So, since black media is too busy discussing Beyonce to zero in on it, I offer a few thoughts of my own. A snippet:
The Jobs (Jumpstart Our Business Startups) Act is huge, in ways both mildly positive and profoundly negative, which makes it all the more shocking that most mainstream black news sites haven’t covered it – at all. Guess they’d rather chatter about the First Lady’s snazzy leather pants or how much President Obama loves his dog, Bo’. Oh well. More fun for me.
Let me offer up the good before the bad. The bill offers up something called crowdfunding which could, possibly, reduce the obstacles to getting venture capital. That is, (again) possibly, a good thing. Expanding investment beyond just “accredited investors” to crowdfunders and internet investors has some promise if there are black entrepreneurs ready, willing, and able to harness and build that capacity.
But let’s remember that all lending is not good lending. Black folks were used as pawns in lending schemes during the housing crisis, which resulted in many of us getting foreclosed on while the fat cats on Wall Street made billions in mortgaged backed securities. But there you have it. In my mind, that’s the one potential upside of the JOBS Act, and here comes the nasty underbelly.
I’m sure you have, by now at least, picked up on how the name (The J-O-B-S Act) is only a misleading acronym for what the bill is really all about. It’s about startups, not run of the mill jobs, so, I really don’t get why so many black working stiffs were cheering this bill, but I digress. This bill was driven by the tech lobby and is all about making it easier for tech startups to get easier access to capital. Capisce?
Read it all here…