Coming Soon: The Pay Check Season 3

The Pay Check

Bloomberg

Society & Culture, Business, Investing

4.4 • 630 Ratings

🗓️ 1 March 2021

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

More than 150 years after the end of slavery in the U.S., the net worth of a typical white family is nearly six times greater than that of the average Black family. Season 3 of The Pay Check digs into into how we got to where we are today and what can be done to narrow the yawning racial wealth gap in the U.S.

Jackie Simmons and Rebecca Greenfield co-host the season, which kicks off with a personal story about land Jackie's family acquired some time after slavery that they're on the verge of losing. From there the series explores all the ways the wealth gaps manifests and the radical solutions, like affirmative action, quotas, and reparations, that can potentially lead to greater equality.

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Transcript

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0:00.0	This is an IHeart podcast.
0:04.2	A warming planet, complex geopolitics and fierce competition means business operations are under more scrutiny than ever before.
0:13.0	Returning to Singapore this July, the Bloomberg Sustainable Business Summit is uniting leaders and investors
0:19.0	to explore how sustainability efforts can bolster resilience
0:23.0	and mitigate risk. Learn more at Bloomberg.com slash sbsd-singapore. That's Bloomberg
0:29.6	live.com slash sbs-sdash Singapore. Last year, like a lot of black Americans, I started thinking more about our collective history in America, and my own place than it.
0:48.7	My family had a plot of land in East Texas near a town called Mount Pleasant.
0:53.2	I grew up in Arizona, and as far as I was concerned,
0:57.0	Texas was another planet. Big hats, rodeos, that showed Dallas. We drove through Mount Pleasant once,
1:05.2	but I don't remember much. As I got older, my dad would call and talk about the Texas property.
1:11.6	He daydream about all the ways that might one day give him a financial cushion.
1:15.6	How would buy a better life for him and my brother, who has a disability?
1:19.6	How there might be oil on the land or some kind of rare timber.
1:23.6	And if I'm being honest, he planted some of those thoughts in my head, too.
1:33.9	Then came the pandemic and George Floyd, and I started thinking more about inequality in America.
1:37.4	And because I'm a business journalist, the racial wealth gap.
1:40.8	I started digging into my past and Texas.
1:44.4	I learned that the land would never be our ticket to prosperity.
1:45.6	It was gone.
1:49.6	When I found out why, I realized my family's story isn't much different from other black Americans.
1:54.9	I started wondering,
1:56.7	how did other black people build wealth in America?
	...

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