Morning in Davos – The Futility of Blame

Jan 29, 2009

Premier Wen of China and Prime Minister Putin of Russia spoke at the World Economic Forum Wednesday evening. They delivered a one-two punch at the United States and the West, blaming us for the financial crisis.

Certainly there was plenty of excess and irresponsible behavior in the U.S. But there's also plenty of blame to go around. China has benefited greatly from the exuberant consumerism in the United States; European investors eagerly bought up a lot of the assets we now call toxic; and the Russian economy is in meltdown mode. Both the Chinese and Russian markets have dropped much more in percentage terms than American markets.

But what's really important is not to point fingers but to fix problems. That's the Chamber's message at Davos. In fact Tom Donohue is making that point and others right now on CNN International. Yesterday in an interview with Reuters (pic below) Tom talked about other counterproductive measures and the House stimulus bill.

Tjd_davos_reuters_interview

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