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Archive for February 11th, 2009

The hearings currently underway by the House finance committee appear to be a futile exercise to allay concerns about the health of America’s financial system by attempting to better understand the government intercession into the banking industry through the now infamous TARP funds.

I’m sure the eight CEO’s in attendance from America’s leading banks and financial institutions including, J.P. Morgan, Citibank, Wells Fargo and Bank of America, are amazed at the naivete that many  members of  the finance committee exhibit by their questions and comments. Congress under the guise of searching for solutions too often becomes enveloped in castigatory rhetoric as opposed to genuine debate and discussion that will serve to inform themselves and their constituency.

The cult of self too often comes into play in these hearings at the expense of genuine dialogue. This nation is suffering great economic dislocation that has been linked to a veritable meltdown of the securitization of mortgage assets that provided a buffer for the housing market . This dislocation subsequently resulted in significantly devalued assets that led to major capital reductions by our financial institutions which further resulted in a tightening of the credit markets.

Appearing before Congress today are executives that understand the machinations of the global financial system as well as anyone in this nation. Would the country not be better served by a Congress that would focus on securing solutions as opposed to continuing its’ populist pandering by focusing on executive compensation as opposed to identifying a path forward that will once again provide the spark that fuels the world’s greatest economic engine.

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Ceo4aday the blog which offers ” perspective from a corner office” and commentary on politics, the economy, business and entrepreneurship, experienced its’ first single day yesterday of 1,ooo+ views. The blog which was launched in December, 2008 thanks all its’ readers for your interest and support.

We continue to support the initiative to create the United States Office of Entrepreneurship.Please check our archives for additional information regarding the USOE. Our series “A Journey To Acquire” resumes with the next installment this week.

You can also view our commentary on the American Recovery and Reinvestment Plan at www.Americanrecoveryact.blogspot.com.

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President Barack Obama, continues to emphasize the fear factor as he espouses the need for a stimulus package. He has compared the current crisis at time to the great depression of the 1930’s. The stimulus package that was passed today in the Senate, with the help of three crossover Republican votes fails to provide adequate support for America’s entrepreneurs. Our fear is that the President and the Congress are failing to recognize the contribution of America’s innovators and entrepreneurs to American free enterprise.

Ceo4aday continues to promote the initiative to create the United States Office of Entrepreneurship and believes it should be an integral element in any stimulus package. The USOE would be a federally funded venture capital fund that would provide alternative funding to qualified entrepreneurs. The federal government, would become a shareholder in an entrepreneurial enterprise while entrepreneur’s would have an opportunity within an agreed upon period of time to purchase the government’s ownership stake.

Join us in supporting the initiative to create the United States Office of Entrepreneurship.

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