Bob Benmosche wins where so many have failed.
Tag Archives: Economics
One of the things I’m surprised about is the resiliency of the economy. Things are flattening out, opportunists are making their moves on low prices in many industries. Business is starting up again, mostly because credit is beginning to flow out of the banks.
I really thought it would have been much worse. Given the environment of the crisis, regime change in Washington being the largest and most disruptive, I would have thought by now the pavement would have been fracturing, buildings collapsing, that there would be revolution in the streets.
I said this to Shannon yesterday as we walked cross town on the way to a meeting of one of her non-profit groups that works with disabled vets, and she stopped cold in the middle of Park Avenue.
“You? I can’t believe it….
Populist outrage, it’s all the rage. Everyone’s doing it. Newsweek’s cover story screamed about it. Barney (“I want a list of names!”) Frank is leading it. Anarchist children in London are sharing their view of a utopian future by breaking windows (“In the future we will let in fresh air!”).
But, what it’s all about is a communal display of “blame the other guy, because I’m not at fault.”
The lack of integrity that is washing out of America, and that has now become a global virus, is a vast disgrace. Perhaps the greatest executor of this hideousness is Paul Krugman who had the temerity to insult every American this week in the Times. The severity of Krugman’s egregiousness comes for the fact that he knows better. Or should….
A lot of people have lists of questions they want asked at tonight’s (or any) Presidential debate. Most center on the current economic crisis.
I’d like to add five questions that I’m not sure are in many people’s list…
John Renesch runs a thoughtful blog over at The Global Dialogue Center.
His recent post was called “Wall Street Skull and Crossbones”. I took issue with his emotional characterization of bankers as pirates.
He wrote: “Their sole purpose is to make a profit, and to do so with the least amount of capital as possible.”
John: You say that like it’s a bad thing…
I’m not sure I know how to react to the news today that the House of Representative defeated the bill giving Treasury the ability to purchase mis-priced assets from the banking system.
As the market collapsed, $1.1 trillion was destroyed in falling share values held by Americans. That is much more than the $700 billion that Treasury requested. So we no longer have the $700 billion, and we lost another $400 billion. I can’t think of a better definition of “stupid”…