Barack Obama, CEO in chief - Nov. 7, 2008
I can't really say I was unique in calling out the bubble we were in (12 Aug 07), and I took my own hit in '08. However, with some nod to the gods, I did happen to sell my house and keep hold of the cash the last year+.
So, now how long will we be in this? The problem for me is that we've been due this for quite some time, and the slight blips we saw in the 90's and dot com drop did not cut it. 'Now more than ever' was the call of the noughties - buy a car, buy a home, buy more. How? Borrow more and buy more cheaply (from China).
But, this time does seem to be cutting deep, as 2008 refused to bounce back. Job cuts are really starting to kick in across the board. Looking beyond America, everyone is hurting. Britain actually looks like it will be hit even harder. An economy that relies more than most on global trade itself, especially the financial.
Beyond the 4 challenges to Jobs, Housing, Energy and Healthcare, is I think the deeper challenge. After the peroration of consumerism, of zero self sacrifice, can Obama shepherd his people to act and behave differently?
I think energy will be a great indication of whether we are growing up to make the harder trade-offs. As the oil price drops down, that SUV isn't so expensive to fill, after all!
Barack Obama and the environment | Subject: The environment | The Economist
I can't really say I was unique in calling out the bubble we were in (12 Aug 07), and I took my own hit in '08. However, with some nod to the gods, I did happen to sell my house and keep hold of the cash the last year+.
So, now how long will we be in this? The problem for me is that we've been due this for quite some time, and the slight blips we saw in the 90's and dot com drop did not cut it. 'Now more than ever' was the call of the noughties - buy a car, buy a home, buy more. How? Borrow more and buy more cheaply (from China).
But, this time does seem to be cutting deep, as 2008 refused to bounce back. Job cuts are really starting to kick in across the board. Looking beyond America, everyone is hurting. Britain actually looks like it will be hit even harder. An economy that relies more than most on global trade itself, especially the financial.
Beyond the 4 challenges to Jobs, Housing, Energy and Healthcare, is I think the deeper challenge. After the peroration of consumerism, of zero self sacrifice, can Obama shepherd his people to act and behave differently?
I think energy will be a great indication of whether we are growing up to make the harder trade-offs. As the oil price drops down, that SUV isn't so expensive to fill, after all!
Barack Obama and the environment | Subject: The environment | The Economist
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