Transcripts

"Commentary"-Charities Need Help Too

SUSIE GHARIB: In tonight`s commentary, keeping charitable donations going during an economic downturn. Here`s Alfred Edmond Jr., senior vice president and editor chief of blackenterprise.com.

ALFRED EDMOND JR., SR. VP, EDITOR-IN-CHIEF, BLACK ENTERPRISE.COM: The sub-prime mortgage mess has crested into a global credit crisis, battering the stock markets and raising fears of a new great depression. People are losing their jobs, their homes and their retirement savings. Everybody wants a bailout, even though few of us seem to agree on who should get it, how much it should cost and who should pay for it. Our economy has hit record lows, driving our stress levels to all- time highs. Lost in all of this is another critical area of our economy in need of a boost: charities and nonprofits. Many of these groups are facing their own budget crises as the corporations they depend on for large contributions are forced to slash their budgets or go out of business entirely. For example a $10 million commitment to establish the Lehman Brothers center for global finance and economic development at Spellman College in Atlanta was wiped out by Lehman`s bankruptcy. We`re all under pressure to restrict our spending and save money, even as we approach the holiday shopping season. However, even as we resolve to buy fewer and less expensive gifts, we all need to find ways to give even more money, as well as our time and energy, to causes such as higher education that are in desperate need of economic relief. Our collective bailout plan will help organizations critical to our nation`s ability to weather the current economic storm. Also, mounting research shows that helping those less fortunate than ourselves can be the best remedy for the stress we are all likely to be facing for the foreseeable future. That`s what I call a win-win, a bailout we can all support. I`m Alfred Edmond Jr.