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Thursday, April 2, 2009 at 11:27 am
How dare they! Obnoxious Europeans! Where do they get off telling American business entities what to do? Our guy should just tell them to shove off! Allez oop! Auf wiedersehn! On the other hand. Una momento, s’il vous plait? While it is obnoxious to have these pissant little countries telling us what to do, you have to wonder, if you take a minute between your call from London and your teleconference with Berlin right before you get on the plane for Tokyo, whether there might be a micro-pfennig of reason in what they’re talking about. I mean, we’re big capitalists all of us, for sure, since every other economic system that’s been tried has failed, unlike ours, right? Um. Well, let’s leave that be for a second. Anyway, we don’t like government of any kind sticking its big nez into Business. That’s bad Business. We don’t like it when Timmy the Gee tries to do it, and we CERTAINLY aren’t going to like it if a bunch of foreigners start poking their weltanschauungs into our operations. At the same time, come on, ladies and gentlemen. The large companies that caused the worldwide collapse of global capitalism, at least at this horrendous point in time, recognize no national boundaries. They have gleaned the benefits of a wide world market, reaping vast harvests wherever they went, except possibly in countries that do not pay their bills or that insist on paying them in vodka. When our corporations plied the seas like responsible merchant vessels that was one thing. But it’s pretty obvious that quite a few of them, particularly the ones that shape the markets themselves, have been operating more like a cross between cruise ships registered in Liberia and privateers that recognize no national laws but those of the sea on which they float. It just may be that, you know, if we want to operate in the world theater, we might have to obey some of the world’s laws and regulations. Just possibly, is what I’m saying. Unless we can get out of it in some way. Good luck, Mr. Obama. Win one for the team, will ya? Bing, are you saying that the US cannot operate as a unilateral cowboy on the world stage? Posted By Bill, Laurel, MD : April 2, 2009 12:17 pm
Which “team” are you referring to, Bing? The ugly Americans who have led the world into this economic crisis? The “developed countries” who have exploited the resources and people of the 2nd and 3rd world for the past 400 years? Or do you perhaps refer to the whole of humanity that shares this garden planet with millions of other species of life? And, who exactly is the “opposing” team? Posted By Ed, Omaha, NE : April 2, 2009 12:22 pm
Bing, I thought the companies world wide that caused this mess ARE the regulated firms (AIG, CITI, BofA, Lehman Bros., Bear Stears, RBS, HSBC etc.) I haven’t heard of any country bailing out a hedge fund. Car companies with no hope – well that’s just the Republic doing the best it can to seem like it is doing something. Posted By John Marc, Nova Scotia : April 2, 2009 1:27 pm
I think there’s a riverboat casino analogy in there. That is the reason why we built it on the riverboat, to escape regulation that lies on either shore. We made a way to gamble all we want to and nobody can tell us we must have life vests for the passengers if the ship capsizes in a storm. Posted By Mike Jackson – Austin, Texas : April 2, 2009 2:18 pm
Today there is talk of a run on the dollar, the possibility of the dollar losing 75% of it’s value. What does that mean?? 1. everything imported will cost more, much more. 2. people holding US money are going to panic, try and buy something while the US dollar has some value. On the brightside, the “CURRENT” huge debt owed by the US to the rest of the world, (equals 40% of all world debt)…would be easier to payoff,,, cause it is structured in US dollars. On the downside “Future Debt” will be structured on the “SDR POOL” and that currency will have to be purchased on the open market to pay off any debt incurred… No mercy on that,,,your dollar will only buy as many of those dollars as you can afford. It will take longer to get out of debt,,,cause you won’t be able to just print money to get out of paying interest… like the US has been able to do for the last 60 years…. Lending and credit will be harder to qualify for, (Countries have credit scores just like people) How serious is this: Bottom line: Posted By Jack Hammond Canada : April 2, 2009 2:56 pm
Actually, I think we’re going to start to pull out of this thing by 4th Quarter 2009. Posted By Bing : April 2, 2009 3:41 pm
Weltanschauungs… ha ha ha! And I thought Cormac McCarthy had a mean vocabulary! Personally, I think that corporations (multi-national or otherwise) are a bigger plague on the common man than any visited down on Egypt by Moses. And I won’t cry if all their boats sink in the sea of capitalism. I know how to live in a tent and to hunt and gather… Posted By Robert, Seattle : April 2, 2009 3:57 pm
The Europeans have been in decline for 200-300 years, the Middle East for 1,000 years, and poor can’t get up forget about falling down. Before we all rush to stop Capitalism let’s remember that Jimmy Carter and the Socialist States of Europe were failures in the 60-70’s. That the government is no better in getting us out of these things than the corporations. Why does the Left feel that after years of explotation by them that 2 bad quarters of growth haven by followed by 20 years of growth is bad. Enough already. The system is broken it needs a tune up! Posted By George, Boston, MA : April 2, 2009 4:11 pm
Pull out in the 4 quarter of 2009, that’s great news Bing,,Sure gonna make all those G20 guys look like a bunch of worry warts,,,,I’ll phone the Russians and tell them to cancel the rentals on the vaults they just aquired to store gold. While I’m at it,,,might send an e-mail to the Chinese Finance minister and tell him that all that US reserve he is holding will still have value in the future…the poor guy is losing a lot of sleep over that. Wheeeew,,,,all this finance stuff had me going there for a minute…good thing I read your post.. Well gotta go…have some fun,,Canadian style,,,you know our two favorite sports are chasing a piece of rubber on ice or bashing seal pups,,,we don’t claim to be sophisticated just fun loving… Posted By Jack Hammond Canada : April 2, 2009 4:22 pm
I think I know why the french and germans are being such sticks in the mud, did you see the pic on cnn.com with Barack, Silvio and Dmitry laughing, smiling, and all cuddled up? Looks like party time at Camp David and the beginning of the warm and fuzzy era ending the cold war. Not even I, the optimist, thought things might go that well. I think Bing is right about things picking up and before I am told I am wrong, I predicted the dow would go up 800 pts, the day it did, things would pick up in march or april and I predict another big rise within a month (500-600 pts), and that global warming is not man made. I will bet Hammond a cup of coffee on that. Posted By Laurel, Santa Barbara CA : April 2, 2009 5:53 pm
Tell the Euros to go pound sand. Terminate NATO,bring our people home, and spend all that money in the good ole USA. Oh…that low,muffled, roar you hear..probably Putin’s bear waking up. Posted By Bruce L. Chicago Ill : April 2, 2009 7:10 pm
Laurel,,,it’s always nice to in the company of a cheerful optimistic person,,,,if I lose I will buy the coffe and if you lose I will still buy the coffee,,,I’m trying to be optimistic but the ole brain is just overloaded with warning signs….and I always trust my instincts… We are hoping for the best, but that don’t mean it will turn out that way…if Obama pulls this off,,,I will replace my dashboard plastic Jesus with one of him… Keep this old world spinning til I get off of it. Posted By Jack Hammond Canada : April 2, 2009 7:52 pm
Everybody stop! All presidents in the past when they went to the G20 meetings had their check book in their hip pocket and picked up the tab for the party! But, poor Obama was sent to the The game is we’ll play if you pay big spender–Uncle Sam! All the U.S. is able to do is ask our competitors to put their hood ornament where their grill is, to put on their counterfeit Levi jeans and high heeled sneekers, and skirt the copywright laws and produce more counterfeit junk, and slander the name of U.S. all over the place. Now, when the U.S. is temporarily lame they want to project all of their defects on the U.S.. Lessons learned; lighten up on deficit spending and don’t start wars we aren’t willing to win! Posted By Bob, Michigan : April 2, 2009 7:54 pm
Bing, did you get my info? I would also like to add that I predicted the dow jump totally on a fluke, the husband was complaining about how low it had gone and I said, “i bet it will go up 800 pts.” i dont take many predictions too seriously. Posted By Laurel, Santa Barbara CA : April 2, 2009 8:23 pm
Bing: I’m using your posting about “start to pull out this thing by the 4th qtr 2009″ for my 2009 third and fourth quarter forecast, you know, my boss would like to know what makes me be so optimistic. Yipeee!!!!! 2010 here I go!!! Posted By Isaac, Culver City Ca : April 2, 2009 8:37 pm
Bing wrote: “Actually, I think we’re going to start to pull out of this thing by 4th Quarter 2009. When do you think that is going to happen, in the morning or in the afternoon? Posted By Isaac, Culver City Ca : April 2, 2009 8:40 pm
Jaaaack, bashing seal pups? Bing, don’t worry about your prez. just remember, you can lead a politician to the facts but you can’t make him think. All Prez. Obama has to do is smile at them and they will be under his spell. There. No worries. They don’t know not to look him in the eyes. He’ll win one for ya alright. At least he was there for the pic. Our Prime Minister (the leader of our country) was in the bathroom when the pic was taken. They actually had to take it again. How embarrassing. Posted By pal, Ont., Canada : April 2, 2009 8:49 pm
Never underestimate the power and importance of international cooperation and rule-making. Remember how influential the Kyoto Protocol (which the US did sign) was? Oh wait… Multi-nationals are just a collection of local corporations, with each local operations subject to the laws (and most importantly tax policy) of the local jurisdiction. There really isn’t any need for international regulation/cooperation, since local regulation works just fine. Posted By ChicagoSail, Chicago IL : April 2, 2009 9:41 pm
I do indeed think we need to be better ‘world citizens’, but make no mistake….if America doesn’t do well neither will anybody else. As for Canada….it’s easy to be frugal with defense funding and foreign adventures….you’ve been sleeping by the big dog for 200 years. The undisputable truth is that if America (or momma) ain’t happy, nobody gonna be happy. Posted By Mike, Spokane, WA : April 2, 2009 10:06 pm
I agree with Bing on the recovery timeline. The economy will piddle around a bit after the Street waddles back in from the Hamptons (or Atlantic City now that there’s no bonus) some time after Labor Day. We’ll start to see indicators trending up in mid-September. I don’t expect another crazy, euphoric market to come roaring back, more like cautious optimism. Recovery will take time, but we’ll see slight growth in the 4th qtr. Just putting my 1 cent in (no two cents here, I’m holding out for TARP funding). Perhaps I’m wrong, perhaps Jack is right. Worst case, I can always move north and eat whale blubber. I just hope Obama leaves well enough alone and doesn’t throw too much pork at this problem trying to make himself into the next FDR. FDR, despite the folk hero status and all, probably added a few years to the depression. Posted By Leeroy : April 3, 2009 1:17 am
You americans have done the biggest part in polluting the world. Of course you want to think that global warming is not man made, because you would be the main reason if it was. Posted By Anthony, helsinki finland : April 3, 2009 4:02 am
To paraphrase Richard Nixon, we gave the Euros a sword. They’ll wave it around for a while then go back to their anti-U.S. carping. To Anthony in Helsinki: I’ll never buy another Nokia as long as I live. Bubba, where are the pork rinds? And fire up that gas guzzling bitch. I want to run down some reindeer. Yee Haw! Posted By Paul, Miami, Fl : April 3, 2009 8:51 am
Anthony, the math models used to predict man made warming cannot do so with any great accuracy. Questioning measurement error is not tolerated in global warming (its standard in most all other scientific studies) and the same tired answer is given each time; this consensus of scientists. Something is fishy and it is way too political. Most of us are not faith based scientists so I doubt there is a true consensus. Environmentalists have a poor track record; ozone, ddt, vitamin therapy, emf cancer, silent spring, etc…. Enough said off topic, sorry folks. On another note, it’s a deal Jack, and I love your comments. Long live pro vs con. Posted By laurel, Santa Barbara CA : April 3, 2009 9:50 am
Boot straps. Only way we’re going to make it. The answer is neither on Wall Street nor in Washington. Posted By PJB, Columbus, OH : April 3, 2009 9:53 am
Anthony Welcome to the group. A European point of view could add to the discussion. Bing, how did we get on global warming?! Posted By Jim, Winston-Salem, NC : April 3, 2009 10:26 am
Agreed. Multi-national corporations go beyond national laws. The operate on the internation level and even direction international relations. They are, in short, creatures of international affaris and they need to have international oversight. I wish we had an international organization of countries that is supposed to have jurisdiction in these cases. Something like a League of Nations, or maybe something United. Yeah, a United Nations. We could put it in the finance capital of the world. Someplace like New York City. Yeah, that we would be swell. A United Nations based in New York City. I wish we had one of those. Posted By Jim, Wocester, MA : April 3, 2009 10:42 am
Jim in North Carolina: We got onto global warming because people like to chat. I don’t mind. Occasionally we veer back to the point. Posted By Bing : April 3, 2009 10:44 am
Can we talk about something else? I know this a business blog, but I’m just so tired of hearing about the economy in the crapper. How about Michelle’s taboo embrace of the Queen? Gotta love that! Queeny was like: “What? You a commoner touching me? Weren’t you briefed on that?” Posted By T, Jville, FL : April 3, 2009 11:08 am
I know what you mean, T. I’ll try to offer some other stuff more often, including recipes and sex tips. Posted By Bing : April 3, 2009 12:59 pm
Face it….it’s tough being the world’s designated driver. On one hand we’re responsible for most of the world’s ills…could we get credit for at least a few of the good things as well. To paraphrase an old Marine Corps saying; ‘there’s two types of people in the world; Americans, and people who wish they were’. Posted By Mike, Spokane, WA : April 3, 2009 1:51 pm
Recipes would be OK. But, no offense Bing, you can keep your sex tips to yourself. Posted By T, Jville, FL : April 3, 2009 2:18 pm
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Stanley Bing
Stanley Bing is a Fortune columnist and best-selling author of business books noted for their wisdom as well as their sharp, slightly acrid sense of humor. He is also the only writer on business and the workplace who still puts on a suit and tie and goes to do battle with the dragons that breathe fire at corporate America every day. This blog captures what remains of his brain after it has exploded in all other directions.
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Our President is having 
I think that the problem with us, humans, is that we are barely learning how to walk and we think we are ready to run, we skipped the lesson on how to walk. Our time is a transition time and there is a good chance we are not going to see the completion in our lifetime, but we are responsible of handing out a smooth transition to the next generation.