The changes business wants from Obama

Cheerleader-in-chief
But to begin tackling any of the broader issues, Obama must start with the immediate crisis. "The first thing he has to focus on is the economy; it fuels all the social policies that make life as an American great," says Richard H. Anderson, the chief executive officer of Delta Air Lines. Many CEOs think Obama should name a Treasury Secretary and other key economic officials almost immediately, then start work on stimulus measures and other key policy areas. That way he can hit the ground running in January or even earlier.

Obama should also be ready to play cheerleader-in-chief, especially since inspirational leadership has been sorely lacking out of Washington. "Whatever he can do to restore confidence in the consumer would be phenomenal," says Ron Conway, the managing partner of Angel Investors, an early investor in Google, PayPal, and other tech companies. "A lot of [the problem] is state of mind."

Still, if many business leaders broadly back much of Obama's agenda, concern is also brewing in executive suites. In part, that's fueled by fears of runaway spending by the congressional Democrats that could send the budget even deeper into a hole. "We have got to be mindful of the deficit," warns John J. Castellani, president of the Business Roundtable.

What worries business especially is Obama's populist campaign rhetoric, which often became stridently anti-corporate in tone. Given the Democrats' resounding victory, the business lobby can easily imagine a scenario in which a Democratic Congress lets its zeal for reform go too far. "The first piece of advice I would offer to our next president is to stop using 'business' as a dirty word," says Staples CEO Ronald L. Sargent. Also weighing on many minds is the fear that the need for more regulation in financial services and other sectors could turn into a dense new layer of rules. "No question we are in for some reregulation," says James Turley, CEO of Ernst & Young. "But I hope that we are very thoughtful in how we do it so that we do not squeeze out innovation."

Moreover, despite Obama's shift to a more nuanced stance on trade after winning the primaries, many executives worry that the country could move toward a more protectionist direction. They say that the push for more free-trade pacts will be vital to renewed growth. "The next president has to realize that global trade has been a primary driver — if not the primary driver — of our economic progress, and we cannot get caught in a protectionist web," says Nasdaq boss Robert Greifeld.

One notable irony about CEOs and Obama: When the bosses talk of the president-elect, they often invoke Roosevelt. "We need a very, very strong leader, almost like FDR," says Garo H. Armen, CEO of New York-based Antigenics, a biotech startup. "He needs to put in place an FDR effect," says Dow Chemical Chief Executive Andrew N. Liveris. FDR often antagonized business, but he electrified the nation with his decisiveness. Business executives, like many other Americans, are waiting anxiously to see what FDR effect Barack Obama can produce.

Also in msnbc.com business Your Career: Married to the job, and each other Answer Desk: Qualifying for more jobless benefits Venza sorta-crossover is Toyota’s latest mistake ConsumerMan: Chinese drywall remains a big threat   Video: This beer would cost you at least $8,000

MORE FROM U.S. BUSINESS

U.S. business Section Front

Madoff's Mets jacket sells for $14,500 Ex-Madoff computer programmers arrested Ford: New police cruiser to replace Crown Vic No front-runner for next Bank of America CEO Report: Playboy in talks to be sold Intel to pay AMD $1.25 billion to settle lawsuits Medical marijuana business is growing ... up What a steal! Madoff’s homes get price cut Applied Materials to cut 1,300 to 1,500 jobs Hewlett-Packard to purchase 3Com Corp. U.S. business Section Front   Add U.S. business headlines to your news reader: