Terra Nova Obama, the Business Reaction

By November 6, 2008Economy

Lots of straightforward stories today like this in the L.A. Times, “Democrats, interest groups compete to set Washington’s agenda.”

And this one, another angle or emphasis, from McClatchy, “Big business prepares for a less friendly Washington.” And its flip side, from The Hill, “With strengthened hand on the Hill, liberal lobbies dreaming of big gains.”

But for a more focused look at the business perspective, this is a good piece by David M. Dickson in The Washington Times, “Business offers to assist Obama in solving crisis,” with the sub-hed, “Credit crunch a key concern.”

A day after Democrats achieved an across-the-board electoral victory, business leaders pledged Wednesday to work with the new Obama administration and Congress, emphasizing the need to solve the credit crunch and get the economy growing again.

The Business Roundtable, the National Association of Manufacturers and the U.S. Chamber of Commerce all extended congratulations to President-elect Barack Obama, while laying out the priorities of the nation’s private sector.

Business leaders emphasized the immediate need to address the credit crisis and to reinvigorate the economy, even though the new administration will not take office for 11 weeks.

“Credit issues are at the forefront,” said NAM President John Engler at a Washington briefing. “Manufacturers are severely impacted by the credit squeeze. Companies with solid balance sheets, good credit histories and order backlogs cannot obtain routine financing.”

Another story of interest from the Wash Times, too, “Obama’s plate already full,” with talk of the financial crisis.

John Engler, president and chief executive officer of the National Association of Manufacturers, said the country’s struggling automakers are one sector that can’t wait until Mr. Obama is inaugurated Jan. 21. Without federal help soon, he said, No. 3 car maker Chrysler may not be around for the Obama administration.

“It’s a long time until January,” Mr. Engler said. “Part of the transition has to involve these issues.”



Leave a Reply