But will it play in Peoria?

 

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.

 

Last week, the Westchester County Association announced an initiative confronting skyrocketing energy costs and the business-debilitating credit crunch.

 

The catalyst for the proposal was a Dec. 12 economic summit that was presided over by Tom Hales, the founder and former CEO of Union State Bank, once headquartered in Orangeburg. Some 40 business leaders voiced concerns and formulated some solutions, the distillation of which resulted in three proposals: forming a consortium of banks to extend credit to businesses; creating an energy purchasing program to provide lower energy costs for hospitals, colleges and commercial office buildings; and discussing the viability of creating a funding mechanism for distressed businesses and college students in need of money via the Industrial Development Agency.

 

The only problem with this scenario is that it is Westchester-centric, as illustrated by its name, “For Westchester by Westchester.” It does not veer beyond the county”™s borders.

 

Could it be stretched as is to other counties in the Hudson Valley?

 

“It could be discussed,” said Al Samuels, president of the Rockland Business Association.

“I don”™t know if it”™s feasible,” he said.

 

“We”™re in a competitive environment now. I”™m not sure if a regional approach is the right way to go. Unless it”™s a regional project, like the Tappan Zee Bridge, where there”™s a reason for a coalescence of three communities. For any intra-county approach, you”™d have to judge each situation separately.”

 

And there”™s the rub.

 

What”™s good for Westchester might not be good for Dutchess or Orange or Rockland or Putnam or Ulster counties.

 

Still, the initiative could serve as a model for other counties to copy or modify.

 

No matter who had the idea, restoring confidence in and among the business community as well as prop up a faltering economy on the local level is a good thing.

 

WCA President Bill Mooney last week spoke boldly in announcing the plan, 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.”

 

Now is not the time to put our heads in the sand.

 

It”™s time for action and innovation.

 

Businesses must think creatively and strategically.

 

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 now applies is a spirit of cooperation. And perhaps a little ingenuity.

 

We applaud the WCA for taking matters into its own hands. We hope that the initiative moves forward and is adopted in some fashion by other counties where it can help realign the local economies.

 

Thinking locally and acting locally should be the new slogan.