Tuesday, March 17, 2009

Prelude to a Miss

With the AIG bonus scandal dominating headlines, the pundits are out in full force. Tonight's The Daily Show and Charlie's (Rose) show were no exceptions. What was interesting about the Rose show was his roundtable choices: NYT's Gretchen Morgensen (one of the mass media pundits who called the real estate debacle and "Fannie Mac"'s role), analyst Meredith Whitney (who was the only one in print to call out Citigroup's house of cards last year, and, a'la' her 3/11/09 WSJ article, Credit Cards are the Next Crunch, is correctly pointing to the next catastrophe), Fortune's Sr. Ed.-at-Large, Carol Loomis, and Former AIG honcho Hank Greenberg (who left amidst scandal, lest we forget).

Loomis was just old, obvious and utterly without any kind of insight, befitting her Fortune pedigree. Of them all, Whitney made the most sense to me. Her analysis of the rush to action as being key to getting us into deeper trouble is right on, as well as the Obama administration not doing its homework. But her best comment was when she said that we ought to give money to the smaller community banks.

I'll have more to say on this but need to view the segment again. For now, smart gal that Whitney.