Wednesday, January 6, 2010
It's a question of vision.
Or actually, willingness to see.
There is a front page item in The New York Times this morning that asks, "If Fed Missed This Bubble, Will It See a New One?" Then there is news of Obama saying security agencies "failed to connect the dots." Finally, there are clients and agencies everywhere creating and producing shitty work.
No one, Fed included, could really have missed the housing bubble. People with no jobs and no money down were getting mortgages on $750K homes. We had a negative savings rate in this country (i.e. we were spending more than we were earning.) And banks are inherently evil. Could anyone really miss that?
Same with underwear bombs and our security system. Does anyone thing a system that pats down grandmothers and one-year-olds has any ability to do anything with competence?
And our industry. We create and produce and sell crap that makes everyone in the conference room happy--thus it's guaranteed not to work when it's out in the world. Yet, we don't speak up.
We see all these things. It's just all too scary and painful to admit.
Posted by George Tannenbaum at 7:20 AM