IMPACT congratulates Barack Obama on his historic victory--the first African-American to be elected President of the United States.  As with many firsts, we know that the path the President-Elect has taken was not easy and the road ahead is sure to be fraught with seemingly insurmountable challenges and unexpected obstacles.  Without a doubt, the current economic downturn was the priority issue of most voters.  Americans young and old are feeling the squeeze as mortgage foreclosures and unemployment numbers continue to rise, wages remain stagnant, retirement savings vanish, and the costs of goods and services continue to increase. 

IMPACT recognizes that change is more than necessary.  Changing the institutional obstacles that have traditionally barred qualified minority candidates from opportunities to advance professionally and educationally; changing the policies and practices that have continually stripped urban and rural communities of valuable resources; and changing the bureaucratic hurdles that prevent millions of Americans from receiving access to healthcare and other critical services are each imperative if we are to truly achieve the objectives laid forth in our country’s founding documents and interwoven in our social fabric.

We are confident that many of our generation’s leaders will be called upon to assist in creating change.  This month we highlight one of the brightest minds on Wall Street: James C. Perkins, Jr. as our IMPACT Leader of the Month.  James is CEO of Thrasher Funds, an investment company that has young professionals excited about investing—even in the midst of very challenging times.  We also feature the work of guest writer, Brandon Garrett, who tells us exactly what President-Elect Obama will have to do to get our economy in order.  Lastly, we provide resources to help you budget as the holidays draw near. 

IMPACT Your World!

IMPACT Leader: James Perkins

Founder and CEO, Thrasher Funds
James is the Founder, CEO, and Portfolio Manager of Thrasher Funds. He is also a contributing writer for TheStreet.com—an online guide to trading, investing and stock market analysis. Prior to starting Trasher Funds James was an analyst for ZBI Equities (Ziff Brother's Investments), a private wealth management firm with a focus on the industrial, transportation, aerospace and defense sectors. Before working with ZBI, James worked for the CEO and CFO of Alliance Capital (now Alliance Bernstein) where he conducted competitor, equity market and mutual fund performance analyses.  Here he also exampined investor sentiment and investor communications.  

A Superhero Fit for the Economy

“5…4…3…2…1…”  The countdown to change has reached a crescendo. From New York to New Delhi, San Francisco to San Salvador; the superhero fascination with President-Elect Obama is undeniable. As much as he and his family try to curtail delusions of grandeur, he can never again assume the status of a mere mortal in part because he has so much to accomplish so quickly. 

For those who still haven’t figured out how this credit crisis impacts you and your bottom line, your once unsinkable 401k is down 35%. That 750 credit score isn’t what it used to be—even on a used car lot.  There is no bottom for the real estate market in sight and, according to Labor statistics, we have experienced one million job losses this calendar year alone.  Unemployment could hit a gaping 8% by 2009. All of this may mean no office party for the hard working associates this holiday season, but hey, at least you are employed.

Weathering the Stormy Recession

“I have not had a raise in about two years.  My rent increased by $100 last month, my public transit costs increased this past spring, and my grocery bill has doubled.  I won’t even look at the value of the few shares of stock I hold—I pray there is still some value.  Oh, and I managed to secure a subsidized loan for graduate school.  Although I know I should, I have not yet managed to put away six months of living expenses,”   Adria Crutchfield.

If any of this sounds familiar then you should check out these resources after the jump designed to help you make the most of recession.