Captains of business should work with the White House

Unlike some of the talking heads on radio and television who are driven mainly by ideology or ratings, Billionaire Warren Buffett, chairman of the board of Berkshire Hathaway, Jack Welch, former chief executive officer of General Electric Co., and others of their business ilk who are voicing concern about the struggling national economy deserve an attentive ear.

Buffett, Welch and the rest aren’t interested in scoring political points or furthering their careers. They’re beyond that. Their concerns about the strategies being pursued by President Obama, who has been knee-deep in the economic morass since he was sworn in Jan. 20, are prompted by a desire to see the crisis end. That’s because they have much at stake financially.

Thus, when they talk about the economy as having “fallen off a cliff,” as Buffett did Monday on CNBC, or urge the president to “Focus on the crisis! Focus on the economy!” as Welch did on MSNBC, they aren’t indulging in partisan chatter or hoping that Obama fails. They simply believe that one issue should take precedence over all others: the national economic crisis.

The president has said many times that neither he nor members of his administration have a lock on how to change the course of the ship of state.

Indeed, Obama has gone to great lengths to include a wide array of individuals from the private sector in White House discussions on various issues, such as education and health care reform.

He has also shown a willingness to tap into the expertise of individuals for specific problems, like the bailout of the U.S. auto industry. The president has formed an auto task force to work with General Motors, Chrysler and Ford to assist them in reforming their industry so they can qualify for billions more in taxpayer money. The purpose of the task force is to reassure the American public that the auto makers are committed to changing the way they have operated, with the goal of slashing costs.

Economic task force

Likewise, President Obama should consider forming an economic task force that would be made up of the captains of business and industry, led by Buffett and Welch, to undertake an objective appraisal of the strategies being employed by the administration.

In his appearance on “Morning Joe” Tuesday on MSNBC, Welch was blunt in his criticism of the White House’s taking on several major issues at one time.

“Right now they’re not related,” the former CEO of GE said, in response to co-host Mika Brzezinski’s contention that energy, health care and others are interrelated. “Right now it’s the economy, Mika. It’s the economy. It’s getting the banks going. It’s a clear message to everybody: all hands on deck.”

And that’s what the president should call for: All hands on deck.

Buffett made it clear that Republicans should recognize there can be only one leader in the current economic war. He also insisted that Obama, whom he supported in last year’s election, must be looked upon as “a commander in chief in a time of war.”

There is a definite advantage to having the internationally renowned symbols of American capitalism being directly involved in the economic recovery plan being formulated by the White House.

It would send a strong signal around the world that the president is getting the best advice possible. The financial markets would respond in the way Wall Street did Tuesday after the head of Citibank provides some positive news about the company.