Dire Economic Circumstances Call for Real Leadership
January 23, 2008
Like just about everyone else, I’ve been following the dire economic news. It seems like last year’s irresponsible borrowing and lending practices are finally coming back to bite everyone in the tuchus.
Jeff Jarvis posted this morning that many of the experts currently gathered in Davos for the World Economic Forum think that mismanagement, lack of a coordinated response to the prospect of a recession and lack of confidence are a huge part of our current problem.
Billionaire investor and brilliant economic mind George Soros said today that the way to shore things up now is to further regulate lending and borrowing so that banks are transparent about the kinds of loans they are making and borrowers don’t lie on loan applications.
It’s really a pity that President Bush has done little more than attempt to pacify and distract the public with a piddling $50 billion “economic stimulus package” that will do nothing to stimulate the economy.
Hi Teresa (from another WP Magazine user!) You are so right. The leadership damage here has been considerable. Too many people were asleep at the wheel when all this insane lending was going on. Sometimes the most difficult leadership challenges are ferreting out problems that lurk under the surface while the gettin’ is supposedly good. We failed this one. And my tuchus hurts…..
All the best. See you at SOBCon in May.
Terry: Denial is never a good policy. It’s even worse when the people in denial are in positions of power. “Asleep at the wheel” is a very good way of putting it.
That and the American public has gotten completely out of control. Aren’t anyone’s parents telling them it’s impossible to get something for nothing anymore?
See you in May!
$150 billion. But it doesn’t make much of a difference.