President’s Letter                                      

Dear Fellow NABE Members,

foun·da·tion  (foun-dā'shən) – noun
1. the basis or groundwork of anything.
2. the natural or prepared ground or base on which some structure rests.

I’ve never been a big fan of essays that begin with excerpts from the dictionary.  It’s a formula that has probably been overused; and, in this age of online lexicons, does not reflect much depth of research.
Nonetheless, I thought such an introduction would be perfect for this composition.  The term “foundation” has varied and deep meanings for the field of economics.

We take the basis of our discipline very seriously.  We believe that human beings respond to economic stimuli, and we believe that markets play a pivotal role in society.  The power of these concepts has shaped history and shapes the world we live in today.

We believe that a grounding in economic principles is essential not only for business people, but for citizens.  The importance of financial literacy, in particular, has been highlighted by the recent struggles of some sub-prime mortgagees.

We believe that economic arguments need to be well-founded, respectful of the groundwork that has come before and consistent with an analysis of available data, correctly interpreted.

And we believe that those of us who have built our careers around economics should help others to gain an appreciation of the discipline that has meant so much to us.

To that end, The NABE Foundation was created.  While the core of NABE will continue to be the publications, surveys, and conferences that add value to membership, The NABE Foundation seeks to support educational activities that provide business professionals and economics students with the tools they need to succeed.

Among the initiatives being developed and supported by the NABE Foundation are:

• The NABE Professional Development Seminar (PDS).  Now in its fourth year, the PDS is designed to bring together producers and users of economic data to make those newer to our field into educated users of information.  The 2007 PDS will be taking place in San Diego on April 22-24; program and registration information can be found on www.nabe.com.
• The NABE Foundation/Federal Reserve High School Economics Club.  Now active in four metropolitan areas, this effort brings high school students into business settings to learn how economics is applied in industry.
• The NABE Media Seminar.  This half-day program is intended to help business reporters and editors better understand the issues and statistics that they cover.
• The “Cal Tech Initiative.”  This interactive experiment allows participants to “bid” on the outcomes of various economic releases.  In the process, a distribution of outcomes is formed whose shape provides color on expectations.

The NABE Foundation is also looking into developing programs with the Federal Reserve and other agencies.  The Foundation hopes to be in a position to offer student assistance where needed to attend Foundation events.

No discussion of The NABE Foundation can be complete without recognizing the tireless work and vision of Jack Kleinhenz, who serves as chair of our Foundation Committee.  Jack, many thanks.
2007 marks the beginning of an annual appeal to build the Foundation’s reserves.  We very much hope that you, as a NABE member, would consider supporting the Foundation to the extent possible.  Contributions are tax-deductible, and can be made by check or through www.NABEFoundation.com. 
The NABE Foundation is a vehicle through which we can invest in maintaining the foundation of our discipline.  We hope you will join us in this very worthy endeavor. 

C. R. T.

Carl Tannenbaum
NABE President