Fiddlin' Around While Wall Street Burned

[WhiskeyGirl]

Fiddlin' Around While Wall Street Burned

Commentary

Serious economic issues exist, but media should show parts of economy that still function.

By Dan Kennedy
Business & Media Institute
10/16/2008 1:56:16 PM

     Where were you when the lights went out on Wall Street?

     On Friday, Oct. 10, the first day the Dow dropped below 8,000 before crawling barely above that at close, a friend and I were in Atlantic City on a guys’ vacation. We went to Il Mulino for dinner – the clone of the famous New York City restaurant at Trump Taj Mahal. We had imported cheeses and sausages and imported truffles shaved over two types of pasta for appetizers. The truffles alone were $71. I had veal Osso Bucco with risotto. He had a veal chop hand-pounded thin, lightly battered, with olive oil and arugula and tomatoes. The tab, with tip, was $540.

     We were not alone. I got the last 7:00 p.m. reservation. By 7:30, every table was full. Most were ordering bottles of wine, or behind us, glass after glass of Taittinger, thus their tabs even higher than ours. Few couples, most parties of four, eight, 12.

     I remind you, not in Beverly Hills or New York City or London. In Atlantic City.

     This is the untold story of the economy.

     Between 91 and 94 percent of all home mortgages in the United States are current, not teetering at foreclosure. The overwhelming number of banks, particularly community banks, have been managed responsibly and are not on the brink of collapse. The vast majority of public corporations with stock values depressed by 20 or 30 percent are in no way connected to the mortgage meltdown, Wall Street’s house of cards or the collapsing auto industry. They are well-managed companies and their fundamentals are sound. And there are still productive, successful, optimistic people.

(snip)

http://www.businessandmedia.org/commentary/2008/20081016135040.aspx

How would anyone identify the well-managed and sound companies?