Thomas Friedman has no shame; while his shopping fortune collapses, tells America to shop

[HamdenRice]

This guy has no shame, no principles whatsoever. He never disclosed in his columns on economics that he had married into a billionaire family that was likely to benefit personally from the globalization, free market religion he spouted in the Times.

Now there are scattered somewhat unverifiable reports about how much of his personal fortune has evaporated, but all those reports mention that the fortune is based on shopping malls.

Well, I'm listening to the radio this morning and they are interviewing him on a WNYC radio news talk show, and they're playing clips of him urging people to "go shopping" as a way to solve the economic crisis.

Is it possible that his proposal that we go shopping might be related to his personal interests in shopping malls?

Ya think?

Why does this guy still have a column?

[Jim Sagle]

1. He has a column because he is Mr. Globalism. That's why he has a column.

[CoffeeCat]

2. Good news for you...

Friedman's wife owns significant interest in General Growth Properties, correct?

That company is doomed to completely fail.

Their malls are doing very, very poorly.

Last I heard, their share price was 40 cents.

[Donald Ian Rankin]

3. Actually, he's mostly right.

Encouraging consumer spending *is* the best way to end a recession.

[Veritas_et_Aequitas]

4. Yes, but I doubt you'll find many people willing to spend unnecessarily

when they're worried about their 401k's or for their job security.

[Sinti]

5. When the consumers have decent pay and plenty to shop with.

I suppose they're expecting people to shop on credit so the wealthy can feel more comfortable about the future. Folks about to be, or already laid off cannot and should not shop. When all the money is already at the top and/or overseas in cheap labor markets, there's nothing left to fuel "consumer spending".

[izquierdista]

7. Consumer spending is bullshit

I should suggest that as a title for Penn & Teller to do. :think:

Too much shopping created the consumer culture that started this mess in the first place. All more consumer spending is going to do is use more energy to create more trinkets that will sit in more closets until more consumers decide to rent more storage units to store more of the crap they don't have room for in the first place.

The real way out of this recession is to put more money into PUBLIC wealth instead of PRIVATE wealth. Build public transportation, publicly owned hospitals and clinics, support more community arts and entertainment programs, support parks and recreation programs and public libraries. It's time for the Valley Girl culture to change and quit coveting the latest pair of shoes from the cool store in the new mall.

[qb]

6. ok, sure... I'll go shopping. I can't buy anything, but I'll go shopping.

:eyes: