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Veteran print and broadcast joiurnalist Lee Cullum considers three words (risk, bet and innovation) as examples of the mistakes business leaders have made that contributed to the current weakened economy.
"Language of Business" by Lee Cullum aired 7/18/08 during Morning Edition on KERA 90.1 Radio.
As we grope our way through yet another economic crisis, it?s important to ponder the lessons of this catastrophe because it didn?t have to happen. The price of oil is beyond our control, but the housing and credit calamity was made in America by Americans, mainly on Wall Street, who got carried away with their own financial acumen. Then everything ?turned to ashes in their hands,? to quote F. Scott Fitzgerald. Those lessons lie in the language of finance. Especially revealing are three little words.
The first is risk, which has been trivialized to the point that it has no meaning anymore. Forgotten is the adage that to risk your fortune?or somebody else?s-- is to gamble, and it is critical first to assess the odds. But some have been so busy pricing risk, managing risk, diluting risk that they failed to notice, or even to care, what their vulnerabilities really were. They know now, an...
Read the full transcript
Timing and Cues
Suggested Intro: Every day, of late, seems to bring more bad news about the economy. But commentator Lee Cullum believes much of this crisis could have been avoided.
Tag: Lee Cullum is a veteran print and broadcast journalist from Dallas.