Geoffrey Morton-Haworth_

WSJ: A Frightening Indictment of Our Society

On Nov 19 04:26 PM henarl wrote:

> Lets see, our economy can be run by greedy and corrupt CEOs and
> hedge fund managers - or - it can be run by stupid and corrupt politicians
> and bureaucrats - or - by a combination of the two. Don't worry
> about how the country is run - that's hopeless. Instead, worry about
> how your own personal economy is run - it's your only hope!

Interestingly, Susan Hockfield, the President of MIT, sent a letter to all its alumni about the current financial environment and the effect on the Institute. There are many interesting things about this email.

First, how seriously the Institute takes the present recession:

"The global economic contraction will likely compromise all of the Institute's major revenue streams."

Next, the recognition of the impossibility of forecasting:

"The continuing uncertainty about the length and depth of the economic downturn makes accurate predictions impossible."

Then, while not mandating budget cuts, the importance placed on immediate reductions:

"Achieving significant savings this year can help prevent more painful future choices; early savings will compound, so that a dollar saved today gives greater long-term budget relief than one saved a year from now."

Above all, the emphasis on working together to develop a long-term approach:

"We will set in place a broad, deliberate, inclusive process, in which all branches of the Institute will work together in the coming year to reassess our priorities and the use of our resources."

But why send this to all the alumni, unless of course it carries the broader message... and these thoughts could be appropriate to "your own personal economy", too