Tuesday, June 2, 2009

The torch passes ...

It's true, in a way:

The American Century ends today with the death of General Motors as we knew it, the free-market engine that powered an economy and a culture to global preeminence, selling physical and social mobility to millions who had previously lived in small insular worlds.

-Robert Stein

Our self-confidence today is as it was at the peak. That strikes me as not well calibrated.

Is this just the end of the buggy whip? It doesn't seem so. All the new "whips" are made elsewhere and our accounts are not in good shape ...