By EEW Magazine News Staff
We are just three months away from the November elections and President Obama has a message for black America. In an interview with Black Enterprise, when asked to address the criticism his administration has received for not doing enough for black businesses, POTUS said, “I’m not the president of black America. I’m the president of the United States of America…”
Obama said his initiatives have been geared toward helping “folks who are least able to get financing through conventional means, who have been in the past locked out of opportunities that were available to everybody,” which includes African Americans, though not focused specifically on black people. “So, I’ll put my track record up against anybody in terms of us putting in place broad-based programs that ultimately had a huge benefit for African American businesses,” he confidently asserted.
Black Enterprise’s Editor-in-Chief Derek T. Dingle attempted to hold the president’s feet to the fire by asking tough questions about the auto industry bailout, billions of dollars being poured into major corporations, and why the black unemployment rate is still so high, hovering around 14%. “There are a lot more things we could be doing. To get them done, we need cooperation of Congress,” Obama answered.
About the bailouts that taxpayers footed the bill for, Obama admits there hasn’t been a reinvestment in the minority community. “There is no doubt that American taxpayers stepped in and pulled the banking industry out of the fire. It was controversial. It was messy. Ultimately it was the right thing to do for the economy,” he said, though no solid answers were given in terms of how this will be corrected going forward.
Obama added, “I’ve had conversations with the major banks about this issue. What they will say is that some of the additional regulations have impeded some of their capacity to lend. We don’t see major evidence of that.”
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