Tag: U.S.

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Momentary Pause

Thirty years.

Can it really be that long since ‘Miracle on Ice’ when the United States Olympic hockey team – a group of amateur and college athletes – beat those big bad nasty Russians who were 27-1-1 in the previous four Olympic tournaments?

Mike Eruzione. Jim Craig. Herb Brooks. Those legendary names are synonymous with the pursuit and achievement of excellence for those of us old enough to remember the original tape-delayed broadcast. A then unknown Al Michaels counted down the seconds and said, “Do you believe in miracles? Yes!” (The hair on the back of my neck still rises whenever I see or hear that dramatic highlight.)

Things have changed a lot since then… most notably the greatest athletes are professionals – including those who participated in yesterday’s U.S. upset of the highly favored Canadian hockey team. The Olympic credo “Citius, Altius, Fortius” (Swifter, Higher, Stronger) needs to add “Profitus” as a fourth value.

As a capitalist nation, there’s nothing wrong with that transformation. Heck, when USA basketball fell to Bronze medal status in 1988, our solution was to assemble the Dream Team to win back Gold. Take that world. It’s all about the Benjamins… which means we’ll never again see a bunch of 20-something amateurs endure a grueling seven-month training regimen like the one Brooks put his team through and create an ending only Hollywood could produce.

So we’ll just have to enjoy the memories of three decades ago and celebrate today where we watched USA 4, Russia 3.

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Premature Evaluation

Early this morning the announcement came down that President Obama is the winner of the 2009 Nobel Peace Prize. He becomes the fourth U.S. president to be honored with this coveted award. The first two – Theodore Roosevelt in 1906 and Woodrow Wilson in 1919 – were well into their two terms in the Oval Office prior to receiving such esteemed recognition. Carter, meanwhile, was removed from the White House more than a quarter of a century before being bestowed for a lifetime of achievement in 2002.

The 2009 prize is for accomplishments prior to February 1st, which means Mr. Obama was inaugurated just 11 days beforehand. Thus, the Norwegian Nobel Committee is honoring what he did prior to becoming Commander-in-Chief. “Only very rarely has a person to the same extent as Obama captured the world’s attention and given its people hope for a better future,” said committee chairman Thorbjoern Jagland.

It is clear that our dynamic president is a powerful speaker who has the ability to engage a global audience. That’s why stadiums filled to capacity wherever he appeared during the campaign – and why the inauguration events were so must-see-TV. It is my hope his decision-making, policy setting and leadership in the next three years live up to the lofty expectations and suddenly glowing recognition.

As someone who spent 15 years working in and around college and professional sports, I’ve seen up close and personal that games aren’t won in the first half or early innings. Being president is a marathon, not a sprint. There are many miles ahead for Mr. Obama, and he needs to start making moves and executing actual initiatives to help our struggling citizens. Only then will he be worthy of all the overwhelming praise.

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Not So Fast

Fed Chairman Ben Bernake said last week, “the prospects for a return to growth in the near term appear good.” Before making big investments in the stock market or big plans for your sales to take off, a little historical perspective might be good to consider. Here are comments from leaders the last time the U.S. faced such challenging economic turmoil (courtesy of Lance Roberts – www.streettalklive.com):

“I see nothing in the present situation that is either menacing or warrants pessimism… I have every confidence that there will be a revival of activity in the spring, and that during this coming year the country will make steady progress.” – Andrew W. Mellon, U.S. Secretary of the Treasury, December 1929

“I am convinced that through these measures we have reestablished confidence.” – Herbert Hoover, December 1929

“[1930 will be] a splendid employment year.” – U.S. Dept. of Labor, New Year’s Forecast, December 1929

“For the immediate future, at least, the outlook (stocks) is bright.” – Irving Fisher, Ph.D. in Economics, in early 1930

“…there are indications that the severest phase of the recession is over…” – Harvard Economic Society,  January 1930

“There is nothing in the situation to be disturbed about.” – Secretary of the Treasury Andrew Mellon, February 1930

“The spring of 1930 marks the end of a period of grave concern…American business is steadily coming back to a normal level of prosperity.” – Julius Barnes, head of Hoover’s National Business Survey Conference, March 1930

“While the crash only took place six months ago, I am convinced we have now passed through the worst — and with continued unity of effort we shall rapidly recover. There has been no significant bank or industrial failure. That danger, too, is safely behind us.” – President Herbert Hoover, May 1930

“Gentleman, you have come sixty days too late. The depression is over.” – President Hoover, responding to a delegation requesting a public works program to help speed the recovery, June 1930

“… the present depression has about spent its force…” – Harvard Economic Society, August 1930

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