This morning, here in South Africa, I was honored to join anchor Eleni Giokos for a wide ranging conversation on the global economy, the economic crisis and its root causes. More so, Eleni was interested, both in my role as vice chairman of the U.S. President's Advisory Council on Financial Literacy, chairman of its Committee on the Under-Served, and chairman and founder of Operation HOPE, in my thoughts around solutions to the crisis — starting with the housing and banking components, and global consumer confidence. I shared my vision around a "bad bank" approach, which I wrote about in an earlier Blog post following a CNN interview on President Obama's Housing Recovery Plan. You can read the details of my proposal here. This could be adopted broadly by governments around the world, and would set a clear and transparent "floor" to the current crisis.
A special thanks to Andile Ncontsa, head of the Old Mutual Foundation, and our friends at Old Mutual in South Africa for helping to arrange this interview.
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Onward with HOPE
John Hope Bryant