Some comments from Germany
Gabor Steingart in Der Speigel says that Senator Obama’s rhetoric reminds him of an elevator pitch in the heady days of NASDAQ 5000:
when I hear him speak, I have to think of the crazy days of the New Economy. It was a magical time, even for the most levelheaded of business executives. For several years, wild promises seemed to be the most valuable currency in circulation. Profits? No big deal! Experience? Unnecessary! Realism? More of an obstacle than anything else. While some entrepreneurs undoubtedly had realistic business models and administrative talent, most of them were simply peddling ideas.
World economic output grew by 80 percent in real terms between 1980 and 2000. But the value of shares rose by about 1,000 percent within the same period. The market hit its zenith on March 10, 2000, and then the bubble burst. Suddenly the billion-dollar companies listed on the NASDAQ collapsed like so many cold soufflés. These days, Bernie Ebbers, the former CEO of Worldcom and one of the stars of the new economy, no longer appears on Larry King Live. Instead, he is currently serving a prison term in Louisiana for fraud and conspiracy…
there is no room for thoughtfulness in the turbulent world of Obamania. Hillary Clinton, his rival in the fight for the Democratic nomination, suffers from the same problems as traditional companies in the automotive and engineering industries did when confronted with the hype of the New Economy. She is out of touch with his supporters. She uses language to explain, while Obama uses rhetoric to intoxicate. She tells voters what she is bringing to the table. He tells them what they can become. If Clinton is a solid stock, Obama is an option. If she’s a secure investment, he is speculation.
When the New Economy reached its conclusion, people suddenly realized that their hopes were dashed and their cravings for quick riches left unfulfilled. In 2002, Worldcom’s stock price fell to less than 10 cents. If democracy functions only half as well as the market economy, the Obama bubble will burst. The burning question is: When?
February 22nd, 2008 at 6:01 pm
It’s nothing to be surprised at a reaction from germany. I’m sorry…
February 23rd, 2008 at 2:18 am
This Steingart character in Der Spiegel is the same guy who wrote on January 22nd of the “end of the Obama revolution” because Obama supposedly couldn’t capture women, older voters, and blue collar workers. Steingart’s still trying to be right. But he’s no more prescient now than he was then.
Why is it that all the supposed professionals who purport to argue that there’s no beef behind Obama’s rhetoric never give the slightest indication that they’ve ever gone to his web site to check out (a) his past accomplishments (such as passage of weapons controls, government transparency and injured vets legislation) and (b) his detailed prescription for future programs? Hey, you can have an opinion, but at least do a smidgen of research before spouting off, okay?