Sunday, July 12, 2009

On talking back to the government--now and then

From Forbes: "Dimon called the $25 billion in aid his firm had accepted early on "a scarlet letter." Or recovery may have started even earlier, when Rick Santelli of CNBC accused the government of picking "losers" and forcing the rest to fund those choices.
What makes such moments significant is that Dimon and Santelli didn't merely think their protests; they spoke them aloud. Once a few people start speaking the truth publicly, the rest who agree soon begin acknowledging it. The government realizes it has pushed too far. The market notices the government's shift.

"Back in the 1930s another character on the national stage spoke out--not just once but for years. His alarms did indeed help turn the economy around. That man was Wendell Willkie."

"When Willkie finally ran for President in 1940, he did not win, but he did aggregate enough support to deal a blow to Democratic radicalism. Roosevelt was not over, but the New Deal was. The point is not that those who talk back are perfect."

http://www.forbes.com/forbes/2009/0525/017-opinions-obama-jpmorgan-current-events.html

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