The Great Reset

As Michael Lewis explained to us yesterday, there is no question we've just been through the worst economic crises since the great depression. As we begin to recover, we all wonder what will be different? What lessons will we take away? It should be clear by now that enough has changed that we can't solve everything just by regulating Wall Street. We will each have to find ways to reform ourselves and our values to reflect the changing economy, strained resources and a new emphasis on what constitutes real value. All of this is what bestselling author, public intellectual and economic development expert Richard Florida calls The Great Reset.

My conversation with Richard Florida:

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What the new unemployment numbers tell us

Richard Florida has a great piece on the connection between unemployment, education and class. Today's must read.

The last tycoons

Richard Florida takes on the end of Hollywood as we know it.  Money quote:

The world will always need entertainment, and Southern California is the odds-on favorite to produce it. It has the history, the people, the infrastructure and the creative energy. But as Detroit automakers and New York’s financiers have learned, these natural advantages can disappear when an arrogant and insular industry comes to view its dominance as inevitable and its outsized compensation as an entitlement.

It's the restructuring, stupid

The ever insightful Richard Florida explains why we have to be mindful of bailouts.  It's the dramatic restructuring our economy that needs attention. We need do be doing what Fallows says the Chinese are doing  Money quote from Florida:

On the other hand, there is the classic question: What better and more effective things might have been done with these trillions? That’s for historians to ponder and decide. But the combination of the massively misallocated resources produced by the bubble (plus the costs of military adventures) combined with humongous bailout spending puts the U.S. behind the economic eight-ball in a way it has not been in more than a century. Having hold on the reserve currency helps, but it cannot absolve all these compounded sins. Sooner or later the money will run out; bills will come due.