Tuesday, December 30, 2008

Some Recent Economic History

Over the past weekend, The Wall Street Journal did an excellent piece on the events of mid-September, 2008. Thanks to the folks at The Cleveland Plain Dealer, you can now read about The Weekend Wall Street Died.

It is compelling reading, if you're into the current recession or financial or economic history in general. And it has some important truths in it. One that struck home to me is quote from the head of Goldman on Sunday, September 14. One of his aides, referring to the stress of recent days said "I don't think I can take another day of this." The Goldman chief responded, "You're getting out of a Mercedes to go to the New York Federal Reserve -- you're not getting out of a Higgins boat on Omaha Beach. So keep things in perspective."

Good advice - for all of us.

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