Economic Perspectives with Hopeton Hay on KAZI 88.7 FM in Austin, TX

Archive for November, 2009

November 30 Interview with Maggie Anderson on Supporting Black Business Postponed

Posted by Hopeton on November 30, 2009

The November 30 Economic Perspectives interview with Maggie Anderson, CEO of the Empowerment Experiment, has been postponed to late December or early January.

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November 30 Economic Perspectives Focus on Black Business and Business History

Posted by Hopeton on November 30, 2009

Maggie Anderson, co-founder and CEO of the Empowerment Experiment will be the guest on the first half of Economic Perpsectives on November 30, 5:30 p.m. – 5:45 p.m. on KAZI 88.7 FM in Austin.  Listen live online at http://www.live365.com/stations/kazifm?site=pro&play.  The Empowerment Experiment, based in Chicago,  is an initiative by Maggie and her husband John Anderson to buy products and services from only Black-owned businesses for one year.

Maggie Anderson

“The Empowerment Experiment exists because we are not doing enough as a community to support Black business.,” says Anderson.  “The plight and potential of Black entrepreneurs and professionals are virtually absent from the national dialogue. We believe they are key to creating and stimulating long–term wealth in Black communities.”

Maggie is an accomplished strategy professional with twelve years of legal, research, communications and business strategy experience. With a JD and an MBA from the University of Chicago, and as a former Strategy Manager and Speechwriter for C-suite executives at McDonald’s, Maggie is a respected leader in the Chicago business community. Previously, at McDonald’s corporate headquarters, she developed, presented, and implemented influential growth strategies and venture plans in the areas of diversity, emergent industries and global markets, market segmentation, communications, business intelligence, and corporate responsibility.

The guest on the second half  of Economic Perspectives will be Gary Hoover, Entrepreneur-in-Residence at the Herb Kelleher Center for Entrepreneurship at The University of Texas at Austin McCombs School of Business.  Hoover is leading a lecture series, The Story of Enterprise: Lessons for Leaders from Business History, that is kicking off on December 2 at 5;30 p.m. with a lecture and discussion about how a handful of immigrants created the movie industry, The Big Screen.  The Story of Enterprise is sponsored by the AT&T Executive Education and Conference Center and Herb Kelleher Center for Entreprenuership of the McCombs School of Business.

Hoover is the founder of Austin-based Bookstop, which grew to be the fourth largest bookstore chain in the nation before being acquired by Barnes & Noble in 1989.  he also founded Hoover’s, Inc., one of the world’s largest online providers of information about industries, companies and executives. The company went public in 1999 and was acquired by Dun & Bradstreet in 2003. Hoover has served in numerous advisory positions in education and business, including a five-year stint on the board of directors at Whole Foods Market.

 

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The Story of American Business Editor Guest on KAZI Book Review

Posted by Hopeton on November 29, 2009

The November 29 guest on KAZI Book Review is Nancy Koehn, editor of The Story of American Business: From the Pages of the New York Times.  Listen live to the interview 12:30 p.m. – 1 p.m. central time at  http://www.live365.com/stations/kazifm?site=pro&play. The Story of American Business which focuses on The New York Times’ most fascinating and relevant articles about business, opens a compelling window onto how one of the most powerful economies in human history came to be, including the men and women who have helped create it. Introduced and narrated by Harvard Business School historian Nancy Koehn, The Story of American Business walks you through content ranging from feature stories to in-depth news analysis to obituaries, spanning from the 1850s to today.

Nancy Koehn

Koehn is a historian at the Harvard Business School where she holds the James E. Robison chair of Business Administration. Koehn’s research focuses on entrepreneurial leadership and how leaders, past and present, craft lives of purpose, worth, and impact.  At the Harvard Business School, she teaches the MBA elective Entrepreneurial Leadership in Turbulent Times.  She is currently working on a book about the most important leadership lessons from Abraham Lincoln’s journey and another on social entrepreneurs. Nancy is also the author of Brand New: How Entrepreneurs Earned Consumers’ Trust from Wedgwood to Dell (2001) and The Power of Commerce: Economy and Governance in the First British Empire .

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Greening Your Business to Grow Profits Focus of November 23 Economic Perspectives

Posted by Hopeton on November 22, 2009

Jennifer Kaplan

Jennifer Kaplan, author of Greening Your Small Business: How to Improve Your Bottom Line, Grow Your Brand, Satisfy Your Customers – and Save the Planet is the November  23 guest on Economic Perspectives, 5:30 p.m. – 6 p.m. on KAZI 88.7 FM.  Listen live to the interview online at http://www.live365.com/stations/kazifm?site=pro&play.

Greening Your Small Business is a resource for those who want their small businesses to be cutting- edge, competitive, profitable, and eco-conscious.  Filled with stories from small business owners of all stripes, Greening Your Small Business addresses every aspect of going green, from basics such as recycling, reducing waste, energy efficiency, and reducing the IT footprint, to more in-depth concerns such as green marketing and communications, green business travel, and green employee benefits.
For companies too small to hire consultants to draft and implement green policies and practices, this guide is designed for easy use, featuring:

• Simple ways to make the workplace greener
• Two plans of action for going green (divided into two levels)
• Definitions for green terminology and jargon

Kaplan is a partner in Greenhance a marketing consultancy that provides ecowise advice to help small businesses grow greener. She has more than 20 years of marketing experience with companies such as Discovery Channel, Lifetime Television, Conde Nast Publications and Simon & Schuster Publishing. An Adjunct Faculty in Marketing at Marymount University, she has conducted in-depth research into consumer attitudes about how small businesses can most effectively go green.

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Chronicle of Efforts to Save U.S. Financial System Focus of KAZI Book Review

Posted by Hopeton on November 21, 2009

Andrew Ross Sorkin, author of Too Big To Fail: The inside story of how Wall Street and Washington fought to save the financial system and themselves, is the November  22 guest on KAZI Book Review, 12:30 p.m. – 1 p.m. on KAZI 88.7 FM.  (If you missed this interview and would like to know when it will be available to download to a CD or your mp3 player or IPOD email hopeton@econpers.com) Sorkin delivers a behind-the-scenes, moment-by-moment account of how the greatest financial crisis since the Great Depression developed into a global tsunami. From inside the corner office at Lehman Brothers to secret meetings in South Korea, and the corridors of Washington, Too Big to Fail is the story of the most powerful men and women in finance and politics grappling with success and failure, ego and greed, and, ultimately, the fate of the world’s economy.

“We’ve got to get some foam down on the runway!” a sleepless Timothy Geithner, the then-president of the Federal Reserve of New York, would tell Henry M. Paulson, the Treasury secretary, about the catastrophic crash the world’s financial system would experience.

Andrew Ross Sorkin (photo by Brent Murray)

Through unprecedented access to the players involved, Too Big to Fail re-creates all the drama and turmoil, revealing never disclosed details and elucidating how decisions made on Wall Street over the past decade sowed the seeds of the debacle. This true story is not just a look at banks that were “too big to fail,” it is a real-life thriller with a cast of bold-faced names who themselves thought they were too big to fail.

Sorkin is the award-winning chief mergers and acquisitions reporter for The New York Times, a columnist, and assistant editor of business and finance news. He is also the editor and founder of DealBook, an online daily financial report. He has won a Gerald Loeb Award, the highest honor in business journalism, and a Society of American Business Editors and Writers Award. In 2007, the World Economic Forum named him a Young Global Leader.

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November 15 KAZI Book Review Features Author of TOO BIG TO SAVE?: How to Fix the U.S. Financial System

Posted by Hopeton on November 15, 2009

Robert Pozen, author of  TOO BIG TO SAVE?: How to Fix the U.S. Financial System is the November 15 guest on KAZI Book Review on KAZI 88.7 FM, 12:30 p.m. – 1p.m. You can listen to the interview live on the web at http://www.live365.com/profiles/kazifm.9780470499054.pdf

Widely recognized for his leadership in both finance and economic policy, Pozen takes federal policymakers to task for spending huge sums of money with too few benefits for America’s taxpayers. Instead, he urges our government to rein in its bailouts, stop buying toxic assets, and provide more incentives for the private sector to regulate itself.  Pozen argues that:   

  • The key to our economy’s recovery is the revival of loan securitization
  • Broad-based legislative restrictions on executive compensation tend to backfire
  • Fair value accounting did not cause the financial crisis and should mostly be retained
  •  International cooperation won’t do much to prevent future financial crises
  • Regulatory gaps should be closed without creating omnibus agencies

Within a sweeping analysis, TOO BIG TO SAVE? chronicles the collapse of our financial system, one domino at a time from mortgage-backed securities to stock markets, from money market funds to recapitalized banks, and from the SEC’s mistakes to international protectionism. Pozen then suggests how the securitization process should be reformed, assesses the impact of the financial crisis on the stock and bond markets, and evaluates the federal bailout of financial institutions by buying their stock and toxic assets.

Pozen

Robert Pozen

 Pozen is Chairman of MFS Investment Management, which manages over $150 billion in assets for more than five million investors worldwide.  He was formerly vice chairman of Fidelity Investments and president of Fidelity

Management & Research Company, the investment advisor to the Fidelity mutual funds.  He served on President Bush’s Commission to Strengthen Social Security and as Secretary of Economic Affairs for Massachusetts Governor Mitt Romney.  He is a senior lecturer at Harvard Business School and has contributed numerous articles to the Wall Street Journal, the New York Times, and the Financial Times.

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How Today’s Smartest Businesses From Facebook to Twitter Grow Themselves Focus of November 16 Economic Perspectives

Posted by Hopeton on November 15, 2009

Adam Penneberg, author of Viral Loop: From Facebook to Twitter, How Today’s Smartest Businesses Grow Themselves, will be the November 16 guest on Economic Perspectives on KAZI 88.7 FM, 5:30- 6 p.m.  You can listen to the interview live on the web at http://www.live365.com/profiles/kazifm.

“Here’s something you may not know about today’s Internet. Simply by designing your product the right way, you can build a flourishing business from scratch. No advertising or marketing budget, no need for a sales force, and venture capitalists will flock to throw money at you,” explains Pennenberg.VIRAL LOOP

Many of the most successful Web 2.0 companies, including MySpace, YouTube, eBay, and rising stars like Twitter and Flickr, are prime examples of what journalist Penenberg calls a “viral loop”–to use it, you have to spread it. After all, what’s the sense of being on Facebook if none of your friends are? The result: Never before has there been the potential to create wealth this fast, on this scale, and starting with so little.

In this game-changing must-read, Penenberg tells the fascinating story of the entrepreneurs who first harnessed the unprecedented potential of viral loops to create the successful online businesses–some worth billions of dollars–that we have all grown to rely on. The trick is that they created something people really want, so much so that their customers happily spread the word about their product for them.

Adam Pix2

Adam Pennenberg

All kinds of businesses–from the smallest start-ups to nonprofit organizations to the biggest multinational corporations–can use the paradigm-busting power of viral loops to enable their business through technology. Viral Loop is a must-read for any entrepreneur or business interested in uncorking viral loops to benefit their bottom line.

Penenberg is a journalism professor and assistant director of the Business and Economic Program at New York University. A contributing writer to Fast Company, he has also written for Inc., Forbes, the New York Times, Slate, Wired, The Economist, Playboy and Mother Jones. A former senior editor at Forbes and reporter for Forbes.com, he garnered national attention in 1998 for unmasking serial fabricator Stephen Glass of The New Republic. Penenberg’s story was a watershed for online investigative journalism.

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Legislation Unveiled to Reform U.S. Financial System

Posted by Hopeton on November 10, 2009

Senate Banking Committee Chairman Chris Dodd (D-CT) joined by fellow committee members Jack Reed (D-RI), Charles E. Schumer (D-NY), Robert Menendez (D-NJ), Daniel K. Akaka (D-HI), Jon Tester (D-MT), Mark Warner (D-VA), Jeff Merkley (D-OR) and Michael Bennet (D-CO) unveiled a bill today to reform the way that our financial system is regulated.  Enclosed below is a summary of the highlights of the bill provided by the press office of the Senate Banking Committee.

Dodd

Senator Christopher Dodd

Summary: Restoring American Financial Stability – Discussion Draft

HIGHLIGHTS OF THE DISCUSSION DRAFT

Consumer Financial Protection Agency: Creates an independent watchdog to ensure American consumers get the clear, accurate information they need to shop for mortgages, credit cards, and other financial products, while prohibiting hidden fees, abusive terms, and deceptive practices.

Ends Too Big to Fail: Prevents excessively large or complex financial companies from bringing down the economy by: creating a safe way to shut them down if they fail; imposing tough new capital and leverage requirements and requiring they write their own “funeral plans”; requiring industry to provide their own capital injections; updating the Fed’s lender of last resort authority to allow system-wide support but not prop up individual institutions; and establishing rigorous standards and supervision to protect the economy and American consumers, investors and businesses.

Protects Against Systemic Risks: Creates an independent agency with a board of regulators to identify and address systemic risks posed by large, complex companies, products, and activities before they threaten the stability of the financial system. The agency could require companies that threaten the economy to divest some of their holdings.

Single Federal Bank Regulator: Eliminates the convoluted system of multiple federal bank regulators to increase accountability and end unnecessary overlap, conflicting regulation, and “charter shopping;” keeps in place the healthy dual banking system that governs community banks.

Executive Compensation and Corporate Governance: Provides shareholders with a say on pay and corporate affairs with a non-binding vote on executive compensation and director nominations.

Closes Loopholes in Regulation: Eliminates loopholes that allow risky and abusive practices to go on unnoticed and unregulated – including loopholes for over-the-counter derivatives, asset-backed securities, hedge funds, mortgage brokers and payday lenders.

Protects Investors: Provides tough new rules for transparency and accountability from investment advisors, financial brokers and credit rating agencies to protect investors and businesses.

Enforces Regulations on the Books: Strengthens oversight and empowers regulators to aggressively pursue financial fraud, conflicts of interest and manipulation of the system that benefit special interests at the expense of American families and businesses.

For more information on the proposed legislation click here.

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SBA Creates Secondary Market Guaranty Program for 504 First Mortgage Loan Pools

Posted by Hopeton on November 10, 2009

Regulations published by the U.S. Small Business Administration will create a secondary market guarantee program to provide greater liquidity for lenders and expand access to capital for small businesses. Funded through the American Recovery and Reinvestment Act, the new program would encourage sales into the secondary market of the “first mortgage” portion of small business financing made possible through the SBA’s 504 Certified Development Company (CDC) program. As a result of the economic recession and the disruption in the credit markets, there has been a significant decline in secondary market activity for 504 first mortgage loans.

“This new program will stimulate activity in the secondary market, ensuring lenders have a place to sell first mortgage loans on their books and in turn have liquidity to make more loans to small businesses,” SBA Administrator Karen Mills said. “This is another tool in our Recovery toolbox that will expand access to the capital small businesses need to drive economic growth and create jobs.”

The 504 CDC program provides credit for the purchase of real estate and other fixed assets tied to a business’ expansion. Financing under the program includes three components: 1) a first mortgage or lien, which is made by a private commercial lender for 50 percent of the total project and does not come with a government guarantee, 2) a second mortgage or lien, which is made by a CDC for 40 percent of the total project and guaranteed fully by the SBA, and 3) borrower equity for the remaining 10 percent of the total project.

Under the new program, portions of eligible 504 first mortgages pooled by originators or broker dealers could be sold with an SBA guarantee to third-party investors in the secondary market. Lenders will retain at least 15 percent of each individual loan, pool originators will assume 5 percent of the risk, and the SBA will guarantee the remaining 80 percent. To be eligible to be included in a pool, the first mortgage must be associated with a 504 loan disbursed on or after Feb. 17, 2009. The program will be in place until Feb. 16, 2011, or until $3 billion in new pools are created, whichever occurs first.

SBA will begin accepting applications to become a pool originator from banks and broker dealers immediately, and expects to be operational for the settlement of pools in about 60 days.

For more information, lenders or broker/dealers can contact James W. Hammersley, Deputy Assistant Administrator for Policy and Strategic Planning at james.hammersley@sba.gov.

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Austin Urban Market Focus of November 9 Economic Perspectives

Posted by Hopeton on November 8, 2009

Don and Sharon Ellerby, owners of Austin Urban Market, are the November 9 guests on Economic Perspectives on KAZI 88.7 FM, 5:30-6 p.m. Austin Urban Market was started in 2009 to encourage cooperative economics by providing Austin area artists and other entrepreneurs a showcase to market their products and services to the local community.  Austin Urban Market will be showcasing local entrepreneurs on November 14, 10 a.m. – 4 p.m. at the Villager Newspaper, 1223 Rosewood Ave. as part of the 2009 E.A.S.T. Austin Studio Tour.

Sharon Ellerby Photoedited

Sharon Ellerby

Don and Sharon are also owners of African Visions which provides handmade natural & organic hair and skin care products and African and African American artwork, jewelry and accessories.

Don Ellerby is a native of Austin who has been involved with numerous community organizations and activities.  His volunteer work has included working on the City of Austin Parks and Recreation Department Black History Month Heritage Festival, Texas Legislative Black Caucus, and Texas Senate Black Caucus.

Sharon Ellerby is also a native of Austin.   She has been featured in Southern Living Magazine’s People & Places Making a Difference (March 2009) and the Villager Newspaper (March 2009) and won the Big Austin’s Citibank Foundation/Women & Co. Award in April 2009.

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