The New Norm
The growing lack of confidence in our Washington bureaucrats, and increasing concern over the tipping-point of European Sovereign debt, had Wall Street and the global markets on a roller coaster ride that may have ushered in a “new norm” of economic uncertainty that, unfortunately, will persist until the US and other global debtor nations make material moves to get their houses in order. Entitlements, fiscal excesses, hopeless wars in foreign lands and broken tax systems all need fixing, yet the bureaucrats can’t seem to get out of their own way. Confidence is at the root of an economic recovery, and the lack of it fuels decline. I fear that what we witnessed over the past two weeks is a clear indicator of a lack of confidence, so we are in for a tough slog until we get our fiscal house in order. Ponder this: Last week Apple had more cash in the bank than the US Treasury; $76.2 billion versus $73.8 billion. I vote the White House job for Jobs.

Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.

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