Bubbles have burst in the last couple of years. A few were economic. Some were egos. Others were delusions. Whatever the context, anyone not living deep in the caves of Tora Bora recognizes a certain awakening out there among the populace. No one put this better than Mark Helprin, in the 22 January 2010 edition of The Wall Street Journal. His essay, titled A Non-Delirious New York, illustrates beautifully the situation that particular city (and I would say much of the world) must face. Here’s a quote:
“When pay-out exceeds pay-in, balance is maintained only by the weight of illusion—as in real-estate bubbles, or welfare states in which benefits vastly exceed contributions.”
That’s the kind of blunt, clear-headed writing, that makes me a keen follower of Mr. Helprin’s writing. Continuing on, he notes:
“Or when Mayor Michael Bloomberg spends a hundred million of his own money, $175 per vote, to crown himself like Napoleon, perhaps forgoing the purchase of the presidency because at that rate he would have to fork over $22 billion.”
You see, Mr. Helprin has it right. He’s shining the bright light of good taste and perspective on a slice of the world so many thought was going to be endless. As always, the bill has to be paid. I anxiously await a broader opening of the political realm. The royalty currently ensconced in all its offices have not yet grasped the reality that their empire stands in quicksand, that soon they may not be eating the cake of other people’s labor, but rather find themselves replaced by more capable and decent souls who can actually do the job.
For the full text of Mr. Helprin’s piece referenced above, see this link:
http://online.wsj.com/article/SB10001424052748703699204575017040112575022.html
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