities and their white counterparts. We’ll be discussing these issues with thought leaders who are stakeholders engaged in the work to build racial economic equity and wealth in order to create better outcomes for Black and Latinx families.

Listen to this podcast to learn more about why our panelists said the following:

“Capitalism doesn’t work unless there’s a safety net...Everybody has basic human needs.”

“History offers us a sense of the scale of the problem.”

“There needs to be a significant mandated requirement…transparency around making sure you’re investing and giving assignments to people of color to invest in communities of color.”

“We need a hyper renewed focus on driving capital into Black owned small businesses.”

Join host, Dale Favors, for the first episode of The Great Wealth Divide with guests:

  • Adela Cepeda, Chairwoman, Angeles Investors
  • Marc Morial, President of the National Urban League; former Mayor of New Orleans
  • Dr. Khalil Muhammad, Professor of History, Race and Public Policy, Harvard Kennedy School; former Exec. Director of the Schomburg Center for Research in Black Culture
  • Rob Rodriguez, Assemblyman, 68th District, East Harlem, N.Y.

The Federal Reserve’s recent report “Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances” defined the issue succinctly.

· White family median and mean family wealth: $188,200 and $983,400, respectively.
· Black family median and mean family wealth: $24,100 and $142,500, respectively.
· Hispanic family' median and mean wealth: $36,100 and $165,500, respectively.

Today and in subsequent programs, we’ll look at why these disparities exist including how the historic and continuing factors, such as the structural barriers created by systemic economic racism, have caused and continue to perpetuate these huge disparities.

Perhaps most essentially, are the solutions to The Great Wealth Divide. In each episode we will discuss what can be done and what is being done, across the country, to provide actionable solutions to improve the lives within these communities while lifting the country together.

Sponsored by JPMorgan Chase & Co.