The NFL, Lehman Brothers, The November Quartet, & AIG
I like to think I’m pretty smart, although I am the first to admit that I don’t know everything about everything. High Finance is one example. I’m pretty sketchy on advanced financial instruments, as well as the Corporate twists and turns used to create earnings out of thin air. I’ve seen it at work all the time when I was in Corporate America, when several business units came in short only to see the company meet or exceed their promised earnings to Wall Street.
So you won’t find a detailed description of exactly what is going on Wall Street and in America. Here’s the Cliffs Notes version: the Housing bubble created a ton of bad debt, the funds of that bad debt created alot of dissipating revenue that evaporated quickly, and the bad debt permeates a ton of disparate financial instruments held by a variety of big firms. Firms and individuals ran up incredible profits as they whipped the money all over the place. Everything was good, so everyone was smart. Now, the next shoe is in the process of dropping.
And how has our leadership addressed all of this? By acting much like my local Home Owners Association would (no disrespect intended to our HOA, a thankless job if there ever was one). Get in a conference room, have snacks brought in, facilitate Bank of America’s acquisition of Merrill Lynch (check), tell Lehman Brothers they’re out of luck and can go into bankruptcy (check), decide to take over AIG (check), break for lunch (check).
Are these the correct decisions? I have no idea. These are the choices you make when you have no choices, and you have no choices because you wait until you have no choices. And you wait until you have no choices because you don’t take ownership of an America and an economic situation that must be intimitely understood and mastered, at the first whiff of a stench not as an inferno rages around you.
It is very easy to point at the White House, and believe me, it is where ultimately I feel the problem is. This is just one more example, in my mind, of an Administration that believes something philosophically, doesn’t take ownership, and isn’t proactive about mitigating risk and charting a clear path that may hurt us.
It is very easy to point at the White House, but that isn’t the problem. The problem is that our nation, our citizens, you and I, cannot fix our system. We do not put our best and brightest forth to lead the nation in evermore complex times and evermore complex situations.
Our problems aren’t soundbite problems, and they cannot be solved by studying talking points. For some of these problems, the inability to accept short-term pain to minimize the impact of a situation causes us to suffer long-term struggles left with expensive choices which may not work.
W vs Gore. W vs Kerry. This is the best we can do?
Both of these parties are screaming change at the top of their lungs, but they created this with our encouragement. What exactly are we talking about in change?
When I look at a business or personal, I try to see the glass as three-quarters empty instead of half full. What is the potential downside, and how to I minimize it? The Democrats have nominated a candidate high on charm and short on experience. The Republicans have nominated a vice presidential candidate from the same cloth, who was basically mayor of Travelers Rest, SC (just north of G-Vegas) a couple years ago.
It is totally irrelevant which of these has the least amount of experience or whose experience is more relevant. It is simply that two of the four potential leaders of our nation don’t have the greatest, broadest capabilities necessary to lead this great United States of America.
Remember the days when an NFL Head Coach would demand full control of the club, forcing them to give him the GM role as well as coaching? Well, those days are gone. The reason is that the job is just too complex, the competencies required too unique and too varied to be consistently housed in a single person. Why are the Patriots the best run club in sports? Because they have individuals in every position who are excellent at what they do and understand how to execute as part of an organization all headed in the same direction.
The President of the United States is an incredibly challenging job requiring tremendous people management skills, analytical abilities, charisma, candor and bluntness in examining a situation, strategic planning, fortitude, a balance of fearlessness with pragmatism, and content expertise on every topic from religion to economics to Southeast Asian fractional politics to military to science to environmentalism to aging to education to racial/ethnic issues to immigration.
This day, 17 September. It is a dark day in a dark time in our nation. And I have brought us here, me and the millions of neighbors across this nation.