The Double Bottom-Line
Nathan Newman over at TMPCafe, highlights some state initiatives for job creation. One of the initiatives was spurred on by none other than Phil Angelides:
Back in 2000, California State Treasurer Phil Angelides laid out the philosophy that undergirds the new wave of tough-minded investment in "The Double Bottom-Line: Investing in California's Emerging Markets."From the letter attached to the above referenced article:
...One study found that eight large public pension funds have more than $3 billion invested in urban development projects – and have helped leverage private equity partners that have validated their economic returns.
This state government and public pension investment is part of a broader trend of expanding investments in a range of community-based investment vehicles, from Community Development Banks to Community Venture Capital Funds, all designed to increase capital access in communities often starved of the financial capital needed to revive local businesses.
The widening disparity of economic opportunity across the State threatens our sustained success. There is a correlation between the breadth of economic opportunity and long-term economic progress. In the end, if communities are left to languish and if there is a large and growing underclass outside the mainstream of hope, future economic prospects will be dimmed.I mention this, because it's smart, effective policy but also because it shows how Angelides has used his leaderhip position to influence Domestic Investment but also, as I mentioned yesterday, divestment.
While the rest of the country wasn't paying attention to offshoring, Phil Angelides was pushing for investment in state communities. While the rest of the world watches as atrocities are occuring in Darfur, Phil Angelides is pushing to hurt that regime financially. I find this innovative and bold leadership refreshing. That is part of the reason why I have been a "stooge" for a while now.
NOTE: Hope the formatting is OK, I don't seem to have the "preview" option available.