G.A. Sywassink and Michael A. Steinback, two members emeriti of the Walker College Business Advisory Council, have been appointed to leadership positions on the the Appalachian State Board of Trustees. Sywassink is now the chairman, with Steinback as vice chair. Both were appointed to four-year terms in 2007, according to ASU News.

In addition to the Board of Trustees, Sywassink is a member of the Appalachian State University Foundation Board of Directors and the Walker College of Business’s Business Advisory Council. Twenty years ago, he founded the college’s Day of Excellence for Faculty and Staff.

His philosophy of service is simple. “I have been very fortunate in my business life and have had some lucky breaks. I think it’s important to give back to other organizations,” he said.

Sywassink is chairman and retired CEO of Standard Holding Corporation, whose business enterprises include transportation-related companies and real estate holdings. ...

Michael A. Steinback chairs the Board of Trustees’ appeals and business affairs committees and is a member of the board’s audit, university advancement committees. He also serves on the trustees’ endowment fund board.

He is a partner in Stonebridge Partners, a private equity firm in Asheville focused on acquiring and successfully growing middle-market manufacturing businesses. He was previously president and CEO of CII Technologies Inc., a leading diversified manufacturer of advanced control electronic components.

Like many people who become part of the Appalachian Family, Steinback became affiliated with the university through his children. “When my first son came to school here, I was introduced to Ken Peacock, who was dean of the Walker College of Business at the time,” Steinback said. “We hit it off. He asked me to serve on the college’s business advisory committee and when he became chancellor some years later, he asked me to be a trustee.

This is the first time he has served on a university board of trustees.

The official Facebook page of N.C. Governor Bev Purdue features photos of the state's chief executive sampling a new product - Krispy Kreme Doughnuts with Cheerwine-flavored creme filling. Among the people joining her for a public tasting is Brad Wall (far right), executive with Krispy Kreme and member of the Walker College Business Advisory Council.

The Raleigh News & Observer reported on the new taste sensation.

The treat is a Krispy Kreme doughnut, filled with Cheerwine-flavored creme and topped with chocolate glaze and sprinkles. Available at up to 1,000 stores in North and South Carolina, the limited run marks the first collaboration between the two companies. ...

Brad Wall, Krispy Kreme's senior vice president of supply chain and off-premise operations, said the doughnut stemmed from frequent consumer requests for the pairing.

"We're always looking for new, unique flavors, and Cheerwine offers that," Wall said.

Could this Tarheel company be next?

John Silvia is chief economist with Wells Fargo and member of the Walker College Business Advisory Council. He was the subject of an economic Q&A today with the Mercury News.

Q. What's happening in the mortgage market? There's been some positive news, followed by some disappointing reports lately as the first-time homebuyers credit comes to an end.

A. Up to this point there are signs of improvement in the housing market. Home sales are up in many areas of the United States. But I was very discouraged by the Mortgage Bankers Association release (on Wednesday, which showed delinquencies up and mortgage applications down). I fear what may have happened is that the first-time homebuyer credit was fairly effective in getting some action in housing and the mortgage market, but maybe there will be a lot less follow-through than was hoped.

Q So it could be slow going in housing for a while, now that the credit has ended?

A. The job market is improving, and consumer demand is improving. The consumer is getting back to normal, but they're not quite ready to get out there and buy a new home. It does seem that the demand is weaker than expected.

USA Today reports today on the status of the federal stimulus package. According to the paper, "From Indiana rental units to a Colorado energy company and workers' paychecks everywhere, the stimulus is just beginning to make itself felt." Among the many sources quoted in the article is John Silvia, member of the Walker College Business Advisory Board.

"You definitely need to be patient. There's no way you can expect results as fast as some people expect. It's not like a fast-food breakfast," says John Silvia, chief economist for Wachovia Bank.

Silvia also recently released a series of charts on the federal deficit. Headlined "Federal Deficit Crossed the $1 Trillion Mark in Style," he notes that "Both spending and tax receipts put in double-digit performances to produce our ten digit deficit. Spending came in at +20 percent over a year ago and receipts down 18 percent. No doubt where this train is going."

Spending: Entitlement Spending Leads the Way

• Medicare, Social Security and Income Security all recorded double digit gains in spending compared to a year ago. Such percentage increases are large even for a recession where these categories represent automatic stabilizers
  
• Total outlays have soared as a percent of nominal GDP. The government's command of economic resources is at a new high.

Revenues: Weakness Reflects Recession Pattern

• Both individual and corporate income tax revenues have fallen at double digit rates compared to a year ago.
  
• The Federal deficit is now at a post-WWII high and is likely to continue to rise in the near term as deficits rise and the economy remains weak. These deficits will influence the allocation of global savings for the foreseeable future.

UPDATE - On July 13, it was announced that John Silvia has been named Wells Fargo & Company's chief economist.