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Steve Forbes Speech at NVTC Titans Recognizes Northern Virginia as a Key Component of a Successful Economic Recovery

HERNDON, VA, September 16, 2009 - Speaking yesterday to a capacity crowd of nearly 600 at The National Conference Center in Leesburg, Virginia, Steve Forbes, Chairman and Chief Executive Officer of Forbes Media and Editor-in-Chief of Forbes magazine, officially kicked off the Northern Virginia Technology Council's (NVTC) 2009-2010 Titans series. In his opening remarks, Forbes stated that Northern Virginia's business and technology communities would be key drivers in getting the nation's economy back on track.

As the largest technology council in the nation, NVTC invites technology business leaders to address its members through its signature Titans series, covering a wide range of current business and technology topics. Forbes joins a distinguished list of past presenters that includes Microsoft's Bill Gates, Dell's Michael Dell, and the Consumer Electronics Associations' Gary Shapiro.

In his keynote address titled "What Now for the Economy?" Forbes focused on the nation's financial crisis, detailing what he called "a perfect storm of events" that led to our current condition: the Federal Reserve's policy of printing too much money, mark-to-market accounting rules for financial institutions, sub-prime loans and excesses in the financial system.

On a positive note, Forbes was quick to point out that the economy is starting to work again for larger enterprises and the securitization market. However, he cautioned that consumers and small-to-medium sized businesses (SMBs) are still facing hard times due to their continuing difficulty in obtaining credit.

Forbes' solution to the economic crisis includes urging the Obama administration to focus immediately on a credible policy that creates a strong, stable dollar. Citing the commitment of President Clinton's administration to that position, he made it clear that he does not consider this to be a partisan issue. Forbes recommended we return to a "Hamiltonian system" when looking at ways to strengthen the U.S. dollar worldwide.

Addressing the current hot topic of healthcare, Forbes said that creating incentives for healthcare providers to bring costs down and increase the quality of care and services would benefit consumers and SMBs. This move toward focusing on the consumer versus the provider would drive the healthcare industry toward competitive pricing and give consumers the ability to shop for insurance across state lines, and is a vital part of economic recovery, according to Forbes.

NVTC invited students - the region's future business leaders - from local universities and public schools to hear Forbes' speech. In attendance were students from George Washington University, Virginia Tech and Northern Virginia Community College's Loudoun Campus, as well as 20 students from 10 different Loudoun County high schools. Throughout the year, NVTC will work with the local education community with a goal of forging bonds between students and leaders within Northern Virginia's business and technology communities.

"Our region is fortunate to have some of the most respected universities and top-notch public school systems to provide a solid educational foundation for the leaders of tomorrow," said Bobbie Kilberg, President and CEO, NVTC. "We aim to reach out and strengthen relationships with our education community, so that the region can continue on the path of being one of the most innovative technology marketplaces in the country. We thank Steve Forbes for providing his financial insights to our members and students alike."


The Northern Virginia Technology Council (NVTC) is the membership and trade association for the technology community in Northern Virginia and is the largest technology council in the nation. NVTC has about 1,100 member companies representing more than 200,000 employees. Its membership includes companies from all sectors of the technology industry and the service providers that support these companies, as well as universities, foreign embassies, non-profit organizations and governmental agencies. NVTC is recognized as the nation's leader in providing its technology community with networking and educational events; specialized services and benefits; public policy advocacy; branding of its region as a major global technology center; initiatives in targeted business sectors and in the international, entrepreneurship, workforce and education arenas; the Equal Footing Foundation, a 501(c)(3) nonprofit charity that serves local area youth; and The Entrepreneur Center @NVTC which mentors new technology entrepreneurs. Visit NVTC at www.nvtc.org