When I wrote my first AA&B editorial in April 2008, the biggest issues I had to carp about were the soft market, the peccadillos of Eliot Spitzer and an economic slump. Today, the soft market is headed for the exit, Eliot Spitzer has reinvented himself ? la Madonna (a comparison he'd probably appreciate) as a writer for Slate, and that economic slump has morphed into a seemingly bottomless recession. Want to really get scared? In a Feb. 27 New York Times article, Mark Zandi, chief economist at Moody's Economy.com, places the odds of a "mild depression" at 25 percent. Kinda like your doctor saying you have a "mild" case of cancer.
Even Warren Buffett, that perennial cheerleader of capitalism, is singing the blues. With Berkshire Hathaway shares at almost half of their 2007 values, and billions at risk on derivatives contracts, the Oracle of Omaha admits in his annual letter to shareholders to doing "some dumb things in investments."
And in case you haven't noticed, publishing is going through its own unique hell. Just take a look at your hometown paper, if you're still lucky enough to have one, and note its shrunken condition. Even before the recession, publishing had been struggling with declining print ad sales consolidation and confusion over online content. Things have only gotten worse.
In my daily scan of the media horizon, there are damn few reasons to be cheerful, and believe me, I'm looking for them. An exception: the greenlighting of shovel-ready construction projects with the availability of federal Economic Recovery and Reinvestment Act dollars. Examples include $1.2 billion for Texas bridge and interstate construction, $7 billion for Washington highway improvements, and $180 million for Minnesota highway improvements. Chump change compared with a bank bailout, perhaps, but at least it will generate jobs, goose local economies, make much-needed infrastructure improvements and create a need for insurance coverage.
Another recent news item that caught my eye suggests the growth potential for green technology. A regional business journal noted that New York state's wind power plants are now putting out 1,000 megawatts to supplement its bulk electricity system. While that only represents about 5 percent of the nearly 21,000 megawatts needed, a single megawatt can power 1,000 homes--and the state is seeking more windpower. Someone has to build, install and maintain those wind plants--and someone else has to insure them. Again, baby steps to good news, but at least the suggestion of a silver lining.
Meanwhile, AA&B has dived into the social media world with our new "American Agent & Broker Readers Network" at LinkedIn. As the standup comics say, "I know you're out there, I can hear you breathing." Do more than breathe: come and have your say by going to www.linkedin.com and join the group.
Even Warren Buffett, that perennial cheerleader of capitalism, is singing the blues. With Berkshire Hathaway shares at almost half of their 2007 values, and billions at risk on derivatives contracts, the Oracle of Omaha admits in his annual letter to shareholders to doing "some dumb things in investments."
And in case you haven't noticed, publishing is going through its own unique hell. Just take a look at your hometown paper, if you're still lucky enough to have one, and note its shrunken condition. Even before the recession, publishing had been struggling with declining print ad sales consolidation and confusion over online content. Things have only gotten worse.
In my daily scan of the media horizon, there are damn few reasons to be cheerful, and believe me, I'm looking for them. An exception: the greenlighting of shovel-ready construction projects with the availability of federal Economic Recovery and Reinvestment Act dollars. Examples include $1.2 billion for Texas bridge and interstate construction, $7 billion for Washington highway improvements, and $180 million for Minnesota highway improvements. Chump change compared with a bank bailout, perhaps, but at least it will generate jobs, goose local economies, make much-needed infrastructure improvements and create a need for insurance coverage.
Another recent news item that caught my eye suggests the growth potential for green technology. A regional business journal noted that New York state's wind power plants are now putting out 1,000 megawatts to supplement its bulk electricity system. While that only represents about 5 percent of the nearly 21,000 megawatts needed, a single megawatt can power 1,000 homes--and the state is seeking more windpower. Someone has to build, install and maintain those wind plants--and someone else has to insure them. Again, baby steps to good news, but at least the suggestion of a silver lining.
Meanwhile, AA&B has dived into the social media world with our new "American Agent & Broker Readers Network" at LinkedIn. As the standup comics say, "I know you're out there, I can hear you breathing." Do more than breathe: come and have your say by going to www.linkedin.com and join the group.
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