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...mantra: Regulation is bad. The Reagan, Bush I and Bush II Administrations believed in deregulation, tax cuts that provide little relief for most Americans, government subsidies for huge corporations and windfalls for the richest. John McCain now has a "comprehensive" plan for the economy that begins with firing the chairman of the Securities and Exchange Commission. Yet in September his initial response to this crisis was, once again, to make the Bush tax cuts permanent and to increase Federal Government support for corporate America. Maybe McCain hasn't noticed, but this isn't working. Ruth Parente, Middletown, Conn...
...crisis intensified in mid-September, Washington acted quickly. There was a Treasury Secretary to devise and present a rescue plan, and a Congress - after an initial case of the vapors - to act on it. But there is no Hank Paulson in Europe, nor a precise counterpart to Federal Reserve Chairman Ben Bernanke. Jean-Claude Trichet heads the European Central Bank, but it cannot play the lender of last resort, as the Fed did on Sept. 16 by loaning $85 billion to prop up the U.S. insurance giant AIG. In Europe, governments must act instead...
Move away from London, however, and you get a rather different perspective. Across the English Channel, Thierry Jacquillat, chairman of the Greater Paris Investment Agency, looks at what's happening in world financial markets and says: "The economy of Paris will resist the shock better than London. We're more diversified." And in Brussels, at the European Trade Union Institute, economist Andrew Watt draws some uncomfortable historical parallels. "There was some idea that the financial sector was immune," he says. "It's like pinning your hopes on anything, whether it's textiles in the north of England...
...government's vaunted $700 billion rescue plan barely slowed the market meltdown. The usually ebullient CNBC host Jim Cramer went on Today and implored, "Whatever money you need for the next five years, please take it out of the market right now." Retirees were frantic. Even Fed Chairman Ben Bernanke, his face a rictus of worry, said the economy probably won't improve until next year. Stocks veered wildly...
Erik Buell, Founder and Chairman of Buell Motorcycles, the Harley-Davidson subsidiary that makes high-performance sport bikes, is dressed in his signature mechanic's shirt and faded blue jeans when he greets me at the Buell plant in rural East Troy, Wis. He's bouncing around from subject to subject--from his beloved sport bikes to motocross to how he makes guitars--with a passion that's palpable. I quickly forget the plane ride that I spent fretting about how to get out of riding a motorcycle. Buell has turned it into an opportunity you wouldn't want...