Thinking locally, acting locally

 

As the subprime mortgage morass descended into Dante”™s eerily foretold eighth circle of hell ”“ populated with fraudulent advisers, alchemists and perjurers ”“ confidence in the business community and its hardworking members took a nosedive.

 

The world wobbled on, gathering sticky economic bugaboos like a cardboard wand in a cotton candy machine.

 

The economic malaise persists.

 

A couple months back, the Westchester County Association started getting calls ”“ a lot of calls ”“ from members asking what the WCA could do to help the business community. WCA President Bill Mooney and his colleagues decided on holding an economic summit.

 

On Dec. 12, Tom Hales, the founder and former CEO of Union State Bank, held sway over the forum at the Graduate Center of Pace University that attracted 40 business leaders from across Westchester County. They voiced their concerns and came up with some answers.

 

Last week, Mooney, wearing no kid gloves, spoke boldly, taking a slap at a disengaged county government.

 

“A clear outcome of our economic summit was the need to provide leadership in addressing the economic crisis faced by Westchester.”

 

The plan takes on skyrocketing energy costs and the business-debilitating credit crunch. The third aspect of the proposal seeks to engage county government, pointedly the Industrial Development Agency, in creating a financial backstop for distressed businesses and college students via a loan program.

 

Perhaps as a preemptive strike against critics, Mooney dropped any misinterpreted pretense of being a know-it-all, acknowledging that the initiative was just a beginning.

 

“Do we have all the answers? Of course not.”

 

He said details would be worked out as the discussions with leaders in the banking, energy and hospital sectors and government progressed.

 

Called “For Westchester by Westchester,” the proposal does not stray beyond Westchester”™s borders. At the very least, the initiative could serve as a model for other counties to copy or modify.

 

To open up credit to Westchester businesses, the WCA suggests a creating a consortium of regional and local banks that could provide loans.

 

For smaller businesses, as long as they are credit worthy, lending is not a problem, according to George Strayton, president and CEO of Rockland County-based Provident Bank. The bigger players in need of a cash infusion are the ones who are facing a tougher road.

 

The no-brainer aspect of the plan is the one calling for lower energy costs via a pooling of businesses to buy energy at a reduced price.

 

The harder sell is most likely to occur in asking the IDA to do something that it normally does not do. While it may be constitutionally permissible to have an IDA create a funding mechanism for distressed businesses and college students, getting them to do it could be another story. But as the business world changes with each passing day, there is no looking back and saying, “That”™s how we”™ve always done it.”

 

That no longer applies.

 

What does now apply is a spirit of cooperation.

 

We applaud the WCA for taking matters into its own hands. We hope the initiative moves forward and helps realign our local economy.

 

The action taken by the WCA reminds us of an old quote:

“Ask not what your country can do for you, ask what you can do for your country.”