Frank Rich’ column on today’s New York Times is worth reading, as he takes on Lawrence Summers as a symbol of the failed financial bubble culture and how it permeated everything and started to or even destroyed some American values.
Rich’s comparison between the dot.com bubble and the financial bubble is instructive and right. In the dot.com bubble at least things were created, while the financial bubble didn’t create anything.
However, that’s only partly right. The financial bubble had long ago permeated other sectors of the economy and of course some greedy people were in IT to make a quick buck. Those people were having, and I guess it’s save to assume, the same approach to work: Money came first, last and in between They always got better paying ‘consultant’ jobs than those who really cared and worked hard and most of the time you actually wondered if they knew anything at all (the answer is no, they didn’t). They were just sales-man working for sometimes respectable sounding corporate names like Microsoft, SAP, IBM, etc.
The cultural problem is much more wide than Frank Rich assumes. This culture now is inside all of the corporations, whatever the sector and it’s not limited to Wall Street and now the White House – as if this weren’t already bad enough.
It’s time to clean house, I’d say.