Wednesday, May 14, 2008

WSJ Op-Ed: Who Stole the American Spirit?

Who Stole the American Spirit?
May 14, 2008; Page A21

According to the most recent polls, more than 75% of the American public believes the economy is in bad shape. All three remaining candidates for president are treating the economy as the biggest electoral issue, and all agree the situation is dire.

The normally sanguine Alan Greenspan recently observed that the current economic mess is "the most wrenching" since World War II; Fortune magazine's Allan Sloan, who's been covering the business of business for decades says, "I'm more nervous about the world financial system than I've ever been in 40 years."

There is no denying that the current financial morass is deep and painful. But taking the long view, there is something both startling and disturbing about the gloom that has settled over Wall Street and the country in general. In fact, looking back over the past century, it would be a stretch to rank the current problems as especially notable or dramatic. Something else is going on – namely a cultural rut of pessimism that is draining our collective energy, blinding us to possibilities, and eroding our position in the world...


Anonymous Anonymous said...

Sounds like someone is either an "ostrich" or is just another "peacock" showing off his feathers so he'll still get investment firm consulting gigs.

Wake-up, it's real, and it's going to hurt. . .

May 16, 2008 at 10:50 PM  

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