Mood: quizzical
Topic: "Buy Stock in America"(6)
"Professor Galbraith?"
"Yes Mr. Frodo."
"In our reading for this lecture, you've suggested that we start with Adam Smith. Isn't that a little hollow for those of us here at Harvard who are bound for Goldman,Sachs or UBS?"
"Why would you perceive Adam Smith to be 'hollow', Mr. Frodo?"
"Perhaps 'relevant' is a better word."
"Ah relevance is it, that which guides the graduate student in his quest for fulfillment, or in the case of the Business School, money."
Titter, titter from the audience.
"Well Sir, how does Adam Smith have anything to do with the economic crisis which haunts the entire world?"
"Mr. Frodo, did you take note of the Initial Public Offering of General Motors this morning?"
"Oh, indeed I did Sir. It opened at $30 per share and reached as high as $34 before settling back a bit by the closing bell."
"So?"
"So good. If the revival of GM, from the 'stimulus' continues to progress, then GM can repay the governmental largesse, plus interest."
"At what point?"
"At about $51 per share."
"That'll take a while, won't it?"
"Sure."
"Then what does that say about the wealth of our nation, if you will?"
Frodo say nuttin'.
"Let me ask you, Mr. Frodo, about Ford Motor Company."
"I was afraid you were going in this direction."
"How did Ford respond to the governmental largesse?"
"They didn't accept any assistance at all."
"So?"
"They have weathered the storms relatively well, and are paying their taxes on time as a result of a steady profit."
"What does that say about the wealth of our nation?"
Frodo say nuttin'.
"Now turn the issue around, Mr. Frodo, and ask yourself, since both approaches apparently worked to the betterment of the wealth of our nation, was governmental largesse the best course or should the free market have been left to determine who survives?"
"Sir, I find it hard to accept that letting GM fail would have been to the betterment of our nation. All those people would have lost jobs, and the recession would have been even deeper."
"Unless, of course, the demand stayed where it was, and Ford started hiring people to make cars in their name."
Frodo say nuttin'.
"The point is Mr. Frodo, that an 'adult conversation' can take place when people recognize that there is 'more than one way to skin a cat,' and that the true wealth of our nation is treating our disagreements as dialogue, and not as ideologue."
A door opens in the rear of the lecture hall, and the errant entrant stumbles toward a vacant chair.
"Ah Mr. Boehner, so happy you could join us, out for a smoke?"