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Drivel: It all started with Enron and Andersen. Now WorldCom and EDS. These scandals effect every single American and their trust in the economy. I do not think that America has seen such a widespread loss of trust or faith in a core system of the country since Vietnam. If that is any indication of what is to come, we are looking at some very rocky times ahead of us as this "thing" works itself out.
The New York Times published four great articles today that provide a fairly complete overview of the current state of the American economy. What is wrong with these articles is that they promote the stereotypical view of corporate America. It is an image that has been created by the same people that brought us Enron and Andersen and is gladly promoted by the media. Even the term "corporate America" perpetuates this stereotype. Let us call it what it is -- business, American business. American businesses are run by people with names, faces, and families and are note these monolithic entities portrayed in the media. The only difference between a Vice President at GM and a business owner on Main Street are the resources at their individual disposal. Does this mean that either of these individuals provides me, as an individual consumer, more or less utility? No. It all comes down to what we value individually and how our individual values come together to create a collective value set. What we are witnessing is change in the collective value set. Everyone will get a say in the outcome by voting with their pocketbooks.
##Could Capitalists Actually Bring Down Capitalism?. The corporate calamities of the new millennium challenge the faith of investors in the capital markets the very engine that has driven capitalism to its success. By Kurt Eichenwald. [New York Times: Business]
##Some Intriguing Accounting, This Time at EDS. Analysts warn that WorldCom's problems could cut the annual earnings of Electronic Data Systems, which manages computer systems for Worldcom, by about 3 percent. By Alex Berenson. [New York Times: Technology]
##2nd Quarter Shapes Up Much Like the First. Mitch Zacks, director of research at Zacks Investment Research, a firm that tracks earnings estimates, talked last week about the coming reporting period. By Kenneth N. Gilpin. [New York Times: Business]
##The Money Flows In. The Value Keeps Falling.. DIARY The Money Flows In. The Value Keeps Falling. Investors kept pouring money into mutual funds in their retirement accounts last year, but the accounts lost value anyway, almost entirely because of the drop in the stock market. By Jeff Sommer. [New York Times: Business] 11:28:38 PM 
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