Uncategorized

Live from 1999

Yesterday, Ken Lewis, the CEO of Charlotte-based Bank of America, sat for a long interview with the stock touts — er, journalists — of CNBC. Although the interviewers lauded Lewis’ “huge insights,” his answers demonstrated a seemingly limited grasp of today’s realities. Rather, Lewis seeming articulated the freshest thinking of 1999 — a time when big financial conglomerates like Bank of America were taking off, the housing bubble was in its infancy and America’s banking system was not living on government-provided life support. It also was a time when a share of Bank of America stock cost sold for $71.62 rather than $7.24. (And it was a year when North Carolina’s unemployment rate was 3.3 percent, not 10.7 percent.)

If Lewis’ mindset is representative of other leaders in the banking and finance worlds, those institution and the larger economy will be in a bad way for a long time to come.

Check Also

Exceptional, Just Not In a Good Way

Conservative commentators frequently claim that the structure of ...

Top Stories from NCPW

  • News
  • Commentary

This story has been updated with comments from Jim Womack, who did not respond earlier to questions. [...]

For the 18 months, Gary Brown has been traveling through northeastern North Carolina like an itinera [...]

It will be at least another month before state Superintendent Mark Johnson can take over at the helm [...]

Eric Hall, in the midst of a rainy drive to rural Robeson County to pitch North Carolina’s ambitious [...]

5---number of days since Senators Bill Cassidy and Lindsey Graham unveiled a new proposal to repeal [...]

The post The stench of hate speech appeared first on NC Policy Watch. [...]

When a Navy recruiter visited his high school, Carlos was among those students eager to sign up. In [...]

Website with ties to Civitas Institute promotes anti-Semitic attack on Attorney General Stein There [...]

Featured | Special Projects

NC Budget 2017
The maze of the NC Budget is complex. Follow the stories to follow the money.
Read more


NC Redistricting 2017
New map, new districts, new lawmakers. Here’s what you need to know about gerrymandering in NC.
Read more