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Steve Forbes: Why Still-Tame Animal Spirits?

Steve Forbes: Why Still-Tame Animal Spirits?

by Rick Turoczy on July 6, 2006

Corporate chieftains often complain about the pressure from Wall Street for short-term results. The Street’s current obsession with profit margins is what you might call an M.B.A. version of this myopic attitude.

What’s amazing is the fact that America’s stock exchanges–supposed bastions of vibrant capitalism–are now so risk-averse, the opposite of the anything-goes attitude of the late 1990s. Fear is the unspoken byword today–Sarbanes-Oxley; the public’s string-’em-up attitude toward corporate miscreants; and massive, disruptive change. Even once impregnable mainstays like daily newspapers wonder whether the Web will do to them what railroads did to the Erie Canal more than 150 years ago.

Steve Forbes: Why Still-Tame Animal Spirits?

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