Usage of Credit Cards A Focus at National Business Summit
Credit cards, mortgages, business management and manufacturing are just some of the topics to be covered at the National Business Summit. Although the summit was planned months ago, it wasn’t until the recent recession that its significance was truly realized. Part of the meeting’s goal is to create a formal plan to keep the US “competitive in manufacturing, energy, technology and environmental efforts.”
National Business Summit’s beginnings
In its planning stages, the National Business Summit was focused on US growth. Almost immediately after the initial planning stages began, the banking industry failed, creating problems with lending. The housing industry experienced huge spurts in foreclosure numbers. Auto giants ended up in bankruptcy court. The government has used billions of dollars to invigorate the economy. The president took on the mission of finding effective restructuring of the nation.
The summit’s current state
Now that the recession has hit full force, the National Business Summit is more determined than ever to do something for the economy. Over 90 leaders from the public and private sectors are gathering for a 3-day meeting. Co-creator of the summit and VP of accounting for Deloitte LLP Tom Dekar stated, “The need is more crucial now… I think we may be where we are because we did not have the right policy set in each of those topic areas.” He added, “Had we had a better set of policies in the industrial sector, had we looked at the automotive market as a market… we might not be where we are today.”
Although conference organizers initially wanted to bring in 5,000 attendees, the recession caused a scaled-back conference to be planned. Only 3,000 are now expected and the venue will be at the Detroit Economic Club. Despite the change in scale, the purpose remains— gather leaders from business, academia and government to discuss and strategize solutions that increase the nation’s competitive edge within the global market.
Expected to attend are top executives from companies like Microsoft Corp, Delta Airlines Inc, ConocoPhillips, Citigroup, GM and Ford Motor Company. Members of the Obama administration are expected to join and discuss new green initiatives, lending policies regarding credit cards, enterprise and innovation. Of the automobile presence at the summit, Dekar stated, “They enjoyed 100% of the market share in the 40s, 50s and 60s… then along came the transplants who didn’t have the same kinds of costs… given we are where we are, what do you really want to be in the future? How do we ensure the marketplace is fair to all participants?”
The People’s Summit
Critics of the National Business Summit have formed their own meeting, called the People’s Summit. Spokesman Abayomi Azikiwe, a community activist, stated, “The whole thrust of the [National Business] summit, in our opinion, is misguided… the financial community, as well as the industrialists, have created conditions for the worst economic crisis we’ve faced in 75 years. We don’t feel they have a solution.” The People’s Summit is focusing on stopping foreclosures and evictions, creating job programs, and beneficial health insurance policies. The belief of this meeting is that the US has to “cure its ails” first before it can extend or strategize its benefit to the global market.
The American public will benefit
Despite contradictory purposes, the National Business and the People’s summits are both aiming to find ways out of the recession. Though there are disagreements, the key to growth is to brainstorm as many solutions as possible and make educated choices on which ones to choose. If together the groups can improve the housing value issues, increase the benefits of credit cards, spur manufacturing in the US and find ways to create jobs, the American public will benefit.