President Obama’s Reasons for Renominating Bernanke to 2nd Term as Federal Reserve Chairman

President Barack Obama made the following remarks on August 25 at his announcement that Federal Reserve System Board Chairman Ben Bernanke was being renominated for a second four-year term.  His current term expires January 31, 2010.

Good morning, everybody. I apologize for interrupting the relaxing that I told all of you to do, but I have an important announcement to make concerning the Federal Reserve.

The man next to me, Ben Bernanke, has led the Fed through one of the worst financial crises that this nation and the world has ever faced. As an expert on the causes of the Great Depression, I’m sure Ben never imagined that he would be part of a team responsible for preventing another. But because of his background, his temperament, his courage, and his creativity, that’s exactly what he has helped to achieve. And that is why I am re-appointing him to another term as Chairman of the Federal Reserve.

President Barack Obama

Ben approached a financial system on the verge of collapse with calm and wisdom; with bold action and out-of-the-box thinking that has helped put the brakes on our economic freefall. Almost none of the decisions that he or any of us made have been easy. The actions we’ve taken to stabilize our financial system, to repair our credit markets, restructure our auto industry, and pass a recovery package have all been steps of necessity, not choice. They’ve faced plenty of critics, some of whom argued that we should stay the course or do nothing at all. But taken together, this “bold, persistent experimentation” has brought our economy back from the brink. They’re steps that are working. Our recovery plan has put tax cuts in people’s pockets, extended health care and unemployment insurance to those who have borne the brunt of this recession, and is continuing to save and create jobs that otherwise would have been lost. Our auto industry is showing signs of life. Business investment is showing signs of stabilizing. Our housing market and credit markets have been saved from collapse.

Of course, as I’ve said before, we are a long way away from completely healthy financial systems and a full economic recovery. And I will not let up until those Americans who are looking for jobs can find them; until qualified businesses, large and small, who need capital to grow can find loans at a rate they can afford; and until all responsible mortgage-holders can stay in their homes. That’s why we need Ben Bernanke to continue the work he’s doing, and that’s why I’ve said that we cannot go back to an economy based on overleveraged banks, inflated profits, and maxed-out credit cards.

Ben Bernanke

For even as we’ve taken steps to rescue our financial system and our economy, we must now work to rebuild a new foundation for growth and prosperity. We have to build an economy that works for every American, and one that leads the world in innovation, in investments, and in experts — exports.

Part of that foundation has to be a financial regulatory system that ensures we never face a crisis like this again. We’ve already seen how lax enforcement and weak regulation can lead to enormous wealth for a few and enormous pain for everybody else. And that’s why even though there is some resistance on Wall Street from those who would prefer to keep things the way they are, we will pass the reforms necessary to protect consumers, investors, and the entire financial system. And we will continue to maintain a strong and independent Federal Reserve.

We will also keep working towards the reform of a health insurance system whose costs and discriminatory practices are bankrupting our families, our businesses, and our government. We will continue to build a clean energy economy that creates the jobs and industries of the future within our borders. And we will give our children and our workers the skills and training they need to compete for these jobs in the 21st century.

Much like the decisions we’ve made so far, the steps we take to build this new foundation will not be easy. Change never is. As Ben and I both know, it comes with debate and disagreement and resistance from those who prefer the status quo. And that’s all right, because that’s how democracy is supposed to work. But no matter how difficult change is, we will pursue it relentlessly because it is absolutely necessary to lift this country up and create an economy that leads to good jobs, broad growth, and a future our children can count on. That’s what we’re here to do, and that’s what we will continue to do in the months ahead. So I want to congratulate Ben on the work that he’s done so far, wish him continued success in the hard work that he has before him. Thank you so much, Ben.

How Professional Coaching Can Foster Success Focus of August 24 Economic Perspectives

Elizabeth Bert

The Los Angeles Lakers, the Florida Gators, and the Pittsburgh Steelers all won team sports championships this year, but could they have done it without their coaches Phil Jackson, Urban Meyers, and Mike Tomlin? Maybe a professional coach can help you to achieve the success you are seeking for your business.  Find out more on the August 24 edition of Economic Perspectives on KAZI 88.7 FM with our guest Elizabeth Bert, a certified professional coach. Bert is the founder of Total Leadership Ventures, LLC., an executive coaching and leadership development company devoted to effectively close the gap between where your leaders and employees are now and where you want them to be.

Bert has over 15 years of experience parterning with Fortune 100 industry giants such as Apple, Dell, HP, General Motors, Microsoft and Motorola.  She applies a wealth of business experience to challenge current thinking and offers new insights to awaken high-tech leaders, corporate professionals, teams and entrepreneurs to find new paths for peak productivity to accelerate innovation and boost bottom-line business results.

Starting and Growing a Business in Today’s Economic Environment

How do you grow the sales of your business when consumers are reluctant to open their wallets and corporations, small businesses, and government agencies are often cutting their expenditures?  Learn some of the keys of business success today at the seminar “Starting and Growing a Business in Today’s Economic Environment” on Saturday, August 22, 10 a.m. – 10:55 a.m., at the Monarch Event Center in the Lincoln Village Shopping Center, 6406 N. I-35, Austin, Texas.  Sponsored by KAZI and the Austin Cen-Tex chapter of the National Association of Black Accountants (NABA), the seminar will feature presentations by a full-time and part-time entrepreneur on their challenges and successes starting or growing their businesses during the recession.  It will also include an overview by a CPA on setting up an accounting and bookkeeping system.  The cost to attend the seminar, which is part of KAZI SummerFest 2009, is to donate school supplies.  The featured speakers are:

• Marlon Green, owner of MSG Accounting Services
• Tommy Griffin, owner of Speedpro Imaging North Austin
• Betty Works, CPA

Hopeton Hay, host of Economic Perspectives, will serve as moderator of the workshop.

Green, who has a full-time job while running his business on a part-time basis, says that time mangement is critical to success as an entrepreneur.

“Whether you are starting a full time or part time business it will be imperative that you know how to manage your time effectively on a day to day basis, especially when there is a family involved,” advises Green.

Griffin recently left a position at Applied Materials to launch SpeedPro Imaging North Austin.  He encourages fledgling entrepreneurs to ignore the nay-sayers.

“There will always be nay-sayers and people that don’t understand what you are doing or think that what you are doing is crazy.  Ignore them.  Not everyone is an expert that you should except advice from, but there will be plenty of people out there with free advice to discourage you,” says Griffin.

Works, who has a doctorate in business administration in addition to being a certified public accountant (CPA), advises entrepreneurs to set up a separate bank account for the business to handle income and expenses.  She also says its important to treat employees as partners.

“Employees are valuable assets,” says Works.  For more information and to rsvp to attend the seminar contact Hopeton Hay at hopeton@econpers.com.

About the Speakers

Marlon Green

Marlon Green is an Accountant for a consulting company in downtown Austin, Texas. He is a graduate of Houston Baptist University where he doubled major in Business Administration and Accounting.

Mr. Green has spent the majority of his accounting career in the Oil & Gas industry in Houston, Texas where he was employed by Lyondell Petrochemical Company and Shell Lubricants. In 2009 Marlon Green also started a part time tax preparation business which is called MSG Accounting Services. In addition to the experience that he has obtained in the Accounting field, Mr. Green has been a member of the National Association of Black Accountants where he is currently working with the Community Affairs Committee and the Chair of the Technical Sessions Committee for the 2009 Southwest Western Region Student Conference. Mr. Green has also worked as a liaison for the students at Texas State University.  is the new proud owner of Speedpro Imaging North Austin, a small business enterprise that specializes in wide-format printing. 

Tommy Griffin is the new proud owner of Speedpro Imaging North Austin, a small business enterprise that specializes in wide-format printing. 

Tommy Griffin

Prior to going into business for himself, Tommy spent nearly 12 years at Applied Materials in both Santa Clara, California and Austin, Texas.  At Applied Materials, Tommy held various roles in Finance including Internal Auditor and Financial Analyst and was promoted multiple times.  His final role was Gross Margin Finance Manager, responsible for reporting gross margin components for the Silicon Business Segment, and Global Process Owner for Installation and Warranty Reserve Accounting.  Prior to joining Applied Materials, Tommy spent three years at public accounting firm Deloitte & Touche LLP in San Jose, California and worked with clients such as Network Equipment Technologies, Granite Rock Construction and The County of Santa Clara.  A native Californian, Tommy was awarded a track scholarship while attending California Polytechnic State University at San Luis Obispo and graduated with a Bachelor of Science degree in Business Administration, concentration in Accounting.  Tommy is a Certified Public Accountant and married with three school aged children.

Hopeton Hay

Hopeton Hay is the host of Economic Perspectives, a weekly business talk show on KAZI 88.7 FM in Austin, Texas and is founder and editor of the Economic Perspectives Blog. 

He has over 20 years experiences assisting small, minority, and women-owned businesses with access to capital, contracts, and surety bonds.  Currently he manages a technical assistance and training program for minority and women-owned businesses for a major university system.  His past experience includes serving as Project Director of the Dallas/Fort Worth Minority Business Development Center and Director of Texas Center Operations of the NAACP Community Development Resource Center.  He is a board member of the Austin Cen-Tex chapter of NABA, the Surety Association of South Texas, and the Texas NAACP.

Dr. Betty Works is an Audit Manager for U.S. Army Audit Agency, Acquisition and Logistics Directorate.  She was also the Field Office Manager. In this capacity, she is responsible for providing leadership and management for the audit technical staff and the field office administrative staff.  She works with Agency headquarters to ensure continuity of field office operations.  Dr. Works also coordinates with the Deputy Auditor General for Acquisition and Logistics and the Program Director for Installation Operations to facilitate audit coverage and technical oversight for audits of Army programs–with budgets in excess of $30 million–required to effectively operate installations. 

Dr. Betty Works

Dr. Works began her career with Army Audit Agency in 1987. Her first assignment was with the former Southwest Region located in San Antonio, Texas. Before assuming her current position, she was assigned to the former European Region (Kaiserslautern Field Office) and the New Jersey Field Office.

Dr. Works educational accolades include a Doctorate in Business Administration, a Master’s Degree in Business Administration, and a Bachelor’s Degree in Business Administration. She is a Certified Public Accountant licensed in Texas and a Certified Government Financial Manager. She is a member of the National Association of Black Accountants where she holds the position of treasurer. She is also a member of the Texas Society of CPAs.

 Dr. Works is single and resides in Harker Heights, Texas. She has three grown children and a 3 year old grandson.

How the Best Leaders Inspire Their Teams Focus of August 17 Economic Perspectives

John Zenger, coauthor of The Inspiring Leader: Unlocking the Secrets of How Extraordinary Leaders Motivate, will be the guest on the August 17 edition of Economic Perspectives on KAZI 88.7 FM. In their bestselling work The Extraordinary Leader, performance thought leaders John Zenger and Joseph Folkman revealed the 16 key competencies that separate the top 10 percent of leaders from the rest. Since that book’s publication, they and coauthor Scott Edinger discovered, through an extensive study conducted over four years, that leaders who possessed the ability to inspire and motivate outperformed all others.

The authors found that the impact of inspiring and motivating others is consistent across different kinds of organizations and within different cultures. The Inspiring Leader reveals the authors’ newest proprietary research on how top leaders inspire teams to greatness. It discusses the behaviors exhibited by the most successful leaders and includes advice on how to implement them.

John H. Zenger, D.B.A., is the  CEO of Zenger Folkman, a firm that brings empirical research, innovative development methods, and software tools to leadership development. He is a member of the HRD Hall of Fame and has authored or coauthored eight books and 50 articles on leadership, productivity, and teams.

BizOntheRise.org: New Web Site Features Diverse Entrepreneurs with Innovative Business Solutions

Even in these days of economic uncertainty, the eternal optimism and unflagging energy of creative entrepreneurs insures that they will continue to develop innovative products and services that solve our problems, meet our needs, and fulfill our dreams.  BizOntheRise.org is a new web site that will feature stories about business and social entrepreneurs from diverse backgrounds that have developed innovative solutions to the challenges of today.

Alvin Brown

The first entrepreneur featured on BizOntheRise is Alvin Brown, president of Ladder Jumpers. Brown has developed a free service to help family and friends communicate during a natural or man-made disaster, WeAreSafeandSound.com.  During a time when the Gulf coast of Texas and Louisiana seem to have a major hurricane hit nearly every year, Brown’s commitment is worthy of notice.

Here is an excerpt from the article on Alvin Brown:

Hurricane Katrina, Hurricane Rita, Hurricane Ike.  If you, family, or friends were in the middle of one of these forces of nature you likely wanted a reliable way to contact family and friends to make sure everyone was okay.  Now an enterprising young man has developed a service to insure you can communicate with them during a natural or man-made disaster, WeAreSafeAndSound.com…To read the entire article on Alvin Brown and listen to a short interview click here.

Entrepreneurial Artist Focus of August 10 Economic Perspectives

The Bydee Art Gallery has been a fixture in the Austin art scene almost continuously since 1990-with a one year detour from 2005-2006 when the owner moved to Philadelphia.  Spawned from the unique vision of Trinidadian artist Brian Joseph, Joseph has successfully fused the spirit of the artist with the cold hard reality of business.  Brian Joseph will discuss his experience as an entrepreneur and artist on the August 10th edition of Economic Perspectives on KAZI 88.7FM.

Brian Joseph and his art

Joseph started painting in 1986 with no formal training.  His style of painting promotes education and diversity through the fictitious colorful Bydee People which reminds one of  life in the Carribean.  Joseph is  a poet, motivational speaker, and is also the author of four books: Color Me Bydee, Happy Calypso Clowns, People Come In All Colors and Words of Bydee.  He has provided commissioned art for a number of significant institutions including  Auburn University, City of Austin, National Education Agency, Texas A & M University, and the University of Texas at Austin.

Joseph has a bachelors degree in sociology and anthropology from Tougaloo University and a masters degree in urban studies from Trinity University.  Currently he is writing his fifth book titled From Brian Joseph to the Bydee Man.

New Leader of U.S. Minority Business Development Agency

U.S. Commerce Secretary Gary Locke announced the appointment of David Hinson, a St. Louis native with more than 20 years of business experience, as the new administrator of the Minority Business Development Agency (MBDA). This agency is the only federal agency created specifically to foster the establishment and growth of minority-owned businesses in the United States.

David Hinson

“The success of minority-owned businesses is essential to our economic recovery, and I’m counting on David to maximize their opportunities,” Locke said.

MBDA, through its network of 48 minority business centers throughout the country, provides one-on-one workshops and business consulting services for minority businesses to help educate them about federal opportunities, including those related to the American Recovery and Reinvestment Act.

“I’m honored to accept this position and am committed to carrying out Secretary Locke’s priority of working with minority entrepreneurs who wish to grow their businesses and increase their capacity,” Hinson said. “This work better positions these companies to create jobs, improve local economies and expand operations into national and global markets.”

In 2008, MBDA negotiated more than $2 billion in contracts and capital for minority businesses. Over the past 40 years, MBDA has served more than 625,000 minority businesses and assisted in securing more than $25 billion in loans and bonding.

Since MBDA’s creation in 1969, minority businesses have grown from 300,000 to nearly 4 million. Recent Census data indicates minority firms generate more than $661 billion in annual revenues and employ more than 4 million workers.

David Hinson Profile

Since 2002, David was President and CEO of Wealth Management Network, Inc., a multi-million dollar independent, financial advisory boutique. Prior to launching Wealth Management Network, David managed a 10-state sales region as Director of Advisory Services for Envestnet Asset Management, a $70 billion financial advisory firm. In his capacity, David advised high-end advisors in asset allocation, portfolio construction, technology, and product implementation. He also served as Managing Director of Business Development for the company. In addition, David has held a variety of senior-level and mid-management positions at Bank of America, Morgan Stanley & Company, First Chicago Bank (now JP Morgan Chase) and the Village Foundation.

David received an MBA in finance from The University of Pennsylvania Wharton School, and a bachelor’s degree in insurance and finance with honors from Howard University in Washington, D.C. In addition, he completed a fellowship in international finance with honors from the Stockholm School of Economics and completed graduate-level studies in French with honors at the University of Abidjan, in the Ivory Coast West Africa.

David is a member of a number of civic organizations including a member of the Board of Directors, Treasurer and Chair of the Audit Committee of the Council of Urban Professionals (CUP) in New York. In addition, David has provided on-air financial commentary for CNN, Fox News Channel, CBS News and The BE Report in addition to writing a financial column for The Network Journal and writing personal wealth analyses for Black Enterprise Magazine and Essence Magazine.

David is a native of St. Louis, Mo., and currently resides in Philadelphia, Pa.

Best Sources for Small Business Loans Focus of August 3 Economic Perspectives

Even during these turbulent times, many financial institutions are still making small business loans.  Learn about some of the best sources for small business loans on the August 3 edition of Economic Perspectives on KAZI 88.7 FM.  The guests will be Theresa Lee, chief lending officer for the Texas Mezzanine Fund (TMF), Jaime Noyola, director of lending for the PeopleFund, Cindy Solano, Lead Lender Relations Specialist for the San Antonio District Office of the U.S. Small Business Administration, and Michelle Frith, outreach and marketing coordinator for the City of Austin Small Business Development Program (SBDP).

Texas Mezzanine Fund

Founded in 1998, TMF is a statewide community development financial institution that provides financing for businesses located in distressed areas, minority-owned businesses, and small businesses that create jobs for low and moderate-income people. It makes loans from $50,000 – $500,000 in tandem with other financial institutions and up to “stand alone” loans up to $300,000.  

PeopleFund

Since 1995 PeopleFund has strive ed to promote lasting economic vitality for low-income people by implementing strategies that create jobs, provide safe and affordable homes, and promote good economic policy decisions for communities.  It provides loans and revolving lines of credit from $20,000 – $200,000.

Small Business Administration

 The San Antonio District Office of the SBA provides financial assistance, business counseling and training and government contracting help to small businesses that are located in its area of operation which covers 55 counties in central and southwest Texas including the cities of Austin and San Antonio.  The SBA ‘s most popular loan program is the 7 (a) program which may guaranty up to 90 perccent of a loan for a participating lender.  The maximum loan eligible for guaranty is $2 million.

City of Austin Small Business Development Program

The City of Austin SBDP provides counseling and assistance to small businesses.  It is hosting the 6th annual Meet the Lender Business Loan Fair on August 6 3 p.m. – 7 p.m. at the Palmer Events Center, 900 Barton Springs Rd.  This is an opportunity to meet, network, and learn from area lenders about the loan process for your small business.