On Thursday, Oct. 29, Rose Oswald Poels hosted an event exclusively for WBA members with speaker Larry Kudlow, director of the National Economic Council. Kudlow discussed prospects of the economy, specifically as it relates to recovery from COVID-19, and then opened up the panel to questions from participating members.
Kudlow further talked about his expectations for the economy moving forward. These included the avoidance of a national shutdown, why another stimulus package will not come before the election, and his hopes for a V-shaped recovery with GDP bouncing back comprehensively and quickly to where it was prior to the pandemic.
Kudlow also discussed some of his own personal prospects for the economy. Instead of another stimulus package before the election, Kudlow explained the four primary areas he believes money should be focused: small business lending programs; unemployment assistance; airlines; and schooling. He hopes that by late winter or early spring, all of the lost GDP output will be recouped. He predicts the economy will grow “4 to 5 to 6% in the next three or four quarters,” and that debt-to-GDP ratio will come down.
“My friends of Wisconsin,” Kudlow stated, “this is no time to raise taxes...We need recovery boosts; we don’t need restraints.”
After Kudlow’s address, WBA members were given the opportunity to ask questions. These questions are included below:
Alvaro Araque - executive director, market director - consumer banking at JPMorgan Chase Bank
“What are the prospects for action in lame duck, and which issues would you like to see included in such a bill?”
Paul Kohler - president, CEO at Charter Bank
“How much [stimulus money] can we really throw at [the economy] going forward, and is some of this going to be geared toward hospitality and some of these industries like small businesses?”
Todd Nagle - president, CEO at IncredibleBank
“Can you help us, and help our customers, get these SBA loans off their balance sheets and off our balance sheets before the end of the year?”
Terry Rosengarten - president, COO at Unity Bank North
“The Federal Reserve printed more money in June than they had in the first two centuries they’ve been around. How long can this last, and what are the long-term impacts of all this debt on the economy?”
Ken Thompson - president, CEO at Capitol Bank
“Do you feel that the high level of stimulus spending...will contribute to the risk of inflation, or other unknown economic risks in the future?”
The conversation was recorded, if you missed it and would like to listen to the recording, email WBA’s Writer/Editor Alex Paniagua at firstname.lastname@example.org.