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No one knows how the financial crisis will turn out, but SmartMoney magazine suggests who might resolve it, which is some comfort in these troubling times. The magazine puts out an annual list of “the top decision makers who will have a big impact on the economy, investments, and government policy.” This year, SmartMoney’s “Power 30” list, published in the November issue, focuses on “the people who will clean up America’s financial mess.”
The cover story features many well-known people, of course, such as Warren Buffett and Carl Icahn, but also introduces readers to some less familiar names, such as Sheila Bair, chairman of the Federal Deposit Insurance Corp., who is shoring up U.S. banks, and Herbert Allison Jr., the new CEO of Fannie Mae, who is charged with fixing the mortgage giant.
The article breaks the “Power 30” list into six areas of influence: financial services, energy, technology, housing, investing, and politics. Treasury secretary Henry Paulson and Fed chairman Ben Bernanke as well as the CEOs of American Express and JPMorgan Chase, Kenneth Chenault and Jamie Dimon, make the financial services section. Rex Tillerson, CEO of Exxon Mobil, and Vladimir Putin, prime minister of Russia, are among those in energy. Google co-founders Sergey Brin and Larry Page are listed in technology, and Bank of America CEO Kenneth Lewis is named in investing.
The magazine made an interesting choice in the politics section, adding “The American Voter” to the “Power 30” list. “Political pundits have long said that Americans vote with their pocketbooks. Never will it be easier to test that theory than in this election, which comes as everything economic seems to be going wrong,” the article says. “With Democrat Barack Obama planning to increase taxes on the highest earners to pay for health reform and infrastructure investment, and Republican John McCain pledging to spur growth with cuts in corporate and estate taxes, voters will choose between two vastly different economic fix-it plans.” Ultimately, the American voter may influence the outcome of the crisis more than anyone.
Copyright © 2008 Donald W. Reynolds National Center for Business Journalism