Will You Be Able to Work as Long as You Want?
The Motley fool I have to do it nicely in straight up every now and then right? Bro. So people know what my real name is. Thank you very much. So in this week's episode, we're joined by rich Johnson from the urban institute to discuss job security in the second half of your career or should we say insecurity done and? All that and more on this week's episode of Molly fully. So alison what's up Bro I'm so glad you asked a few episodes back. I introduced you to Robert Smith. The successful venture capitalist and philanthropist I also told you about his idea to encourage businesses and sure even individuals to funnel two percent of their profits to black owned businesses as a way to have a positive impact on the lasting. Consequences of slavery and racism in, the, us. Somehow I missed or forgot to mention that Netflix is doing just that back in late. June netflix's announced that it will move up to one hundred million dollars or two percent of its cash holdings to financial institutions that focus on black communities. As NETFLIX's said in a statement, we wanted to redirect some of our cash specifically towards these communities and hope to inspire other large companies to do the same with their cash deposits as deal book reported at the time, Netflix will start with thirty five million split two ways. Twenty five, million in financing for a new fund called Black Economic Development Initiative that will itself invest in black financial institutions and ten million deposited with the hope Credit Union net flicks again hopes that. Other. Companies will follow and hopefully it will go a long way with helping the under bikes. So I thought I dig a little deeper into so-called financial desert's which we talked about a little bit. I talked about only briefly at the time I landed on some research by Donald Morgan Maximum Pin Cove Ski, and Brian Yang with the New York, fed they decided to look at the impact of the Great Recession and Subsequent Bank Branch closings to see who is the hardest hit. All right. So Bro, would you like to guess just how many bank branches closed between two, thousand, nine and two, thousand fourteen? No matter what number you going to say it's not I mean, it's not going to blow anyone away or maybe well, I don't know. I would put it cer- certainly in the several hundreds if not thousands depends on what your actual locations actual bank branches. Okay. Five hundred. Five thousand in fact, oh. Yeah. What five thousand was the first number in my in my head. And the way you said it was like I must be overestimating I swear that's the truth. You're well read man. So yes, about four, thousand, eight, hundred, twenty, one branches closed between two, thousand, nine and two, thousand fourteen reducing the total number of branches by about five percent. So they the researchers New York Fed, they define a banking desert as a centrist track, a relatively homogenous area or neighborhood containing about four thousand people with no banking branches within ten miles of the center of the track as they point out just because you don't have a proper bank around, it doesn't mean you don't have a payday lender or check cashing service around. And yes, wreck on Atlantic article from two thousand thirteen points out that following deregulation and increased mergers consolidations within the banking industry smaller banking branches began to close again, almost