[Public Papers of the Presidents of the United States: WILLIAM J. CLINTON (1999, Book II)]
[July 6, 1999]
[Pages 1136-1140]
[From the U.S. Government Publishing Office www.gpo.gov]



Remarks in a Roundtable Discussion on Investment in the Mississippi 
Delta Region in Clarksdale, Mississippi
July 6, 1999

    The President. Thank you. Please be seated everybody. Well, it's hot 
as a firecracker in here. [Laughter] So I feel right at home. [Laughter] 
I don't know whether Bob Koerber and the 
people at Waterfield are insured against heatstroke by strangers 
happening in along the way, but let me say that I am delighted to be 
here today. I've had a good day already.
    And I've got a large group with me, and I can't mention them all, 
but I'd like to mention a few of them. First I want to thank Secretary 
Slater, who is, as all of you know, also 
from Arkansas and worked with me on the Delta commission. I want to 
thank our Secretary of Agriculture, Dan Glickman; our Secretary of Labor, Alexis Herman, who is here with me; our SBA Administrator, Aida 
Alvarez. Reverend Jackson, thank you for being here.
    I'd like to thank David Bronczek from 
FedEx; Jack Haugsland from Greyhound. 
We'll introduce our panelists later. I'd also like to say a special word 
of thanks to Lieutenant Governor Ronnie Musgrove and his family. They're here, and we thank him for his 
interest in the development of the Delta.
    Our Congressmen, Bennie Thompson, 
from this district, thank you; and I understand Congressman Ronnie 
Shows from Mississippi is also here. Ronnie is 
standing up there. Thank you. And we have two visitors who have come 
from a long way away to be with us, Congressman Jim Clyburn from South Carolina and Congressman Paul 
Kanjorski, all the way from Pennsylvania, 
down here. Thank you very much.
    And we thank Attorney General Mike Moore for 
being here and all the other people from Mississippi who are here.
    Let me say again to Bob Koerber and 
all the folks here at Waterfield, we thank you for giving us a chance to 
both tour this plant and to camp out in some of your space.

[[Page 1137]]

    And I would like to be very brief. I've learned to attenuate these 
remarks of mine. Yesterday it was 100 degrees in Hazard, Kentucky. We 
had 10 or 15,000 people outside, and I said I don't believe I'd better 
give this speech I was going to give.
    Hello, Governor Mabus. It's nice to see you. 
Welcome. Thank you very much for being here. And I think my friend 
William Winter is here. Governor Winter, are 
you here somewhere? He met me at the airport. So anyway, I talked for 
about 5 minutes, and I'd like to do that.
    I just want to tell you exactly why we're here. First of all, the 
people in the Delta know better than anybody else that, while this 
country has had an unbelievable run--we've had the longest peacetime 
expansion in our history, nearly 19 million jobs since the day I took 
the oath of office. We have the lowest recorded rates ever of 
unemployment among African-Americans and Hispanics. We have the highest 
rate of homeownership ever. We have a million kids lifted out of 
poverty.
    Now, having said all that, in the Delta, the poverty rate is much 
higher than the country as a whole. In this county, it's over twice as 
high. The unemployment rate is higher than the national average, and the 
investment rate is lower.
    Now, a lot of you--I remember when I was out on a barge in the 
Mississippi River outside Rosedale with Ray Mabus 
back in the mideighties, and we signed this agreement with the then-
Governor of Louisiana about all the 
things we wanted to do with the Delta, and then we worked on the Delta 
commission for all those years. A lot of good things have happened here, 
and I want to talk a little about some of them. But I want you to know I 
am making this tour of America for one simple reason: I want everybody 
in America to know that while our country has been blessed with this 
economic recovery, not all Americans have been blessed by it, that it 
hasn't reached every place.
    I want our country to know that there are great opportunities out 
here for investment for jobs in America. I want them to know what we 
have done already to make it easier for people to make the most of those 
opportunities and what we're still trying to do.
    Now, let me say, ever since I became President, I have done what I 
could to increase investment in undeveloped areas through the 
empowerment zones, which give tax credits and put tax money into 
distressed areas, through the enterprise communities, through getting 
banks to more vigorously approach the Community Reinvestment Act, and 
setting up community development financial institutions or supporting 
those that are already in business, like the Enterprise Corporation of 
the Delta. It's a private, tax-exempt business group. It is a real 
success story. Just since 1994, it's given financial or technical 
assistance to more than 600 companies, including Delta Laundry and 
Computers here in Clarksdale.
    Now, we set these operations up all over the country. Overall, the 
ECD here has helped to generate more than 5,000 jobs and $200 million in 
annual sales. Bill Bynum, the CEO and 
president of ECD is here. We thank him for being here today.
    Today corporations represented here with me are going to invest $14 
million more in the ECD, so they'll have more money to loan out to 
people here to create more jobs. Today, around the country, there will 
be about $150 million more announced to be invested in organizations 
like this.
    In addition to that, I'm trying to get Congress to pass a bill which 
will give tax incentives, tax credits, and loan guarantees to people to 
invest in the Delta and other poor areas of America, just like they get 
today to invest in poor areas around the world. I think that it's a good 
thing that we encourage people to invest in Africa, Latin America, and 
the Caribbean, but they ought to have the same incentives to invest in 
the Mississippi Delta and Appalachia and the Native American 
reservations and the inner cities. That is what we're trying to do here. 
We're trying to close what Reverend Jackson 
calls the ``resource gap.''
    Now, let me say, we've got a lot of other challenges in the Delta. 
We have a terrible crisis in American agriculture today. Last year we 
came up with billions of dollars to try to keep our farmers going. This 
year we're going to have to do it all over again. And we've got a lot of 
other problems. But fundamentally, what I want America to know is that 
every place in the country, and today this place, is full of good 
people, capable of doing good work, who can be trained to do any kind of 
work, and we are going to do everything we can in the Government to give 
the financial incentives necessary for people to invest here.

[[Page 1138]]

    And I want to make the same point I made yesterday: Everybody in 
America has a selfish interest now in developing the Delta. Why? Because 
most economists believe that, if we're going to keep our economic 
recovery going without inflation, the only way we can possibly do it is 
to find more customers for our products and then add more workers at 
home. If you come here, you get both in the same place. You get more 
workers and more consumers. So it's good for the rest of America as 
well.
    So again I say I am delighted to be here. I had a wonderful time in 
Memphis last night, but I ate too much. I'm sorry it's so hot, but I 
hope nobody passes out, and I want to give Secretary Slater now a chance to talk to our panelists, and then I 
want all of you to think about, when we leave here, what we can do to 
show people the opportunity that's here now and what you could do to 
help me pass, on a bipartisan basis, the necessary tax incentives and 
loan guarantees to say to any investor, anywhere in America, if you come 
to the Mississippi Delta, you can get at least as good a deal as you 
could investing anywhere else in the world. And we're right here at 
home, and we need you.
    Thank you very much.

[At this point, the discussion began.]

    The President. I just want to emphasize for everybody who is here 
listening, because a lot of you may be able to come to Bill with a good idea, there are--it's not just that 
there is not enough money available in this area for good investments; 
someone has to decide what's a good investment. And what he has done is 
to basically go out and get money from other people who, on their own, 
would never have the time or effort or maybe even the inclination to 
make these investments, but they trust them to do it--including our 
community development fund, which, as you heard, they've given him $4\1/
2\ million. Hillary and I, when we were in Arkansas, helped to set up 
the Southern Development Bank in Arkansas, as you know, so we believe in 
this.
    In addition to that, I want to emphasize one other thing. In the 
empowerment zone program, that the Vice President has run for us over the last 6 years, people who invest 
there can get substantial tax benefits for investing, and then they get 
tax benefits for hiring people. But they don't get them if they're 
outside of these zones.
    One of the reasons that I'm trying so hard to pass this legislation 
is not every place in America can be in an empowerment zone, even if we 
keep increasing them every year. So what I want to do is to make every 
area in America that needs an investor equally eligible to get the 
investor's attention by being able to get these kinds of tax benefits, 
so we can get more money into these development corporations and then 
have equal tax incentives for investors to go into high unemployment 
areas. Those two things, if we have enough people like you who are as 
good as it as you have been, I think will make a huge difference. I 
think it will--really, in the next 5 or 6 years, would make a 
breathtaking difference, because people are out here looking at these 
markets now. And I want to thank you.

[The discussion continued.]

    The President. Let me say this very briefly. I was there when you 
started, and I was delighted when I heard you were going to be on the 
program. I wish we'd had time today--we don't--to tell everybody the 
fascinating story of how you got started, how you found the equipment to 
do the brown rice in the first place, and someday you ought to write it 
up, because no one who understands what was going on in America at the 
time would believe it. And it's a real tribute to your initiative. And 
I'm glad you're still doing well and glad you're still growing. Thank 
you for being here today. Thank you.

[The discussion continued.]

    The President. Let me say, I'm delighted that you've done so well 
over these years since you began in Arkansas. I remember when you 
planted roots in Pine Bluff. I just think it's worth pointing out that 
the South Shore Bank of Chicago, which financed you, was really the 
first great community development bank in the United States, and they 
were inspired, among others, by a man named Muhammad Yunus from Bangladesh who has now made millions of loans 
to poor, poor village people in Bangladesh through the bank you set up.
    Hillary and I had some contact with him. 
That's what led to the establishment of the bank in Arkadelphia and to 
my belief that we in the National Government ought to do more to support 
people like Bill. I think--again, you've just

[[Page 1139]]

heard now three stories, and two of them involve people who have had to 
get credit. A lot--I always say one of Clinton's laws of politics is, 
when somebody tells you that a problem is not a money problem, they're 
almost always talking about someone else's problem, not their own. To a 
great extent, this is a money problem. You have all these talented 
people and all these good ideas; there is a pretty even distribution of 
human resources and ability in this whole world, but there is not an 
even distribution of access to capital. And that's what it is we're 
trying to fix. So I thank you.

[The discussion continued.]

    The President. You're being way too modest. Now, you know, this 
lady is the assistant plant manager here. 
According to my notes, she also is the mother of five children. When 
this place was in bankruptcy, they took it out, and they've turned it 
around. They're doing good business; they're expanding their work force. 
And I think what we need, frankly, are more people that have this 
particular expertise, particularly in the Delta, because there's more 
than one place like this.
    Our host was telling us there's 
another place across the river in Arkansas that he's been looking at 
now. If we had a core of people who had this skill to go with what our 
local venture capitalist and banker here is doing for us, we could 
really do some good. But I think we ought to recognize that what these 
people have done here and the jobs that they've given folks the 
opportunity to hold is quite important and could be a good model for 
others in the Delta. So I thank you for what you've done.

[The discussion continued.]

    The President. Well, I know we've got to wrap up. If you don't 
remember anything else when you leave, remember what Cathy said, not just the $500 million, although that's 
real money even in 1999; that's very impressive. This is a good business 
opportunity here. If we cannot fully develop the Delta now when we have 
the strongest economy in our lifetime, when will we ever get around to 
it?
    And remember, if you--put yourself in my position. I sit in 
Washington all the time, trying to think about how can we keep this 
economic recovery going, adding more jobs, raising incomes, without 
having inflation. If we get inflation, then the Federal Reserve will 
have to raise interest rates so much, the economic recovery will slow 
down.
    The only way to do it--I will say again to all of America--the only 
way to do it is more customers, which then makes possible more 
employees, when you can do that with higher productivity and no 
inflation. The best place in America to do that is a place which has not 
yet felt the recovery. This is a big deal.
    I want to thank all of our business leaders for coming, and all of 
our great entrepreneurs here in the Delta. I want to thank you. I know 
we could stay here until tomorrow if we could all keep breathing.
    I do want to point out that except for the occasional reverend of 
the cloth and the odd politician, the head of the electric 
utility is the only guy still wearing his 
coat because he wants you to use more juice. [Laughter] And I think that 
is very impressive. I want to thank our friend from Greyhound because we may always need some people to be able to 
get to and from jobs that aren't in the small towns of rural America but 
who want to live in rural America. That's been one of the big challenges 
Secretary Slater has tried to face with 
welfare reform, even; trying to make sure people who live in the inner 
cities can at least get to the suburbs or who live in small towns can 
get to a big city so they can take a job without having to undermine 
their ability to be good parents.
    And I want to thank my friend Bob Cabe 
from Blue Cross. You need to know that in our former lives, we were both 
lawyers. And he's a very special economic development expert for me, 
because in 1981, I was the youngest ex-Governor in the history of 
America with very limited future prospects, and he and his firm offered 
me a job. So I am living proof that economic development works, thanks 
to Bob Cabe, and I thank you very much. And I want to thank, again, all 
these people for their wonderful work.
    The story needs to go out across America. This is a good investment. 
This is a good deal. We will help you. We will help you. We have 
institutions to help you. We have tax relief to help you. And more and 
more, our financial institutions are coming up with the money. But 
America needs to wake up and recognize that the best new market for 
American products and for new American investment is right here in the 
U.S. of A.
    Thank you very much, and God bless you.

[[Page 1140]]

Note: The President spoke at 10:25 a.m. at the Waterfield Cabinet Co. In 
his remarks, he referred to Robert C. Koerber, president and chief 
executive officer, and Cora Porter, assistant plant manager, Waterfield 
Cabinet Co.; civil rights leader Jesse Jackson; David J. Bronczek, 
executive vice president and chief operating officer, Federal Express; 
Jack W. Haugsland, executive vice president and chief operating officer, 
Greyhound Lines, Inc.; Lt. Gov. Ronnie Musgrove, State Attorney General 
Mike Moore, and former Governors Ray Mabus and William Winter of 
Mississippi; former Gov. Charles (Buddy) Roemer of Louisiana; William J. 
Bynum, president, Enterprise Corporation of the Delta; Muhammad Yunus, 
founder and chief executive officer, Grameen Bank, Bangladesh; Catherine 
P. Bessant, president, Community Development Banking Group, Bank of 
America; J. Wayne Leonard, chief executive officer, Entergy Corp.; and 
Robert D. Cabe, executive vice president for legal, governmental 
relations, and community services, Arkansas Blue Cross & Blue Shield. 
Former Governors Mabus and Roemer were vice chairs of the now-defunct 
Lower Mississippi Delta Development Commission.