Word: enronizing
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...long run, a thorough reckoning is a healthy thing. Investor scrutiny of things once taken for granted - and an increased awareness of risk - is part and parcel of the aftermath of a burst bubble, and the lessons taught by Enron, if they're learned, make for a more rational investing climate and a better-built expansion, when it does come. Likewise, the political scrutiny now being visited upon Enron and Andersen, if it results in any good legislation, can eventually help bring leery small investors back into the equities fold...
...alternatively drives and reacts to - will need all the gamblers it can get. Investors betting on companies means companies having more purchasing power for capital investments; it means consumers feeling good about their portfolios and retirements and thus spending more; it means the economic recovery can proceed apace. Enron, meanwhile, means a second guess - is this company truly good, or is it too good to be true? - and second-guessing is not the kind of attitude of which sustained bull markets are made. The Dow and NASDAQ's January chart lines are jagged, but the trend is clearly downward since...
...marketplace, Enron's implosion hasn't made many waves; energy trading goes on as before. But in the markets, the fallout is more fundamental - it attacks the very set of assumptions by which investors place their bets, and a lot of those bets are now being pulled off the table. This too shall pass - and Congress and the SEC willing, it might even provide the impetus for some much-needed regulatory renovation. But while Enron is in the news every day - and as Democrats spend the spring making absolutely sure of that - the rise, fall, and posthumous flogging of Enron...
With politicians of all persuasions anxious to prove that they weren't in the pocket of the boys from Houston and are really working hard to get to the bottom of the Enron mess, hearings on Capital Hill began today. Joe Lieberman, positioning himself for 2004 from the big chair at the Governmental Affairs Committee, is running the Democratic show in the Senate. He'll be trying to stay centrist with fellow Democrat Carl Levin on his left and Fred Thompson on his right - and $11,500 from Arthur Andersen and $2,000 from Enron since 1989 in his pocket...
...vigorous-debate mode) Lieberman's committee will likely be where the stars come out. Governmental Affairs is the headliner, the Watergate committee, and the trio of Lieberman, Levin and Thompson - who has already made a declaration of sorts by urging the White House to "get the information out" about Enron contacts - should make for ripe daytime-cable viewing all spring. But while Lieberman must be pleased to know Ken Lay's schedule is now officially cleared, he doesn't have any big guests booked yet, and will kick of the 2002 hearings season relegated to obscurity on CSPAN3...