The panel: Kirk Monroe, Sr. Vice President Vectra Bank; Dan Lane, Global Business & Economic Development Manager , State of Colorado; Earl Wright, Co-founder and Chairman, AMG National Trust Bank with Opportunity Coalition Founder Brian Watson, Founder and CEO Northstar Commercial partners. Photo by Scottie Taylor Iverson
Quarterly expert panel events are now being held by Opportunity Coalition to encourage and enlighten. The goal is to provide attendees with the rare opportunity to glean wisdom and insights from Colorado’s most influential and accomplished business, legal, academic, entrepreneurial and political leaders.
The second quarter panelists focused on discussion of economic slowdown or recession predictions, as well as pearls of wisdom for entrepreneurs and what Colorado needs now and to thrive in the future.
Earl Wright, AMG National Trust Bank, gave crisp answers to questions posed by moderator Brian Watson. He feels we are in a good position right now whether we have a recession or not or whether the Feds screw up. He feels we will have a slowdown, not a recession and a soft landing and doesn’t feel inflation will raise its ugly head. “We know too much about what’s not going right, not to do something,” he said. About real estate concerns, he said: “So much money chasing something is not sensible. Survivors have capitol”
Vectra Bank’s Sr. VP Kirk Monroe said economic indicators are that a recession is coming, that people are jumpy because of the last catastrophe and that our number one concern is hiring labor. “We need to educate our own population and have homegrown talent instead of importing employees,” he said. “Banking is a tech business now.”
About which sectors will be affected, Dan Lane who is Global Business & Economic Development Manager for Colorado (and who lived in China) sees a softening in contracting and manufacturing companies. He also says affordable housing has not reached a plateau and that there needs to be a balance between traditional and renewable energy. Hacking financial institution systems is a major concern and companies actually pay consultants to try according to Earl Wright. $10 million was stolen in the title business and the National Security system is located in Colorado Springs. A few other Golden Nuggets included: As China goes, so goes the world. Big enough to count, small enough to care. It’s all about perspective. Work at and create a company of integrity. Keep your options open. People who have the most trouble in hard times have the most debt.
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