Byline: Editorial Staff
The conclusion of Karen Shaw Petrou's op-ed ("Bankers Occupy Their Bunker as Crowds Occupy Wall Street," this page) rings true.
The one additional point I'd make is that many in banking were astonishingly oblivious to both the egregious practices of some in their industry and the likelihood of regulation due to those practices and the severity of the 2008 collapse.
A bit of foresight, and perhaps humility, could have seen bankers working with legislators rather than lobbying furiously and forecasting doom.
Posted by David T., Oct. 11 at 5:26PM ET
Bravo! Finally someone who has hit the nail right on the head!
The private sector needs guts and leadership. This is an entirely different world that has emerged from yet another wreckage of the boom-bust mentality.
Leadership is needed in both the private and public sector, but both need to start thinking long-term.
Karen Shaw Petrou points out that banks and corporations are sitting on tons of money. They don't need to wait for government "direction," but they do need the boldness of the leaders who helped build the industrialized world.
This global-technological world needs the same willingness to invest in the future.
Forget what worked 100, 50, 25 years ago. Think what is going to be needed in 10, 20, 50 years. John Maynard Keynes said that in the long term we'll be dead, but hopefully, the corporation will not be.
Recognize that the people being referred to as "peasants with pitchforks," the two-thirds of the economy and 99% of humanity are what actually makes everything work.
They are the greatest asset as employees, the engine as consumers. …