Wednesday, July 28, 2010

An analogy that I would like to see

Suddenly surface oil in the Gulf of Mexico related to the BP disaster is vanishing. The danger of more oil hitting shorelines or marshland and killing more wildlife is rapidly diminishing. How did this happen. Was it expected. We know, or I think we know, that there are significant long term problems that remain below the surface, that the extent of contamination in fishing areas is unknown and may still be extensive, and that contamination that has hit marshland may have already caused permanent damage. So far, however, there seem to be no reports of oil settling on the Gulf floor.

This all of a sudden seems better than possibly could have been expected no more than a few days ago if one listened to anything the media or the government had to say. Just keep that darn thing plugged...

The analogy that would be welcome is the same kind of sea change in our economy and financial markets. We know that there's still significant short term stress and unquantifiable longer term damage, and that structural change is needed. What if, however, on the surface positive change suddenly began to take shape. What if the media hyperbole, pundit gloom, and government angst was met with the a resurgence of growth, innovation, and optimism that was completely unexpected. Wouldn't that be wonderful.

One can dream.


Anonymous Anonymous said...

It would be wonderful, but it's not going to happen. Administration policy is chaos now, with decisions based on what appears to be fair rather than what leads to a recovery. By trying to straddle the middle Obama is setting himself up to get run over.

4:31 PM  

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