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Economic crisis - still at the brink
Key Excerpts from Article on Website of New York Times
Posted: June 14th, 2009
http://www.nytimes.com/2009/06/07/opinion/07cohanWEB.html
Whether at a fund-raising dinner for wealthy supporters in Beverly Hills, or at an Air Force base in Nevada, or at Charlie Roses table in New York City, President Obama is conducting an all-out campaign to try to make us feel a whole lot better about the economy as quickly as possible. Its safe to say we have stepped back from the brink, that there is some calm that didnt exist before, he told donors at the Beverly Hilton Hotel late last month. Mr. Obama thinks that the way to revive the economy is to restore confidence in it. If the mood is right, the capital will flow. But this belief is dangerously misguided. We are sympathetic to the extraordinary challenge the president faces, but if weve learned anything at all two years into the worst financial crisis of our lifetimes, it is that a capital-markets system this dependent on public confidence is a shockingly inadequate foundation upon which to rest our economy. We have both spent large chunks of our lives working on Wall Street, absorbing its ethic and mores. Were concerned that nothing has really been fixed. Were doubly concerned that people appear to feel the worst of the storm is over and in this, they are aided and abetted by ... the fact that the Dow has increased by 35 percent or so since Mr. Obama started to lay out his economic plans in March. But wishing for improvement and managing by the Dows swings are a fools game. The storm is not over, not by a long shot. Huge structural flaws remain in the architecture of our financial system, and many of the fixes that the Obama administration has proposed will do little to address them and may make them worse.
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