What does bailout plan mean for local business?

Submitted by Mickki Langston on Mon, 09/29/2008 - 12:35pm

I just read this article in the Washington Post about the proposed $700B bailout of private banking and financial institutions failing in a 228-205 vote in the House. I haven't written about the current market crisis here yet, because I've been contemplating the effect on us, local businesses here in Colorado.

One thing is certain: we are facing market and economic instability that hasn't been seen since the Great Depression. And, we don't know what the next days and weeks will spell for our national economy and how it will effect us. Even if the bailout passes into law, it will provide little support for homeowners and businesses who are already facing losing property and assets because of market depreciation. With the panic on Wall St. and in Washington, we are facing serious issues about our own financial security and the ability to run our businesses. And even if the funds create stability in the markets again, the question (for conservatives and liberals alike) should be: what's next? What have we learned from this scenario and how can we translate that into creating a stronger, more solid economy?

One of the reasons we started the Mile High Business Alliance is because we believe that businesses have the capacity, the flexibility, the incentive to innovate - to not only create the products and services we need (and even things we don't, but may want), but to do so smarter and more efficiently. And we believe that local businesses have an inherit advantage in our communities - since the people doing business live here, they are more connected to the needs, values and future of our community, and are more likely to be accountable for the way they do business, as well.

This is our opportunity to come together and devise new solutions. To not be laid to waste by economic uncertainty, failed policies and greed.

So what do you think? What kinds of things can we do as local businesses to not only stay in business (and keep building the houses, growing the food, selling the clothing we need) but to thrive, despite the ups and downs of the global economy?

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Comments

How can I help my community?

Submitted by Anonymous on Wed, 10/01/2008 - 6:44pm.

This is the question that is NOT being asked by Wall St., by politicians and by regular people that are scared. I like what Langston said above 'we believe that businesses have the capacity, the flexibility, the incentive to innovate - to not only create the products and services we need (and even things we don't, but may want), but to do so smarter and more efficiently. And we believe that local businesses have an inherit advantage in our communities - since the people doing business live here, they are more connected to the needs, values and future of our community, and are more likely to be accountable for the way they do business, as well.' Who is thinking of helping the group of people and businesses and cities and states and countries? Not very many people talking on the TV or radio that is for sure. Everyone is scared and looking out for themselves because they want to make sure their loved ones and THEMSELVES get through this crisis. For me I believe that it is by being in a group that I have security, power and foresight. It is by allowing people I trust to EXCHANGE ideas and services with me that I make sure that I have what I need for my family and myself. It is that belief in the innate goodness in people (I read the Constitution as guaranteeing that goodness, that ability to reach for life, liberty and the pursuit of happiness). Balle and the Mile High Business Alliance has the opportunity to work towards that goal by working together as a community instead of just a bunch of companies or individuals or politically separated geographical locations.

Innovation in a scary economy

Submitted by Anonymous on Tue, 09/30/2008 - 10:45am.

I think making businesses thrive in this shifting economy is what the relocalization movement is all about. I think the first step is to publicize, and when you publicize, to urge people to spread their wealth around to as many small business as possible. I wonder if some kind of forum could be held with local banks, so their officers could talk about what the crisis means for them, for homeowners, etc. I would also like to hear bank officers explain who really holds mortgages these days. It used to be much more local than it is. What happens to a mortgage once you've signed it?