This morning on C-SPAN’s Washington Journal, blacks and Latinos were asked to call in and discuss the campaign marketing efforts by U.S. Senator Bernie Sanders and former Secretary of State Hillary Clinton toward their respective communities. I heard the usual perspectives; everything from the impossibility of Mr. Sanders accomplishing his “pie-in-the sky” initiatives to Mrs. Clinton’s attitude of entitlement to the Oval Office based on her forty-plus years of public service, insider connections, and a former president who happens to be her husband.
As my head continued to spin from listening to a lot of seemingly paranoia-based observations regarding the candidates, I shared with C-SPAN the following tweet which you can find at this link, https://twitter.com/altondrew/status/701747546381754369:
“ The energy blacks, Latinos put into Sanders & Clinton is wasted. Instead, look at developing and independent sustainable economy.”
The waste that blacks and Latinos generate by looking to Mr. Sanders and Mr. Clinton for their daily bread is compounded by the threat the economic policies of both candidates poses to capital access. I summed up the threats their policies pose this way in my blog post:
“On the surface Mr. Sanders’ proposal does not appear to impact the ability of firms to use the capital markets to raise funds, however, by attacking the secondary markets, both Mr. Sanders and Mrs. Clinton’s policies take away incentive on the part of investors to hold securities. If holders of the primary issues of equity or debt have no secondary markets within which to trade them, there will be a severely reduced urge to buy them in the first place.“
Based on the comments I heard and the comments generated by blacks and Latinos that I see on social media, a sustainable economy based on access to adequate capital appears not to be an immediate priority of the minority community. As one Latina caller, a self-described “revolutionary” put it, she would rather see a policy of wealth distribution to aid minority communities because she sees no other choice. This position is unfortunate because it takes Mr. Sanders and Mrs. Clinton off the hook from seriously addressing or proposing a restructure of the American political economy that would result in economic independence and wealth creation for blacks and Latinos. In addition, Mr. Sanders and Mrs. Clinton would not have to make any effective proposals that weaken the grip the political class has on the economy.
For example, neither Mr. Sanders or Mrs. Clinton have proposed weakening the bottleneck that utility regulators have on electricity generation and distribution. They have not opined on federal and state laws or regulatory rules that dampen the benefits that individual consumers can receive from investing in self-generation of electricity. They would rather shift attention from the government’s need to maintain a bottleneck to the usual scapegoats, in this case the utilities. It’s a lot easier to have consumers blame the big guy who sends the bill.
For individual blacks and Latinos looking for policies that promote access to capital and facilitate their wealth, I don’t see where prayer for relief from Mr. Sanders or Mrs. Clinton is going to help.