X?

Responses to the financial crisis so far have been ad-hoc. Do we need an overarching strategy?

Sixty-one years ago George Kennan authored an article that laid out a broad vision for confronting and containing the Soviet threat. This framework gave U.S. policy-makers a structure from which to approach various crises, such as the Berlin blockade, The Korean conflict, and the Cuban missile crisis. The article was general enough to be applicable in lots of different situations and non-partisan: it didn’t waste time with recriminations or attempt to score political points.

By contrast, most of the current analyses of the our financial crisis have been partisan, political, and overly specific. To address the current economic mess effectively will require an approach that is creative, comprehensive, and intellectually honest.
We are facing a global economic slowdown that has wide-ranging implications. “Without vision the people perish.” We are waiting for our economic “X.”

Douglas R. Tengdin, CFA
Chief Investment Officer
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