From the heart of the Matrix

[rapier]

http://money.cnn.com/2003/11/14/markets/inflation/index.htm

Steven Roach is a Morgan Stanley economist who is allowed to work at the heart of The Street and hold contrary heretical ideas. Go figure.

Here is his report on a conference they sponsor every year. Heavyweight money managers mostly people the affair.

The economic may bore you but look at the political implications of this.

"The elephant that had been in the conference room the whole time finally stomped out into the open. There was widespread fear that many of the most important icons of the American system were at risk of crumbling in this post-bubble climate of vindictiveness. It wasn’t just the Wall Street scandals. It was also the Enron-led accounting scandals and the damaged credibility of the New York Stock Exchange. The litany of a seemingly open-ended crisis in corporate governance and the political backlash it has spawned deeply troubled these investors. So, too, did America’s mis-adventures in Iraq, the latent fear of another terrorist attack, and the ominous rumblings of protectionism -- especially America’s politically-inspired imposition of steel tariffs and the more recent outbreak of China bashing. "

In other words once the reticense, even fear, of speaking out about Americas drift was breached many of these people at the heart of the money establishment showed dread for the way things are going.

Like it or not this above all else spells danger for Bush. If enough big money thinks he has to go then go he will.

[La_Serpiente]

1. All these corporate scandals

remind me of the Robber Barons of the last century.