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As 2009 draws to a close, there is both joy and concern that the Great Recession may be over only to be replaced by a “jobless” recovery. The belief that we may be at the end of the most severe economic recession that most of us have experienced in our lifetimes is gratifying. However, the prospect of a jobless recovery should concern all of us.

Our economy has lost hundreds of thousands of jobs and the belief that our communities can recover without the employment that provides the necessary income for housing and other basic necessities as well as other consumer spending is deeply troubling. Our communities can not fully recover until everyone who wants to work can find a job at a livable wage.

At our Regional Meeting on October 15, I stated (closing remarks) that our work in strengthening the safety net must now be coupled with giving people financial literacy and access to the financial tools they need to overcome dire economic hardship. We announced the release of a "Report on the Status of Payday Lending in California" developed with the Public Interest Law Firm. Alarmingly we found that predatory lenders were targeting low-wage earners and charging outrageous interest rates as high as 400 percent. I hope that this report builds greater understanding of the corrosive effects of payday lending in our communities and builds support for public policies to curb these abusive practices.

We have been heartened by the early support of our efforts including a full page editorial by the San José Mercury News "Payday lending practices are pure extortion" endorsing the community foundation's position.

The community foundation recognizes that support for financial education and asset-building activities, particularly for low-income families, can fill a critical need. We are working to build long-term financial security for our region’s most vulnerable families through an economic security fund.

Your support can help supplement our efforts to provide financial education, foreclosure prevention assistance, and protection from predatory payday lending practices. We use the economic security fund to invest in programs that offer financial education, savings incentives and other solutions that can help our region's families build a better future. Contribute directly to our economic security fund online today.

I also invite you to stay informed by becoming a fan of Silicon Valley Community Foundation on Facebook and send the link on to your networks and friends. Tell them to join us and contribute to the economic security fund. It is also an easy way to stay informed about our efforts around education, immigrant integration and land use. Together we can accomplish a great deal.

Thank you for your partnership and I hope you have a safe and healthy holiday season.