Soundview Executive Book Summaries


“We Finally Found the W.M.D”
December 1, 2008, 9:02 PM
Filed under: Financial/Accounting | Tags: ,

I took some time to peruse NYTimes.com and came across Thomas L. Friedman’s  regular op-ed column. Published Nov. 22, Friedman’s headline of “We Found the W.M.D” intrigued me, but once I got into reading the column, I realized this had nothing to do with nukes in Iraq or Iran … this had to deal with something much more frightening.

 

“This is the real ‘Code Red.’ As one banker remarked to me: ‘We finally found the W.M.D.’ They were buried in our own backyard—subprime mortgages and all the derivatives attached to them,” Friedman writes.

 

He calls for a quick swearing in of President-elect Barack Obama, with the hopes that our newest president can turn things around. I’m not sure if swearing in the next president approximately 50 days early will truly improve situations, but that’s why Friedman writes an op-ed column. This is his opinion.

 

Opinion or not though, he hits the nail right on the head about subprime loans. He hits another nail on the head when he discusses the nation’s lack of confidence and optimism—two things that this country direly needs if we are going to pull through this. “What ails us right now is as much a loss of confidence—in our financial system and our leadership—as anything else. I have no illusions that Obama’s arrival on the scene will be a magic wand, but it would help.”

 

I think that during these tough economic times, many of us can benefit from what the financial greats have taught us; take some time and read or re-read the works of Buffet and Bogle, review your budgets, your short term and long term investments, and just be smart with your money. Early inauguration or not, this country can make it through this recession.

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