I’ve resisted writing much about the economy, but since it’s a rainy day in San Francisco as people start taking off for the long weekend, here it goes…
Last night, I watched Magic Johnson, Steve Wynn and Eric Schmidt on Larry King Live.
It was a surprisingly thoughtful (not that I didn’t expect it but sometimes these interviews are broken records) treatise of what’s ailing now and what to do next. They identified their focus now:
Again, it’s called adding value- and these are the key ingredients.
They identified top priorities in getting the economy moving again:
- Unfreezing credit markets, in a direct fashion
- Infrastructure Investment. Green technology, physical infrastructure- roads, transportation, etc.
I would also add Leveling The Playing Field to the list, such as Net Neutrality. Steve Wynn mentioned that government is good as some things, such as regulation, and bad at others. I agree wholeheartedly, set the right regulations and rules in place (which is a fluid process) then get out of the way. I believe fundamentally the new administration agrees, no matter what the rhetoric being thrown out there may say.
Steve Wynn also suggested it’s a good time to save money and hunker down a bit. Eric Schmidt continued to focus on the Google mantra of creating innovations and value-adds that people delight in.
All three men were remarkably optimistic. Granted, I would find it hard not to be optimistic but you also have to remember all three are self-made men.
Sage advice is not to ignore the realities of today. I hold that this is healthy for America.
Americans should be more thankful than ever because this is the richest country in the world, by far. Americans should be thankful because we’re free. We can have an open debate about free market capitalism, dangers of greed, and how to best cure the spreading divide between rich and poor without harming the very economic system that got us to where we are today. Be thankful because amidst the chaos, we live in a place that allows us to strive for a better tomorrow.
Have a wonderful and joy-filled Thanksgiving!