Monday, December 28, 2009

One truckstop waitress can be worth a whole herd of Wall Street analysts

A little more than two years ago I wrote a column here (in Hebrew) called "Things you see from the driver's seat." It dealt with remarks by William Zollars, the chairman and CEO of a transportation company called YRC Worldwide. That was at the beginning of the credit crisis, long before the economic crash of late 2008.

All of the captains of the U.S. economy at the time, including Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and President George W. Bush, as well as the vast majority of Wall Street analysts were saying that perhaps a slowdown of the U.S. economy could be expected, but there wouldn't be a deep recession. Stock market investors apparently agreed with them, since the indexes were close to their all-time highs.

But in an interview with the CNBC financial television network Zollars said he didn't care what all the Wall Street analysts and the Washington economists were saying. Full Story.....

No comments: