"History is a wonderful thing, if only it was true"
-Tolstoy

Monday, November 03, 2008

Finance vs Economic Issues

Very bright banker on the current "crisis"
It's finance, not the economy.
Quick and sure action can stem the problems.

Wells Fargo's Kovacevich: The Importance of Hitting Bottom - BusinessWeek:

"What would your advice be for the next President, who will inherit a deeply damaged financial system and a troubled economy?
Priority No. 1 is to get the economy going. This is the worst financial crisis since the Depression, but it is far from the worst economic crisis. Simultaneous with that, we have to figure out a way that we don't continue to have these bubbles. Therefore, we have to look at regulating differently. Some people have called that regulating more, some think deregulation is to blame [for the crisis]. I think it is really a matter of doing things differently than we have done in the past.

Maria Bartiromo is the anchor of CNBC's Closing Bell."

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