WITH NORTH AMERICA mired in a recession, the auto sector flirting with collapse, energy and gas prices fluctuating by the week and the housing market at extreme lows, money is on the minds of North Americans. That's especially the case for North Toronto's Ali Velshi who, as CNN's chief business correspondent, has become a trusted voice during what is for many a stressful time.
Flick to CNN at any point in the day, and you're bound to come across Velshi, 39, recognizable in his trademark three-piece suit, distinctive glasses and bald pate, dissecting the latest market fiasco and explaining how to interpret the news.
But with the increased gravity of the times comes heightened responsibility for the man to whom many turn for advice.
"We've learned in the last four months here at CNN how seriously people take our reporting, how much they depend on it and how much they act on it," he says. Because many viewers don't fully understand the intricacies of the financial system, Velshi says a vital part of his job is converting econobabble into a more digestible form. That's no small task.
"I spend my day running explanations by people," says Velshi. "I'll call up friends or fellow journalists and say, 'Look, this is how I'm thinking of explaining this. Do you get it?' and they'll say yes or no."
That Velshi engages in such a drawn-out process each day suggests he understands the importance of his job, something he underscores in conversation.
"I've gone from thinking about this as an important job to thinking about it as a crucial job. Just like everybody else has to do their part in this economy, I think that our reporting on CNN, my reporting, is important and influential … so we want to be very responsible."
Because economic news is so connected to the national nervous system, however, the way Velshi reports can influence the way his (vast) viewership reacts. Velshi therefore aims to strike a certain balance in the way he addresses a topic.
"What I want to do is make sure I am always conveying the importance of the issue without inciting panic in my viewers and listeners. That's not going to be helpful or useful," he says.
Velshi's commitment to his craft demands long hours. He is often at work by 4 a.m. and not out of the office until 8 p.m. "That's a long day. A short day is if I'm in at 5 a.m. and leave work after my show at 1 p.m.," he says.
But he's not complaining. "It's stimulating. It's an environment where people are really curious, and I get to interact with a lot of people," he says.
In addition to his role as chief business correspondent, Velshi is host of Your $$$$$, CNN's weekend business round-table program; a regular contributor and anchor for Issue #1; and he hosts his own radio show, The Ali Velshi Show.
Of late, discussion on Velshi's shows has centred on the effect the Obama administration will have on the economy.
Velshi thinks that having a knowledgeable team in the White House will give many Americans confidence, which should result in a buoyed market.
But Velshi warns that while an injection of money is needed where that money is applied is of central importance.
"Imagine you're taking penicillin for an infection," he says. "It may not work if you rub it on your palm; it may need to be injected or ingested. We have got to apply this money in the right way to the economy so that it has the desired effect."
As for the inspirational quality of President Obama? Velshi is optimistic but not naive. Obama's message of hope is important for Americans to hear, but equally important is for Obama to take a dispassionate approach to mending the economy.
"I think the average American, the average citizen of the world, wants to know that the president has his finger on the pulse and is going to make decisions that are going to be ultimately good for the economy, the country and the world — more so than his political interests — and I think that's the message we got during his inauguration speech," he says.
Velshi has some ideas of his own on how the average North American can brace for financial difficulties. Velshi's latest book, Gimme My Money Back: Your Guide to Beating the Financial Crisis, outlines a three-step approach to financial survival.
"First, you can only control things you can control," he says. "You can't control the housing crisis; you can't control the credit crisis. But you can control your debt, savings and investments, in that order. So I suggest that they budget and pay off any high-interest debt."
Next, Velshi recommends that his readers save for the possibility of losing a job, which is very conceivable in this environment, he says.
"Ultimately once they've dealt with some degree of their debt and put some money away in an emergency fund, I really think that this environment provides a great opportunity for people to become investors if they're not already," he says.
On paper, screen and radio, Velshi comes across as informed, confident and affable. But it wasn't always the case. Velshi earned his stripes as a business reporter on Toronto's CityPulse and Report on Business Television. In those early days, Velshi had trouble finding his groove.
"Back when I started on television, I was really awkward," says Velshi, who talks in person just as he does on television: quickly, clearly and with energy and enthusiasm. "I've always loved people, but on TV that didn't come naturally. At first it was really rough. If I'd watched myself, I wouldn't have hired myself."
Those days are long gone. Perhaps the secret to Velshi's current-day onscreen ease lies in his eagerness to continually improve his craft and learn as much as he can from his experiences. Such was the case when he was a student at Toronto's Northern Secondary School.
"Northern was a huge school, with about 2,000 students," he says. "It was really fun, like a little metropolis unto itself."
But it was the diversity of the school's student body that made the biggest impression on Velshi.
"I grew up in Toronto in the early '70s when it wasn't the melting pot it is today," says Velshi, who was born in Kenya and whose father, Murad Velshi, was Ontario's first Indian- Canadian member of the legislative assembly. "It was exciting for me to be at a place that gave me the opportunity to learn about other people."
Velshi returned the favour last year, by lending a hand in the reconstruction of Northern's football field, which was in a serious state of disrepair.
Velshi flew to Toronto in the midst of the winter's worst snowstorm, to speak at a fundraiser at the school. The event raised $19,000.
"To me, football at school is an opportunity for people. Northern was a football school, at least when I went there. Without the field, that opportunity is gone," says Velshi. "These days, public schools are feeling the pinch. When I was in school, if a field needed repair, it would just be repaired."
Coming back to Northern Secondary provided a chance for Velshi to return to the city he loves, a luxury that seems to be getting rarer and rarer. "I don't come to Toronto as often as I'd like. I used to come back four times a year, but now it's down to two or three. I'd like it to be more often. My parents are still there, and I'm in touch with my friends and family," he says. "Toronto is in my heart all the time."
– With files from Haig Balian
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