Where’s the revenue? What Stimulus?
Finally, a few observers are beginning to get it ... that increased reported profits are the result of cost reduction but mask the continuing decline in revenue, which is critical…
Finally, a few observers are beginning to get it ... that increased reported profits are the result of cost reduction but mask the continuing decline in revenue, which is critical…
Despite all the recent publicity about the SBA's "helping hand" to small business, recent reports tell another story. Loan volume in dollars is down $3.6 billion, around 27%, and 25,000…
The North Bay Business Journal, a publication of the New York Times, is a weekly business newspaper which covers the North Bay area of San Francisco – from the Golden Gate bridge north, including the Wine Country of Sonoma and Napa counties.
This page provides the Print-Friendly Version of the article, as published.
Any related materials or articles referenced in the column, or otherwise applicable, will also be referenced below:
The electronic version of the article, as published, may be found here.
**********************************************************************************
Article published -September 14, 2009
“Temperance and labor are the two best physicians of man; labor sharpens the appetite, and temperance prevents from indulging to excess.”
– Jean-Jaques Rosseau
You’ll recall that last time, we catalogued the perils of pride and envy in the pursuit of business success, but alas, we’ve barely dented the list of Seven Deadly Sins.
During this economic tumult, we’ve seen excesses like never before in our lifetimes … excessive credit card and mortgage debt, inflated housing prices, financial malfeasance, Ponzi schemes, egregious compensation plans and much more. It’s no surprise, then, that three of these seven misdeeds are offenses of excess in various incarnations.
Gluttony appears on the list and is defined as the “inordinate desire to consume more than you require,” which originated with concerns for wasting food in the midst of poverty. Thomas Aquinas, a medieval religious thinker, even identified six ways to commit gluttony, including consuming too much, too soon, too eagerly or too expressively – maybe the perfect expression of the runaway consumer spending that brought our economy to its knees.
“Qu’ils mangent de la brioche,” famously translated as “Let them eat cake,” is arguably attributed to Marie Antoinette on the eve of the French Revolution, hailing the ignominious end to another age of excess. (more…)
Thomas Friedman’s Op-Ed in the Sunday NY Times entitled Real Men Tax Gas, makes sense in many ways, mostly in arguing that we have not proven to be very “tough” in making the difficult decisions. At the same time, Friedman presupposes that a gas tax would provide significant funding that the “government” could then deploy to reduce the deficit and fund health care. (more…)
Forbes Magazine recently ran an intriguing article about eight different, million-dollar businesses they discovered, each with a special niche. I love these articles because they highlight the different ways we…