Tension at Davos?
I ripped this report from Davos off of Instapundit:
This year there is a weird imbalance here between thinkers and doers.
Usually you can count on a healthy tension between the dreamy thinkers (for these purposes, anyone who writes or talks for a living, such as economists, journalists and most politicians) and the pragmatic doers (in Davos, business people).
The former come up with wild theories and grand plans. The latter say it will never work in practice.
But now, not least in Davos, it is the eggheads who are fretting and the men in Brioni suits who are looking on the bright side.
In the dinners and the discussions, the journalists and economists and politicians raise all the questions about inequality between winners and losers, deplore the absence of political leadership and compare this age of globalisation gloomily with the one that collapsed with the first world war.
The business people reply, by and large: “Come off it”.
It is not that they are being complacent, the business people say. Far from it. They are realists. They see things from the ground up. They see progress in each shampoo bottle bought in eastern Europe, in improvements to Africa's health care, in the broadening of choice everywhere.
Maybe after silly pronouncements like this and this, the "doers" are beginning to think the "thinkers" are complete doofuses.
This year there is a weird imbalance here between thinkers and doers.
Usually you can count on a healthy tension between the dreamy thinkers (for these purposes, anyone who writes or talks for a living, such as economists, journalists and most politicians) and the pragmatic doers (in Davos, business people).
The former come up with wild theories and grand plans. The latter say it will never work in practice.
But now, not least in Davos, it is the eggheads who are fretting and the men in Brioni suits who are looking on the bright side.
In the dinners and the discussions, the journalists and economists and politicians raise all the questions about inequality between winners and losers, deplore the absence of political leadership and compare this age of globalisation gloomily with the one that collapsed with the first world war.
The business people reply, by and large: “Come off it”.
It is not that they are being complacent, the business people say. Far from it. They are realists. They see things from the ground up. They see progress in each shampoo bottle bought in eastern Europe, in improvements to Africa's health care, in the broadening of choice everywhere.
Maybe after silly pronouncements like this and this, the "doers" are beginning to think the "thinkers" are complete doofuses.
posted by Donny Baseball at 7:07 PM
1 Comments:
That is the perfect explanation on why the S&P 500 is undervalued by as much as 30%. I would add central bankers to the list of "thinkers". The thinkers' pessimism is affecting (negatively) the mood of the general population and average investors. The world economy is in the best shape ever, but the thinkers simply choose to focus on problems as a result of progress and global prosperity. I start to wonder if capitalists are the only optimists left on this planet.
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