recession

The events of the last two years have been humbling—even for New Yorkers, a breed not easily humbled. When I first moved to Manhattan, I was often startled when someone offered a complimentary comment about another person, saying that he or she was “really smart.” The pride that went before the particular New York fall was, more than any other human frailty, our peculiar brash pride in putative cleverness, savvy and smarts. Now there is no escaping the embarrassing fact that a lot of very smart people in New York never saw the present economic crisis coming, and that many of those smart people had been participating in the foolish decisions that contributed to it.
July 28, 2009

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