Word: expertism
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...must keep a lid on deficit spending "to demonstrate that they're fiscally responsible," says Gerald Curtis, a Japanese-politics expert and professor at Columbia University. Not everyone is convinced they'll succeed. Masaaki Kanno, chief economist at JPMorgan Securities in Tokyo, is skeptical that cutting wasteful spending will compensate for growing expenditures: Japan's aging population means social-security spending alone must expand by $10.7 billion annually over the next five years. "The DPJ will have to show people a consistent way to finance additional spending," Kanno says. "This has nothing to do with political ideologies...
...least, not the stretch of brick sidewalk between FlyBy's lair on Plympton Street and the stately Sheraton Commander, where we were due to have our first date with the nation's economic destinymakers. Wearing shirts and ties and walking along Garden Street beside a be-suited Industry Expert, retained specially by FlyBy for the event, our blogging correspondents found themselves subject to the once-over of a slick-looking Asian man wearing a shoulder bag, who raised his eyebrows in knowing recognition...
...Yeah. Blackstone, indeed. The Blackstone Group, even, for those in the know. The kingpin of private equity. FlyBy's correspondents, both Classics concentrators, had little if any idea what private equity was, or what this sable stone was meant to connote. But that was what the Industry Expert was for. With hundreds of hours of summer investment banking experience in his back pocket, the Expert was solicited to give the necessary background briefing, advise on wardrobe and generally translate the bramble of acronyms—BAAM, 3(a)9, EBITDA—that infest recruiters' slideshows...
...Expert was not impressed by his role. "The more I think about it, the more I'm sort of worried about anyone writing this," he reminded FlyBy's correspondents in an e-mail the day before the big Blackstone kickoff. "If we tool on these firms, the writer of them could potentially be blacklisted... in case they ever want to go work there...
...braced by a promise of anonymity and by an immutable love for the financial services industry, the Expert was retained, and did deliver the skinny on Blackstone during the brisk walk along Garden Street. Private equity, buying up huge amounts of debt, emerging out of the debt bubble, etc., etc. We can't claim to have understood the whole thing. But the bottom line? "Blackstone sort of represents the thing that caused the financial crisis," the Expert told...