Skip to comments.The Bottom Line: 3 things made clear at Davos
Posted on 02/03/2009 7:56:44 AM PST by SmithL
Davos was a pretty grim affair by all accounts. Lots of finger-pointing at the U.S.A. Even more perplexity at just what the heck is going on. Solutions for "shaping a post-crisis world," as this year's pow-wow was billed, were few and far between. But once the attendees got past the various stages of grief, confusion and anger, says Lenny Mendonca, chairman of the McKinsey Global Institute in San Francisco, three takeaways emerged. One, getting out of the world's perilous situation requires globally coordinated solutions. Two, the U.S. retains the mantle of responsibility for leading the way. "There was huge enthusiasm for President Obama among the leaders there," said Mendonca, who is also chairman of the Bay Area Council. "They really want him to succeed. But they also need him to succeed." Three, President Obama can't do it without China. "The U.S. and China are the chief actors in this," said Mendonca. Despite his U.S.-targeted bristling, Chinese premier Wen Jiabao made it clear at a session Mendonca attended that China knows it has to be part of the solution.
Memo to the president: Assuming this to be true, I would humbly suggest Obama gets together with Wen at his earliest convenience to clear up the mess left by Treasury Secretary Timothy Geithner's poorly timed remarks about China's "currency manipulation," clarify Secretary of State Hillary Rodham Clinton's reference to "a more comprehensive approach" to the country that holds the bulk of America's ballooning debt, and, last but not least, disavow the disastrously protectionist "Buy American" clause being pushed by his own vice president, among other Democrats, as part of the ever-evolving stimulus package.
(Excerpt) Read more at sfgate.com ...
The elites at Davos want the U.S. to continue transferring our wealth to China *because* those self-same elites have invested vast fortunes inside China in assembly plants (and hedge funds!).
Yep, it High Noon and the townsfolks want the bad guy taken care of by the Marshall before he leaves town. But Obama ain’t no Gary Cooper and Michelle ain’t no Grace Kelly.
I saw a blub in the WSJ from Intel CEO Craig Barrett. He said something like the U.S. cannot give every american their own house and may have mentioned the twin scams of Fannie & Freddie. He gets it.
Most people with even a rudimentary exposure to economic realities “get it”. Our problem is we have far too large a proportion of our population who have not been exposed to economic realities because they are government apparachniks or government welfare cases. This includes a huge proportion of our career politicians like Obama, Clinton, Biden, Rangel, Dodd, Kennedy and others who have never known what it is like to take risks, build up a business, or sign the bottom of a paycheck instead of the back. Now it appears that far too many of our career politicians don’t even know what it means to pay an honest tax. Many people get it, but too many making the policies of these days don’t.