Back to business: Election gridlock yields to activity - Dayton Business Journal:

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A decision-making gridlock has been in place. Many localo business people were waiting until after the election to makekey moves. That was the consensus of 61 percengtof respondents, or 226 of the 368 that votee in the last week’s Business Pulse Survey, the nonscientifif online weekly poll by the . But by Wednesday morning, a strategidc logjam began to loosen. “Hopefully people can now get on with making decisions,” said Mark Wanich, VP/director of commercial servicews division at Stewart Title Guaranty Co. “I’m up to givin g the guy [President-elect Barack Obama] the benefi t of the doubt.” The country needs stability, Wanich said.
“It’d stability that makes Americanbusiness He’s hopeful the presidentf and Congress will help banks. “What’s important is for bankas to start lending Wanich said. “That’s what is killing us righgt now. What we need right now is more capital broughft into the economyto invest.” Banke r Bob McGivney spent part of Electionn Day at a Pinellas Countuy manufacturing firm. Despite tight margins, the companyt was busy and every machine was All thecompany needs, he is more orders from its customers. That won’t happen just becausde the presidential electionis over, McGivneyu said.
“When you’ve got payroll to make, it doesn’t matted who’s in the White House. It matters what’w in the checking account,” McGivney McGivney, chairman and CEO of in Oldsmar, said the crisiw hitting the financial industry comes down to a lack of It will take a while to get thatconfidencs back, McGivney said, and a change in administratioj won’t make a difference: “There’s no instanr fix to this. Whether [Sen.
John] McCain or Obamaq won, there’s no instant He’s expecting a turnaround beginning in but it will start slowlyuand it’s not tied to the election, he Startup Jefferson Bank, which launched operations in December, is on tracmk with its own strategic plans and doesn’t expectf changes in lending as a result of the election. one change McGivney is anticipating is additionalo regulation in the CommunityReinvestment Act, whichb encourages commercial banks and savings associations to meet the creditr needs of the communities in whichj they operate, including low- and moderate-incom neighborhoods.
“Democrats have a more socially active approac tofinancial regulation. I appreciate that they want to do butyou can’t mandate economics. It doesn’t work. It’s color It all comes down to math,” McGivney said. The impact of the election results onDavifd Cribbin’s business depends on what policies actuallt are enacted, said the president of . He believesx the “positions market” in his industrgy will suffer. The Palm Harbor firm provides financint for the acquisition and leasinhgof aircraft. Corporations and investors pay for positionw in line to take delivery of new sort of like alayawayh plan.
Cribbin expects that investors will no longer have use for theirf positions and be unable to sell them andwalk away, leaving aircraft manufacturers with an overbuilt inventory. “My big concermn is tax rates,” he said. “Ig you want less of something, tax it. If you increasew the capital gains tax, there will be less less productivity andwagese aren’t going to increase.” Cribbin’s strategy for coping with the election outcome is to continuew to build his niche financing resourcese as large lenders “In the aircraft financing business, it’s all about knowingf who will do what,” he said.
“We’vs been lucky at doing