December 14, 2001

11:18 AM

What do Greenspan, Enron and the number 11 all have in common? Economist and NYT colimnist Paul Krugman notes with not too much irony that "Just one month ago the James A. Baker III Institute presented Alan Greenspan with its Enron Prize." (a big wince over regretable timing, and the emphasis is mine) No big conspiracy here, but the general thrust of Krugman's column (NYT link) is that somethings got to give if things are to again get real (good). Lots of interesting under-reported economic factoids in the article make for enlightening reading.
posted by BentPenguin (3 comments total)

I think it's interesting how this whole article sort of pulls back the curtain on the little-discussed unique situation of denial that's going on in the US - the whole feeling that "It used to be great, now it's bad - just wait a little bit, it'll be great again". That 'little bit' may be years or decades away. The economy may not reach the levels it did in the late 90s for a loong loong time (possibly never?)

I know that personally there's a little voice in the back of my head whispering "just wait it out, pretty soon recruiters will start calling you again, and big money will be back within your grasp again, and you'll have to turn down big offers again..." Even if I rationally don't listen to that voice, it's still there, and I doubt I'm the only one.

There are worse things in the world, but to have had the brass ring within sight and have it vanish so fast leaves an impression, and a sense of expectation (which once may have been a sense of arrogant entitlement).
posted by kokogiak at 11:56 AM on December 14, 2001

Great article from a great writer. Krugman ties things together with such efficiency. Wish I had such talent. You guys probably do too since you get to read my missives. :)
posted by nofundy at 12:21 PM on December 14, 2001

I think he lets Greenspan off easily here.
posted by rushmc at 2:02 PM on December 14, 2001