Opinion: Obama's Private-Sector Choice

With Larry Summers leaving the White House, President Obama needs to find a replacement with real-world business experience.
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By Scott Redler, Chief Strategic Officer at T3 Capital Management

NEW YORK (

TheStreet

) -- With the departure of Lawrence Summers, President Obama has an opportunity to at last get an economic adviser with some private-sector experience.

He must appoint a strong leader who has built a major corporation. He needs someone who has hired and fired employees based on real market and economic conditions -- someone familiar with the executive suite, not the lecture hall.

Here are five great choices:

JPMorgan Chase

CEO Jamie Dimon, former

Continental Airlines

(CAL) - Get Report

CEO Larry Kellner, New York City Mayor and

Bloomberg L.P.

founder Michael Bloomberg, former

GE

(GE) - Get Report

CEO Jack Welch and media mogul Steve Forbes.

In Obama's cabinet, there is not even one former corporate executive, and this helps explain why it is such an antibusiness administration. If you take a look at past administrations -- both Democratic and Republican -- they have included high-profile former executives.

Several business leaders who supported Obama during the presidential election have criticized how he has dealt with the economy. Although

Allstate

(GE) - Get Report

CEO Tom Wilson still backs Obama, he told

CNN

last week that the lack of executive expertise on the president's economic team was a "hiring mistake. And

Intel

(GE) - Get Report

CEO Paul Otellini, in an

Investor's Business Daily

article, said, "I think this group does not understand what it takes to create jobs."

I have said it before and I will say it again: If the administration wants to create jobs and bolster economic growth, it needs to focus on supporting the private sector, not getting in its way.

A quintessential example of Obama holding down the private sector can be seen in the passage of the financial regulation bill and his general attitude toward Wall Street and what he calls "fat cat bankers."

His agenda to cut into bank profits has very negative implications for our country's growth. In simple terms, business needs capital to grow. By cutting into banks' profits for their role in the financial crisis, he punishes businesses that need capital to grow by limiting the banks' ability to lend.

I am only a technical analyst, but I think we can't afford another professor or organizer to fill Summers' position. We need someone who has been in the corporate trenches and knows what it takes to build a major business from the ground up, and not simply learned about it from a textbook.

--Written by guest contributor Scott Redler

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Ross Snel

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