Saturday, January 24, 2009

Hope is Not a Strategy: A Letter to President Obama


By Benjamin Ola. Akande, dean, School of Business and Technology, Webster University, St. Louis, Mo.

22 Jan 2009 22:16 Africa/Lagos


Hope is Not a Strategy: A Letter to President Obama

ST. LOUIS, Jan. 22 /PRNewswire-USNewswire/ -- The following is a letter by Dr. Benjamin Ola. Akande, dean of the School of Business and Technology at Webster University in St. Louis, Mo.:


(Photo: http://www.newscom.com/cgi-bin/prnh/20090122/DC61721)

Dear President Obama,


During the campaign, you offered America hope, and promised to restore a civility and practicality to the nation's highest office so that, together, we could rise to the challenges and opportunities that lay at our doorstep. Now it's time to make some wise choices.


In your acceptance speech on the evening of Nov. 4, 2008, you were pointed in your statement that, "while we breathe, we hope." As President, your greatest challenge will be effectively leading a cabinet of highly qualified and highly opinionated individuals who will undoubtedly have differing ideas on how best to resolve the major issues that we face. Your leadership will be tested early and often and while you have assured Americans that there will be setbacks and false starts, your willingness to make tough choices early on will set the tone for a revival of a shell-shocked economy and a battle-fatigued nation. Yet, the fact remains that hope will not reduce housing foreclosures. Hope does not stop a recession. Hope cannot create jobs. Hope will not prevent catastrophic failures of banks. Hope is not a strategy.


President Obama, I would like to offer you 10 priorities to consider:

1. The Deficit. Don't be concerned about increasing the deficit in the
short term. There is an urgent need to stimulate the economy now--not
at any price, but almost. Your recovery plan must combine tax cuts
and structured spending in areas that foster long-term economic growth,
specifically, energy, healthcare and education. This is one time when
we need to act for today to ensure that tomorrow will be much better.
2. The Auto Industry. I want to urge you to reject the possibility of
extending additional bailout monies to the Big Three. Chapter 11
bankruptcy is the best thing that can happen to these automakers. They
need help quickly, but not in the form of government largesse. This is
a time for displaying "tough love" and not enabling poor performance,
corporate arrogance and unwise decisions. They will thank you in the
long run.
3. The New New Deal. There is urgency to rebuild America's roads and
bridges, but the real opportunity is to anchor your recovery plan on a
renewed energy policy that is timely and targeted. The imperative
should entail a: 1) green bailout for U.S. automakers; 2) green
infrastructure; 3) tax credit for companies to produce alternative
energy; 4) construction program for a new smart electric grid; and 5)
increased investment in mass transit using green technology. The
projects must be shovel-ready to get people back to work immediately.
4. 2009 Homeowner Protection Act. President Obama, now is the opportunity
to change the bankruptcy laws to protect homeowners from the vagaries
of the marketplace. We have expedited Chapter 11 bankruptcy for
businesses to keep them from going under when they run into financial
turbulence, and we should do no less for homeowners. It does no one any
good to force poor and middle-income Americans out of their homes, and
we know that vacant houses destroy even the best neighborhoods. An
expedited homeowner protection plan would allow for the restructuring
of the mortgages of millions of Americans who are under water. Stemming
the flood of foreclosures will reinvigorate the confidence of banks and
provide a shot in the arm for the credit market, putting the economy
back on the right foot.
5. Strengthening Middle Class America. Your administration should push to
expand the earned income tax credit as a relief measure for the middle
class and give Americans making less than $150,000 a $500 tax credit
per person on the first $8,100 in income. This will increase the rate
of spending and the rate of savings by the middle class, which will be
a source of new capital to spur growth.
6. A Health Plan for All. The greatest fear among most Americans is the
possibility of losing their jobs and with the loss of jobs comes the
real possibility of loss of health insurance. President Obama, we need
to have a comprehensive program that provides health insurance to the
unemployed and to the uninsured and it must happen post-haste. For a
nation of our comparative wealth to have any of our citizens go without
heath care is nothing short of criminal.
7. Rewrite Financial Service Laws. One of the key reasons for the current
financial crisis has been weak regulation of the financial services
industry. There needs to be a comprehensive overhaul of enforcement
policies of the Securities Exchange Commission. Require disclosure and
stipulate new accounting requirements.
8. Restructure Bailout. The first $350 billion of the financial market
bailout has done very little to jump-start the economy. The next $350
installment must be directed at assisting homeowners and expanding
consumer credit.
9. Foster a Bipartisan Approach. Divisive politics got us into this mess.
Unifying politics can help get us out of it. The country can no longer
afford to see things in terms of red and blue or black and white. The
enduring solutions will emerge from the gray.
10. Caution to Consumers. President Obama, I urge you to use your
presidential pulpit to speak to Americans, to encourage them to be
cautious and prudent in their spending. While consumer spending is a
key to the economic revival, at times it may be wise to counsel
consumers to--in the words of former St. Louis Fed President Bill
Poole--"Put their foot on the brake way before they get to the stop
sign."


What America needs, more than ever, is your ability to give hope to America through your leadership. May you have the inner strength to move this nation from uncertainty to certainty. I wish you well.


My Best,

Benjamin Ola Akande
Dean, School of Business and Technology
Webster University
St. Louis, MO

Photo: http://www.newscom.com/cgi-bin/prnh/20090122/DC61721
http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Webster University -- Saint Louis Campus

CONTACT: Susan Kerth of Webster University, Office: +1-314-246-8232,
Cell: +1-314-220-9130, susankerth14@webster.edu


Web Site: http://www.webster.edu/


23 Jan 2009
18:36
Obama Administration Quick to Exploit Women in Developing Nations Says Americans United for Life Action
18:30
Economic Stimulus Bill Mandates Electronic Health Records for Every Citizen without Opt-out or Patient Consent Provisions
18:29
IRS Holds Hearing on Bush-Exit Proposal That Would Limit Transparency on Projects Receiving Tax-Free Financing
16:15
Change for the Country = Change for the Bidens
16:00
U.S. bailout package will spark inflation and shift the burden to foreign investors: CIBC World Markets
14:00
The Obama Cancer Plan Should Prioritize Prevention, Says Cancer Prevention Coalition
03:11
Continental Airlines Applauds Confirmation of Ray LaHood as Secretary of Transportation
01:31
More Than 100 Leaders of Business & Technology Companies Say Investment in America's I.T. Infrastructure Will Create Nearly 1 Million Jobs
00:20
President Obama Gives the Unborn at Least a 24 Hour Reprieve, Postpones $441 Million Bailout of International Abortions, Says Family Research Council
00:17
Nations Attending Upcoming Food Security Summit
22 Jan 2009

22:12
Closing Guantanamo and Keeping America Safe: New Policy Brief From The Century Foundation Urges New Administration to Return to Pre-9/11 Laws to Deal With Detentions, Trials, and the 'Global War'
21:35
The New Accountability in Governance
20:30
No Policies From Obama to Stop Diversion of Federal Small Business Contracts to Fortune 500 Firms
22:32
Pelosi Statement on Obama Executive Orders on Closing Guantanamo and Revising Interrogation Policies
18:38
Amnesty International Commends President Obama's Executive Orders to Close Guantanamo and End Torture
18:10
Obama Pajama Party, Sleeper Hit at Inauguration
17:41
Live Unseen Footage of Obama's Inauguration 'Purple Ticket' Tunnel Disaster
15:28
Retired Military Leaders to Brief Media on Obama Meeting, Torture Ban, Guantanamo Closure
14:00
AJWS to Obama: Sudan's President May Target Darfuri Civilians if Issued Arrest Warrant
14:00
77% of African Americans Attend Inauguration for First Time; 63% Say Obama Presidency Signals Improvement in Race Relations, New TV One/National Association of Black Journalists Inaugural Poll Reveals
14:00
New Generation Biofuels' CEO Emphasizes Second Generation Feedstocks in Interview with theStreet.com
01:45
Five Former USAID Officials Ask Obama for Leadership on Family Planning
00:33
Barack Obama Wears J.Crew to Inaugural Ball
21 Jan 2009
22:09
Remarks of Gov. Tim Kaine as Prepared for Delivery
21:50
President Obama Brings Hope to Home Foreclosure Market
21:00
Eisner LLP Analyzes President Obama's Stimulus Package: What Does It Mean for You, Your Family and Your Business?
20:50
A Clarion Call for Simplicity by Alan Siegel, Chairman and CEO of Siegel+Gale
20:45
The Making of a First Lady
19:02
Gray Graphics Corporation Prints Official Joint Congressional Committee Invitation Package for the Fifty-Sixth Presidential Inauguration Ceremonies
18:44
Amnesty International Calls Obama Administration's Suspension of Military Commissions a 'Positive Sign'
18:13
Rep. Fattah One of First House Members to Support Obama Stimulus Legislation
18:12
Timothy Geithner's Claims Contradicted by the Facts; Obama Must End 'Distraction' of Nomination as Banking Crisis Deepens
17:32
Students Across New Jersey 'Speak Out for Peace' in Honor of Dr. Martin Luther King Jr. and President Barack Obama
17:30
Actuaries Laud New President's Medicare and Social Security Message, Call for Bipartisan Solution
15:49
Cabrera Construction Honors Obama Administration Green Building Initiatives at Thursday Night Gala
15:39
Obama's 'Newer Deal' Likely to Raise Deficit


No comments: