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Steve Forbes talks politics, economics at local event
Forbes editor-in-chief tells attendees that the path to recovery is based on a government that knows its limitations.
By Kimberly A. PorrazzoPublished: March 01, 2010
Forbes magazine CEO and Editor-in-Chief Steve Forbes addressed a crowd of 500 business leaders at a private lunch today, hosted by Northwestern Mutual. The event, held at the Balboa Bay Club in Newport Beach, teamed Forbes with Northwestern Mutual Chairman and CEO Ed Zore in a Q&A on the economy, politics and leadership.
As Zore took his seat onstage with the former Republican presidential candidate, the crowd appreciated his positioning: “You’ll notice I sit to the left of Steve,” Zore said.
It was Forbes, though, a four-time recipient of the Crystal Owl Award – an honor that recognizes the financial journalist whose economic forecasts for the coming year are most accurate – that the crowd came to hear. According to Forbes, three indicators must be in place in order for the economy to reset. He pointed to the stability of the dollar, sensible tax rates and debt reduction as factors in the recovery.
“The real question,” Forbes said, “is how sustainable will the recovery be?”
If we get it right on the dollar, taxes and the debt, we’ll be OK, he said.
Noting California’s budget crisis, along with the scandal brewing in Greece, he stressed, “Locally, you can’t spend what you don’t have.”
A more common-sense approach to personal finances, corporate behavior and government involvement are needed.
“Sensible rules of the road and a government that realizes what its limitations are is the answer. You don’t go 100 miles in a school zone or drive while you’re drunk.”
Less government and a tax structure that encourages innovation are essential to a sustained recovery, he said.
“Ingenuity will come and people will pull us out of it (the recession).”
On the question of whether we’ve arrived at a “new normal,” Forbes responded with, “It’s not the new normal. It’s going back to normal. What’s happened was abnormal.”
On the stimulus plan, which Forbes likened to “steroid growth,” he said, “You don’t get ahead by telling people to go out and buy things they might not need. You do it with innovation.”
Claiming that the current climate is hostile to growth, he noted a list of countries, including China and India, that all had more IPOs than the U.S. during the past year.
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As Zore took his seat onstage with the former Republican presidential candidate, the crowd appreciated his positioning: “You’ll notice I sit to the left of Steve,” Zore said. It was Forbes, though, a four-time recipient of the Crystal Owl Award – an honor that recognizes the financial journalist whose economic forecasts for the coming year are most accurate – that the crowd came to hear. According to Forbes, three indicators must be in place in order for the economy to reset. He pointed to the stability of the dollar, sensible tax rates and debt reduction as factors in the recovery. “The real question,” Forbes said, “is how sustainable will the recovery be?” If we get it right on the dollar, taxes and the debt, we’ll be OK, he said. Noting California’s budget crisis, along with the scandal brewing in Greece, he stressed, “Locally, you can’t spend what you don’t have.” A more common-sense approach to personal finances, corporate behavior and government involvement are needed. “Sensible rules of the road and a government that realizes what its limitations are is the answer. You don’t go 100 miles in a school zone or drive while you’re drunk.” Less government and a tax structure that encourages innovation are essential to a sustained recovery, he said. “Ingenuity will come and people will pull us out of it (the recession).” On the question of whether we’ve arrived at a “new normal,” Forbes responded with, “It’s not the new normal. It’s going back to normal. What’s happened was abnormal.” On the stimulus plan, which Forbes likened to “steroid growth,” he said, “You don’t get ahead by telling people to go out and buy things they might not need. You do it with innovation.” Claiming that the current climate is hostile to growth, he noted a list of countries, including China and India, that all had more IPOs than the U.S. during the past year. Related headlines Forum for Corporate Directors honors individuals for business excellence James Beard Foundation names Studio's Craig Strong among semi-finalists O.C.'s tourism industry set to rebound in 2010 |
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