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

Students, faculty and staff at UNC continue protest the Chapel Hill campus’ Confederate monument, “S [...]

On a sultry day last September, Megan Stilley arrived at Lanier Farms, a large swine operation in ru [...]

When North Carolina lawmakers approved what one Republican described as a “historic” investment in r [...]

Lawmakers late last week released two new versions of a judicial redistricting bill, making these th [...]

The General Assembly’s latest mashup legislation is an example of government at its worst In the com [...]

The post Tied up in knots appeared first on NC Policy Watch. [...]

Every day brings new reports that Congress is interested in further whittling away at the programs c [...]

When Congress finally passed a continuing resolution last month allowing the government to re-open, [...]

Upcoming Events

Friday, Feb. 16

12:00 PM

Crucial Conversation – Prof. Peter Edelman discusses his new book, Not a Crime to be Poor: The Criminalization of Poverty in America

Prof. Edelman is coming to the Triangle to mark the 50th anniversary of Durham-based nonprofit MDC. His visit is the first of a series of MDC-sponsored events focused on ways that Southern leaders can work together to create an Infrastructure of Opportunity that shapes a South where all people thrive.”