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Full report ceo_council

  1. 1. P2JW329024-0-R00100-1--------XA 11/24/2008 AZ,EE,MW,SC,SW,WE C M Y K Composite P2JW329024-0-R00100-1--------XA 7 Shaping the New Agenda 7 THE JOURNAL REPORT s 2008 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, November 24, 2008 R1 CEO COUNCIL What should President Obama do? As he prepares to take office, The Wall Street Journal convened some of the country’s top CEOs and policy makers to come up with their priorities for the new administration and Congress. Inside, you’ll find what they think should be on that to-do list—and why. Finance & America in the The U.S. Economy Global Economy TOP PRIORITY: TOP PRIORITY: A QUICK STIMULUS PACKAGE A NEW TRADE AGENDA R5 R6 Energy & Health The Environment Care TOP PRIORITY: TOP PRIORITY: A BROAD ENERGY AND ENVIRONMENT POLICY FIGHTING OBESITY R6 R7 PLUS: Interviews with Henry Paulson, Robert Rubin and Lawrence Summers on the economy, and James Comer, Joel Klein and Louis Gerstner Jr. on education, R8 & R9 I L L U S T R A T I O N S B Y L L O Y D M I L L E R Composite CYAN MAGENTA YELLOW BLACK P2JW329024-0-R00100-1--------XA 6065780
  2. 2. P2JW329025-0-R00200-1--------XA 11/24/2008 AZ,EE,MW,SC,SW,WE BLACK P2JW329025-0-R00200-1--------XA R2 Monday, November 24, 2008 THE WALL STREET JOURNAL. UPFRONT Editor’s Note HERE’S ADVICE, and then there’s advice. This report falls into the lat- What Are You T ter category. The Wall Street Journal last week convened its CEO Council, bring- ing together some 100 top CEOs and influential policy makers to discuss what the new administration’s priorities should be. The attendees were some of the biggest names in corporate America. And, as you’ll see, some of the most thoughtful. Worried About? By Melissa Korn War, peace and terrorism: 7% n GERALD FORD: 1974 Participants were divided into task forces in four areas: the U.S. economy, Poverty and homelessness/ Inflation and cost of living: 23% When Americans are asked to- Social Security: 2% each Crime and violence: 14% energy and the environment, the U.S. in the global economy, and health care. day to name the country’s big- Dissatisfaction with Each task force came up with what it thinks should be President Obama’s— gest problem, 77% of them say Although war had been at government: 12% and Congress’s—top five priorities. Then the full council voted to identify it’s the economy. But how did the top of people’s minds when people answer that same ques- President Truman took office in Amid economic distress, Wa- the overall top five. tion in the past, as other new April 1945, after the death of tergate and divisive social con- In these pages, you can find the CEOs’ arguments for why these actions presidents headed to the Oval Of- Franklin Roosevelt, this Octo- cerns, the “top problem” was sev- should be on the president’s to-do list. You’ll also hear how senators who at- fice? Here’s a look back at the ber 1945 poll showed how eral. Inflation was in double dig- concerns that faced presidents- quickly things had changed. its, and the Arab oil embargo tended the conference reacted to the list. elect or new presidents, based Once peace was declared, the na- pushed oil prices up fourfold to Clearly, the new administration is going to have no shortage of sugges- on Gallup polls and interviews tion turned inward, focusing on $10-$12 a barrel. tions on what they should tackle. Still, I think it’s fair to say there’s advice. with historians. where returning GIs fit into the The country was looking for work force. help everywhere. “They were And then there’s advice. n HARRY TRUMAN: 1945 “There was a great deal of pub- weary of the ’60s, of Nixon’s lies —Lawrence Rout Unemployment and jobs: 77% lic concern about the end of the and Johnson’s lies and streets on war, what the world was going to fire and napalm,” says Douglas The Journal Report welcomes your comments—by mail, fax or electronic mail. Letters should be like when it was over, particu- Brinkley, a history professor at Ms. Korn is a copy editor for larly whether the Depression Rice University. “There was a fa- be addressed to Lawrence Rout, The Wall Street Journal, 4300 Rt. 1 North, South Brunswick, Dow Jones Newswires in Jersey was going to come back or not,” tigue of the era.” N.J. 08852. The fax number is 609-520-7767, and the email address is reports@wsj.com. City, N.J. She can be reached at says Alonzo Hamby, an Ohio Uni- melissa.korn@dowjones.com. versity history professor. n JIMMY CARTER: 1976 Significantly, by the time the Inflation and cost of living: 44% election rolled around three Unemployment and jobs: 34% years later, as relations with the Dissatisfaction with government: Soviet Union deteriorated, 12% things had reversed again: Inter- national issues and foreign aid Americans were still smart- were back on top, with 48% identi- ing from Watergate but were fying those as the No. 1. problem. even more concerned about their wallets. A long period of high in- n DWIGHT EISENHOWER: 1952 flation and unemployment and War, peace and terrorism: 55% scant productivity growth frus- General economy: 20% trated people. Little wonder that International issues and foreign President Carter’s message that aid: 12% Gerald Ford had done nothing right for the previous two years The Korean War was front resonated with voters. and center, having reached a stalemate. Communism was a n RONALD REAGAN: 1980 concern at home, too. Inflation and cost of living: 53% At the same time, a steel-mill Unemployment and jobs: 11% strike in the summer of 1952 led International issues and foreign to a short-term panic in the auto aid: 8% and other manufacturing indus- tries, resulting in far-ranging Money was at the top again, price increases, production halts with inflation at a staggering and massive layoffs. 13.3% in 1979. (It slowed to 12.5% in 1980.) n JOHN KENNEDY: 1960 The country was also weary International issues and foreign from world events such as the So- aid: 36% viet invasion of Afghanistan and Unemployment and jobs: 26% the Iran hostage situation. After War, peace and terrorism: 19% 444 days in captivity, the hos- tages were freed on the day of As the Cold War heated up, President Reagan’s inauguration. “the public was asking not just ‘Are we weak?’ but ‘Are we about to get n GEORGE H.W. BUSH: 1988 annihilated?’ ” says David Cole- Drugs: 27% man of the University of Virginia’s General economy: 16% Miller Center of Public Affairs. Poverty and homelessness: 10% “This is a period of existential threat.” He adds that foreign pol- The Soviet Union had lost icy “just about anywhere was cast much of its strength and the econ- in this mantle of the Cold War.” omy was relatively stable, leaving Meanwhile, unemployment the public to worry about other topped 8% in early 1961 as the problems. In particular, while late Eisenhower-era recession marijuana and other drugs saw deepened. During his cam- their highs fade by 1985, the more paign, Sen. Kennedy often violent crack cocaine took hold in promised to “get this country the later part of the decade. moving again.” n BILL CLINTON: 1992 n LYNDON JOHNSON: 1963 General economy: 35% Racism: 52% Unemployment and jobs: 22% International issues and foreign Health care: 18% aid: 26% Unemployment and jobs: 7% “One of the things that had al- most always been a factor in elec- President Johnson inherited tions since really before World much of the social unrest that had War II was pretty much off the begun to stir under John plate,” says Russell Riley of the Kennedy. Martin Luther King Jr. Miller Center of Public Affairs. and other civil rights leaders held With the end of the Cold War, “peo- rallies and organized boycotts ple weren’t interested in foreign throughout 1962 and 1963, and de- policy.” Instead the paramount segregation efforts were met concerns were unemployment, with violence. the potential impact of globaliza- Then there was Vietnam: tion and large federal deficits. Though U.S. combat troops weren’t being deployed quite n GEORGE W. BUSH: 2000 yet, the number of American mili- Ethics, moral decline, tary advisers was on the rise. lack of integrity: 13% Education: 12% n RICHARD NIXON: 1968 Crime and violence/Government, Vietnam: 41% Congress and politicians: 9% each Racism: 8% Inflation and cost of living: 8% The country was peaceful and, despite the bursting of the Racial issues were overshad- dot-com bubble in March 2000, owed by the war in Vietnam, still relatively prosperous. where more than 500,000 U.S. But the public had been troops were now deployed. Ini- bruised by the Monica Lewinsky tial setbacks during the Tet Of- scandal and impeachment pro- fensive in early 1968 led more of ceedings. And the election sea- the country to put the war, and a son brought new ethical ques- hope for its rapid conclusion, at tions about fund raising and the top of their list of concerns. hanging chads. y THE NEXT JOURNAL REPORT REPRINTS AVAILABLE FULL PAPER: The entire Wall Street Journal INVESTING issue that includes the Shaping the New Agenda Journal Report is now available and IN FUNDS can be obtained for $5 per copy. 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  3. 3. P2JW329026-0-R00300-1--------XA 11/24/2008 AZ,EE,MW,SC,SW,WE C M Y K Composite P2JW329026-0-R00300-1--------XA THE WALL STREET JOURNAL. Monday, November 24, 2008 R3 Composite CYAN MAGENTA YELLOW BLACK P2JW329026-0-R00300-1--------XA 6065782
  4. 4. P2JW329027-0-R00400-1--------XA 11/24/2008 AZ,EE,MW,SC,SW,WE C M Y K Composite P2JW329027-0-R00400-1--------XA R4 Monday, November 24, 2008 THE WALL STREET JOURNAL. THE PARTICIPANTS These business leaders attended the THE CEOS’ TOP PRIORITIES meeting of theCEO Council(chief exec- utives except as noted) Fernando Aguirre, Chiquita Brands International Inc. José Maria Alapont, Federal- Mogul Corp. Brad Anderson, Best Buy Co. 3 Last week, The Wall Street Journal assembled nearly 100 CEOs ECONOMIC VISION Jeffrey L. Bewkes, Time Warner of large companies for a day and a half to discuss the policy choices President-elect Obama should Inc. facing the incoming Obama administration, and the effects those announce his economic team Lloyd C. Blankfein, Goldman Sachs Group Inc. choices may have on business and the economy. soon and convene a conference Angela F. Braly, WellPoint Inc. The CEOs divided into four task forces and debated priorities in with broad representation to recommend Kevin Burke, Consolidated both immediate priorities and long-term Edison Inc. the areas of health care, energy and the environment, finance and the Stephanie A. Burns, Dow Corning policy direction. He should communicate a U.S. economy, and international eco- clear message about the direction of pol- Corp. nomic affairs. Using an electronic rank- Charles Butt, H-E-B icy, including a program for long-term fis- Morris Chang, Chairman, Taiwan ing system devised by the Journal, cal responsibility. Semiconductor Manufacturing Co. they chose five top priorities in each Jeff Clarke, Travelport subject area. Marcelo Claure, Brightstar Corp. Bill Cobb, J.M. Smith Corp. 4 Each task force then reported its COMPREHENSIVE Howard S. Cohen, Chairman, priorities back to the full council. Four ENERGY AND BlueLinx Holdings Inc. senior members of the U.S. Senate ENVIRONMENT POLICY Denis A. Cortese, Mayo Clinic David Crane, NRG Energy Inc. joined in the subsequent discussions. Put national legislation in Michael T. Dan, Brink’s Co. At the end of the conference, the chief executives revised and then place that starts us on the road to decar- Scott Davis, United Parcel ranked all the priorities from the four task forces, in order of their rel- bonize our economy and to create the Service Inc. most energy-efficient economy in the Paul Diaz, Kindred Healthcare Inc. ative urgency and importance. Craig S. Donohue, CME Group Inc. world. Level with the American people The CEOs who attended the session were from a diverse range of in- that ensuring an adequate and diverse en- Brian Duperreault, Marsh & McLennan Cos. dustries; as a group, they employ more than six million people and rep- ergy supply in a low-carbon world will not Lynn Laverty Elsenhans, Sunoco resent roughly $2 trillion in annual sales. That should give their views be cheap or easy. But make the case that Inc. on these issues some added weight in the months ahead. the transition must be transparent and Thomas F. Farrell II, Dominion Resources Inc. fair to all Americans, and that linking the Here’s a look at their top five priorities. economy, the environment and energy pol- J. Brian Ferguson, Eastman Chemical Co. icy bolsters security for all three. Roger W. Ferguson Jr., 1 2 FISCAL STIMULUS EDUCATED TIAA-CREF Quickly craft fiscal stimulus for WORK FORCE Christopher T. Fey, U.S. Preventive Medicine the U.S., in cooperation with parallel 5 President-elect Obama should TAX POLICY Paul D. Finkelstein, Regis Corp. efforts by G20 countries, particu- ask businesses to lead in the ac- Jay S. Fishman, Travelers Cos. larly cash-rich economies with capacity to Change the tax code to encour- tions necessary to build a competitive Douglas L. Foshee, El Paso Corp. increase domestic demand. For the U.S., a age employment, job creation work force for the immediate and long Russell P. Fradin, Hewitt stimulus package should exceed $300 bil- and investment and enhance glo- Associates term. Emphasis should be placed on im- bal competitiveness in the short term. Con- Carlos Ghosn, Nissan Motor Co., lion. It also should emphasize investment proved K-12 education and intellectual-cap- sider raising taxes on gasoline and broad- Renault SA in infrastructure, including environmental, Larry A. Goldstone, Thornburg education and low-carbon energy, but ital creation. Enact national education ening the corporate tax base to lower Mortgage Inc. should not worsen the long-term budget standards and assessments, devote funds rates. William D. Green, Accenture Ltd. deficit. Avoid tax rebates and rely on more to teacher excellence and improve teacher Evan G. Greenberg, ACE Ltd. permanent tax cuts, and use state and lo- education. James W. Griffith, Timken Co. cal government as a channel. James Hagedorn, Scotts Miracle-Gro Co. John H. Hammergren, McKesson Corp. Ed Harbach, BearingPoint Inc. Lewis Hay III, FPL Group Inc. Paul Hermelin, Cap Gemini SA Les Hinton, Dow Jones & Co. Michael J. Jackson, AutoNation Inc. William D. Johnson, Progress Energy Inc. Richard C. Kelly, Xcel Energy Inc. Jeffrey B. Kindler, Pfizer Inc. Klaus Kleinfeld, Alcoa Inc. Robert W. Lane, Deere & Co. Steven F. Leer, Arch Coal Inc. 7 Stephen P. MacMillan, Stryker Corp. THANK YOU Murray D. Martin, Pitney Bowes Inc. Scott A. McGregor, Broadcom Corp. Michael G. Morris, American Electric Power Co. Rupert Murdoch, News Corp. Susan R. Nowakowski, AMN Healthcare Services Inc. Steve Odland, Office Depot Inc. Rodney O’Neal, Delphi Corp. Paul S. Otellini, Intel Corp. James W. Owens, Caterpillar Inc. W. Douglas Parker, US Airways Group Inc. Antonio M. Perez, Eastman Kodak Co. Nicholas T. Pinchuk, Snap-On Inc. Thomas J. Quinlan, R.R. Donnel- The Wall Street Journal would like to thank ley & Sons Inc. S. Ramadorai, Tata Consultancy Services David M. Ratcliffe, Southern Co. the 2008 CEO Council sponsors Stuart H. Reese, Massachusetts Mutual Life Insurance Co. for their generous support of the program. James E. Rogers, Duke Energy Corp. Eric Schmidt, Google Inc. Stephen A. Schwarzman, Blackstone Group LP Gregg M. Sherrill, Tenneco Inc. Ralph W. Shrader, Booz Allen Hamilton Inc. Henrik C. Slipsager, ABM Industries Inc. Frederick W. Smith, FedEx Corp. Sir Martin Sorrell, WPP Group PLC PROUDLY SUPPORTED BY: Robert K. Steel, Wachovia Corp. Douglas M. Steenland, former CEO, Northwest Airlines Corp. Shivan Subramaniam, FM Global Fredric J. Tomczyk, TD Ameritrade Holding Corp. James Turley, Ernst & Young Myron E. Ullman, J.C. Penney Co. Daniel C. Ustian, Navistar International Corp. PARTNER Joe Uva, Univision Communications Inc Daniel L. Vasella, Novartis AG David M. Walker, Peter G. Peterson Foundation Timothy R. Wallace, Trinity Industries Inc. William C. Weldon, Johnson & For more information about The Wall Street Journal CEO Council, please visit CEOCouncil.wsj.com. Johnson Thomas J. Wilson, Allstate Corp. Yang Yuanqing, Chairman, Lenovo Group Ltd. ©2008 Dow Jones & Company, Inc. All Rights Reserved #4AO712 William D. Zollars, YRC Worldwide Inc. Composite CYAN MAGENTA YELLOW BLACK P2JW329027-0-R00400-1--------XA 6065783
  5. 5. P2JW329028-0-R00500-1--------XA 11/24/2008 AZ,EE,MW,SC,SW,WE C M Y K Composite P2JW329028-0-R00500-1--------XA THE WALL STREET JOURNAL. Monday, November 24, 2008 R5 Finance & the The Top Five Recommendations 1. FISCAL STIMULUS Quickly implement fiscal stimulus to should clearly communicate clear mes- sage about the direction of policy, includ- U.S. Economy The president-elect confronts a recession that some forecasters predict address short-term weakness and stabi- lize employment without worsening long- term budget deficit. Emphasize invest- ment in infrastructure and other pro- grams with long-term benefits, including environmental. Avoid tax rebates and ex- pedite more permanent tax cuts. Consider ing a program for long-term fiscal respon- sibility. 4. TAX POLICY Change tax code to encourage employ- ment, job creation, investment, and enhance global competitiveness. Consider raising using state and local government as a taxes on gasoline and broadening corporate will be as bad as or worse than the deep one of the early 1980s. Unem- channel. tax base to lower rates. ployment is rising, financial markets are fragile, the stock market is fall- 2. BUY ILLIQUID ASSETS 5. REGULATORY OVERHAUL Use remaining money in Treasury’s Appoint blue-ribbon panel to spend a ing, the Federal Reserve is nearly out of interest-rate ammunition, and Troubled Asset Relief Program (TARP) year considering changes to financial regu- criticism of the Bush administration’s response to the credit crisis is inten- and possible additional funding to buy il- lation and supervision aimed at (a) improv- liquid assets from financial institutions to ing safety, transparency and accountabil- sifying. The chief executives gathered by The Wall Street Journal agreed provide a light at the end of the tunnel and ity, (b) avoiding overreaction to maintain encourage renewed risk-taking and lend- U.S. competitiveness in global economy that even before President-elect Obama takes office, he needs to shore up ing. and (c) reducing procyclicality of current regulatory and accounting regime. Imple- confidence and prepare a major dose of fiscal stimulus. 3. ECONOMIC VISION ment recommendations in first term of new David Wessel, the Journal’s economics editor, moderated the task- President-elect Obama should an- administration while Treasury, Fed and nounce economic team soon and convene other regulators focus on providing liquid- force discussion on finance and the U.S. economy. Here are edited ex- conference with broad representation to ity, recapitalizing banking system, return- recommend both immediate priorities and ing financial markets to normal function- cerpts of the presentation of their priorities to the CEO Council. long-term policy direction. President ing and improving credit conditions. DAVID WESSEL: Far and away the so, the idea of using some of the most popular recommendation TARP [Troubled Asset Relief Pro- to President-elect Obama was a gram] money focused on this. fiscal-stimulus plan, and we’re The next point is the idea of going to start with Roger Fergu- economic vision. President- son discussing that. elect Obama has been ROGER FERGUSON: There are quite clear three or four points that I’d like that we have to focus on [about a stimulus]. one presi- First, you can see we say “quickly dent at a implement.” There is some con- time, and cern that as soon as you start to that he’s not get into fiscal stimulus, which in- the presi- volves both the executive branch dent. But putting forth a proposal and the that doesn’t legislative branch deciding on it, preclude and then the implementation, him from re- that the risk is that things will go ally getting Robert Steel much too slowly. to work. The second point to make is Let’s get the economic leaders the need to stabilize employ- working today, outlining the is- ment. We sues, talking about the chal- recognize lenges in a bipartisan way, and that employ- beginning to lay out the plans ment cre- that they’re going to hit the ates a num- ground running with on Jan. 20. ber of addi- tional bene- MR. WESSEL: A feature of that fits. One is was that he convene a conference that people with a broad set of people, biparti- who are less san and business leaders, to help worried recommend priorities, to help about their build consensus. We also talked jobs will about longer-term tax policy. Roger Ferguson have much JEFFREY BEWKES: There was a lot more confi- of discussion about incentives for dence in terms of consumption— individuals versus incentives for and two-thirds of the U.S. GDP is corporations and business. We driven by household consump- recognize that over the next sev- tion. Second, a number of other eral years, we’re going to need to pressures have hit households, figure out, given the long-term fis- including declining asset valua- cal problems, how to create indi- tions, and so focusing on stabiliz- vidual tax designs that don’t yield ing employment could have nu- lower taxes, but probably will merous benefits. need to yield some higher taxes, The third major topic was in terms of individual taxation. wanting to do this without signif- But if you then move to the corpo- icant damage to the budget defi- rate side, if we don’t figure out a cit. We decided that the most we way to make corporate taxes could hope for is to do so without more effective and competitive, worsening long-term budget def- in terms of incentives and invest- icits. Clearly, one can improve ment, we will have trouble com- long-term budget deficits with peting with other countries. the kind of stimulus that one is On the question of gas taxes, likely to need here. we decided not to self-censor. We Infrastructure, we thought, had a lot of discussion where we was important for two reasons. knew or One is it’s a great way to generate thought that jobs, if done appropriately. Sec- neither ond, we would hope for infrastruc- party would ture to create a number of long- support such term benefits: elements of produc- a thing. It’s tivity, for example, investments been talked in newer technologies—those about and were all included in our concept not done for of the right kind of infrastructure years. But that we wanted, infrastructure we thought that will help us become a much that maybe more competitive economy. this is a time We clearly focused on avoiding Jeffrey Bewkes when this tax rebates, and a stronger look at could be the more permanent tax cuts. This raised, and certainly, I think it was builds off basic economic thinking generally agreed that gas or car- that individuals and businesses bon taxes would be likely to be are forward-looking. If they see a more direct and effective, unless temporary tax cut, then the ten- compromised, than what may dency is that it does not get spent, come out of a carbon caps-and- and what we’re looking for is stim- trading scheme, just because even ulus. And finally, we did recognize though you can design it, it’s hard that state and local governments to pass it in recognizable form. have potentially a very important role to play as a channel for the fis- Regulatory Overhaul cal stimulus. They are, in many cases, the engines that drive at MR. WESSEL: Then, the final one least the early decisions about in- Mr. Ferguson is going to present frastructure investment, obvi- is regulatory overhaul. ously working through private- MR. FERGUSON: I think we all rec- sector business. ognize, both domestically and probably also internationally, Unlocking Illiquid Assets that the regulatory structure and ROBERT STEEL: The second point schemes that existed before this is to buy illiquid assets. If these crisis have proved to be inade- assets, which are really stuck in quate for dealing with the modern the system, can begin to move, it world of finance. There have been will affect both confidence and numerous efforts to modernize capital. In particular, it frees up regulation and regulatory struc- this capital that’s now being ture in the U.S. But still, one would locked in, where people just Please turn to page R7 don’t feel like they can recognize and then realize the losses. And WSJ.com FINANCE AND THE U.S. ONLINE TODAY: Go to ECONOMY CO-CHAIRS: WSJ.com/Reports for the Journal’s jeffrey l. bewkes President CEO Council blog, including: and CEO, Time Warner Inc. n Videos: See excerpts from the four lloyd c. blankfein Chairman task-force policy discussions; a Henry and CEO, Goldman Sachs Paulson-Robert Rubin-Lawrence Group Inc. Summers debate on the financial roger w. ferguson jr. crisis; CEO interviews; and more. President and CEO, n Podcasts: Hear the Journal’s TIAA-CREF Jerry Seib and Erin White on robert k. steel President and highlights and surprises of the CEO, Wachovia Corp. meeting, and incoming White SENATOR: House Chief of Staff Rahm maria cantwell (D., Emanuel’s remarks to the gathering. n News and analysis about the Washington) conference from Journal reporters. Composite CYAN MAGENTA YELLOW BLACK P2JW329028-0-R00500-1--------XA 6065784

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