Summit Notebook
Exclusive outtakes from industry leaders
AUDIO – More money, more money, more money…
The U.S. government is spending a LOT of money these days.
We generally don’t go for the all-CAPS version of words, but in this case, it seemed appropriate. Every day we’re seeing new multibillion-dollar programs being rolled out of Washington, D.C. for everything from bank bailouts to auto companies programs.
But, according to Wick Moorman, chief executive of Norfolk Southern Corp, much more infrastructure spending still needs to be done for the nation’s railroads.
Moorman said the major companies will do their share, but the Obama Administration will still need to spend more on rails, Moorman said. If it doesn’t, Morman
Moorman was one of our featured guests at Monday’s session of the Reuters Manufacturing and Transportation Summit in Chicago. The summit runs through Thursday in our Chicago offices and includes guests from throughout the sector.
AUDIO – The costs of war
Wars have numerous costs and most of those are unimaginable for most of us not in the middle of one.
But, aside from the tragic cost of death or injury, wars also cost a lot of money to finance and President-elect Barack Obama will be facing some of those costs (as well as a whole mess of other stuff) when he takes office in January.
AUDIO – Teddy Roosevelt had it right
The world is a more dangerous place because of the global economic meltdown, according to Northrop Grumman Chief Executive Ronald Sugar, whose company provides specialized aircraft, radar and other electronics to meet that threat.
Sugar was the kick-off speaker at the annual Reuters Aerospace and Defense Summit on Monday in Washington, D.C.
Mr Prime Minister, you’re no President
The Reuters Middle East Investment Summit in Dubai was hit by the whirlwind visit of British Prime Minister Gordon Brown across the Gulf as he looked to drum up support for ailing British firms and convince Gulf investors the IMF’s bailout fund was a safe place to put their cash. After courting Saudi Arabia and Abu Dhabi, it was a fleeting visit to the region’s commercial hub Dubai. As his motorcade flew passed the world’s tallest tower But hark…we have seen this before. President George Bush headed to the United Arab Emirates more than a year ago. But that’s where the similarities stop. For Mr Bush, Dubai ground to a halt. Chaos ensued. Streets were closed. Workers sent home. The President was in town, so that was that. Fast forward November 4, 2008. Mr Brown is here. Dubai is business as usual, although The Prime Minister’s motorcade did delay a speaker for the Reuters summit. Perhaps the credit crunch has meant random days off are no longer on the Dubai agenda……. unless you’re the President of course.
AUDIO-$700 bln bailout sparks inflation, moral hazard fear
Martin Fridson — known as the “Dean of the high yield bond market” — is concerned about what we don’t know when it comes to consequences of the U.S. federal government’s $700 billion bailout to help move toxic mortgage debt off their balance sheet.
Fridson, the Chief Executive of Fridson Investment Advisors, told the Reuters Summit on Tuesday that beyond the unforeseen consequences that scare him most, moral hazard and inflationary pressures from the historic government action top his list of concerns.
To listen to Fridson’s comments, click here
