What might reparations look like? California could find out.

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Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 3 January 2024

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

After a California task force issued an 1,100-page report last summer, lawmakers there are starting to look at policy options to compensate Black residents descended from enslaved ancestors. Now, a state reparations bill could be voted on this year. As part of a three-part series, we’re chronicling the history, details and challenges of California’s reparations movement. But first, markets start 2024 with a course reversal.

Transcript

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0:00.0	America's most populous state debates paying reparations to the descendants of
0:06.7	enslaved people. I'm David Brancaccio in New York. First call it a post New
0:11.4	Year's hangover, call it Buyers Remorse.
0:14.0	Markets started 2024 with a course reversal, specially focused on big tech companies.
0:19.8	The NASDAQ fell 1.6% yesterday, the first trading day of the year.
0:24.0	Marketplace's Nova Safo has more.
0:26.0	The end of year rally was powered in large part by so-called Magnificent Seven stocks
0:31.0	and investors had second thoughts about some of those.
0:33.7	Apple lost ground after Barclays downgraded the company's
0:37.1	shares to an effective sell recommendation over worries about
0:40.5	sluggish iPhone and Mac sales.
0:42.4	NVIDIA shares more than tripled last year. worries about sluggish iPhone and Mac sales.
0:42.8	Invidia shares more than tripled last year thanks to advances in
0:45.9	artificial intelligence.
0:47.4	Its shares declined yesterday as well.
0:50.2	A lot of the end of the year, stock rally was based on expectations that interest
0:54.0	rate cuts would start as early as March. Later today the Federal Reserve
0:57.7	releases minutes of its last policy meeting. Investors want clues as to
1:01.6	whether those expectations were too optimistic or just
1:04.2	optimistic enough. I'm Nova Safo for Marketplace. And the So, Now that it's 2024, California lawmakers are set for an intense debate on economic reparations for black residents
1:45.6	descended from enslaved ancestors.
1:48.1	In 2020, California became the first state to form a reparations task force. Last June the group issued an
	...

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