James Drogan

This morning, The Big Picture brings a fascinating discussion, moderated by Charlie Rose, by two reknown economists on the economic issues facing America. It's in a language that most of us can understand and it prompted me to sketch the following diagram.

What I am suggesting is that all of us, professional and lay person alike, ought to be understanding the implications of what Stiglitz and Feldstein have to say in this 30 minute video on our personal situations. This consideration ought then lead to personal actions.

Talking about this mess is not enough. I'm reminded of "Speech is conveniently located midway between thought and action, where it often substitutes for both."  John Andrew Holmes

In my view, Stiglitz and Feldstein use a lanuguage that is understandable.

It may be something we've not yet developed an interest in, but we should. The financial industry and the government seems to have demonstrated a certain ineptitude in these matters.

On the same page of The Big Picture that provides the link to the video is this delicious quote from Adam Smith.

"The uniform, constant and uninterrupted effort of every man to better his condition, the principle from which public and national, as well as private opulence is originally derived, is frequently powerful enough to maintain the natural progress of things toward improvement, in spite both of the extravagance of government, and of the greatest errors of administration. Like the unknown principle of animal life, it frequently restores health and vigour to the constitution, in spite, not only of the disease, but of the absurd prescriptions of the doctor."