2008- A Year to Remember

Jan 1st, 2009 by Pickett Street Properties Team

There are several links in this post, which will take you to some lengthy audio and video pieces I’ve collected. I feel these pieces encapsulate the mood of 2008 in a way that words alone don’t capture. Please bear in mind that the aggregated clips you’ll find here are intended as a collection of interesting viewpoints and theories, and not necessarily a representation of any particular agenda or beliefs.

They say, if you can’t say something nice, don’t say anything at all…. that silence is me, trying to think of something nice to say about a year that had very little nice to say for itself. When I start drawing parallels from my own experience, two stand out: 1989, the year of the Exxon Valdez oil spill, and 2000, the year of the dot bombs. Now there’s some great company. With friends like that….

When historians start pinning titles on 2008, it will undoubtedly be something along the lines of, ”the Year Credit Stood Still”. In light of all we’ve heard about the various causes for the world’s economic challenges, from mortgage tronches, (follow the link, and click the ‘full episode’ link to download the radio clip) and the mortgage fraud that followed, there appears to be plenty of blame to go around. I thought I’d pretty much heard all the options, but then a fresh one popped up just this week.

It’s likely you’ve all heard of Enron, and the accounting scandals that brought about their demise, but before today no one I was aware of had put Enron together with the credit crunch. Well, if you know anything about the Sarbanes-Oxley bill, you’re well on the way to guessing the connection. It seems there is a downside to oversight.

As Neitzsche said, “That which does not kill me, makes me stronger”. While I wouldn’t wish trouble on anyone, it’s true that the struggle serves some purpose. Another quote I’ve heard a lot of lately is the one about the number of millionaires who came out of the Great Depression (Can anyone tell me what’s so ‘Great’ about depression?). So, it must be true; we need the downs to create the ups. Following that logic, I’m ready for a NEW YEAR!