Economy Headed For The Hudson?

Like the rest of the U.S., the California economy has apparently hit a flock of geese and lost power in both engines. We need a wide strip of smooth water like the Hudson to negotiate a safe landing. But, unfortunately, we don't have anyone trained in this sort of emergency landing at the controls. Instead, we have a lot of political leaders with conflicting visions of what emergency measures are necessary. It could be a rough landing. Fortunately, it is not our lives at stake here, only our pocketbooks. I am not a pilot, and certainly no economist, but there may be some lessons from U.S. Airways Flight 1549 for our current economic crises.

First, avoid panic. Rash decisions to sell off assets, lay off employees, or jump off the building should be avoided. It may be time to do all of those things, but let's think it through very carefully first.

Second, let's not let our individual pessimism contribute to the problem. This is America. Who in the world has a better chance of recovering, and emerging stronger, than we have? Take a cue from our late night comedians; we have laughed in the face of bigger crises than this one.

Finally, give the pilot(s) a chance to do his job. Our legislators, our Governor and our President were chosen to be in charge whatever the circumstances. Sure, there will be lots of disagreement on what needs to be done. There always is. But once all the opinions have been expressed and the decisions made, it is time to get behind them. Once Flight 1549 landed in the Hudson, lives were saved by following evacuation procedures. I am not saying that our political leadership won't get any of this wrong, only that we can't afford to push for their failure.