During the Enron era, I read the Wall Street Journal for the crime news — accounts of high-flying CEOs and companies brought low by scandal. Now I read it for drama.
As you would expect, the Bible of Wall Street is covering America’s biggest financial crisis since the Depression with an all-hands-on-deck sense of urgency and thoroughness. In retirement, I have time to devour it all every morning.
During the September week that Morgan Stanley and AIG both disappeared, the Journal’s page ran two-line banner headlines — what I call “end of the world” headlines — on four of the five weekdays.
Another end-of-the world headline appeared Monday:
“Bailout Plan Rejected, Markets Plunge,
Forcing New Scramble to Solve Crisis”
Historic stuff. And some superb and provocative commentary has shown up on the Journal’s oped pages. A worthy example is economist Judy Shelton’s Monday oped headlined, “Loose Money and the Roots of the Crisis.”
The root of the current crisis, Shelton declares, is funny money.