Ok, thanks. I didn't know that.
Yes, that is what I am assuming, I don't know the man. But if someone makes such disastrous decisions, I indeed assume one is a religious fanatic. I know religious fanatics move weird when it comes to what they consider worldly things. I can't answer to the arguments you have addressed.
"Over the past 20 years “demonstration” programs designed to develop the asset capacity of the poor have emerged. Two of the most notable are the American Dream Demonstration (ADD) which uses Individual Development Accounts (IDAs) to create match incentives for the poor to save, and the Savings for Education, Entrepreneurship, and Down-payment (SEED) initiative which establishes Children’s Development Accounts (CDA) (what Manny Marable refers to as “Baby Bonds”) to create endowed trusts for children at birth. The original intent was for these asset building strategies to be implemented universally in a progressive manner; however, thus far, they have only served as “demonstrations” (Sherraden 2009)."
[...]
"We envision a “baby bond” plan of much greater scale and magnitude—progressively rising to $50,000 or $60,000 for children in families in the lowest wealth quartile and accessible once the child turns 18 years of age. These individual trusts could grow in federally managed investment accounts with guarantees of at least 1.5–2% annual growth rates. We also would determine eligibility for such a program based upon the net worth position of the child’s family rather than their income, e.g. all children whose families fell below the national median for wealth would receive “baby bonds.”
(William Darity Jr., Darrick Hamilton, “Can ‘Baby Bonds’ Eliminate the Racial Wealth Gap in Putative Post-Racial America?” Review of Black Political Economy, 37(3,4) 2010 pp.207-216").
Clout chasing at its lowest
moguldom.com
lord Tariq